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Highlights

  • Q1 gold production reached 71,539 ounces across Nicaragua and Nevada operations
  • Valentine Gold Mine first ore processing now expected in early Q3 2025
  • Merger with Equinox Gold to create diversified gold producer across five countries

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) released its operating results for the first quarter of 2025 and provided an update on development progress at the Valentine Gold Mine in Newfoundland & Labrador, Canada.

In Q1 2025, Calibre produced 71,539 ounces of gold. The majority of output came from its Nicaraguan operations, which contributed 64,469 ounces, while the Nevada asset added 7,070 ounces. The company ended the quarter with $214.5 million in total cash, which includes $177.4 million in available cash and $37.1 million in restricted funds. Following quarter-end, $25 million in restricted cash was released.

The company also reported a delay in ore processing at the Valentine Gold Mine, with initial processing now anticipated in early Q3 2025. According to the company, this delay is due to scope changes in areas such as electrical cabling and contractor performance. Once operational, the mine is expected to reach an annual output of approximately 200,000 ounces, contributing significantly to Calibre’s future production base.

A significant corporate development in the quarter was the February announcement of a planned merger with Equinox Gold. The combined entity aims to become a leading gold producer in the Americas, with operations in five countries. Key Canadian assets—Greenstone and Valentine—are expected to deliver approximately 590,000 ounces annually at full capacity.

The merger is expected to enhance scale, geographic diversity, and financial flexibility. Company leadership also noted a path to potential production exceeding 1.2 million ounces annually, driven by the combined portfolio of producing assets, development projects, and exploration initiatives.

No changes to full-year guidance were mentioned in the update, and the transaction with Equinox remains subject to customary approvals. Calibre’s leadership emphasized operational delivery and ongoing project advancement as key priorities moving forward.