Highlights

  • Calibre Mining reports a 21% revenue decline in Q3FY24 due to lower production
  • The company’s net income fell by 96.2% to USD 0.9 million in Q3 FY24
  • The company expects gold production between 230,000 and 240,000 ounces in FY24
  • Calibre secures USD 55 million through a gold prepayment deal for future deliveries

Calibre Mining Corp (TSX:CXB) is a gold producer with multiple assets. The company’s project portfolio includes the Pavon Gold Project, Santa Rita, Borosi Gold Project, and IamGold. It has a market cap of CAD 2.04 billion.

Financial Performance

In the third quarter of 2024 (Q3FY24), the company reported a 21% decline in revenue to USD 113.6 million from USD 143.8 million in Q32023. This decrease was mainly due to lower production levels and reduced sales volumes. Operating profit also saw a significant drop of 78.5% to USD 7.9 million, impacted by higher costs of sales and operating expenses.

During the reported period, income before taxes fell by 84% YoY to USD 5.7 million, compared to USD 35.7 million in the previous year. Net income plummeted by 96.2% to USD 0.9 million. This decline was largely attributed to the factors affecting revenue, operating profit, and overall higher expenses.

Recent Business Update

Calibre Mining strengthened its cash position via a capital management program. It will receive USD 55 million from an additional gold prepayment arrangement. Under this deal, the company will deliver 20,000 ounces of gold. The gold will be delivered at a rate of 2,500 ounces per month, from May 2025 to December 2025, at USD 2,816 per ounce.

Outlook

Calibre Mining provided its production guidance for FY 2024, expecting to produce between 230,000 and 240,000 ounces of gold. The total cash cost is projected to range from USD 1,300 to USD 1,350 per ounce.

Top 10 Shareholders

The top 10 shareholders of CBX collectively own approximately 25.51% of the total shareholding. Van Eck Associates Corporation and B2Gold Corporation hold the largest stakes in the company, at approximately 8.68% and 3.82%, respectively.

Stock Information

The stock has experienced a decline of approximately 1.61% over the past week. However, it has seen an increase of around 6.55% in the last month. Additionally, the stock is currently trading above the average of its 52-week high of CAD 2.90 and its 52-week low of CAD 1.18. As of December 10, 2024, the stock closed at CAD 2.44.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 10, 2024. The reference data in this report has been partly sourced from EODHD/Others