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(Kitco News) - Calibre Mining (TSX: CXB) yesterday announced record consolidated quarterly gold production of 65,750 ounces in Q1 2023, up 27% compared to Q1 2022 (51,898 ounces) and above budget at the end of the quarter.
In a press release, Calibre said its Q1 2023 gold production in Nicaragua amounted to 54,997 ounces (Q1 2022: 42,897 ounces) and in Nevada to 10,753 ounces (Q1 2022: 9,003 ounces), adding that the company is well positioned to deliver its 2023 production guidance of 250,000 – 275,000 ounces.
Total cash costs and all-in sustaining costs (AISC) for Q1 2023 were $1,164 per ounce and $1,302 per ounce respectively, higher than the previous period and in line with expectations.
The company said the higher production cost quarter over quarter was due to additional tonnes moved, milled, and transported through the hub and spoke network. In 2023, total cash costs and AISC per ounce are anticipated to be in line or better than 2022 actuals, it added.
Calibre noted that its record Q1 2023 gold sales of 65,770 ounces generated $126.9 million in revenue at an average realized gold price of $1,891/oz.
The company also reported Q1 2023 cash flow from operations of $26.7 million (Q1 2022: cash flow of $18.3 million) and net income of $16.4 million or $0.04 per share (Q1 2022: net income of $11.7 million or $0.03 per share).
President and CEO Darren Hall stated, “Calibre had an excellent start to the year, responsibly delivering record gold production of 65,750 ounces. During the quarter we continued to solidify our position as a growing mid-tier gold producer, expanding our hub and spoke operating strategy to include the new high-grade open pit mine at Pavon Central. During Q2 we began mining at our new Eastern Borosi open pit and expect initial deliveries to Libertad in Q2.
“Cash generation is expected to accelerate during the second half of the year with grade-driven increased production achieving consolidated production guidance of 250,000 to 275,000 ounces and significantly increasing our cash position by year end.”
Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua.
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