Q4 and 2020 Production and Sales
- Q4 production of 42,573 ounces and sales of 42,334 ounces of gold, respectively; and
- 2020 production of 136,009 ounces and sales of 135,357 ounces of gold, respectively;
2021 Production, Sales and Cost Outlook
- Gold production and sales of between 170,000 and 180,000 ounces;
- Total Cash Costs1 of between
$950 and$1,050 per ounce; and - AISC1 of between
$1,040 and$1,140 per ounce.
Looking to the future, I am excited about the 30% production growth we expect to deliver in 2021 as we commence first ore deliveries from our Pavon Norte open-pit mine this month. With strong cash flow generation, we will be reinvesting in the business through an increased exploration budget and development of our Panteon and Atravesada underground mines, which are expected to commence ore deliveries before the end of the third quarter of 2021 and 2022, respectively.
In addition, we have started the technical work and expect to commence drilling later this quarter at our now 100%-owned
2020 Operating Overview
Consolidated Operating Results
Description | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | 2020 |
Ore Milled (tonnes) | 501,228 | 506,748 | 197,082 | 524,099 | 1,729,157 |
Ore Milled Grade (g/t Au) | 2.81 | 3.02 | 2.13 | 2.54 | 2.71 |
Au Recovery (%) | 90.9 | 91.6 | 91.2 | 91.8 | 91.4 |
Gold Production (ounces) | 42,573 | 45,341 | 6,009 | 42,085 | 136,009 |
Gold Sales (ounces) | 42,334 | 44,842 | 9,426 | 38,755 | 135,357 |
Q4 2020 Operating Results
Description | Limon | Libertad |
Ore Milled (tonnes) | 120,109 | 381,118 |
Ore Milled Grade (g/t Au) | 5.48 | 1.97 |
Au Recovery (%) | 89.5 | 92.2 |
Gold Production (ounces) | 19,006 | 23,567 |
Gold Sales (ounces) | 18,872 | 23,463 |
2021 Guidance
Consolidated | |||
Gold Production/Sales (ounces) | 170,000 - 180,000 | ||
Total Cash Costs ($/ounce)(1) | |||
AISC ($/ounce)(1) | |||
Growth Capital ($ million) | |||
G&A ($ million) | |||
2021 Growth Capital: Summary/Analysis - Figure 1
2021
Q4 and 2020 Financial Results and Conference Call Details
The fourth quarter and 2020 financial results will be released after market close on
Date: | |
Time: | |
Dial-in: | +1 (866) 221-1882 or +1 (470) 495-9179 (International) |
Webcast Link: | https://edge.media-server.com/mmc/p/yk6etyhw |
Conference ID: | 9476435 |
The live webcast can be accessed here or at www.calibremining.com under the Events and Media section under the Investors tab. The live audio webcast will be archived and made available for replay at www.calibremining.com. Presentation slides which will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations, prior to the conference call.
Qualified Person
ON BEHALF OF THE BOARD
“Russell Ball”
Chief Executive Officer
For further information, please contact:
Vice President,
T: 604.628.1010
E: calibre@calibremining.com
W: www.calibremining.com
About
Notes:
(1) NON-IFRS FINANCIAL MEASURES
The Company believes that investors use certain non-IFRS measures as indicators to assess gold mining companies, specifically Total Cash Costs per Ounce and All-In Sustaining Costs per Ounce. In the gold mining industry, these are common performance measures but do not have any standardized meaning. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Total Cash Costs per Ounce of Gold: Total cash costs include mine site operating costs such as mining, processing and local administrative costs (including stock-based compensation related to mine operations), royalties, production taxes, mine standby costs and current inventory write downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital, and exploration costs. Total cash costs per gold ounce are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.
All-In Sustaining Costs per Ounce of Gold: A performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company’s definition is derived from the AISC definition as set out by the
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre’s control. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form for the year ended
Calibre’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
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