Calibre Mining Q2 Earnings Highlights: Record Gold Sales, 133% Increase In EPS And Strong Cash Position

Zinger Key Points
  • Calibre Mining posts record second quarter gold sales, 69,009 oz. at $1,974/oz., yielding $139.3 million in revenue.
  • CEO Darren Hall emphasizes a third consecutive record quarter and foresees strong free cash flow for 2023.

Gold mining company Calibre Mining Corp CXBMF issued its second-quarter earnings Wednesday, showing continued growth in multiple areas.

Here are the key highlights from the print.

By The Numbers: Calibre posted record gold sales over the second quarter at 69,009 ounces, bringing in a revenue of $139.3 million. The gold was sold at an average realized gold price of $1,974 per ounce.

The company brought in a record adjusted net income of $33.6 million, translating to 7 cents per share, a jump of 133% compared to the same quarter last year.

Free cash flow stood at $15.9 million, and cash reserve climbed to $77.0 million, marking a 32% growth from the previous quarter.

"I am delighted to announce another stellar quarter with our third successive record in production, culminating in our most robust quarterly net income to date,” CEO Darren Hall said in a statement.

“We're strategically positioned to deliver our full year’s production and cost guidance, subsequently generating substantial free cash flow.”

Hall also talked about Calibre’s promising investment potential due to its diverse asset portfolio, high-grade gold production, expansive growth prospects and cash generation.

“Our continuous investment in exploration is paying off,” Hall noted, pointing to positive developments in both Nevada and Nicaragua.

Read Also: AMC’s Q2 Results Reflect Strategic Resilience and Growth, Analyst Says

A Little Deeper: For the second quarter Total Cash Costs (TCC) and All-In Sustaining Costs (AISC) were reported at $977 and $1,178 per ounce, respectively.

Reduced quarter-over-quarter cash costs were attributed to the uptick in open pit ore tonnes and a drop in diesel prices. Cumulative TCC and AISC year-to-date were $1,068 and $1,239 per ounce.

The company said it is on track to hit its 2023 guidance, aiming for a gold production/sales between 250,000 and 275,000 ounces. Calibre also has plans to continue investments in exploration programs, advancing a drilling program in several regions.

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