Highlights include 2023 consolidated production of 250,000 – 275,000 ounce, a 15% increase over 2022; 2024 consolidated production of 275,000 – 300,000 ounces, a 25% increase over 2022. The 2023 – 2024 grade-driven production growth in Nicaragua is underpinned by the development of high-grade reserves, including Pavon Central and the Eastern Borosi Project (EBP). The Pavon Central open pit (6.5 g/t gold reserve grade) development is expected early 2023 with strong indications for resource expansion along Pavon Central south extension and Pavon South; EBP open pit (6.8 g/t gold reserve grade) development expected H2, 2023.
The company’s outlook does not yet include the federally approved Gold Rock Project (2020 PEA) 50 – 55 koz annual production; Volcan discovery located approximately 5 km from the Libertad mill; Tranca discovery located approximately 10 km from the Libertad mill; new high-grade Panteon North discovery within the Limon Complex.
A total of 170 km of resource expansion and discovery drilling programs are underway in Nevada and Nicaragua; and 1Mtpa of excess milling capacity representing low capital intensity production upside.
Darren Hall, President and CEO, stated: “High-grade, open pit reserves at Pavon Central (6.5 g/t gold) and Eastern Borosi (6.8 g/t gold) will fuel a 25% increase in consolidated production by 2024 leading to lower per ounce costs and increased margins. The effectiveness of our operating model to efficiently permit and develop satellite deposits by leveraging off the installed capacity at La Libertad will continue to result in high returns on invested capital.
“Additionally, drilling investment at the Pan Mine in Nevada is expected to lead to mine life expansion and operational efficiencies while we advance the adjacent Gold Rock Project to potentially add a second producing asset with the ability to double our Nevada production which is not yet included in this outlook.
“With $77.3 million in cash at the end of Q1 2022, no debt and strong cashflow from our producing assets, this reserve backed multi-year production outlook solidly positions Calibre to self fund additional, low capital intensity growth initiatives while continuing to invest in value accretive exploration to support our future.”