Tad wrote: A little bit of a comparison to one of Calibre MIning's peer group.
I did quite well with K92 a few years agoduring it's development stages and traded it a
few times as it rose to over $9.00 as exceptional drilling results continued to come in and production began ramping up.
Just a superb job done by KNT mg't after buying the assets in Papua New Guinea from Barrick Gold a number of years ago.
When you take into consideration both companies are producing and carrying out continued exploration activity, I think there is a valid reason for the comparison between CXB and KNT,
as both companies have quite a similar overall gold equivalent reserve and resource base,
with KNT having a significantly higher average grade.
At present, CXB is outperforming K92 as far as total ounces of production, revenues, profitablility and net income are concerned.
Both companies are debt free, and spitting out significant positive cash flow which is paying
for both companies' ongoing exploration activities. Both companies have tremendous upside potential for exploration.
K92 projections for the coming years are for very low average Life Of Mine cash costs of US$353 / oz AuEq and average Life of Mine AISC of US$489 AuEq . CXB's cash and AISC
costs will always be higher as they are working with lower grades, but higher tonneage volumes
could see both companies producing at similar outputs for the next decade.
Keep in mind, K92 still needs to pay for another US$125 million for expansion of mill capacity to bring it up to 1 million tonnes per annum. Whereas, Calibre Mining already has 2.7 million tonnes of milling capacity and has about 1 million tonnes of that capacity not being used at present.
I believe that Calibre Mining is severely underpriced at the present time when compared
to K92 Mining's share price. CXB should be trading at least half of KNT's share price, or
approx $3.50 -$3.60 / share.
Share prices are as of 12:00pm today, August 18, 2021
Calibre Mining and K92 Mining Comparisons___________________ Calibre Mining (CXB) K92 Mining(KNT)____ Country Nicaragua Papua New Guinea Shares Outstanding 337 million 222 million Share Price (Aug 18) C $1.40 C$7.25 Market Cap $471.8 million $1.61 Billion Debt nil nil Gold Production Q1 45,452oz Q2 43,506oz Q1 18,654 ozeq Q2 25,015 ozeq Grade Q1 3.54 gpt Q2 3.11 gpt Q1 8.5 gpt Q2 10.3 gpt Tonnes Milled Q1 419,340 t Q2 461,843 t Q1 73,221 t Q2 75,667 t Cash Cost ($US) Q1 $979 Q2 $1066 Q1 $745 Q2 $736 AISC ($US) Q1 $1095 Q2 $1216 Q1 $1038 Q2 $1057 Revenue ($US) Q1 $82 mill Q2 $78.8 mill Q1 $29.5 mill Q2 $35.5 mill Net Income ($US) Q1 $16.6 mill Q2 $11.9 mill Q1 $2.2 mill Q2 $4.4 mil___ Reserves and Resources Calibre Mining Proven and Probable Reserves 5.988 million tonnes @ 4.49 gpt Au for 864,000 ounces Au 5.988 million tonnes @5.81 gpt Ag for 1,119,000 ounces Ag Measured and Indicated Resources - 15,714 million tonnes @ 3.03 gpt Au for 1,532,000 ounces Au 15,714 million tonnes @ 3.31 gpt Ag for 1,672,000 ounces Ag Inferred Resources - El Limon and La Libertad 4.240 million tonnes @ 4.5 gpt Au for 613,000 ounces Au 4.240 million tonnes @ 7.71 gpt Ag for 1,051,000 ounces Ag 100% Owned Eastern Borosi Project - Total Open Pit and Underground 4.418 million tonnes @ 4.93 gpt Au for 700,500 ounces Au 4.418 million tonnes @80.0 gpt Ag for 11,319,500 ounces Ag Total Reserves : 864,000 oz Gold and 1,119,000 oz Silver Total Resources : 3,709,000 oz Gold and 14,042,500 oz Silver Total Reserves and Resources : 4,573,000 oz Gold and 15,161,500 oz Silver Eastern Borosi Project Joint Venture with Rio Tinto Resources are in Inferred category Cerro Aeropuerto : 6.052 million tonnes @ 3.62 gpt Au for 707,750 oz Gold 6.052 million tonnes @ 16.16 gpt Ag for 3,144,500 oz Silver Primavera : 44.974 million tonnes @ 0.54 gpt Au for 782,000 oz Gold 44.974 million tonnes @ 1.15 gpt Ag for 1,661,000 oz Silver 44.974 million tonnes @ 0.22% Cu for 218,670,000 lbs of Copper Earn In Agreement :
https://calibremining.com/news/calibre-and-rio-tinto-exploration-enter-into-agree-1298/ K92 Mining Proven and Probable Reserves - none Measured and Indicated Resource - 3.69 million t @ 11.3 gpt AuEq for 1.3 million oz AuEq Inferred Resources – 13.2 million t @ 9.1 gpt AuEq for 3.9 million ounces K92 Mining total Resources of 5.2 million oz of AuEq GLTA !!