Scotiabank research note - CXB Latest Research (July 11, 2023): OUR TAKE: Mild Positive. Calibre Mining reported Q2/23 consolidated gold production of 68.8 koz Au, inline with our 67.6 koz estimate, with 58.4 koz being produced in Nicaragua and 10.4 koz being produced in Nevada. The company ended the quarter with $77M in cash (vs. $57M in Q1), and reiterated its FY23 production guidance of 250-275koz Au, having produced 51% of the midpoint of guidance YTD. CXB plans to release Q2 financial results after market close on August 9, 2023, with a conference call to be held on August 10, at 10 am ET.We view the results as a mild positive for CXB shares as gold production was in line with our expectations, both in Nicaragua and in Nevada. We look forward to additional higher-grade ore coming from Pavon Central and Eastern Borosi in the second half of this year. Following model updates for the Q2 results, CXB shares are rated SP with a C$2.00 Price Target.