Calibre Mining (TSX: CXB) (OTCQX: CXBMF) had immense success in 2023, producing a record amount of gold and finishing the year with a stronger balance sheet than it had last January.
The mid-tier gold producer released its production results for the three months and year ending Dec. 31 on Tuesday.
Calibre produced 61,495 more gold ounces in 2023 than the previous year, representing a 27.7 per cent increase. The company reported a 52 per cent increase in its cash balance at the end of the year as well. Calibre produced a total of 283,494 ounces and currently has C$86 million on hand.
For Q4 last year, the company had its fifth consecutive record quarterly gold production, generating 75,482 ounces. Nicaragua produced the majority at 64,963 ounces and Calibre’s Nevada operations yielded 10,519 ounces. More gold ounces will be coming out of Nevada this year with the start of production at the Gold Rock project near the Pan mine.
The miner completed a C$40 million investment in Marathon Gold Corp. (TSX: MOZ) last year and expects to finalize its merger with the Atlantic Canada mining company by the end of the month. Closing the Marathon deal is Calibre’s top priority and once completed the combined company will have an annual cash flow exceeding C$508 million.
“With a healthy balance sheet, strong operating cash flow and available debt, the combined company expects to facilitate seamless construction of the Valentine gold project,” Darren Hall, CEO of Calibre, said. This will be made possible with a continuous flow of exciting discovery and resource-building drill results from Newfoundland & Labrador, Nevada and Nicaragua.