Scotiabank research note Latest Research (July 09, 2024): OUR TAKE: Positive. Calibre Mining reported Q2/24 preliminary production results of 58.8 koz Au (in line with our 58.4 koz est.) consisting of 49.2 koz from Nicaragua and 9.5 koz from Nevada. Mining and processing was negatively impacted by the geotechnical event that occurred at Limon in May, but CXB has reiterated its FY24 guidance, noting that production is expected to be weighted towards the second half of the year. Normal operations have resumed at Limon following a review and signoff from internal and external engineers, and CXB expects to access higher-grade ore in the second half owing to the multiple ore
sources at Limon. The Valentine project stands at 73% complete (~61% complete as at Q1/24) and on track for first gold pour in Q2/25 with construction of the CIL tanks underway, primary crusher on site, and construction of the coarse ore stockpile progressing well.We view the results as positive for CXB shares as the quarter’s production results met our expectations and the company reiterated its FY24 guidance, despite operational headwinds at Limon. Valentine appears to be making consistent construction progress, and we look forward to visiting the site later this quarter. CXB shares are rated SP with a C$2.75 PT.