Scotiabank Research Note... Latest Research (July 15, 2024): OUR TAKE: Positive. Calibre Mining announces a 100,000 metre expansion to its existing 60,000 metre drill program at the Valentine gold mine in Newfoundland and Labrador. The expanded diamond drill program will include high-definition property wide LiDAR geophysical surveying, till sampling, and enhanced prospecting to assist with resource expansion and discovery drilling. Delineation drilling will commence on several high-priority targets that have not yet been drilled such as the Eastern Arm, Northwest Contact, Western Peninsula, and Marathon Northeast. CXB noted that additional exploration work will help shape its considerations for the Phase 2 mill expansion, aiming for increased throughput of the process plant. We view the announcement as positive for CXB shares as it highlights the long-term exploration potential of the Valentine Lake Shear Zone and the parallel Northwest Contact Shear Zone, continuing to support resource growth and mine life extension at the project. CXB shares are rated SP with a C$2.75 PT.