Scotiabank maintains $2.75 price target Latest Research (August 12, 2024):OUR TAKE: Neutral. Calibre Mining reported Q2/24 results withadj. EPS of $0.02 (vs. our and consensus $0.03 estimate; range $0.03-$0.04) and CFPS of $0.06 (vs. our and consensus $0.06 estimate) on production of 58.8 koz Au that was pre-reported. CXB has now reported cash cost of $1,264/oz and AISC of $1,533/oz (vs. our $1,266/oz and $1,523/oz estimates). The earnings miss was driven by lower revenue and higher finance costs offsetting lower operating costs and taxes. CXB reiterated FY24 guidance calling for production of 275-300 koz Au at AISC of $1,275-$1,375/oz, noting that production is expected to be weighted towards the second half of the year. In Newfoundland, the Valentine project was at 73% complete as at June 30, with the project fully funded and on track to pour gold in Q2/25. In Q2/24, $78M in growth capital was spent at Valentine, bringing total project costs spent to C$381M (~58% spent) out of the total C$653M budget, and finishing the quarter with cash of $128M and $125M remaining to be released from the Sportt credit facility.