Calibre Mining (TSX: CXB) saw record levels of production in the first quarter, as per results released by the company this morning. The gold mine reportedly produced 71,539 ounces of gold in the first quarter of 2025.
Production in the first quarter amounted to 64,469 ounces of gold produced at Calibre’s Nicaragua operations, while 7,070 ounces of gold were produced at their Nevada mine.
However, construction at Calibre’s Valentine Gold Mine in Newfoundland is behind schedule, with the company pushing back the operational timeline to the third quarter. The delay, blamed on “scope growth” and “actual contractor performance” follows Calibre in February stating that the first gold pour would occur in the second quarter of this year.
On site, mass construction activities are said to be nearing completion, with the company in the process of transitioning to system and subsystem completion. Commissioning of the primary crusher is said to be nearly completion, while pre-commissioning is underway for mill motors and liners.
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Conveyors are nearing completion as well, while CIL leaching tanks, piping, and electrical appears to be behind schedule, with completion not expected until the end of the quarter, and pre-commissioning occurring thereafter. Ore processing is now expected to begin early in the third quarter.
Once operational, the Valentine mine is expected to produce 200,000 ounces of gold annually in its first years of operation.
Initial project capital at Valentine is said to remain fully funded, with Calibre ending the first quarter with $214.5 million in cash on hand.
First quarter financial results are slated to be released on May 8, before market open.
Calibre Mining last traded at $3.16 on the TSX.
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