Caliber Mining delivers another record quarter, producing


VANCOUVER, British Columbia, July 12, 2022 (GLOBE NEWSWIRE) — Caliber Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to report its results of operations for the three and six months ended June 30, 2022, as well as cash quarter (all amounts in US dollars US dollars).

2022 Second Quarter and Year to Date (“YTD”) Production Overview

  • Record consolidated quarterly gold production of 59,723 ounces and gold sales of 59,783 ounces;
    • 37% increase in gold production compared to Q2 2021 (43,506 ounces);
    • Nicaragua gold production of 48,810 ounces and Nevada gold production of 10,913 ounces;
  • Year-to-date consolidated gold production of 111,621 ounces, gold sales of 112,270 ounces and on track to provide full year guidance of 220,000 to 235,000 ounces.

Q2 2022 Highlights

  • Cash of $92.3 million as of June 30, 2022, or C$0.27 per share, an increase of $15 million from March 31, 2022 and no debt;
  • Announcement of increasing production prospects depending on the grade (press release June 22, 2022);
    • 2023 increasing to 250 – 275 koz, 2024 increasing to 275 – 300 koz resulting in lower costs per ounce;
  • Obtaining the environmental permit to develop the Pavon Central open-pit mine; (press release June 16, 2022)
  • 15 drill rigs completed 62 km of drilling across our operations, leading to new discoveries, resource strengthening opportunities and the potential for incremental grade-based production growth, among others;
  • Bonanza-grade drill results from Panteon North in the Limon Complex (press release June 27, 2022)
    • 66.03 g/t Au over 5.6 m Estimated True Width (“ETW”); 30.33 g/t Au over 5.0 m ETW;
    • 22.55 g/t Au over 4.9 m ETW; 17.80 g/t Au over 7.3 m ETW; and
    • New VTEM data outlines several kilometers of high priority resource discovery and construction potential.
  • High-grade drill results from the Gold Rock project in Nevada (press release June 29, 2022)
    • 2.94 g/t Au over 18.0 m; 3.36 g/t Au over 22.9 m;
    • 3.10 g/t Au over 18.3 m; 2.19 g/t Au over 44.2 m; and
    • Positive metallurgical results demonstrating favorable heap leach recoveries and cycle times.
  • Results of progressive drilling from the Pan mine in Nevada (press release April 12, 2022)
    • 1.29 g/t Au over 18.3 m; 1.46 g/t Au over 9.1 m;
    • 1.01 g/t Au over 9.1 m; 0.95 g/t Au over 15.2 m; and
    • Demonstrate resource expansion and higher grade potential.

Darren Hall, President and CEO of Caliber, said: “I am very pleased with the company’s performance in the second quarter, delivering a record 59,723 ounces, positioning the company well to achieve its full year guidance of 220,000 to 235,000 ounces. Our demonstrated quarter-to-quarter delivery and continued strong operating cash flow provides the ability to self-fund all growth opportunities and reinvest in exciting exploration of all assets while maintaining cash flow solid.

“We continue to see the benefits of our commitment to exploration with exciting results across the board, particularly at Limon with bonanza intercepts, in combination with our new VTEM data, demonstrate exciting potential for making new discoveries at high grade over several kilometers of strike magnitude.

“During the quarter, we received the environmental permit to develop and operate the Pavon Central open pit mine, demonstrating our commitment to delivering sustainable value to shareholders, local communities and all stakeholders through our practices. operating practices, our transparent communications and our role as stewards of the environment. With this confirmed approval, we have delivered our robust multi-year grade-based and reserve-backed production outlook, reaching 300,000 ounces of gold production in 2024.”

Operation overview

Our Q2 gold production of 59,723 ounces is in line with our initial guidance for the year, and with production expected to increase in the second half with steadily increasing grades, the Company is well positioned to achieve its gold production targets for the full year of 220,000 to 235,000 ounces.

Second Quarter and Full Year 2022 Financial Results and Conference Call Details

Financial results will be released after market close on Tuesday, August 9, 2022, and management will host a conference call to further discuss the results and outlook.

Instructions for obtaining conference call access numbers:

  1. All parties must register at the link below to participate in the Caliber Mining Q2 conference call.
  2. Register by clicking on https://register.vevent.com/register/BI8dee59d100bc48b59353279a56f79893
  3. Once registered, you will receive the call numbers and the PIN code to enter when calling.

The live webcast and registration link can be accessed here and on www.calibremining.com under the Events & Media section under the Investors tab. The live audio webcast will be archived and made available for replay at www.calibremining.com. The presentation slides that will accompany the conference call will be available in the Investors section of the Caliber website under Presentations prior to the conference call.

Qualified person

Darren Hall, MAusIMM, President and CEO of Caliber Mining Corp. is a “qualified person” within the meaning of NI 43-101 and has reviewed and approved the scientific and technical information contained in this press release.

ON BEHALF OF COUNCIL

“Darren Room”

Darren Hall, President and CEO

For more information, please contact:

ryan king
Senior Vice President, Corporate Development and IR
Such. : 604.628.1010
Email: [email protected]
W: www.calibremining.com

About Caliber Mining Corp.

Caliber Mining is a growing, Canadian-listed, Americas-focused, mid-tier gold producer with a strong pipeline of development and exploration opportunities in Nevada and Washington in the United States, and in Nicaragua. Caliber is focused on creating sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, no debt, a proven management team, strong operating cash flow, accretive development projects and district-wide exploration opportunities, Caliber will unlock significant value.

Precautionary Note regarding forward-looking information

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements in this press release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “timing “, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “will”, “could “, “could”, “should” or “could” occur. Forward-looking statements necessarily involve assumptions, risks and uncertainties, some of which are beyond Caliber’s control. For a list of risk factors applicable to the Company , please refer to Caliber’s Annual Information Form for the year ended December 31, 2021, available at www.sedar.com. This list is not exhaustive of factors that could affect Calibre’s forward-looking statements.

Caliber’s forward-looking statements are based on applicable assumptions and factors that management believes are reasonable as of the date hereof, based on information available to management as of such time. Caliber undertakes no obligation to update any forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed or implied by such forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.

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