Darren Hall, president and CEO of Calibre Mining (TSX:CXB), says the highlight of 2023 was the acquisition of Marathon Gold and its Valentine project in the Canadian province of Newfoundland and Labrador.
In February Hall spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.
“We saw this as a great opportunity to be able to grow our 300,000-ounce-a-year producer into a 500,000-oz-a-year producer,” Hall said. “Obviously it puts us into a different tier’s perspective, a different re-rate opportunity, so lots of multiple benefits across. We get into a critical size where it becomes more difficult for people to ignore us.”
Calibre Mining aspires to be a mid-tier-sized gold company. Its largest producing mine, Limon in Nicaragua, outputted 3.5 million ounces historically; its mill capacity is an annual 500,000 tonnes. The company also has development assets in Nicaragua, Nevada and Washington State.
In January, Calibre completed the previously announced acquisition of Marathon Gold, in an all-stock deal worth CAD$345 million. The Valentine gold mine is half-constructed, and Calibre plans to commission it during the first half of 2025.
The project has estimated proven and probable mineral reserves of 2.7 million ounces, or 51.6 million tonnes at 1.62 grams per tonne gold.
Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).
0:00 500,000-oz producer
1:38 Low AISC
2:25 Marathon acquisition
5:19 Gold M&A
7:11 2024 goals
7:40 Gold vs gold equities
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