Calibre Reports Q1 Financial and Production Results; Valentine Advances Toward Gold Production in Q3, Setting Up for Significant Growth; Calibre Mining & Equinox Gold Merger Anticipated to Close During Q2, 2025

Core Viewpoint - Calibre Mining Corp. reported strong financial and operational results for Q1 2025, with gold production of 71,539 ounces and a focus on cost discipline, positioning the company to potentially exceed its full-year production guidance of 230,000 to 280,000 ounces [2][10][22]. Financial Performance - Consolidated revenue for Q1 2025 was $202.6 million, compared to$131.9 million in Q1 2024, reflecting a significant increase [18]. - The company achieved net earnings of $22.6 million in Q1 2025, up from a net loss of$3.6 million in Q1 2024 [19]. - Adjusted net earnings for Q1 2025 were $40.1 million, compared to$5.6 million in Q1 2024 [44]. - The average realized gold price per ounce sold was $2,796, an increase from$2,092 in Q1 2024 [43]. Operational Highlights - Gold production was 64,469 ounces from Nicaragua and 7,070 ounces from Nevada, with a consolidated total of 71,539 ounces [10][20]. - The total cash cost (TCC) was $1,221 per ounce, while the all-in sustaining cost (AISC) was$1,389 per ounce [11][19]. - The Valentine Gold Mine is expected to produce approximately 200,000 ounces of gold annually, with first gold expected by the end of Q3 2025 [3][7]. Valentine Gold Mine Update - The initial project capital cost for the Valentine Gold Mine has increased to approximately C$854 million, with$203 million in cash fully funding the project as of April 30, 2025 [3][12]. - Construction is nearing completion, with the primary crusher commissioned and the coarse ore stockpile ready to receive material by the end of May [4][12]. - The largest pure exploration drill program in the property's history is underway, totaling 100,000 meters [10][22]. Merger with Equinox Gold - The merger with Equinox Gold is expected to close by the end of Q2 2025, creating a major Americas-focused gold producer with enhanced scale and diversification [8][14]. - The combined entity is projected to deliver greater value than either company could achieve independently, with a strong balance sheet and a pipeline of development projects [14][27].