- Calibre Mining (CXB) has reported a net loss of approximately C$7.185 million in its latest quarterly report
- The company produced 6,010 ounces of gold through the quarter and sold 9,426 ounces.
- Calibre generated approximately $21.170 million in revenue, but incurred approximately $9.441 million in care and maintenance costs and approximately $13.454 million in production costs
- These expenses and COVID-19 related shutdowns at the company’s Libertad and Limon mines resulted in the substantial net loss
- Calibre Mining (CXB) is up 0.5 per cent and is trading at $1.80 per share at 9:45 am
Calibre Mining (CXB) has reported a net loss of approximately C$7.185 million in its latest quarterly financials.
The company produced 6,010 ounces of gold through the quarter and sold 9,426 ounces.
The company made approximately $21.17 million in revenue through the quarter, but simply couldn’t produce enough from the Limon and Libertad mines to get ahead of costs.
Operations at the company’s Libertad and Limon mines were both suspended due to COVID-19 restrictions, halting in production from April until June.
The company incurred approximately $9.44 million in care and maintenance expenses during the quarter, alongside production costs of approximately $13.45 million. This led to the company posting a net loss of approximately C$7.185 million, despite record gold prices.
The vast majority of the production made during the three-month period was mined and sold in April, with only a small amount of gold poured in June.
Russell Ball, the CEO of Calibre Mining said that following the second quarter shutdown and subsequent restart of operations, the third quarter has started on a positive note.
“We recently recommenced operations at our Jabali underground mine and following the receipt of the permit for the development of Pavon Norte, development activities are now well underway.
“Pavon Norte represents a high-grade ore soured for the Libertad Complex, with first ore expected to be mined and processed by the end of the first quarter of 2021, utilising our ‘hub-and-spoke’ operating philosophy,” he said.
Calibre Mining (CXB) is up 0.5 per cent and is trading at C$41.80 per share at 9:45 am EDT.