Calibre Posts Record First-Quarter Output as Valentine Mine Approaches Startup

Calibre Mining Corp. reported record first-quarter gold production of 71,539 ounces while announcing a slight delay in commissioning its cornerstone Valentine Gold project in Newfoundland & Labrador, where first ore processing has been pushed to early third quarter.
The Vancouver-based miner drew 64,469 ounces from its Nicaraguan operations and 7,070 ounces from Nevada assets during the quarter. The company ended March with $214.5 million in cash, including $37.1 million in restricted funds that have since been fully released from debt-related constraints.
“Valentine is positioned to become a long-life, cornerstone asset in Canada, initially delivering approximately 200,000 ounces of gold annually with significant exploration upside,” said Darren Hall, Calibre’s Chief Executive Officer. The commissioning delay, attributed to expanded electrical cabling requirements and contractor performance issues, represents a modest setback for a project that remains fully funded.
Construction progress at Valentine has reached advanced stages with several key milestones achieved. The tailings management facility is complete, structural steel installation has concluded, and the primary crusher installation is finished with commissioning nearly complete. Mill motors and liners are installed with pre-commissioning underway, while the CIL leaching tanks are scheduled for completion by quarter-end.
The Valentine project represents a significant diversification for Calibre, adding Canadian production to its established Central American and U.S. operations. The project’s importance is magnified by Calibre’s pending merger with Equinox Gold, announced in February, which would create what executives describe as “Canada’s second largest gold producer.”
“At nameplate capacity, these Canadian assets are expected to produce approximately 590,000 gold ounces annually,” Hall noted, referencing the combined output potential of Valentine and Equinox’s Greenstone mine. Industry analysts view the merger as strategically sound, consolidating mid-tier producers amid a period of significant gold price strength.
“The combined entity addresses several key investor concerns regarding geographic diversification and production scale,” said Kerry Smith, mining analyst at Haywood Securities. “With Valentine and Greenstone anchoring the portfolio, the company moves firmly into the mid-tier space with a production profile exceeding one million ounces.”
According to the World Gold Council’s latest quarterly trend report, merger activity among mid-tier producers has accelerated in 2025, with companies seeking operational synergies and improved capital markets positioning amid strong gold prices. Consolidation in the gold sector reached $8.7 billion in the first quarter, the highest level since 2019.