Name of the Project
Valentine gold project.

Location
Central region of Newfoundland and Labrador, Canada.

Project Owner/s
Calibre Mining Corp acquired the project from Marathon Gold in January 2024.

Project Description
An updated feasibility study has presented, for the first time, a three-pit mine plan, based on the Marathon, Leprechaun and Berry deposits, with increased mineral reserves, an extended mine life and a higher gold production profile.

The study proposes the concurrent openpit mining of the deposits.

Average gold production is estimated at 195 000 oz/y over a 14.3-year mine life.

Other aspects of the mine design, such as the site layout, basic mill flowsheet, mill expansion strategy, thickened tailings deposition strategy, 400-person camp and low-cost site power through the NL Hydro power grid remain as previously conceived in the April 2021 feasibility study.

Potential Job Creation
There will be full-time direct employment of 405 people during peak construction and 522 during operations.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $634-million and an internal rate of return of 22%, with a payback of 2.8 years.

Capital Expenditure
Calibre reported in August 2024 that its optimisation and derisking efforts, combined with accelerating a portion of Phase 2 expansion capital, had resulted in an initial capital cost of C$653-million, a C$145-million increase on Marathon Gold’s 2023 third quarter update. With a C$279-million cost to complete the project as of April 30, 2024, and about C$400-million of cash and restricted cash, the project is fully funded. The company has substantial cash flows from operations.

Planned Start/End Date
The first gold pour is scheduled for the second quarter of 2025.

Latest Developments
The Valentine gold mine is 64% complete.

Calibre has progressed detailed engineering to 98%, from 60%, with the latter having formed the basis of the previously disclosed Marathon Gold capital estimates. 

Since acquiring the project in January 2024, Calibre has rebaselined the project schedule, significantly progressed detailed engineering, awarded all major contracts, connected the site to permanent power, delivered critical path items, including mills and motors, employed the operations leadership team, and started precommissioning and commissioning activities.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Calibre Mining Corp, tel +1 604 628 1012 or email calibre@calibremining.com.