Summary
- Calibre released its Q3 results earlier this month, reporting quarterly production of ~49,100 ounces, a 10% increase over the year-ago period.
- However, costs were up sharply due to the addition of the high-volume, low-grade Pan Mine, a minor write-down at Pan, and an unplanned outage at Libertad.
- The good news is that Calibre remains on track to deliver into guidance despite the tough quarter, though this has largely been overshadowed by perceived risk of operating in Nicaragua.
- While I see Calibre as one of the best operators in the sector with a simple and low-capex growth story, the perceived jurisdictional risk could weigh on its overdue re-rate, and it's tough to justify chasing the stock above US$0.62 after a 60% rally.
For further details see:
Calibre Mining: Tracking Well Against FY2022 Guidance