Calibre Mining and Marathon Gold Announce Combination to Create High-Growth, Cash Flow Focused, Mid-Tier Gold Producer in Americas with Expected Annua

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Overig advies 13/11/2023 14:55
VANCOUVER, British Columbia, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre”) and Marathon Gold Corporation (TSX: MOZ) (“Marathon” and collectively the “Parties”) are pleased to announce that the Parties have entered into a definitive arrangement agreement (the “Arrangement Agreement”) whereby Calibre will acquire all of the issued and outstanding common shares of Marathon pursuant to a court-approved plan of arrangement (the “Transaction”). The Transaction will create an Americas-focused, high-margin, high-growth, mid-tier gold producer with estimated average annual gold production of approximately 500 koz during 2025 – 2026E1. The combined company will have a strong balance sheet with a combined cash balance of US$148 million2 and significant free cash flow generated from Calibre’s existing mines. This financial strength is expected to facilitate the seamless construction of the Valentine Gold Project (“Valentine”) and a continuous flow of exciting discovery and resource-building drill results from Nicaragua, Nevada and Newfoundland & Labrador.

Highlights of the Transaction

Key highlights of the Transaction include:

Creates a high-margin, cash flow focused, mid-tier gold producer in the Americas1 with estimated annual production of 500 koz Au per year (2025 – 2026E average)
Strong balance sheet with estimated combined cash of approximately US$148 million2 and significant free cash flow generation, ensuring the seamless completion of Valentine during the final 50% of construction
Significant combined mineral endowment of over 4.0 million ounces of mineral reserves, 8.6 million ounces of measured and indicated mineral resources (inclusive of mineral reserves) and 4.0 million ounces of inferred mineral resources (as further detailed in the tables below)3
Peer leading production growth of 80% (2024 – 2026E)1
Approximately 60% NAV in tier-1 mining jurisdictions1 with pro-forma market capitalization of approximately US$750 million, providing scale, enhanced trading liquidity, and a strong re-rating potential as a mid-tier gold producer

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