Calibre Mining (CXB) AI Stock Analysis

• Market Cap: C$2.56B
• Dividend Yield: N/A
• Average Volume (3M): 3.31M
• Price to Earnings (P/E): 28.7
• Beta (1Y): 1.61
• Revenue Growth: 20.03%
• EPS Growth: -46.48%
• Country: CA
• Employees: 2,754
• Sector: Basic Materials
• Sector Strength: 66
• Industry: Gold
• EPS (TTM): 0.07
• Shares Outstanding: 856,878,000
• 10 Day Avg. Volume: 3,757,787
• 30 Day Avg. Volume: 3,311,357
• PEG Ratio: -0.66
• Price to Book (P/B): 0.52
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 9.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$4.63
• Price Target Upside: 54.85% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 69 Neutral
• Price Target: C$3.50 ▲(17.06%Upside)

Calibre Mining's robust earnings call and strategic merger with Equinox Gold are major positives, enhancing its production profile and market position. However, bearish technical indicators and valuation concerns slightly temper the overall score.

Positive Factors

Earnings

After pre-releasing 2024 production that beat the top end of revised annual guidance, CXB has reported adjusted EPS of US$0.05/sh, in line with consensus of US$0.04/sh and our US$0.05/sh estimate.

Production

Q4/24 production beat the top end of revised annual guidance leading to annual production that exceeded expectations.

Project Development

Starting up Valentine in 2025 is both a risk and an opportunity as a significant step up in production levels, combined with diversifying geo-political risk for the company is positive.

Negative Factors

Costs

Costs were higher than expected with cash costs and AISC slightly higher than estimates.

Financial Performance

Cash burn was higher than expected, resulting in a cash burn of $26M.

Stock Valuation

Analyst downgrades the stock to Hold as it is now viewed as fairly valued with insufficient return to target.

Calibre Mining Business Overview & Revenue Model

Company Description

Calibre Mining Corp., together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties. It primarily explores for gold, silver, and copper deposits. The company holds 100% interests in the El Limon and La Libertad gold mines, the Pavon gold project, and other mineral concessions in Nicaragua, Central America; and the Borosi Gold-Silver-Copper project located in the North Atlantic Autonomous Region of Nicaragua, Central America. It also holds 100% interests in the Pan Mine gold project, the Gold Rock project, and the Illipah Gold project in Nevada, the United States, as well as the Golden Eagle project in Washington State, the United States. The company was formerly known as TLC Ventures Corp. and changed its name to Calibre Mining Corp. in June 2007. Calibre Mining Corp. was founded in 1969 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Calibre Mining makes money primarily through the extraction, production, and sale of gold. The company's revenue model is centered around its operational gold mines, where it extracts gold ore and processes it into refined gold, which is then sold in the global market. Key revenue streams include the sale of gold bullion and, to a lesser extent, by-products such as silver. The company's earnings are influenced by factors such as gold market prices, production costs, and operational efficiency. Strategic partnerships with local and international entities enhance its operational capabilities and access to advanced mining technologies, contributing to its revenue generation.

Calibre Mining Financial Statement Overview

Summary

Calibre Mining shows strong revenue growth and efficient operations. The balance sheet is stable with a moderate debt-to-equity ratio. However, the negative free cash flow due to high capital expenditures is a concern that affects liquidity.

Income Statement

Calibre Mining has demonstrated strong revenue growth, with a significant increase from $403 million in 2022 to $656 million in TTM 2025. The gross profit margin is healthy, and the net profit margin has improved to 9.3% in TTM 2025. EBIT and EBITDA margins are robust, indicating efficient operations. However, the net income has shown some fluctuations, which may indicate volatility in profitability.

Balance Sheet

The company's balance sheet shows a stable financial position with an equity ratio of 53.6% in TTM 2025. The debt-to-equity ratio remains moderate, suggesting a balanced approach to leveraging. Return on equity is reasonable, reflecting effective use of shareholders' funds. However, there is an increase in total debt, which warrants monitoring.

Cash Flow

Calibre Mining's operating cash flow is solid, with a favorable operating cash flow to net income ratio. However, the free cash flow is negative in TTM 2025 due to substantial capital expenditures, which could impact future liquidity. Despite this, the company has managed to maintain positive financing cash flow, indicating good external funding support.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
697.98M	585.86M	561.70M	408.61M	328.13M	242.75M
	Gross Profit
238.50M	152.50M	170.40M	103.60M	104.25M	109.61M
	EBIT
134.52M	84.03M	135.77M	79.88M	91.90M	88.58M
	EBITDA
235.84M	180.26M	211.85M	165.67M	131.15M	137.70M
	Net Income Common Stockholders
60.98M	34.74M	85.03M	56.43M	73.59M	80.69M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
177.38M	131.09M	86.16M	56.49M	78.45M	53.17M
	Total Assets
1.90B	1.77B	819.57M	664.26M	437.53M	351.18M
	Total Debt
422.14M	378.42M	11.14M	13.08M	43.00K	150.00K
	Net Debt
244.75M	247.33M	-75.02M	-43.41M	-78.41M	-53.02M
	Total Liabilities
880.29M	811.75M	262.36M	213.51M	148.08M	121.03M
	Stockholders Equity
1.02B	959.39M	557.21M	450.74M	289.45M	230.15M
Cash Flow		Free Cash Flow
-245.78M	-228.32M	43.19M	-49.52M	18.73M	34.71M
	Operating Cash Flow
188.71M	181.05M	201.11M	96.66M	105.60M	81.26M
	Investing Cash Flow
-434.49M	-400.55M	-187.06M	-133.72M	-83.39M	-46.36M
	Financing Cash Flow
371.47M	265.29M	15.56M	15.12M	3.03M	-14.48M

Calibre Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CXB, the sentiment is Negative. The current price of 2.99 is below the 20-day moving average (MA) of 3.21, below the 50-day MA of 3.14, and above the 200-day MA of 2.73, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 41.12 is Neutral, neither overbought nor oversold. The STOCH value of 11.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CXB.

Calibre Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WDO	78 Outperform	C$2.95B	15.54	34.73%	―	80.44%	3757.72%
CXB	69 Neutral	C$2.56B	28.69	6.74%	―	20.03%	-46.48%
Sector *	51 Neutral	$1.99B	-1.26	-21.11%	5.30%	2.92%	-30.46%
NG		$1.67B	―		―	―	―
KNT	77 Outperform	C$3.84B	15.24	39.28%	―	105.06%	481.75%
DPM	76 Outperform	C$3.49B	11.90	19.71%	1.09%	10.57%	24.23%
ORA	63 Neutral	C$2.76B	―	-43.50%	6.04%	42.46%	-2626.56%

Calibre Mining Corporate Events

Equinox Gold and Calibre Mining Merge to Form Major Gold Producer

Equinox Gold Corp. and Calibre Mining Corp. have completed a business combination, creating a diversified gold producer with operations in five countries, anchored by two major Canadian mines. This merger strengthens Equinox Gold’s position as the second largest gold producer in Canada, enhancing its scale and growth potential, and is expected to generate significant long-term value for shareholders.

The most recent analyst rating on (TSE:CXB) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Calibre Mining stock, see the TSE:CXB Stock Forecast page.

Calibre Mining Reaffirms Commitment to Sustainability and Growth in 2024 Report

Calibre Mining Corp. has released its 2024 Sustainability Report, showcasing a year of strong economic performance and leadership in responsible mining. The report highlights significant achievements in environmental stewardship, social responsibility, governance, and financial performance. Key initiatives include the development of the Valentine Gold Mine, a merger with Equinox Gold, and substantial community investments. These efforts underscore Calibre’s commitment to sustainability and stakeholder value, positioning the company as a responsible and growing player in the gold mining industry.

The most recent analyst rating on (TSE:CXB) stock is a Buy with a C$2.50 price target. To see the full list of analyst forecasts on Calibre Mining stock, see the TSE:CXB Stock Forecast page.

Calibre Mining Reports Q1 Results and Advances Valentine Gold Mine Towards Production

Calibre Mining Corp. reported its Q1 2025 financial and production results, highlighting a gold production of 71,539 ounces and a focus on cost discipline. The Valentine Gold Mine is advancing towards production in Q3, with construction nearly complete and operations expected to reach full capacity by Q1 2026. The company is also conducting its largest exploration program at Valentine, with promising drilling results. Additionally, Calibre’s merger with Equinox Gold is anticipated to close by Q2 2025, aiming to enhance scale and deliver greater value through a diversified asset base and increased production capacity.

Calibre Mining’s Acquisition by Equinox Gold Approved by Court

Calibre Mining Corp. has received court approval for its arrangement with Equinox Gold Corp., under which Equinox will acquire all outstanding Calibre shares. The transaction is expected to close by the end of Q2 2025, leading to the de-listing of Calibre shares from the Toronto Stock Exchange and OTCQX. This strategic move is anticipated to impact Calibre’s market presence and streamline its operations under Equinox Gold, potentially affecting stakeholders and altering industry dynamics.

Calibre Mining Securityholders Approve Merger with Equinox Gold

Calibre Mining Corp. announced that its securityholders have approved a business combination with Equinox Gold Corp., allowing Equinox to acquire all issued and outstanding shares of Calibre. The approval marks a significant step in the arrangement, which still requires a final court order and regulatory approvals. The transaction is expected to enhance Calibre’s market positioning and unlock substantial value for stakeholders, with completion anticipated by the end of Q2 2025.

Calibre Mining’s Merger with Equinox Gold Gains Key Endorsements

Calibre Mining Corp. has received recommendations from leading proxy advisory firms ISS and Glass Lewis for its securityholders to vote in favor of a proposed business combination with Equinox Gold Corp. The updated recommendation from Glass Lewis follows amended merger terms that align with market expectations, providing greater downside protection while maintaining long-term potential. This endorsement is significant for Calibre as it seeks to strengthen its market position and enhance value for stakeholders through the merger.

Equinox Gold and Calibre Mining Amend Merger Agreement to Form Major Gold Producer

Equinox Gold Corp. and Calibre Mining Corp. have amended their arrangement agreement for a proposed business combination, with Calibre shareholders set to receive 0.35 Equinox Gold shares for each Calibre share, representing a 10% premium. This merger aims to create a major gold producer capable of producing over 1.2 million ounces of gold annually, positioning the combined entity as the second-largest gold producer in Canada and among the top 15 globally.

Calibre Mining Corp. Seeks Approval for Strategic Merger with Equinox Gold

Calibre Mining Corp. has announced a proposed business combination with Equinox Gold Corp., which has received a recommendation from Institutional Shareholder Services Inc. (ISS) for securityholders to vote in favor. The merger is expected to deliver strategic benefits such as increased scale, diversification, and synergies, along with strong production growth and potential market re-rating. The combined company aims to become the second largest gold producer in Canada and a major player in the Americas, with significant free cash flow and growth potential.

Calibre Mining Achieves Record Q1 Gold Production and Announces Strategic Merger

Calibre Mining Corp. reported a record first-quarter production of 71,539 ounces of gold in Q1 2025, with significant contributions from its operations in Nicaragua and Nevada. The company also provided an update on the Valentine Gold Mine in Canada, which is expected to begin ore processing in early Q3 2025. Additionally, Calibre announced a merger with Equinox Gold, aiming to form a leading Americas-focused gold producer. This merger is set to create a diversified portfolio of operating mines, enhance production capacity, and strengthen the company’s market position, potentially making it Canada’s second-largest gold producer.

Calibre Mining Moves Forward with Equinox Gold Merger Plans

Calibre Mining Corp. has announced the receipt of an interim order from the Supreme Court of British Columbia, allowing it to proceed with a special meeting of securityholders regarding its business combination with Equinox Gold Corp. This merger aims to create a major diversified gold producer in the Americas, with the potential for over 1.2 million ounces of annual gold production. The combined entity is expected to become the second-largest gold producer in Canada, benefiting from substantial free cash flow and an exceptional growth profile. The arrangement is anticipated to close by the end of Q2 2025, subject to necessary approvals.