6 days Ago By Staff report
Calibre Mining Corp., which owns the Pan Mine in Nevada and expects to become part of Equinox Gold in the second quarter of this year, reported record production for the first quarter of 2025, totaling 71,539 ounces of gold, up from 61,767 ounces in the 2024 quarter. The new company, which will be called Equinox Gold when the merger is completed, will include the Valentine Gold Mine in Canada as well as Calibre’s mines in Nicaragua and the Pan Mine.
Calibre is constructing the Valentine Gold Mine, with production slated later this year. “I am extremely proud of our operations team for delivering another strong quarter, producing 71,539 ounces of gold in Q1 2025,” said Darren Hall, Calibre’s president and chief executive. “Valentine Gold Mine continues to advance, with first ore processed now expected in early Q3, followed by a steady ramp up to nameplate capacity of 2.
5 million metric tons,” he said on Monday. Pre-commissioning is underway at the mill at Calibre’s Valentine Gold Mine in Canada. First production was delayed because of growth of the scope of the project in such areas as electrical cabling and contractor performance, Hall said.
The report said the tailings management facility is complete, structural steel work is done, the primary crusher work is nearly complete, conveyors are near completion, and pre-commissioning is underway at the mill. Hall said Valentine in Newfoundland and Labrador is “positioned to become a long-life, cornerstone asset in Canada, initially delivering approximately 200,000 ounces of gold annually with significant exploration upside.” The gold production for the first quarter of this year included 64,469 ounces from operations in Nicaragua and 7,070 ounces from the Pan Mine in White Pine County.
Production for the second quarter may join Equinox production. The merger with Equinox Gold announced in February “marks a transformative milestone for both companies and will result in a diversified portfolio of operating mines across five countries anchored by Greenstone and Valentine, two high-quality, long-life, low-cost Canadian gold mines,” Hall said. “Together, we will become Canada’s second largest gold producer,” he said, adding that the Canadian assets are expected to produce roughly 590,000 ounces of gold a year.
Hall said in the production announcement that “New Equinox Gold has the potential to exceed 1.2 million ounces of annual gold production with Greenstone and Valentine operating at capacity.” Equinox’s Greenstone Mine in Ontario achieved commercial production in November 2024.
With Greenstone, Equinox operates six gold mines in Canada, the United States, Mexico and Brazil. Calibre stated it had cash totaling $214.5 million as of March 31.
The company will announce its financial results for the first quarter on May 8. Get the latest local business news delivered FREE to your inbox weekly..
