Calibre Mining - Development Assets

Valentine Gold Mine, Canada

The Valentine Gold Mine is located in the Central Region of Newfoundland and Labrador, Canada, one of the top mining jurisdictions in the world. When completed, Valentine will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.

Valentine comprises a series of mineralized deposits along a 32 km trend. A December 2022 Feasibility Study outlined an open pit mining and conventional milling operation over a 14.3 year mine life with a 22% after-tax rate of return and an average gold production profile of 195,000 ounces of gold per year for the first 12 years. The Project has estimated Proven and Probable Mineral Reserves of 2.7 Moz (51.6 Mt at 1.62 g/t Au) and Mineral Resource Estimate for Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.96 Moz (64.62 Mt at 1.90 g/t Au). Additional Inferred Mineral Resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au).

2.7 Moz

Proven & Probable Mineral Reserves

3.96 Moz

Measured & Indicated Mineral Resources

1.10 Moz

Inferred Mineral Resources

Construction Progress

Tailings Management Facility is complete and ready to receive water
SAG and Ball Mill continue to advance toward pre-commissioning
Structural, mechanical and piping activities continue to advance in the Grinding, ADR, Reagents, and Gold Room areas
CIL leaching area tanks construction is complete and mechancial/electrical work has commenced
Overland and coarse ore stockpile conveyor is progressing and reclaim tunnel is preparing for apron feeders
Primary crusher installation is complete and preparing for commissioning
Pre-commissioning is well underway

Highlights

Valentine is a mining region in a mining jurisdiction located in central Newfoundland, Canada and is road accessible
Significant mineral endowment, with exceptional exploration upside
2.7 Moz of Mineral Reserves
4.0 Moz of Measured and Indicated Mineral Resources
1.1 Moz of Inferred Mineral Resources
Feasibility Study: 195 koz/y @ $1,007 AISC per ounce for 12 years
Gold production expected during Q2 2025
Estimated initial project capital has increased and is now forecast to be approximately C$744M; with C$197M cost to complete, inclusive of approximately C$20M in contingency as of October 18, 2024 and $215.8M in cash and restricted cash
Expansion opportunity with Phase 2 throughput increase
2024: extensive exploration underway across the 32km Valentine Lake Shear zone
2024: kicked off a 100,000 metre drill program
Refer to the Valentine Technical Report dated November 30, 2022 for more details
As of November 25, 2024 construction is 85% complete