Calibre Mining engages reliable controls corporation for pre commissioning and commissioning contract, and executes gold prepayment deal

British Columbia Mining Corp. partners with RCC for pre-commissioning. Also, a $60M gold prepayment deal with Asahi Refining USA Inc. for 27,600 ozs.

British Columbia Mining Corporation has announced that it has signed a significant pre-commissioning and commissioning contract with Reliable Controls Corporation of Salt Lake City ("RCC") for its Valentine Gold Mine ("VGM") in Newfoundland and Labrador. Additionally, the company has finalized a short-term gold prepayment agreement worth US$60 million with Asahi Refining USA Inc. ("Asahi"). As part of the agreement, Asahi will purchase a total of 27,600 ounces of gold from the company, representing less than 10% of its anticipated gold production for 2024.

Darren Hall, President and Chief Executive Officer of Calibre, stated: "With construction at Valentine 61% complete, I remain confident in our ability to deliver the first gold bar during the first half of 2025. To further mitigate delivery risks, I am pleased to announce that we have secured the services of RCC, a team of highly experienced experts in plant processing commissioning and start-up.

Given the robust gold price environment and ongoing investment in our asset portfolio, we have executed a 12-month, US$60 million gold prepayment contract as part of our cash flow management strategy while transitioning to a quality mid-tier gold producer. The prepayment represents less than 10% of our expected gold production for 2024, with deliveries commencing in May 2024."

RCC is a specialized and highly experienced firm in mine and mill commissioning, having successfully contributed to various mine constructions, collaborating with industry giants like Newmont, Barrick, Rio Tinto, and Teck. RCC will assist Calibre in ensuring all operational facets, including workforce readiness, are well-established for a seamless transition from construction to steady-state operations.

Calibre is a mid-tier gold producer listed in Canada, with a focus on the Americas. It boasts a robust portfolio of development and exploration projects spanning Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Prioritizing sustainability and responsible operations, Calibre aims to generate lasting value for shareholders, local communities, and stakeholders. Backed by a solid balance sheet, experienced management, healthy cash flow, impactful development initiatives, and extensive exploration potential, Calibre is poised to unlock substantial value.