Join the call this morning. Before we get started, I'd like to direct everyone to the forward-looking statements on slide 2. Our remarks and answers to your questions today may contain forward-looking information about the company's future performance. Although management believes that our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements. For a complete discussion of the risks, uncertainties, and factors which may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to our 2021 annual MD&A and AIF available on our website as well as on SEDAR. Finally, all figures are in U.S. dollars unless otherwise stated. Present today with me on the call are Darren Hall, President and Chief Executive Officer, and David Splett, Senior Vice President and Chief Financial Officer, who will be providing comments on our Q3 and year-to-date results and our outlook for the remainder of 2022. After which, we'll be happy to take questions. The slide deck we'll be referencing is available on our website at calibremining.com under the Events section. You can also click on the webcast to join the live presentation. With that, I'll turn the call over to Darren. Thanks, Ryan. Moving to slide three. Good morning, and thank you for taking the time to join us today. I'd like to start by thanking all of our employees and business partners for their continued commitment during the quarter. The Q3 delivered 49,000 ounces of gold in the quarter. The year-to-date gold sales are just over 161,000 ounces. Despite industry-wide inflationary pressures, delayed sales due to the Libertad equipment failure, and the Nevada heap leach inventory adjustment, which David will discuss shortly, our year-to-date consolidated total operating costs is $1,141 per ounce, which is favorable to budget. We continue to expand the high-grade gold discovery along strike at Pantheon North with five drill rigs currently drilling, demonstrating our confidence in the expansion potential. In addition, we announced drill results from the Pavón Mine, which continue to confirm our resource expansion potential. Exploration guidance has been revised to reflect our continued exploration success. Growth capital has been increased, reflecting being ahead of schedule at Eastern Borosi and the solid progress made by the team at Pavón Central. I expect a strong Q4 and reaffirms the company's commitment to deliver on our full-year production and cost guidance. I will now turn it over to David to discuss our Q3 financial results. Thanks, Darren. Turning to slide 4. As Darren mentioned, we're on track to meet our full-year production and cost guidance. Looking at the graph on the right-hand side, our September 30th cash position of $66.5 million reflects the advancement of several key growth projects, which includes $13 million of spending at Eastern Borosi and $12 million spent at Limón, tied to the La Tigra pit and the Pantheon and Atravesada underground mines. In relation to Limón Mine, Pantheon is expected to reach commercial production levels during Q4, while La Tigra achieved the same at the end of the quarter. In relation to Eastern Borosi, the project has advanced faster than original plan, and Calibre has now received all required operating permits, with site development work going well. Calibre was presented an attractive opportunity during the quarter to purchase the EBP mining equipment, resulting in a $10.5 million expenditure during the quarter. Calibre has the benefit of Komatsu on-site management. Alongside of the equipment purchase, Calibre established a loan facility with Lafise Bank to borrow up to $19 million over a three-year period at U.S. prime + 2.25%, resulting in an initial interest rate of 7%. The financing crystallized our strategy to develop a local banking arrangement at a lower cost of capital than what our contract miner could offer, and it helps to maximize corporate liquidity during a period of depressed gold prices. As part of the agreement, Calibre may repay, in part or completely, the loan without penalty. Working capital during the quarter increased by almost $12 million due to the growth of the Libertad in-circuit inventory tied to the ADR shutdown and partially due to higher consumable inventories. It's expected that working capital will be drawn down over the course of Q4 with an associated release of cash. Now, looking at the graph on the left-hand side of the chart. During the quarter, the value of the ounces contained in the Pan leach pad was revalued to reflect an updated inventory model calculation. This resulted in an adjustment of $3.3 million for the quarter, which equates to $290 AISC per ounce in Nevada or $60 per ounce consolidated. Calibre and third-party consultants are reviewing the inventory at Pan heap leach to determine if historic recovery models understate full-cycle recoveries. An increase to recoverable ounces will positively impact the average cost of inventory. Regardless, year-to-date AISC for Nevada are $1,503 per ounce, which continue to be in line with guidance. I would like to note that operating expenditures have been stable at Pan Mine, with the cost per ton mined decreasing 5.5% quarter-over-quarter. As pertaining to year-over-year inflation, elevated diesel and cyanide prices have increased consolidated cash costs by approximately $45 per ounce. However, during Q3, we've seen some softening of inflation, with diesel prices being approximately 10% lower than that of Q2. Despite all of these impacts, Calibre's year-to-date consolidated cash costs and all-in sustaining cost per ounce of $1,141 and $1,268 are favorable to budget, and we remain on track to meet cost guidance. Looking towards Q4, we remain firmly on track to generate strong operating cash flows through the remainder of the year and into 2023. This cash will continue to be deployed back into the business, which in turn will facilitate the increase in gold production that we've previously discussed. We will maintain strong liquidity should accretive investment opportunities present. With that, I'll hand the call back over to Darren to conclude this presentation. Thanks, David. Moving to slide 5. Now that we have discussed the Q3 results, I'll take a few minutes to provide an update on the recent U.S. Sanctions. On October 24th, the U.S. Announced an amendment to Executive Order 13851 that expanded existing sanctions authorities, including specific trade-related measures for Nicaragua, in which the gold mining industry was mentioned. In conjunction with the amended executive order, OFAC, the U.S. Treasury Department, announced two additional sanctions. The first being against an individual who was unrelated to Calibre's business. The second was against the General Directorate of Mines, which is under the direct control of the Ministry of Energy and Mines, and which I will refer to as the DGM going forward. Before discussing the sanctions against the DGM, it is important to provide clarity on what constitutes a sanction violation. To violate the sanction, there would need to be dealing in the sanctioned person's property interest in some way, like payments, agreements to transfer property or exchange of services. There would also need to be some connection with the United States, which means the involvement of either a U.S. person, U.S. dollars, or U.S. assets. Now let's consider Calibre's relationship with the DGM. We do not make direct payments to the DGM. We do not have contracts, agreements or joint ventures of any kind with the DGM. We do not exchange services or property interests with the DGM. However, like all mining jurisdictions, we have requirements to report routine business information to the regulatory authorities, which in Calibre's case is the Ministry of Energy and Mines, which the DGM is their representative office. Therefore, after consultation with our advisors, we are confident Calibre is not in violation of existing sanctions. Several U.S. news outlets incorrectly suggested that all persons and entities involved in the Nicaraguan gold mining sector are now sanctioned under the executive order. While the executive order allows OFAC to target some of these persons for sanctions, that has not happened aside from the DGM. I believe this reporting has created a significant level of confusion. It is important to reiterate that it is the DGM which was sanctioned on October 24th, and not all persons operating in the gold mining industry. We understand that the focus is on the DGM because they have an active role in managing the artisanal and small-scale mining component of the Nicaraguan gold mining sector and generating gold-derived revenue for the Nicaraguan government. Given the nature of this informal sector, it is likely that the same fiduciary controls do not exist as with the industrial-scale businesses like Calibre, which is also subject to additional foreign government controls. For example, the Extractive Sector Transparency Measures Act, or ESTMA in Canada, which requires the reporting of all payments to all foreign governments and related bodies. It is generally understood that the intent of the imposed sanctions is not to adversely impact the Nicaraguan people or disrupt the normal functions of government that society needs, but rather to target the top leadership in the Nicaraguan government. It's important to highlight that Calibre has explored in Nicaragua since 2009, and since we began operating in October 2019, the United States has imposed sanctions against 55 different individuals and entities in Nicaragua. We have successfully executed and delivered on our commitments throughout this period. I would like to reiterate the company's commitment to its assets in Nicaragua and in particular to its employees, contractors, and host communities. The company will continue to strive to deliver sustainable value for all stakeholders through responsible operations and a disciplined approach to growth, while ensuring that we comply with all relevant laws and regulations as well as international standards and best practices. Despite recent events and industry-wide inflationary pressures, Calibre continues to deliver on expectations and reaffirms its commitment to deliver on our full-year production and cost guidance. Calibre presents a compelling investment opportunity as we continue to execute quarter-over-quarter and maintain the ability to self-fund our growth strategy throughout the Americas, delivering positive and sustainable benefits to all stakeholders. With that, we're happy to take some questions. I'll pass it back to you, operator. Thank you. At this time, we will conduct a question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. Our first question comes from Michael Fairbairn. Your line is open. Good morning, guys, and thank you for taking my question. Just a few from me. I want to start on the sanctions in Nicaragua. Just wondering, in light of the additional sanctions that have been placed on certain individuals and entities in the country, does that increase the importance of your Nevada assets in your eyes? Michael, good question. Thanks for joining the call this morning. I don't think it further increases or reduces our focus on either of the assets. B oth sets of assets bring different aspects to our business, and we remain committed to our activities in Nicaragua. As we've foreshadowed, we're looking forward to a significant grade-driven production growth coming out of Nicaragua in the next couple of years. No, I don't think our focus really changes. I see it as more of a distraction in the short term, and we'll manage through these, and we'll manage through upcoming sanctions as well. 'Cause in all likelihood, given we've seen 55, we'll see some more. Given what the sanctions are intended to do, right, they're not intended to hurt our business, but as a consequence of them existing, yeah, we will work our way through. No, I don't think there's a change in focus on what we're doing. Okay, perfect. On the topic of that grade-driven production growth, with Pavón and Eastern Borosi tracking ahead of schedule, just wondering if you have any plans to update your longer-term production guidance to reflect this? No, Michael, where we stand today, I think that what we provided in, I think it was June, when we provided the multi-year outlook is that I think that that's still a good place for us to hang our hat. A gain we remain committed and focused to deliver on that. A dvancing these projects, key risks the normal sort of delivery exposures you can see in the mining space. I think it provides us some optionality, and we'll see how 2023 rolls out. A s we feel more comfortable and confident, we'll then reflect that in updated guidance. But at this point, standing behind and solid with what we've presented for 2023 and 2024. Okay, perfect. Last one for me here, just on the debt that you took on to finance the equipment for Eastern Borosi. I know you touched on it during the formal presentation, but wondering if you can provide any more color around the strategic decision to take on the debt rather than pay for the equipment in cash. Yeah. No, what I'll do is, I'll maybe pass it over here to David to provide a little color. O ne aspect that I will highlight is that who we took the debt with is a U.S. domiciled bank which has Nicaraguan interests and banks as well. Developing that relationship with a local bank is a strategic, as developing a strategic partner, is a critical part of our business going forward as well. David, you'd like to talk a little bit more about the strategy and elaborate. It'd be great. Yeah. Thanks, Darren. Michael, it's a good point that you highlight why would we take on the debt. For us, it was a cheap call option in a period where you're seeing compression just or a depression of the gold prices. We thought the economics of it were relatively attractive. There was an interesting aspect associated with the economics of the loan, that being with us being the concession owner and the equipment owner in this instance, that allows us to bring in all the equipment and get exonerated from VAT. Exonerated means being exempt. What that does is that saves us $4 million over a four-year period, while at the same time, we could repay the loan at any point which we wanted. We get liquidity out of it, we get a bit of a call option, we get insulation in terms of liquidity, and the economics are clearly better than allowing our service provider to buy the equipment. It became a very highly attractive opportunity when this presented itself in Q3. Okay, perfect. That helps a lot. Thanks a lot, guys. That's it for me, so I'll pass it back to you. Congrats again on another robust quarter. Please stand by for our next question. Our next question comes from Farooq Ahmed with Raymond James. Your line is open. Hi there. Good morning, everyone. Darren and group, I just have a few clarification questions related, Darren, to your comments regarding the sanctions and the executive order. Maybe just the first one, just to clarify maybe what you said there. In terms of calibre's dealings or any connection that there is to the DGM, it's yours and your legal team's view that you do not violate any of the sanctions in any of the dealings you may have with DGM. Is that correct? Yes, Farooq, that is correct. Darren, can you maybe just give us some concept of like how, like how do you deal with the DGM or how do you kind of cross their paths in general? like what involvement do you have with them? Yeah, no, Farooq. I mean, it's pretty clear that the governing body in Nicaragua is the Ministry of Energy and Mines. The DGM is the subordinate office to that, which basically represents the mining space from the MEM perspective. Our involvement with the DGM is that it's kind of the repository, if you will, where we pass information to. A ll mining industries, regardless of jurisdiction, have an obligation to be able to report regular and sometimes irregular activities to the government body. The repository we send it to is the DGM. That's filing of monthly production reports or how much of a widget do you use? or how much money have you spent on a concession to ensure that you maintain compliance? It's truly that's the nature of the body. Mm. from an industrial scale perspective. It's much more active in the informal space, and I think that's part of the reason why that group has been focused because of the potential that exists in the less regulated space of the business from a fiduciary controls perspective. Right. , it's really, I think it's a one-way street. We're obviously in dialogue. It's not an exchange of services. It's provision of information to the DGM, which allows the DGM and the Ministry of Energy and Mines to be able to report within their government and also manage the sector as a whole. Is there any exposure in the sense when you talk about the DGM maybe representing the informal part of the sector or the private part of the sector. When, toll ore from private miners, is there any exposure to DGM there in the DGM kind of representing the private or artisanal miners when in your tolling agreements? No, Farooq. A good question, bud. I mean first I'll contextualize it by the contributions from artisanal small-scale mining coming from our property represents a% of our total production. It's a very insignificant portion. Whether it's a little bit or a lot, the same fiduciary controls are required to ensure that we're doing it responsibly. With that, the relationship for any of those ore purchases is directly with us and the artisanal miners. The DGM are not involved in brokering, coordinating, or otherwise influencing that relationship. The controls that need to exist in order for us to be able to purchase, ores from an artisanal miner are no different than what we'd be dealing with the local Caterpillar dealer, right? In terms of establishing what they call a pick process, but it's establishing the legal entities. There's no ties to sanctions. They've got tax file numbers. They've got bank accounts. Right? There's no transfer of cash. So everything's auditable, traceable, right, as part of it. Additionally, we have the traceability component in terms of measuring ores for another requirement. From a business perspective, the artisanal space is treated in our company exactly the same way as any other business. In part, that's probably why we have such small deliveries from the artisanal space because the controls we put on the artisanals are significantly higher than what other groups do, which is where some of the opportunity comes from in terms of what the U.S. departments are targeting. T he real issue here is that it comes back to payments to individuals rather than the government. I think that's where the control is going. Right. Okay. No, listen, that clarification is very helpful and gives us a better picture of kind of Calibre's position. That's very helpful. Maybe just pivot a little bit to the export of your doré. My understanding is that there's a Japanese entity that buys your doré through a U.S. subsidiary. Has there been any issue there, or do you have any concerns about them not being able to use that subsidiary going forward? I guess, first of all, is that understanding correct? Yeah, no. It absolutely. Your general understanding is correct. No, there aren't any issues. Asahi is the vendor, and they've been through and done their appropriate checks and balances as well, and due diligence to ensure that they are compliant with, as we have done with all of our vendors to ensure that there is no issues. There are no controls limitations in order for companies to be able to import product into the United States. Now, if that was to change, then there are alternatives available as well, but we don't anticipate that to be an issue. Because again, keeping in mind that the focus here is not on the industrial scale of the business, it's about any parts of the business that have informal payments to persons rather than legitimate government entities. Okay. No issues from the- Okay. From certainty of revenue perspective there, Farooq. Okay, good. I'll jump in. I promise it's the last question. Sorry, Farooq. Sorry, go ahead. Yep. It's David Splett. Sorry, I jumped in late on this one. Darren's correct. We've gone through all of our key suppliers. Everyone has been doing their own checks, both on the client side and the supplier side in terms of the impact of the these two additional sanctions. We are convinced, as is Asahi and others, that there is no impact, there's no material interaction with these sanctions in our business. We have had verbal confirmation from everyone we've been in contact. They are fine. In fact, we're bringing in parts over the course of this week from the United States directly. There's been no problems associated with that either. We're convinced we're in good shape. Okay. No, that's really helpful and great color, guys. Like I said, I promise it's gonna be the last question from me. Just on Eastern Borosi, you've accelerated, I think the development or accelerated the purchase of the equipment. I'm assuming that that happened prior to the Executive Order and the sanction, the additional sanctions being announced. Darren, you said that obviously Calibre is still committed to Nicaragua, as it should be. I'm just wondering, as you now look towards continuing to develop in Nicaragua and specifically the Eastern Borosi project as you go through your budgeting process here, do you take a step back and consider the political risk and consider how quickly you want to deploy capital on the build, or has nothing changed on that front for you? No, holistically, nothing's changed for it. I mean again, if we talk about the investment piece, again, it's not a high-end capital load, relatively speaking, for the development of Eastern Borosi. It happens over the next few months. W e're moving ground now in terms of site preparations, access. W e'll be breaking ground here late Q1, right? We'll see ore deliveries probably early in Q2. Yeah, we're pretty quickly into a revenue theme. Yeah, more holistically stepping back is that recent actions do not change how we manage investment into the country. We've always been looking for high return, high yield projects that deliver. They're very accretive for the business and our shareholders. That doesn't change. I mean the majority of our projects are not significant investments with a 20-year payback, right? They're things that we can pay back in in very short order. No, I don't see any material change, and we'll continue to be fiscally responsible in light of gold prices. I t was prudent to look at opportunities and ensure that we're we're using our capital wisely, and we continue to do that. T hat was part of the reason we saw this opportunity with this recent loan as well. It all kind of fits together. We've been ensuring that we can maintain that liquidity such that if we see a further softening in gold price, that doesn't impact our ability to continue to invest in the business and develop. I think it's worth highlighting the IRR, even with the updated economics, is well north of 20%. We're convinced it's still worthwhile moving forward on it. Okay. Thanks, guys. Very useful, very helpful as always. Thanks a lot. No worries, Farooq. Please stand by for our next question. Our final question comes from Justin Stevens with PI Financial. Justin, your line is open. Hey, thanks for the call, guys. Most of what I wanted to know has been answered. A couple last lingering ones here. I was wondering if you'd give a quick update on the Libertad plant stripping tank replacement. When do you expect to have the replacement installed and commissioned? Yeah, Justin. Again, as we've kind of talked about, we had two tanks. One of the tanks failed. We've actually been operating business as usual with the second tank. It came up a couple of weeks after the first tank failed. R ight now, there is no impact to our business as a consequence of only running with one tank. The second tank lands into Nicaragua today, actually. It's been air freighted down, and we've got that set, and over the next couple of weeks, we'll install it, and it'll be up and running by the end of the year. What it's doing is basically providing us with a workable spare, for all intents and purposes. It's been a good opportunity, this process, to work through some optimization within the plant and work out how we can use one tank rather than a second tank, which is a good situation, so. Yeah, for sure. Especially though, as the spec of the grades come up next year, hopefully having that backup will be helpful for sure. Absolutely. It's that again, we never let a crisis go to waste and this presented with an opportunity to test how we could manage existing production with that one circuit. As we go forth in growth, there'll be more installed capacity and in particular, as we start to see significantly higher levels of silver as well, and that'll positively impact things as well. Yeah. Great. Last one from me. Just wondering, in terms of the trucking fleet that you're gonna be looking at for Eastern Borosi and Pavón, is there any overlap there? I guess put differently, is there gonna be any impact, potentially on one with the other? Or will the constraint mostly be on the production at the satellites and the milling side of things? In terms of adding the additional spoke, if you will, it is a separate fleet, and we're working through an existing business provider that's working in our freight business to actually develop that opportunity. Contracts are in place. We're working through their sourcing capital to purchase equipment, so very comfortable with how that rolls out. In terms of interaction we're looking at basically a different path, so we're not gonna see a lot of interaction with the fleet until you get to the point or in and around the Libertad mill. I don't see congestion issues presenting an issue there. If we look at what we've envisaged in terms of ramp up, the ramp up is I say much more slower than what we have actually delivered at both Limón and Pavón. I think we have some opportunities there to potentially increase. Ore haulage is not the rate determining step. The current we'll call it constraint that we've placed on ourselves from a planning perspective is the mining rates. Again, I think there's plenty of opportunities to look at optimizing that as we go forth as well. Again, we're taking a relatively conservative approach, given that it's a new development in a new area. Let's sort of creep up on this during the course of 2023. Yeah. No, that makes a lot of sense. I think that's, like you said, that's a good constraint to have because it's probably the one that's most easily addressed in the future if you need to. Yeah, absolutely. Yeah, your haulage. Moving material between properties is not the constraint. Great. All right, that's it for me. Thanks so much. Thanks, bud. At this time, I would now like to turn it back to Darren Hall for closing remarks. Thanks, operator. I'd like to thank all of our shareholders for their continued support, your participation this morning, and questions as well. As always, Ryan, I, and the leadership team are available if you have any further questions. With that, I'd like to wish everyone all the very best and have a great day. Thank you, operator. Thank you for your participation in today's conference. This does now conclude the program. You may now disconnect.
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