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January 13, 2022

Canada’s Calibre Mining concludes Fiore Gold takeover

Calibre and Fiore shareholders own around 77% and 23% stakes, respectively, in the combined company.

Canadian firm Calibre Mining has finalised the acquisition of all issued and outstanding common shares of US-based Fiore Gold, creating an Americas-focused mid-tier gold producer.

According to the deal signed in October 2021, each of the former Fiore shareholders secured 0.994 per Calibre common share and C$0.10 in cash for each share held.

The transaction saw Calibre paying around $8.1m (C$10.2m) in aggregate in cash and issuing 101,321,923 Calibre Shares.

Current Calibre and former Fiore shareholders now hold around 77% and 23% stakes, respectively, in the combined company.

This merged business is expected to have an annual production of nearly 245,000oz at an all-in sustaining cost of $1,020/oz.

The comprehensive technical capabilities of the combined entity will allow it to exploit development and exploration opportunities across a broader portfolio.

Through the deal, Calibre selected a 100% stake in Fiore’s operating Pan Gold Mine, adjacent advanced-stage Gold Rock Project, as well as the past-producing Illipah Gold Project, all located in Nevada, US.

The firm also assumed ownership of the Golden Eagle project in Washington State. The project is estimated to hold two million ounce indicated resource.

In a press statement, Calibre said: “Calibre intends to cause Fiore to delist the Fiore Shares from the TSX Venture Exchange, to submit an application to cease to be a reporting issuer and to otherwise terminate its public company reporting requirements as soon as possible thereafter.”

Canadian-listed gold mining and exploration company Calibre has sole ownership of two operating gold mines in Nicaragua.

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