A total of 44,842 ounces were sold during the three-month period, generating an additional $31 million cash for the company. Cash on hand by quarter-end was $56 million.

Due to the impact of the covid-19 pandemic, Calibre revised its 2020 guidance earlier this year to between 110,000 and 125,000 ounces of gold production at total cash costs of between $880 and $920 and all-in sustaining costs (AISC) of between $1,070 and $1,100 an ounce, respectively.

“Production of 45,341 ounces clearly demonstrates the benefits of our ‘Hub-and-Spoke’ operating philosophy,” CEO Russell Ball said in a press release.

“The drilling program has ramped up to fourteen rigs with a focus on targets that could quickly translate into organic growth and free cash flow, given our surplus processing capacity at Libertad.”

In August, Calibre grew its gold production potential by acquiring the remaining 70% interest in the Eastern Borosi project from Iamgold. The project is estimated to contain 4.4 million tonnes of inferred mineral resources averaging 4.93 g/t Au.

“With the consolidation of the Eastern Borosi gold project, which hosts 700,500 ounces of gold, the focus there has shifted from a stand-alone operation that had to carry in excess of $100 million in CAPEX, to considering the Eastern Borosi as the next satellite pit for the Libertad complex,” Ball added.

The company completed its preliminary economic assessment (PEA) for Libertad during the quarter, and it continues to advance the pre-feasibility study for the Pavon project, which is expected for the first quarter of 2021.

Shares of Calibre Mining surged 6.2% by 12:45 p.m. EDT on the Q3 operating results. The company has a market capitalization of approximately C$620.6 million.