“The combination with Marathon perfectly aligns with Calibre’s commitment to building a diversified mid-tier gold producer,” said Blayne Johnson, chairman of Calibre. “The union of Marathon’s experienced team and well advanced Valentine Project based in Canada, with Calibre’s production assets, robust treasury, free cash flow, flawless track record in execution and high impact exploration opportunities will unlock significant value for both company’s shareholders. As founders of Calibre, we are as excited for the future of this combined company as we were when we merged Newmarket Gold with Kirkland Lake to establish a company of similar size and annual production.”

Calibre believes the Valentine project will provide near-term production and cash flow growth with first gold expected 19.9%. in Q1 2025. The combined company production is expected to grow to approximately 500,000 oz by 2025 when adding an average of 195,000 oz per year from Valentine through the first 12 years of production. Valentine holds a significant mineral endowment of 2.7 million oz of mineral reserves, 3.96 million oz of measured and indicated mineral resources, and 1.10 million oz of inferred mineral resources.