07:40 AM EDT, 06/04/2024 (MT Newswires) -- National Bank on Tuesday noted Calibre (CXB.TO), which lost 2.4% yesterday, this morning reported a geotechnical incident occurred on the west wall of the Limon Norte O/P, in Nicaragua on May 25, 2024.

On impact, National said the event "weighs on Limon Norte sequencing and Q2 2024 production and accentuates and an already back-end loaded year", yet FY24G unchanged. The bank noted the even occurred nine days ago, and required time to assess. "Overall, we ascribe a negative bias," National said.

National is Maintaining a Sector Perform rating, and C$2.60 target. The bank said its thesis is supported by peer-leading near 75% production growth over N3Y as Valentine commences commercial production (about Q2 2025), strong cash flow generation, exploration/resource accretion given spare mill capacity tempered by short mine life at Nicaragua.