Calibre Mining Valuation

Is CXB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CXB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CXB (CA$2.36) is trading below our estimate of fair value (CA$15.77)

Significantly Below Fair Value: CXB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CXB?

Key metric: As CXB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CXB. This is calculated by dividing CXB's market cap by their current earnings.
What is CXB's PE Ratio?
PE Ratio	46.2x
Earnings	US$30.08m
Market Cap	US$1.35b

CXB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3x
Enterprise Value/EBITDA	9.5x
PEG Ratio	1.5x

Price to Earnings Ratio vs Peers

How does CXB's PE Ratio compare to its peers?

The above table shows the PE ratio for CXB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	26x
WDO Wesdome Gold Mines	25x	49.0%	CA$2.0b
KNT K92 Mining	20x	29.6%	CA$2.2b
CG Centerra Gold	12.1x	2.9%	CA$1.8b
SSL Sandstorm Gold	46.9x	20.7%	CA$2.4b
CXB Calibre Mining	46.1x	31.1%	CA$1.9b

Price-To-Earnings vs Peers: CXB is expensive based on its Price-To-Earnings Ratio (46.1x) compared to the peer average (26x).

Price to Earnings Ratio vs Industry

How does CXB's PE Ratio compare vs other companies in the CA Metals and Mining Industry?

36 Companies	Price / Earnings	Estimated Growth	Market Cap
SLI Standard Lithium	2.4x	n/a	US$282.81m
APM Andean Precious Metals	2.5x	-42.9%	US$144.02m
THX Thor Explorations	2.8x	2.5%	US$136.02m
STGO Steppe Gold	2.3x	-11.5%	US$120.65m

36 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: CXB is expensive based on its Price-To-Earnings Ratio (46.1x) compared to the Canadian Metals and Mining industry average (13.6x).

Price to Earnings Ratio vs Fair Ratio

What is CXB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CXB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	46.2x
Fair PE Ratio	24.1x

Price-To-Earnings vs Fair Ratio: CXB is expensive based on its Price-To-Earnings Ratio (46.1x) compared to the estimated Fair Price-To-Earnings Ratio (24.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CXB forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CA$2.36	CA$3.69 +56.4%	14.8%	CA$5.00	CA$3.00	n/a	11
Dec ’25	CA$2.50	CA$3.64 +45.5%	14.3%	CA$5.00	CA$3.00	n/a	11
Nov ’25	CA$2.46	CA$3.73 +51.7%	14.7%	CA$5.00	CA$3.00	n/a	11
Oct ’25	CA$2.59	CA$3.30 +27.2%	19.2%	CA$5.00	CA$2.75	n/a	11
Sep ’25	CA$2.28	CA$3.00 +31.6%	13.3%	CA$4.00	CA$2.50	n/a	11
Aug ’25	CA$2.08	CA$2.98 +43.0%	14.3%	CA$4.00	CA$2.50	n/a	10
Jul ’25	CA$1.80	CA$2.85 +58.3%	15.1%	CA$3.75	CA$2.25	n/a	10
Jun ’25	CA$2.06	CA$2.81 +36.4%	14.0%	CA$3.75	CA$2.25	n/a	10
May ’25	CA$2.06	CA$2.62 +26.9%	19.8%	CA$3.75	CA$2.00	n/a	10
Apr ’25	CA$1.69	CA$2.32 +37.4%	17.9%	CA$3.25	CA$2.00	n/a	7
Mar ’25	CA$1.63	CA$2.33 +43.1%	19.6%	CA$3.25	CA$2.00	n/a	9
Feb ’25	CA$1.44	CA$2.46 +71.1%	19.1%	CA$3.25	CA$2.00	n/a	7
Jan ’25	CA$1.36	CA$2.21 +62.4%	16.6%	CA$3.00	CA$2.00	n/a	6
Dec ’24	CA$1.34	CA$2.21 +64.8%	16.6%	CA$3.00	CA$2.00	CA$2.50	6
Nov ’24	CA$1.40	CA$2.22 +58.5%	14.3%	CA$3.00	CA$2.00	CA$2.46	8
Oct ’24	CA$1.30	CA$2.36 +81.2%	16.0%	CA$3.00	CA$2.00	CA$2.59	9
Sep ’24	CA$1.57	CA$2.36 +50.0%	16.0%	CA$3.00	CA$2.00	CA$2.28	9
Aug ’24	CA$1.68	CA$2.36 +40.2%	16.0%	CA$3.00	CA$2.00	CA$2.08	9
Jul ’24	CA$1.39	CA$2.36 +69.5%	16.0%	CA$3.00	CA$2.00	CA$1.80	9
Jun ’24	CA$1.61	CA$2.33 +44.6%	16.9%	CA$3.00	CA$2.00	CA$2.06	9
May ’24	CA$1.56	CA$2.27 +45.7%	19.6%	CA$3.00	CA$1.75	CA$2.06	9
Apr ’24	CA$1.32	CA$2.05 +55.3%	21.7%	CA$3.00	CA$1.70	CA$1.69	9
Mar ’24	CA$1.14	CA$1.99 +74.5%	24.8%	CA$3.00	CA$1.50	CA$1.63	9
Feb ’24	CA$1.15	CA$1.93 +67.6%	20.0%	CA$2.70	CA$1.50	CA$1.44	9
Jan ’24	CA$0.90	CA$1.80 +100.0%	23.8%	CA$2.70	CA$1.50	CA$1.36	9
Dec ’23	CA$0.90	CA$1.80 +100.0%	23.8%	CA$2.70	CA$1.50	CA$1.34	9

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.