Q1 2024 HIGHLIGHTS

• Completed the acquisition of Marathon Gold to create a high-growth, cash flow focused, mid-tier gold producer in the Americas, including 100% of the Valentine Gold Mine (“Valentine”) hosting a mineral endowment of 2.7 Moz of Reserves, 3.96 Moz of Measured and Indicated Resources and 1.10 Moz of Inferred Resources¹;
• The Valentine exploration program has demonstrated considerable resource expansion and discovery potential with initial drill results southwest of the Leprechaun deposit intersecting high-grade gold outside of reported Mineral Reserves, including 46.53 g/t Au over 5.3 metres;
• Strong progress on Valentine advanced as construction surpasses 64% completion, engineering 98% complete, key senior operating team members employed, engaged a pre commissioning and commissioning team, all major contracts awarded with gold production on track for Q2, 2025;
• The VTEM gold corridor and areas adjacent to the Limon mill including the Pozo Bono open pit deposit, all located within the Limon Mine Complex, continue to reveal bonanza grade mineralization including 111.92 g/t Au over 4.1 metres ETW, indicating that the entire district remains open for expansion and discovery;
• High-grade gold and silver mineralization at Eastern Borosi, including 10.81 g/t Au over 3.4 metres and 1,431.6 g/t Ag over 2.9 metres, reinforce significant mineral endowment and potential for resource expansion;
• Gold sales of 61,778 ounces grossing $129.2 million in revenue at an average realized gold price of $2,092/oz;
• Consolidated Total Cash Costs (“TCC”)² of $1,337/oz; Nicaragua $1,316/oz and Nevada $1,512/oz;
• Consolidated All-In Sustaining Costs (“AISC”)² of $1,555/oz; Nicaragua $1,471/oz & Nevada $1,576/oz;
• Generated $45.8 million in cash flow from operations, and;
• Cash on hand of approximately $144 million as of April 30, 2024.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre has had an exciting start to the year as we remain on track to achieve our fifth consecutive year of increased full year gold production guidance of 275,000 to 300,000 ounces. Full year consolidated production is weighted to H2, while costs and growth capital are  as budgeted, H1 weighted.

Most notably for the Company is the acquisition of the Valentine Gold Mine in Newfoundland & Labrador in January 2024. Since acquiring Valentine, the team has re-baselined the project schedule, significantly progressed detailed engineering, awarded all major contracts, connected site to permanent power, delivered critical path items including mills and motors to Newfoundland, employed the operations leadership team, and commenced pre-commissioning and commissioning planning. With construction at 64% complete and engineering 98% complete, Valentine is fully funded, and on track to deliver Atlantic Canada’s largest open pit gold mine with first gold in Q2 2025.  The delivery of Valentine represents a paradigm shift for Calibre as we transition to a quality mid-tier gold producer unlocking significant value for all stakeholders.

Calibre has entered a time of significant growth with exciting additional exploration potential. The Valentine land package offers extensive resource expansion and discovery potential with previously disclosed results indicating resource growth below and adjacent to existing Mineral Resources.

In addition, Calibre continues to expand its Nicaragua hub and spoke operating strategy as areas adjacent to the Limon mill and along the VTEM gold corridor, within the Limon Mine Complex, reveal bonanza grade mineralization indicating the potential for resource expansion and discovery. The Volcan deposit, within the Libertad Mine Complex, continues to intersect shallow, open pit mineable grades proximal to the mill. High grade gold and silver results from Eastern Borosi, located in the northeastern region of Nicaragua, confirm a significant mineral endowment, and reinforce the potential for discovery and resource expansion within this region.”

CONSOLIDATED Q1 2024 FINANCIAL REVIEW

Q1 2024 TCC and AISC were $1,337 per ounce and $1,555 per ounce respectively, as compared to $1,164 and $1,302 per ounce in Q1 2023. The higher TCC and AISC were due to lower gold production and sales tied to the sequencing of mining different ore bodies with lower ore grades, along with high tonnes moved, higher ore tonnes processed and higher strip ratios.    

Expenses and Net Income

For Q1 2024, corporate G&A was $4.5 million compared to $2.7 million for the same period in 2023. Corporate administration was $1.8 million higher mostly due to increased salaries and increased corporate administration fees tied to the inclusion of some Marathon Gold G&A expenditures.

The net loss per share in Q1 2024 was $0.01 for both basic and diluted (Q1 2023: net income per share of $0.04 for both basic and diluted).   

2024 GUIDANCE

Since acquiring the Nicaraguan assets from B2Gold in October 2019, the Nevada assets from Fiore Gold in 2022, and the Newfoundland and Labrador assets from Marathon Gold in 2024, Calibre has consistently reinvested in its exploration programs. These investments have led to the discovery of new deposits and growth in both production and Reserves. This progress positions Calibre to fulfill its commitments and enhance profitability as it expands its operations. The Company’s mineral endowment includes 4.1 million ounces of Reserves, 8.6 million ounces of Measured and Indicated Resources (inclusive of Reserves), and 3.6 million ounces of Inferred Resources, as detailed in the press release dated March 12, 2024.

Calibre’s 2024 guidance reflects, what is expected to be, the fifth consecutive year of annual production growth. Given its proven track record, Calibre will continue to reinvest into exploration and growth with over 130,000 metres of drilling and development of new satellite deposits across its asset portfolio. The Company has guided slightly higher AISC and significantly lower growth capital (excluding Valentine mine capital investment).  Net total spend in 2024 is expected to be similar to that of 2023 which generated strong operating cash flow at an average realized gold price of $1,942 per ounce. Our exploration spend is marginally higher than 2023, reflecting the additional US$5 – $10 million investment at Valentine.  

During 2024, consolidated production will be more weighted to the second half of the year while TCC, AISC and growth capital are forecast to be more weighted during the first half, however the exact timing of specific capital items may vary. Growth capital includes underground development at Panteon Norte and Atravesada, waste stripping and land acquisition.

Calibre is advancing construction of Valentine in Newfoundland & Labrador, Canada to become Atlantic Canada’s largest gold mine and will significantly add production growth to the Company’s consolidated and diversified production profile commencing in Q2, 2025.

Q1 2024 FINANCIAL RESULTS AND CONFERENCE CALL DETAILS

First quarter financial results will be released after market close Tuesday, May 14, 2024, and management will be hosting a conference call on Wednesday, May 15 to discuss the results and outlook in more detail.

Date: Wednesday, May 15, 2024

Time: 10:00 am ET

Webcast Link: https://edge.media-server.com/mmc/p/pdog5ire

Instructions for obtaining conference call dial-in number:

1. All parties must register at the link below to participate in Calibre’s Q1 2024 conference call.
2. Register by clicking https://dpregister.com/sreg/10187404/fbebde150c and completing the online registration form.
3. Once registered you will receive the dial-in numbers and PIN number for input at the time of the call.

The live webcast and registration link can be accessed here and at www.calibremining.com under the Events and Media section under the investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at www.calibremining.com. Presentation slides that will accompany the conference call will be made available in the investors section of the Calibre website under Presentations prior to the conference call.

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.

About Calibre

Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

Cautionary Note Regarding Forward Looking Information

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this news release include but are not limited to the Company’s expectations toward higher grades mined and processed going forward; statements relating to the Company’s 2024 priority resource expansion opportunities; the Company’s metal price and cut-off grade assumptions. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre’s control. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form (“AIF”) for the year ended December 31, 2023, and its management discussion and analysis (“MD&A”) for the year ended December 31, 2023, all available on the Company’s SEDAR+ profile at www.sedarplus.com. This list is not exhaustive of the factors that may affect Calibre’s forward-looking statements such as potential sanctions implemented as a result of the United States Executive Order 13851 dated October 24, 2022.

Calibre’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Such assumptions include but are not limited to the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the Company’s Nevada properties. Calibre does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.