Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce the operating results for the fourth quarter and year ended December 31, 2021 and 2022 production, sales, and cost guidance (all financial amounts are in United States dollars).

Q4 and Full Year 2021 Production and Sales:

• Q4 production of 49,218 ounces and sales of 49,207 ounces of gold; and
• Record production of 182,755 ounces, exceeding high-end of production guidance, and sales of 183,242 ounces of gold.

Full Year 2021 Highlights:

• Announced the acquisition of Fiore Gold in Nevada, creating a diversified, Americas focused, growing mid-tier gold producer; transaction expected to close January 12, 2022;
• Exceeded the high-end of 2021 production guidance with a strong fourth quarter;
• Cash as at December 31, 2021 of $78.4 million, an increase of $25.2 million from December 31, 2020;
• Completed the Pavon Pre-Feasibility Study demonstrating a robust satellite ore source feeding into the Libertad mill which has over 50% surplus capacity (see news release here);
• Commenced low-cost open pit mining at Pavon Norte, increased haulage rates quarter over quarter to Libertad, delivering target of 1,077 tonnes per day in September;
• Announced a 200% increase in year-end 2020 Reserves to 864 koz, representing the largest Mineral Reserve since 2010 with the highest grade on record of 4.49 g/t gold (see news release here);
• Advanced technical drilling, land purchases, social and environmental work at the initial resource zones within the Eastern Borosi Project and plan to submit permit applications in early Q1 2022 for open pit and underground operations, leading to expected H2 2023 production growth
• 2021 high-grade EBP drill results included:
  • 25.1 g/t gold over 9.7 metres Estimated True Width (“ETW”), 39.2 g/t gold over 3.1 metres ETW, 9.1 g/t gold and 19.9 g/t silver over 6.5 metres ETW, 25.9 g/t gold and 15.3 g/t silver over 1.9 metres ETW, and remains open for expansion;
• Discovered the high-grade Volcan zone located within 5 kms of the Libertad Mill, results included:
  • 15.6 g/t gold over 4.9 metres ETW and 7.9 g/t gold over 3.4 metres ETW, 11.4 g/t gold over 5.4 metres ETW and 9.26 g/t gold over 1.7 metres and remains open for expansion;
• Announced the 2020 Sustainability Report and made significant progress on our World Gold Council Responsible Gold Mining Principles self assessment (see news release here);

2022 Nicaragua Production and Cost Guidance:

• Gold production and sales of between 180,000 and 190,000 ounces of gold;
• Total Cash Costs¹ between $1,000 and $1,100 per ounce;
• All-in Sustaining Costs¹ between $1,100 and $1,200 per ounce; and
• Calibre will provide updated full-year 2022 production and cost guidance incorporating the Nevada operations in Q2 2022.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre exceeded the high-end of full year 2021 production guidance driven by continued successful operational execution. During the year, Calibre generated strong operating cash flows and self-funded significant exploration and mine development while building cash quarter over quarter. Since acquiring the assets in October 2019, we have re-invested into the business which has increased reserves, discovered new deposits, and identified new targets, positioning Calibre to unlock additional mill feed sources and grow production. As we continue our multi-pronged exploration activities across the assets, we realize the prospective and under-explored potential our portfolio has to offer and will continue to re-invest in the business as exploration and resource delineation programs continue at Libertad, Pavon, Limon, and Eastern Borosi.

“Our goal of becoming a growth oriented, Americas focused mid-tier gold producer continues to advance given our recent agreement to acquire Fiore Gold, providing the next logical step to a robust and jurisdictionally diversified gold producer with three established operations, significant exploration potential and a clear path to growth.”

Fourth Quarter and Full Year 2021 Operating Overview

During the quarter we delivered 935 tpd from the Pavon Norte mine to the Libertad Mill.

Strong cash flows continue to drive the Company’s organic growth with multiple rigs turning across Calibre’s concessions and steady progress continues to be made at the high-grade Eastern Borosi Project positioning the Company for expected H2 2023 production growth.

Q4 2021 Operating Results

Consolidated Operating Results

2022 Nicaragua Guidance

Nicaraguan 2022 gold production is forecast to increase quarter over quarter with a significant increase during the fourth quarter. Production in the second half of 2022 is expected to be approximately 20% higher than that of the first half due to change in deposit grade profiles and mine sequencing. As a result, the Company expects lower Total Cash Costs¹ and AISC¹ during the second half of the year. 2022 Total Cash Costs¹ are forecast to be slightly higher than 2021 mainly due to higher forecast fuel, consumables, and labour costs. Growth capital is anticipated to be relatively consistent throughout the year to unlock value at new deposits including the high-grade Pavon Central and Eastern Borosi Project – both expected to increase production and reduce costs in 2023.

Growth capital outside AISC¹ includes underground development at Panteon Central and Atravesada to advance additional mill feed sources; an open pit mine at Pavon Central; Limon Norte and Tigra waste stripping in excess of the planned life-of-mine strip ratio; and land acquisition and early construction activity on the Eastern Borosi Project, which is expected to be the next “spoke” for the Libertad complex.

Calibre will provide updated full-year 2022 production and cost guidance that incorporate the Nevada operations in the second quarter.

Qualified Person

Darren Hall, MAusIMM, President & Chief Executive Officer, Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this press release.

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed international gold mining and exploration company with three 100%-owned operating gold mines and strong exploration assets located in highly prospective gold regions across Nicaragua. The Company is focused on unlocking resources and generating value through sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon and Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a ‘hub-and-spoke’ operating philosophy whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.