Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three months and year ended December 31, 2022, and 2023 production, sales, and cost guidance (all financial amounts are expressed in U.S. dollars).

Record Q4 and Full Year 2022 Production

• Consolidated full year gold production of 221,999 ounces:
  • Nicaragua full year gold production of 180,490 ounces and Nevada gold production of 41,509 ounces
• Consolidated Q4 gold production of 61,294 ounces:
  • Nicaragua Q4 gold production of 49,854 ounces and Nevada gold production of 11,440 ounces

Full Year 2022 Highlights

• Excellent drill results and milestones achieved across numerous assets, reaffirming the Company’s multi-year, grade-driven production growth strategy;
• Pavon Central open pit mining permit approved Q2, 2022, on track for production Q1, 2023;
• Substantial progress made at the Eastern Borosi Project, with production on track for Q2, 2023:
  • Receipt of mining permits in Q4 2022 (see news release dated October 28, 2022)
  • Advancement of road upgrades, site development and purchase of new mining fleet;
• High-grade gold discovery at Panteon North within the Limon Complex (see news releases dated September 7 and December 6, 2022):
  • 52.59 g/t Au over 3.8 m Estimated True Width (“ETW”); 43.09 g/t Au over 3.3 m ETW;
  • 22.47 g/t Au over 4.9 m ETW; 17.80 g/t Au over 7.9 m ETW;
  • High-grade mineralization over 400 metres will contribute positively to the 2022 Resource and Reserve statement expected in Q1 2023;
• New high-grade gold zone discovered 2.5 km north along the Panteon/VTEM geophysical corridor (see news release dated December 8, 2022), remains open for expansion:
  • 11.61 g/t Au over 9.3 m ETW including 23.93 g/t Au over 1.7 m ETW and 15.34 g/t Au over 3.9 m ETW
• Pan Mine drill results demonstrate strong expansion potential (see news release dated August 17, 2022):
  • 3.35 g/t Au over 18.3 m; 0.82 g/t Au over 10.7 m; 0.80 g/t Au over 47.2 m;
  • Excellent opportunities for growth and, in some cases shallow, higher-grade zones are open for expansion
• Drilling indicates the potential for a new, high-grade, Carlin-type feeder system at depth at the Gold Rock Project (see news release dated November 22, 2022)
  • 6.8 g/t Au over 4.6 m and 6.6 g/t Au over 5.8 m;
• Launched the Company’s five-year sustainability strategy, ensuring responsible and sustainable mining practices.

2023 Consolidated Gold Production and Cost Guidance

• Consolidated gold production and sales of between 250,000 and 275,000 ounces;
• Consolidated Total Cash Costs¹ between $1,000 and $1,100 per ounce of gold;
• Consolidated All-in Sustaining Costs¹ between $1,175 and $1,275 per ounce of gold;
• Growth Capital of between $55 and $65 million; and
• Exploration Capital of between $25 and $30 million.

Darren Hall, President & Chief Executive Officer of Calibre, stated: “The team delivered record production in 2022, for the third consecutive year, positioning us well for a further 20% production growth in 2023. Strong cash flows continue to drive Calibre’s organic growth strategy as we progressed development at Pavon Central and Eastern Borosi for production in 2023, setting ourselves up for another grade-driven production increase.

With multiple drill rigs turning across our asset portfolio, our exploration investment continues to yield exciting results as we expand the high-grade gold discovery at Panteon North and the VTEM geophysical corridor that runs north of Panteon at the Limon Complex. Drilling also continues to demonstrate the strong expansion potential at the Pan mine in Nevada as well as at the Gold Rock project where drilling indicates the potential of a high-grade, Carlin-type feeder system at depth.

We continue to integrate our sustainability initiatives across the business, publishing our 2021 Sustainability Report and launching the Company’s five-year strategy, enabling Calibre the social license to operate as we remain committed to delivering positive and sustainable benefits to all stakeholders.

I believe 2023 will be a transformational year, driven by an organic 20% increase in production, strong free cash flow, and significant exploration to expand recent high-grade gold discoveries not included in our multi-year, grade driven production increase strategy. Calibre has a solid, clear, and sustainable path to profitable growth.”

2023 GUIDANCE

Qualified Person

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

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across 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.