Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three months ended March 31, 2025, and an update on the Valentine Gold Mine, located in Newfoundland & Labrador, Canada. All figures are expressed in U.S. dollars unless otherwise stated.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am extremely proud of our operations team for delivering another strong quarter, producing 71,539 ounces of gold in Q1 2025. Valentine Gold Mine continues to advance, with first ore processed now expected in early Q3, followed by a steady ramp up to nameplate capacity of 2.5 million tonnes. The delay in ore processing reflects scope growth in certain areas such as electrical cabling and actual contractor performance. Valentine is positioned to become a long-life, cornerstone asset in Canada, initially delivering approximately 200,000 ounces of gold annually with significant exploration upside.

In February, we announced a merger with Equinox Gold to form a leading, Americas-focused gold producer. This merger marks a transformative milestone for both companies and will result in a diversified portfolio of operating mines across five countries anchored by Greenstone and Valentine, two high-quality, long life, low-cost, Canadian gold mines. Together, we will become Canada’s second largest gold producer. At nameplate capacity, these Canadian assets are expected to produce approximately 590,000 gold ounces annually, creating significant value for Calibre shareholders and presenting a compelling re-rating opportunity.

Calibre has built a solid track record of delivering on our commitments and driving shareholder value. I see a tremendous opportunity to integrate the two companies, build on this success, and strengthen trust and confidence across both shareholder bases. New Equinox Gold has the potential to exceed 1.2 million ounces of annual gold production with Greenstone and Valentine operating at capacity. Additionally, the combined company will benefit from a large gold endowment of Mineral Reserves and Mineral Resources, along with a robust pipeline of development, expansion, and exploration projects. This strong foundation supports low-risk sustainable growth and long-term value for shareholders.”

Q1 2025 Highlights

• Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces, setting a solid foundation for the remainder of 2025;
• Cash of $214.5 million at March 31, 2025 ($177.4 million in cash and $37.1 million in restricted cash with the last $25 million restricted cash released from our debt proceeds account following quarter end); and
• Announced the merger of Calibre and Equinox Gold creating a major Americas-focused gold producer, with the combination enhancing diversification, scale, financial strength, and operational expertise positioning the combined company for long-term value creation. Key highlights include:
  • Creation of a Canadian gold powerhouse with complimentary mines throughout the Americas,
  • Enhanced critical mass and capital markets profile with improved significance for shareholders,
  • Immediate increase in production and cash flow from a larger asset portfolio,
  • Strengthened combined leadership team with a proven track record of value creation,
  • Undervalued relative to peers with significant share price re-rate potential, and
  • Strong balance sheet with ability to rapidly deleverage.

Valentine Gold Mine Update

• Tailings Management Facility is complete;
• Structural steel is complete;
• Mass construction nearing completion; project is in process of transitioning to system/subsystem completion;
• Primary crusher installation complete and its commissioning is nearly complete;
• Mills motors and mill liners are installed, and pre-commissioning is underway;
• Conveyors are nearing completion, belting has been completed, and progressing toward pre-commissioning;
• CIL leaching tanks piping and electrical continue with scheduled completion at the end of Q2, and pre-commissioning to follow;
• Overland, coarse ore stockpile conveyor, reclaim tunnel, and apron feeder construction nearly complete and progressing toward pre-commissioning;
• ADR plant and gravity circuit mechanically complete and have been turned over to pre-commissioning;
• Cable tray, cable installation, and terminations progressing;
• Commencement of ore processing now expected in early Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance;
• Initial project capital remains fully funded; and
• Program management contract awarded in February 2025 for Phase 2 expansion targeting an increase in the process plant throughput to >5 Mtpa.

Valentine Gold Mine Construction Progress Photos

Stockpile Feed Conveyor – March 2025

Main Plant/Grinding Building – February 2025

SAG and Ball Mill – April 2025

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre’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.