Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three months ended March 31, 2023 (all financial amounts are expressed in U.S. dollars).

Q1 2023 Highlights

• Consolidated quarterly gold production of 65,750 ounces and gold sales of 65,770 ounces:
  • 27% increase in gold production compared to Q1 2022 (51,898 ounces);
  • Nicaragua gold production of 54,997 ounces and Nevada gold production of 10,753 ounces;
• Consolidated 2022 Mineral Reserves increased 370%, since acquisition in 2019, to 1,346,000 ounces gold (see press release dated February 14, 2023):
  • Nicaragua Mineral Reserve grade increased 16%, 1,082,000 ounces at a grade of 5.37 g/t gold;
  • Nevada Mineral Reserves increased 23% to 264,000 ounces at a grade of 0.37 g/t gold;
• Consolidated 2022 M&I Mineral Resources increased to 4,603,000 ounces gold (see press release dated February 14, 2023);
• High-grade mining commenced ahead of schedule at Pavon Central open pit averaging a delivery rate 1,000 tonnes per day to the Libertad mill (see press release dated March 15, 2023);
• Continued expansion of the high-grade gold discovery at Panteon North and along the VTEM Gold Corridor within the Limon Complex (see press release dated March 21, 2023):
  • 17.45 g/t Au over 4.1 metres Estimated True Width (“ETW”) including 38.45 g/t Au over 1.8 metres ETW;
  • 29.68 g/t Au over 4.3 metres ETW;
  • The Panteon North maiden Reserve estimate added 244,000 ounces at 9.4 g/t gold to the Company’s 2022 Mineral Reserve statement (see press release dated February 14, 2023);
• New “Coyote” discovery at the Pan Mine in Nevada indicates the potential for resource expansion to the south (see press release dated January 17, 2023):
  • 1.36 g/t Au over 13.7 metres including 2.78 g/t Au over 4.6 metres;
• Phase 1 drill results from the Golden Eagle Project, located in Washington State, confirm a robust mineral system with consistent gold grades over broad widths (see press release dated January 24, 2023) :
  • 4.30 g/t Au over 92.42 metres including 7.80 g/t Au over 17.3 metres, and 2.90 g/t Au over 195.1 metres;

Darren Hall, President & Chief Executive Officer of Calibre, stated: “I am very pleased with the teams’ first quarter performance, delivering a record 65,750 ounces. Being above budget at the end of the quarter, with Pavon Central ahead of schedule and Eastern Borosi on track for production in Q2 we are well positioned to deliver our full year production guidance of 250,000 – 275,000 ounces.

With numerous drill rigs turning across our entire asset portfolio, our exploration investment continues to yield exciting results as we expand the high-grade gold discovery at Panteon North and the VTEM Gold Corridor and make new discoveries at Pan where drilling indicates the strong potential for resource expansion.

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.”

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.