Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three months ended March 31, 2022 (all amounts in United States dollars).

Q1 2022 Highlights

• Successful completion of the acquisition of Fiore Gold on January 12, 2022 creating a diversified, Americas focused, growing, mid-tier gold producer;
• Consolidated gold production of 51,900 ounces, and gold sales of 52,290 ounces;
  • Nicaragua gold production of 42,897 ounces: 401,215 tonnes milled, 3.79 g/t, 90.1% recovery;
  • Nevada gold production of 9,003 ounces: 15,064 ounces placed, 1,006,540 tonnes at 0.48 g/t¹;
• Nicaragua Mineral Reserves increased to 1,013,000 ounces of gold, at a record grade of 4.62 g/t gold²;
• Nicaragua Indicated Mineral Resources increased to 1,806,000 ounces of gold²;
• Drill results from the Pan Mine in Nevada demonstrate resource expansion and higher-grade potential;
• Commenced a 170,000 metre drill program across our assets including a 85,000 metre discovery and emerging resource program in Nicaragua and a 85,000 metre resource growth and conversion program in Nevada;
• Calibre launched its multi-year sustainability strategy.

Darren Hall, President & Chief Executive Officer of Calibre, stated: “The integration of our Nevada assets continues Calibre’s journey of creating shareholder value as the Company solidifies its position as a diversified, Americas focused, growing, mid-tier gold producer. I am very pleased with the teams first quarter performance, delivering a record 51,900 ounces, positioning the company well to deliver full year consolidated guidance of 220,000 – 235,000 ounces. Q1 results included expected lower production from Pan resulting from fewer ounces placed in Q4 2021 and the shortened quarter due to the January 12, 2022 transaction closing date.”

“Additionally, we commenced leveraging the commercial strength of the consolidated entity with the successful negotiation of new Nevada drilling contracts which resulted in securing rigs for the full years program at approximately 20% favorable unit rates.”

“We are well positioned to continue self-funding growth, exploration and mine development and with multi-rig exploration drill programs across each of our assets we remain committed to reinvesting to expand resources, make new discoveries and grow production organically.”

Operating Overview

Calibre completed the acquisition of Fiore Gold on January 12, 2022, establishing the company as a multi-asset, multi-jurisdictional gold producer. Our Q1 production of 51,900 ounces was higher than expectation, positioning the company well to meet full year gold production guidance of 220,000 – 235,000 ounces. Nicaraguan gold production is forecasted to increase quarter over quarter and is expected to be approximately 20% higher in the second half of the year due to increased grades and mine sequencing. As a result, the Company expects lower Total Cash Costs³ and All-in Sustaining Costs (“AISC”³) during the second half of the year.

The Company will continue to optimize its consolidated mine and process plans to maximize value from our integrated asset base.

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 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, no debt, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.