Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce operating results for the three months ended March 31, 2021 (all amounts in United States dollars).

Q1 2021 Highlights:

• Gold production: 45,452 ounces, highest quarterly production since Q3 2016;
• Production includes the first ore delivery from the Pavon Norte mine to the Libertad mill
  • Demonstrating Calibre’s ability to advance new satellite deposits: ‘permit to plant’ in less than 18 months;
• Gold sales of 45,882 ounces;
• Cash on hand of $58.2 million, a $5.1 million increase from December 31, 2020;
• 2021 production and cost guidance remain on track;
  • Growth and exploration capital are currently expected to be H1 weighted;
• More than 200% increase in Mineral Reserves to 864,000 ounces since year-end 2019;
  • Largest Mineral Reserve since 2010 with the highest grade on record, 4.49 g/t Au¹;
• High-grade drill results reported at Limon, including:
  • 7.98 g/t Au over 6.8 metres at Atravesada underground;
  • 8.92 g/t Au over 9.8 metres at Atravesada underground;
  • 251.90 g/t Au over 1.0 metres at Limon Norte open pit; and
  • 6.97 g/t Au over 6.1 metres at Panteon underground;
• 60,000 metre exploration and resource growth drilling program underway.

Darren Hall, President & Chief Executive Officer of Calibre, stated: “Another solid quarter of production demonstrating the reliability of our assets underpinned by the revitalization of the Libertad Complex. I am particularly pleased with our progress expanding our ‘Hub-and-Spoke’ operation to incorporate the high-grade ‘Mining Spoke’ at Pavon Norte. I would like to acknowledge the teams’ efforts in safely and responsibly progressing Pavon Norte from ‘permit to plant’ in less than 18 months, a great result that clearly demonstrates the in-country expansion opportunity and supportive regulatory environment.”

“With the improved confidence in our multi-year outlook afforded by the more than 200% increase in Mineral Reserves, our exploration programs have been expanded to include growing resources at our emerging districts and generative drilling. Given Nicaragua’s prolific history of gold production, it’s somewhat surprising how much of the country remains relatively under-explored much beyond the known producing and historic gold mines. During 2020 we took steps to more than double our portfolio of 100% owned mineral properties and concession applications, bringing our total land position to over 2,000 km², exclusive of our Rio Tinto joint venture properties. Currently Calibre has 15 drill rigs in operation and our exploration teams continue to see positive results and excellent opportunities for delineation of new resources and growth.”

Operating Overview

The Company produced 45,452 ounces during the first quarter of 2021 from 419,340 tonnes of ore processed at a grade of 3.54 g/t and recovery of 91.3%. The Limon mill processed 124,149 tonnes at a grade of 4.42 g/t and a recovery of 89.3%, producing 16,337 ounces. The Libertad mill processed 295,191 tonnes at a grade of 3.17 g/t and a recovery of 92.4%, producing 29,115 ounces.

During the past quarter, the Company added the new ‘Mining Spoke’ at Pavon Norte, ahead of schedule and well within budget. During the quarter, the Company transported ~350 tonnes per day from Pavon Norte to the Libertad mill and expects this to increase throughout the year to ~1,000 tpd. Pavon Norte contributed more than 3,000 ounces to Libertad’s total production in the first quarter, with 31,983 tonnes of ore trucked at a grade of 3.25 g/t, positively impacting Libertad mill’s grade and providing increased flexibility.

The Company will continue to optimize its consolidated mine and process plans as we progress our ‘Hub-and-Spoke’ operating strategy to maximize value from our integrated asset base.

Consolidated Operating Results

Q1 2021 Operating Results

Qualified Person

Darren Hall, MAusIMM, President and Chief Executive Office, 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 gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.

Notes:

(1) Technical Report on El Limon Complex, Leon and Chinandego Departments, Nicaragua dated March 30, 2021 and effective December 31, 2020 prepared by SLR Consulting (Canada) Ltd., (formerly Roscoe Postle Associates Inc.) in accordance with NI 43-101 as filed on SEDAR (www.sedar.com).

Technical Report on La Libertad Complex, Nicaragua dated March 30, 2021 and effective December 31, 2020 prepared by SLR Consulting (Canada) Ltd., (formerly Roscoe Postle Associates Inc.) in accordance with NI 43-101 as filed on SEDAR (www.sedar.com).