Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) announces financial and operating results for the three months and full year ended December 31, 2024. Consolidated Q4 and FY 2024 filings can be found at www.sedarplus.ca and on the Company’s website at www.calibremining.com. All figures are expressed in U.S. dollars unless otherwise stated.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre delivered a record Q4 consolidated gold production of 76,269 ounces, and full year 2024 production of 242,487 ounces, surpassing the revised 2024 annual production guidance. As of February 15, 2025, the year is off to a strong start with consolidated production trending 15% higher than budget and cash increased to $161 million, a 23% increase over December 31, 2024.

2025 is set to be a transformative year for Calibre, with the Valentine Gold Mine on track for first gold during the second quarter. We hired a high quality, experienced operating team through 2024 and are working with Reliable Controls Corporation to conduct pre-commissioning and commissioning to ensure operational readiness. In addition, all necessary equipment and resources for timely production are on site. Based on the 2022 Feasibility Study*, Valentine’s life-of-mine average production is expected to be approximately 195,000 ounces per year, with the process plant expected to reach 2.5 Mpta by the end of 2025.

The exploration potential at Valentine is incredibly exciting. We have seen continued success since the discovery made southwest of the Leprechaun deposit in late 2024 with initial drill results returning grades more than 40% above Mineral Reserve grade. As we progress during 2025, we are preparing for the largest pure exploration program in Valentine’s history. With tens of kilometres of the Valentine Lake Shear Zone and the Parallel Northwest Contact still untested, we remain optimistic about the significant upside potential as we advance efforts to establish this district as a new gold camp.

With strong gold prices, consistent operating performance, successful exploration results and Valentine on track to enhance diversification and growth, I am confident that we will continue delivering superior value for our shareholders.”

FY & Q4 2024 Highlights

• Construction of the multi-million-ounce Valentine Gold Mine is on track for first gold during Q2 2025:
  • Tailings Management Facility is complete and receiving water;
  • SAG and Ball Mill continue to advance towards pre-commissioning;
  • Structural, mechanical and piping activities advancing in the Grinding, ADR, Reagents and Gold Room areas;
  • CIL leaching tanks construction is complete and mechanical/electrical work has commenced;
  • Overland and coarse ore stockpile conveyor is progressing and reclaim tunnel is preparing for apron feeders;
  • Primary crusher installation is complete and commissioning is well advanced;
  • Pre-commissioning across the site is well underway; and
  • Initial project capital costs, exclusive of sunk costs, remain at approximately C$744 million.

• Record consolidated Q4 gold production of 76,269 ounces, 2025 off to a strong start;
• Consolidated FY 2024 gold production of 242,487 ounces, exceeding updated 2024 guidance;
• Drill results from the expanded 100,000 metre drill program at Valentine yield significant gold mineralization outside of the known Mineral Resource estimate and up to 1,000 metres southwest of the known Leprechaun open pit with grades more than 40% above Mineral Reserve grade:
  • 2.43 g/t Au over 172.8 metres including 3.84 g/t Au over 90.9 metres; and
  • 2.12 g/t Au over 95.4 metres; 2.26 g/t Au over 78.3 metres;
• Ore control drilling results at the Marathon Pit at Valentine yielded 44% additional gold on 47% higher grades than modelled in the 2022 Mineral Reserve estimate, increasing confidence of the deposit;
• Received the Federal Environmental Assessment approval for the third open pit, the Berry Pit at Valentine, and commenced construction activities at Berry in Q4 2024;
• Achieved one million ounces of gold production in Nicaragua since becoming a producer in Q4 2019;
• Initial Inferred Mineral Resource estimate declared at the Talavera Gold Deposit located 3 km from the Limon mill comprised of 3,847,000 tonnes averaging 5.09 g/t gold, yielding 630,000 ounces of gold;
• High grade gold mineralization and new discoveries continue across the Limon Mine Complex with quarterly drill results among the best to-date at both Talavera and the VTEM Gold Corridor, signaling the exceptional potential at Limon:
  • 12.57 g/t Au over 7.1 metres including 26.65 g/t Au over 3.3 metres;
  • 12.96 g/t Au over 19.9 metres; 10.59 g/t Au over 13.5 metres; and
  • 9.97 g/t Au over 6.9 metres; 14.64 g/t Au over 7.5 metres;

• Continued to intercept high grade gold mineralization from the resource conversion and expansion program within the Guapinol open pit area at the Eastern Borosi mine in Nicaragua, reinforcing the potential for mine life extension:
  • 13.24 g/t gold over 5.8 metres ETW including 18.52 g/t gold over 4.0 metres ETW; and
  • 9.24 g/t gold over 6.2 metres ETW including 17.45 g/t gold over 3.1 metres ETW

FY 2024 Gold Sales and Cost Metrics

• Consolidated gold sales of 242,452 ounces, generating $574.4 million in gold revenue, at an average realized gold price¹ of $2,369/oz; Nicaragua 207,224 ounces and Nevada 35,228 ounces;
• Consolidated Total Cash Cost¹ (“TCC”) of $1,336/oz; Nicaragua $1,313/oz and Nevada $1,473/oz;
• Consolidated All-In Sustaining Cost¹ (“AISC”) of $1,583/oz; Nicaragua $1,480/oz and Nevada $1,683/oz; and
• Cash and restricted cash of $131.1 million and $54.6 million, respectively, as at December 31, 2024.

Figure 1. Valentine Grinding Building – February 2025

Figure 2. Overview of Process Plant – February 2025

CONSOLIDATED RESULTS: Q4 and FY 2024

Consolidated Results⁽¹⁾

1. Consolidated financial and operational results for 2024 include the results from Marathon since its acquisition from the period of January 25, 2024, to December 31, 2024.
2. This is a non-IFRS measure, for further information refer to the Non-IFRS Measures section in the Notes below.
3. LTM is defined as the last twelve months.

Operating Results

2025 GUIDANCE

The 2025 guidance currently covers gold production, TCC, AISC, and growth capital for operations in Nicaragua and Nevada. The consolidated exploration guidance includes drilling activities at the Valentine gold mine. Guidance for Valentine, including production, TCC, AISC, growth and full-year consolidated details, will be provided after first gold is produced from Valentine, expected during Q2 this year.

Calibre is nearing completion of construction at its Valentine Gold Mine in Newfoundland & Labrador, which is set to become Atlantic Canada’s largest gold mine. This milestone marks a significant transformation for the Company from a junior gold miner to a diversified, mid-tier gold producer.

Calibre will continue to reinvest in exploration and growth, with approximately 200,000 metres of drilling planned and the development of new satellite deposits across its asset portfolio.

Exploration activities in 2025 include multi-rig diamond, RC and RAB drilling in Newfoundland, Nevada and Nicaragua alongside several geoscience initiatives. Growth capital investments include underground and open pit mine development, waste stripping and strategic land acquisitions.

Q4 and Full Year 2024 Conference Call

Instructions for obtaining conference call dial-in number:

1. All parties must register at the link below to participate in Calibre’s Q4 and Full Year 2024 Conference Call.
2. To register  click https://dpregister.com/sreg/10191038/fd1cb8c35e and complete the online registration form.
3. Once registered you will receive the dial-in numbers and PIN number for input at the time of the call.

The live webcast and registration link can be accessed here and at www.calibremining.com under the Events section under the Investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at www.calibremining.com. Presentation slides that will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations prior to the conference call.

Qualified Person

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