Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce financial and operating results for the three months ended March 31, 2025, and an update on the Valentine Gold Mine, located in Newfoundland & Labrador, Canada. Consolidated Q1 2025 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: “I am proud of the teams operational performance across the portfolio, responsibly delivering 71,539 ounces in Q1, positioning the Company to meet, and potentially exceed, full-year production guidance of 230,000 – 280,000 ounces. I am also pleased with our continued focus on cost discipline, with the Company’s consolidated all-in sustaining costs coming in below budget at $1,389/oz for the quarter.

At Valentine, construction continues to advance with first gold now expected by the end of Q3. The delay was due to lower than planned productivity, and minor scope growth, which has resulted in an $80 million (C$110 million) increase to the initial project capital since our October 2024 update of C$744 million. Approximately 75% of the capital increase is attributable to the schedule extension and 25% is related to scope growth and quantity. As at the end of April the initial project capital remains fully funded with $203 million (C$280 million) in cash and $73 million (C$101 million) remaining to be incurred.

With mass construction materially complete the focus is on final electrical, piping, and instrumentation activities within the process plant. The primary crusher has been commissioned, with the coarse ore stockpile building well underway and ready to receive material by the end of May.

To ensure smooth commissioning and transition to operations, we have strengthened contractor oversight and enhanced the owner’s team with the recent appointment of Pierre Légaré as Project Director for the process plant. Pierre is the Managing Director of Alvarez and Marsal INFRA Canada and has a proven track record over 30 years of project development across the mining and construction industries. His extensive career also includes over 20 years in senior roles at SNC-Lavalin, culminating in his position as Vice-President of Projects in the Mining & Metallurgy division.  These actions position us for a safe, more controlled, and efficient ramp-up, with operations expected to reach nameplate capacity in Q1 2026.

We have successfully completed Valentine mine and mill staffing in preparation for commissioning and ramp-up activities. Importantly, key roles have commissioning experience which is critical to a smooth ramp up and long-term operational performance.

As a long-life, low-cost cornerstone asset in Canada, Valentine is expected to produce approximately 200,000 ounces of gold annually. The asset also offers significant exploration upside, highlighted by our new discovery where drilling intercepted 172.8 metres grading 2.43 g/t gold. 2025 will mark the largest pure exploration program in the property’s history.

We greatly appreciate the support of our shareholders for approving the merger with Equinox Gold, which is expected to close by the end of Q2. Through enhanced scale, a diversified asset base, and new high quality Canadian production, this merger is positioned to deliver greater value than either company could achieve independently.”

Q1 2025 Highlights

• Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces;
• The multi-million-ounce Valentine Gold Mine is set to achieve production in Q3;
• The largest pure exploration drill program is underway at Valentine totalling 100,000 metres; recent Frank Zone discovery drilling highlights (see Calibre news releases dated November 25, 2024, and February 11, 2025), southwest of the Leprechaun pit includes:
  • 2.43 g/t Au over 172.8 metres ETW including 3.84 g/t Au over 90.9 metres ETW in Hole FZ-24-048; and
  • 2.12 g/t Au over 95.4 metres ETW in Hole FZ-24-046, 2.26 g/t Au over 78.3 metres ETW in Hole FZ-24-040, 3.08 g/t Au over 48.2 metres ETW in Hole FZ-24-062.

Equinox Gold and Calibre Combine to Create a Major Americas-Focused Gold Producer

• Announced the merger of Calibre and Equinox Gold to create a major Americas-focused gold producer with enhanced diversification, scale, financial strength, and operational expertise. The combined company will deliver long-term value to all stakeholders. Key highlights include:
  • Strengthened combined leadership team with a proven track record of value creation;
  • Immediate increase in production and substantial cash flow from a larger asset portfolio;
  • Creation of the second largest gold producer in Canada;
  • Significant re-rate potential based on valuation of peers;
  • A major diversified gold producer in the Americas;
  • Exceptional growth profile with a pipeline of development and expansion projects; and
  • Strong balance sheet with ability to rapidly deleverage and return capital to shareholders.

Gold Sales and Cost Metrics

• Consolidated gold sales of 71,545 ounces, generating $200.0 million in gold revenue (Q1 2024 – $129.2 million), at an average realized gold price of $2,796/oz; Nicaragua 64,469 ounces and Nevada 7,076 ounces;
• Consolidated Total Cash Cost¹ of $1,221/oz; Nicaragua $1,173/oz and Nevada $1,654/oz;
• Consolidated All-In Sustaining Cost¹ of $1,389/oz; Nicaragua $1,255/oz and Nevada $1,748/oz; and
• Cash and restricted cash of $177.4 million and $36.6 million, respectively, as at March 31, 2025, with the final $25.0 million of restricted cash released to the Company in April 2025.

Valentine Update

• Tailings Management Facility is complete;
• Structural steel is complete;
• Mass construction nearing completion; project has transitioned to system/sub-system completion;
• Primary crusher installation and commissioning complete;
• Mills motors and mill liners are installed, and pre-commissioning is underway;
• Conveyors are complete and commissioned;
• CIL tanks piping and electrical continue, and pre-commissioning to follow;
• Coarse ore stockpile building, 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 expected during Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance;
• Updated initial project capital cost is now estimated at approximately C$854 million (excluding sunk costs). At April 30, 2025, initial project capital costs on an incurred basis totalled C$753 million (excluding sunk costs);
• Initial project capital cost is fully funded with over $203 million (C$280 million) in cash at April 30, 2025; and
• Phase 2 technical studies progressing, targeting an increase in the plant throughput from 2.5 Mtpa to >5 Mtpa.

Valentine Construction Progress Photos

Pebble Crusher and Recirculating Conveyors – April 2025

SAG and Ball Mill – April 2025

CONSOLIDATED RESULTS Q1 2025

Consolidated Results ⁽¹⁾

1. Consolidated financial and operational results for Q1 2024 include the results from Marathon since its acquisition from the period of January 25, 2024, to March 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 in Q3 of this year.

Calibre continues to reinvest in exploration and growth, with approximately 200,000 metres of diamond, RC and RAB drilling and the development of new satellite deposits across its entire asset portfolio. Growth capital investments include underground and open pit mine development, waste stripping and strategic land acquisitions.

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 Securityholders, 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.