Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) announces financial and operating results for the three months ended March 31, 2022. Consolidated financial statements and management discussion and analysis for the three months ending March 31, 2022 can be found at www.sedar.com and the Company’s website, www.calibremining.com. All figures are expressed in U.S. dollars.

Q1 2022 HIGHLIGHTS

• Gold sales of 52,487 ounces grossing $99.6 million in revenue, at an average realized gold price¹ of $1,897/oz;
• Consolidated total cash costs¹ and All-In Sustaining Costs¹ of $1,060 and $1,199 per ounce, respectively;
  • Nicaragua: TCC $1,013 and AISC $1,108 per ounce respectively;
  • Nevada: TCC $1,268 and AISC $1,283 per ounce respectively;
• Successful completion of the acquisition of Fiore Gold on January 12, 2022 creating a diversified, Americas focused, growing, mid-tier gold producer;
• Smooth integration of the Nevada assets recognizing initial synergies and savings within the broader entity and stronger balance sheet despite the current inflationary environment;
• Cash of $77.3 million as at March 31, 2022, after $19.0 million of Fiore Gold acquisition cash components;
• Net income of $11.7 million; basic net income per share of $0.03;
• Adjusted net income of $16.4 million or $0.04 per basic share in Q1 2022²;
• Nicaragua Mineral Reserves increased to 1,013,000 ounces of gold, at a record grade of 4.62 g/t (see news release dated February 23, 2022);
• Nicaragua Indicated Mineral Resources increased to 1,806,000 ounces of gold (see news release dated February 23, 2022);
• Significant exploration developments include:

• • Drill results from the Pan Mine in Nevada demonstrate resource expansion and higher-grade potential, including 1.02 g/t Au over 50.3 metres, 0.83 g/t Au over 34.0 metres, 0.58 g/t Au over 41.2 metres and 0.68 g/t Au over 24.4 metres (see news release dated March 8, 2022 and April 12, 2022);
  • 170,000 metre drill program underway which includes resource delineation, infill, and geotechnical drilling as well as early-stage generative exploration drilling to test numerous satellite targets around Libertad, the Eastern Borosi Project and Nevada.
• Launched the multi-year sustainability strategy (see news release dated March 15, 2022).

Darren Hall, President and Chief Executive Officer of Calibre, stated:

“Calibre had an excellent start to the year, responsibly delivering record gold production at a total cash cost of $1,060 per ounce and AISC of $1,199 per ounce positioning the Company well to deliver on full year guidance, despite the current inflationary environment.

During the quarter we continued making excellent progress advancing the higher-grade open pit mines at Pavon Central (reserve grade of 6.5 g/t Au) and Eastern Borosi (reserve grade of 6.8 g/t Au) which will fuel grade driven production growth in 2023 and 2024.

The integration of the Nevada assets solidifies our position as a fiscally responsible and growing mid-tier gold producer with the ability to self-fund exploration and organic growth from operating cash flow.”

CONSOLIDATED RESULTS SUMMARY – Q1 2022

Consolidated Results³

NICARAGUA MINING OPERATING RESULTS

Open Pit Mining Operations

During Q1 2022, most of the open pit production came from Limon Central totaling 176,674 ore tonnes at an average grade of 4.29 g/t, supplemented by 58,563 tonnes from Pavon Norte at a grade of 2.96 g/t, and 3,202 tonnes at 9.69 g/t from small artisanal miners.

With excellent productivity in the open pits during Q1 2022, pre-stripping activities at the Limon Norte and La Tigra pits advanced ahead of schedule, and lower overall waste movement was required compared to Q1 2021. Management expects the strip ratio at Limon Central to decline through 2022, while pre-stripping activities for Limon Norte and La Tigra pits continue at current levels.

Underground Mining Operations

Ore mined during Q1 2022 of 97,045 tonnes at 4.79 g/t was similar to Q1 2021 production of 95,040 tonnes averaging 3.69 g/t.

Processing at Libertad

During Q1 2022, the Libertad mill processed 277,620 tonnes at an average grade of 3.19 g/t, with resulting gold production of 24,705 ounces. Libertad production benefited from the delivery of higher-grade ore from the Limon open pit and the Jabali underground mines.

Ore deliveries from Limon totaled 96,555 tonnes at an average grade of 3.28 g/t compared to Q1 2021 tonnes of 86,856 at an average grade of 3.36 g/t. Pavon Norte deliveries during the quarter totalled 89,964 at 3.07 g/t in comparison to 31,983 at 3.25 g/t in Q1 2021.

Calibre’s 2022 guidance includes the Nevada assets which were acquired from Fiore Gold on January 12, 2022. Calibre will continue its exploration activities across all assets as we continue to realize the prospective and under-explored potential the portfolio has to offer and will continue to re-invest in the business as exploration and resource delineation programs continue in Nicaragua and Nevada.

Nicaragua 2022 gold production is forecast to increase through the year with second half production expected to be approximately 20% higher than the first half due to change in deposit grade profiles and mine sequencing.

Nevada production is forecast to be relatively consistent through the year, as is growth and exploration spend. Growth capital is primarily focused on advancing state permitting and technical studies on the growth opportunity at Gold Rock. Calibre continues to see strong exploration potential at Gold Rock but in 2022 the Company will significantly increase drilling activities at the Pan heap leach operation. Cash costs and AISC for the Nevada assets have benefited from acquisition synergies such as the elimination of head office costs, reduced size of the executive team, reduction in insurance costs and group buying synergies.

Calibre continues to invest in its exploration programs, with a planned 170,000 metre drill program which includes resource delineation, infill, and geotechnical drilling as well as early-stage generative exploration drilling to test numerous satellite targets around Libertad, the Eastern Borosi Project and Nevada.

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 news 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.