Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) announces financial and operating results for the three months ended March 31, 2023. Consolidated Financial Statements and Management Discussion & Analysis for the three months ending March 31, 2023 can be found at www.sedar.com and the Company’s website, www.calibremining.com. All figures are expressed in U.S. dollars unless otherwise stated.

Q1 2023 HIGHLIGHTS

• Record gold sales of 65,770 ounces grossing $126.9 million in revenue at an average realized gold price¹ of $1,891/oz;
• Consolidated Total Cash Costs ¹ of $1,164/oz; Nicaragua $1,131/oz and Nevada $1,331/oz;
• Consolidated All-In Sustaining Costs ¹ of $1,302/oz; Nicaragua $1,241/oz and Nevada $1,363/oz;
• Generated $26.7 million in cash flow from operations;
• Cash on hand of $60.8 million as at March 31, 2023²;
• Net income of $16.4 million or $0.04 per share;
• Consolidated Mineral Reserves increased 370% since acquisition in 2019, to 1,346,000 ounces gold (see press release dated February 14, 2023);
• The ore transport team attained an average daily rate of 2,294 tonnes of ore per day to the Libertad mill from the Pavon Norte, Pavon Central and Limon mines, an 11% increase over the Q1 2022 average ore delivery rate;
• Delivered high-grade ore from Pavon Central mine ahead of schedule, averaging 1,000 tonnes per day at 7.39 g/t gold in February to the Libertad mill (see press release dated March 15, 2023);
• Continued expansion of the high-grade gold discovery at Panteon North and along the VTEM Gold Corridor within the Limon Complex, intersecting 17.45 g/t gold over 4.1 metres (see press release dated March 21, 2023);
• New discovery at the Pan Mine in Nevada indicates the potential for resource expansion to the south (see press release dated January 17, 2023)
• Phase 1 and 2 drill results from the Golden Eagle Project in Washington State confirm consistent gold mineralization over broad widths, reinforcing the potential of this 2 million ounce Mineral Resource; Metallurgical testing to explore for future gold extraction potential and recovery methods has commenced (see press releases dated January 24, 2023 and April 12, 2023); and
• Commenced mining from the Guapinol open pit at Eastern Borosi in April, utilising surplus capacity at the Libertad mill for processing (see press release dated April 18, 2023).

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre had an excellent start to the year, responsibly delivering record gold production of 65,750 ounces. During the quarter we continued to solidify our position as a growing mid-tier gold producer, expanding our hub and spoke operating strategy to include the new high-grade open pit mine at Pavon Central. During Q2 we began mining at our new Eastern Borosi open pit and expect initial deliveries to Libertad in Q2. Cash generation is expected to accelerate during the second half of the year with grade-driven increased production achieving consolidated production guidance of 250,000 to 275,000 ounces and significantly increasing our cash position by year end.”

Gold production in Nicaragua increased 28% in Q1 2023 vs Q1 2022 driven by higher tonnes milled, the Company expects grades to increase through 2023 as high-grade ore sources come online.

CONSOLIDATED Q1 2023 FINANCIAL REVIEW

Total Cash Costs and AISC for Q1 2023 were $1,164 per ounce and $1,302 per ounce respectively, in line with expectations for the period. The higher production cost quarter over quarter was due to additional tonnes moved, milled, and transported through the hub and spoke network.

Expenses and Net Income

For the three months ended March 31, 2023, corporate G&A was $2.7 million compared to $3.1 million for the same period in 2022. Corporate administration was slightly lower than the comparable 2022 period due to less costs associated with salaries and professional fees.

Share-based compensation for Q1 2023 was $1.7 million. The increase in expenses over the prior year quarter relates to the revaluation of cash settled RSUs and PSUs.

Total finance expense for Q1 2023 was $1.0 million compared to $0.5 million the same period in 2022.

Current and deferred income tax expense was $10.0 million during Q1 2023, compared to the same period of 2022 of $8.2 million. Q1 2023 saw an increase in current and deferred tax expenses when compared to Q1 2022, from higher pre-tax income partially offset by a lower overall tax rate.

As a result of the above, net income per share in Q1 2023 was $0.04 for both basic and diluted.

2023 GUIDANCE

Since acquiring the Nicaraguan assets from B2Gold in October 2019 and Fiore Gold in 2022, the Company has consistently re-invested into the business with demonstrated results of strong production, reserve growth, discovery of new deposits, and identification of new targets, which positions Calibre to unlock additional mill feed sources and grow production both in Nicaragua and Nevada. Calibre continues to invest in new mine development including Pavon Central and Eastern Borosi and a discovery and resource expansion 100,000 metre drilling program, underway in Nevada and Nicaragua.

Calibre’s 2023 production guidance reflects grade-drive production growth of approximately 20% over 2022 yet 2023 Total Cash Cost and All-in sustaining costs per ounce is anticipated to be in-line or better than 2022 actuals. Calibre’s 2023 growth capital and exploration capital is budgeted to be 30% and 40% less, respectively, than 2022, setting the Company up for a strong free cash flow year.

Growth and sustaining capital are anticipated to be higher throughout the first half of the year to unlock value at the new high-grade Pavon Central and Eastern Borosi open pit mines. Growth also includes underground development, Limon Norte and Tigra waste stripping, and land acquisition.

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, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.