Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) announces financial and operating results for the three and nine months ended September 30, 2023. Consolidated financial statements and management discussion and analysis can be found at www.sedarplus.ca and the Company’s website, www.calibremining.com. All figures are expressed in U.S. dollars.

Q3 2023 Highlights

• Record cash on hand of $97 million, a 26% increase over Q2 2023 and 72% higher than the beginning of 2023;
• Free Cash Flow ⁽¹⁾ increased over Q2, 2023 to $16.3 million;
• 4^th consecutive record quarterly gold sales of 73,241 ounces grossing $143.9 million total revenue, at an average realized gold price of $1,929/oz;
• Consolidated Total Cash Costs⁽²⁾ of $1,007 and All-in Sustaining Costs⁽²⁾ of $1,115 per ounce;
• Net income of $23.4 million or $0.05 per basic share;
• Adjusted net income⁽³⁾ of $24.5 million or $0.05 per basic share;
• Exploration success at Libertad yielded an Initial Mineral Resource Estimate at the Volcan Gold Deposit;
• Intercepted high-grade gold targets at the Jabali Mine, potentially expanding resources;
• Continued to expand zones of high-grade gold mineralization at Atravesada and along the VTEM gold corridor, both within the Limon Mine Complex;
• High-grade, near surface drill results immediately north and south of the operating Pan mine demonstrate potential to increase resources, grade, and confidence across the property; and
• Announced Normal Course Issuer Bid as a responsible and potential use of available cash.

Year-to-Date 2023 Highlights

• Record consolidated gold sales of 208,020 ounces grossing $410.1 million in total revenue, at an average realized gold price⁽²⁾ of $1,932/oz;
• Consolidated TCC⁽²⁾ of $1,047/oz; Nicaragua $983/oz & Nevada $1,412/oz;
• Consolidated AISC⁽²⁾ of $1,195/oz; Nicaragua $1,101/oz & Nevada $1,456/oz; and
• Net income of $73.0 million, or $0.16 per share.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre generated strong free cash flow from a fourth consecutive quarter of record production, resulting in a 72% increase in cash on hand to $97 million since the beginning of the year. Year to date costs are favorable to budget and the Company is in excellent shape to deliver at the high end of full year production guidance.

Our exploration investment continues to yield success in many areas including: a new gold trend emerging northwest of our recently announced Volcan gold deposit at Libertad, demonstrating high-grade discovery potential; drill results proximal to the operating Pan mine continue to yield potential resource and grade increase opportunities; and the expansion of existing high-grade gold discoveries across our Limon property provide further opportunity to leverage the available surplus processing capacity at our Libertad mill.

The Company continues to self fund all exploration and growth from operating cash flow while increasing our cash reserves. We remain dedicated to providing lasting and responsible benefits to all stakeholders. Our ongoing incorporation of sustainability initiatives throughout our operations further solidifies our strong social license to operate.”

CONSOLIDATED RESULTS: Q3 2023 and YTD 2023

Consolidated Results⁽⁴⁾

Operating Results

Gold production in Nicaragua increased 64% over Q3, 2022, driven by higher grades and tonnes processed.

CONSOLIDATED Q3 and YTD 2022 FINANCIAL REVIEW

Q3 2023 TCC⁽²⁾ and AISC⁽²⁾ were $1,007 per ounce and $1,115 per ounce, positive to budget. The lower quarter over quarter AISC was achieved through higher gold sales from an increase in open pit ore tonnes, underground mining optimization improvements with associated increases in tonnes mined and higher head grades coupled with a reduction in diesel prices.

YTD 2023 TCC⁽²⁾ and AISC⁽²⁾ were $1,047 per ounce and $1,195 per ounce respectively, within guidance and favorable to budget, positioning the Company well to meet full year cost guidance. YTD costs are favorable due to higher-grade ore from the Pavon Central deposit, mining the Jabali Antena deposit, lower stripping at the Limon Central deposit and higher silver revenue.

Expenses and Net Income

For Q3 2023 and year to date 2023, corporate G&A was $3.2 million and $8.6 million respectively, compared to $3.1 million and $9.4 million for the same periods in 2022. Year-to-date corporate administration was lower due to a reduced use of professional consultants.

2023 GUIDANCE

For the fourth consecutive quarter, the Company achieved record gold production of 73,485 ounces with year-to-date production of 208,011 ounces, at costs below budget. This puts the Company in a strong position to deliver the high end of its full year 2023 production guidance. Given the current gold prices, Calibre is generating strong cash flow, self-funding all investments in growth, development and exploration while significantly growing its net cash balance.

Calibre continues to advance its 100,000+ metre drill program which includes resource delineation drilling, infill and geotechnical drilling, as well as early-stage generative exploration drilling to test numerous satellite targets around Limon, Libertad, the Eastern Borosi Mine and within 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 Mining 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.