Mr. Darren Hall reports

CALIBRE ADVANCES VALENTINE GOLD MINE CONSTRUCTION TO 73% COMPLETE; MAINTAINS FULL-YEAR PRODUCTION GUIDANCE

Calibre Mining Corp. has released the operating results for the three months (Q2) and six months (year to date or YTD) ended June 30, 2024.

Q2 and YTD 2024 highlights:

• Published the 2023 sustainability report, highlighting Calibre's commitment to environmental, social and governance performance;
• Included in the S&P/TSX Composite Index, reflecting Calibre's growth and value generation for shareholders;
• Fully financed construction of the multi-million-ounce Valentine gold mine surpasses 73-per-cent complete:
  • Detailed engineering 98-per-cent complete;
  • Operations leadership team employed;
  • Precommissioning planning under way;
  • Tailings management facility progressing, embankment liner now 96 per cent;
  • CIL leaching area tanks construction well under way;
  • Reclaim tunnel and coarse ore stockpile construction progressing;
  • Primary crusher on site and installation planned for July;
• Consolidated quarterly gold production of 58,754 ounces:
  • Nicaragua gold production of 49,208 ounces and Nevada gold production of 9,546 ounces.
• Consolidated year-to-date gold production of 120,521 ounces:
  • Nicaragua gold production of 104,215 ounces and Nevada gold production of 16,306 ounces.
• Valentine gold mine 250-square-kilometre property-wide exploration program under way, offering considerable resource expansion and discovery potential with initial exploration focused on new, regional target identification along with resource expansion in previously drilled areas;
• Continuous gold mineralization discovery at the Valentine gold mine reinforces the vast potential of the Valentine Lake shear zone:
  • 2.25 grams per tonne Au over 15.3 metres estimated true width (ETW) including 24.68 g/t Au over 0.85 metre ETW;
  • 36.83 g/t Au over 0.91 metre ETW.
• Gold and silver drill results from Eastern Borosi (EBP) reinforce the significant mineral endowment and potential for discovery and resource expansion within the 176 square km EBP land package:
  • 10.81 g/t Au over 3.4 metres ETW including 19.10 g/t Au over 1.8 metres ETW;
  • 9.64 g/t Au over 3.3 metres ETW; 1,431.6 g/t Ag over 2.9 metres ETW.
• Valentine gold mine awarded the John T. Ryan National Safety Trophy by the Canadian Institute of Mining, Metallurgy and Petroleum for an outstanding 2023 safety record.

Darren Hall, president and chief executive officer of Calibre, stated: "Calibre achieved several milestones during the quarter and remains on track for a strong second half to deliver a fifth consecutive year of increased annual gold production guidance of 275,000 to 300,000 ounces.

"Construction of the Valentine gold mine continues to advance with the project at 73-per-cent complete as of June 30. Operational readiness is progressing as planned with precommissioning well under way. First gold pour remains scheduled for Q2 2025, marking a milestone as Calibre advances towards becoming a quality, mid-tier gold producer, poised to deliver substantial additional value to shareholders.

"Calibre continues to evolve and expand its effective hub and spoke operating strategy as areas adjacent to the Limon mill and along the VTEM gold corridor reveal bonanza-grade gold mineralization. The Volcan deposit, in the Libertad mine complex, recently received permit approvals for construction and production, so H2 production will benefit from additional two g/t open pit gold mineralization located within five kilometres of the Libertad mill.

"Following the Limon Norte pit wall movement, internal and external engineers have completed their review and sign off, and normal operations are now under way, allowing access to higher-grade four g/t ore in Q3 and Q4. As a result of the numerous ore sources and mine flexibility that our hub and spoke operating strategy provides, we remain confident in our Q3/Q4 and full-year production guidance.

"I am delighted by our inclusion in the S&P/TSX Composite Index, which recognizes the value we are generating for shareholders through our company's growth. This milestone will offer Calibre shareholders increased exposure, access to a wider range of potential investors, improved liquidity and trading flexibility.

"Calibre maintains its steadfast commitment to excellence in responsible mining. The team at Valentine was awarded the John T. Ryan National Safety Trophy by the CIM, for its exceptional safety performance in 2023, achieving zero injuries. As a core value, Calibre fosters the culture of health and safety among workers, sharing a unified vision of responsibility toward safe and responsible mining practices, creating a positive impact in the communities where we operate."

Second quarter financial results will be released after market close on Monday, Aug. 12, and management will be hosting a conference call on Tuesday, Aug. 13, to discuss the results and outlook in more detail.

Date:  Tuesday, Aug. 13, 2024

Time:  10 a.m. ET

Instructions for obtaining conference call dial-in number:

All parties must register on-line to participate in Calibre's Q2 2024 conference call.

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 through the company's website under the events and media section under the investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at the company's website. 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, PGeo, Calibre Mining's corporate chief geologist, and a qualified person under National Instrument 43-101.

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 Newfoundland and Labrador in Canada, Nevada, and Washington in the United States, 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.

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