Mr. Darren Hall reports

CALIBRE'S MARATHON PIT ORE CONTROL DRILLING AT THE VALENTINE GOLD MINE YIELDS 44% ADDITIONAL GOLD ON 47% HIGHER GRADES THAN MODELLED IN THE 2022 MINERAL RESERVE

Calibre Mining Corp. has released partial ore control reverse circulation (RC) infill drill results from the Marathon pit, one of three open pits comprising the Valentine gold mine in Newfoundland and Labrador, Canada. The current 14-year-life-of-mine plan, which includes the Leprechaun, Berry and Marathon open pits, hosts 2022 mineral reserves of 51.6 million tonnes grading 1.62 grams per tone gold containing 2.7 million ounces. At the Marathon pit, the company drilled 196 RC holes totalling 4,915 metres in three benches slated for mining in 2025. When comparing approximately the same tonnage to the 2022 mineral reserve model over three planned mining benches, the ore control block model yields significantly more gold than the 2022 mineral reserve model due to 47 per cent higher grades. These results coupled with the Leprechaun ore control results (see news release dated Feb. 14, 2024) substantiate the 2022 mineral reserve and increase confidence.

Darren Hall, president and chief executive officer of Calibre, stated: "The results from the initial Marathon pit ore control drilling are very encouraging with 47 per cent higher gold grades resulting in 44 per cent additional ounces versus the 2022 mineral reserve in the same area. Given these results and construction at 77 per cent, our confidence continues to increase as we responsibly advance towards first gold at Valentine during Q2 2025.

"Diamond drilling is also under way as part of our expanded, 100,000-metre program (see news release dated July 15, 2024) with three rigs targeting new gold mineralization along the Valentine Lake shear zone. We look forward to the first results expected in the coming weeks as we remain excited about the vast potential to yield further significant gold discoveries within the Valentine land package."

Quality assurance/quality control

QA/QC protocols followed at the Valentine gold project for the RC ore control drilling include the insertion of blanks and standards at regular intervals in each sample batch. RC drill hole cuttings are cone split at the rig to nominally 2.5-kilogram samples, shipped to the SGS facility in Grand Falls-Windsor for preparation, split to one kilogram, and then shipped to SGS Burnaby in British Columbia for gold analysis by the LeachWell method.

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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