Mr. Darren Hall reports

CALIBRE MAKES A NEW DISCOVERY ALONG THE VTEM GOLD CORRIDOR AT THE LIMON MINE; DRILLING AT THE PAST PRODUCING TALAVERA MINE HITS ADDITIONAL HIGH-GRADES; DRILLING INTERCEPTS INCLUDE 13.26 G/T GOLD OVER 4.9 METRES AND 4.92 G/T GOLD OVER 10.3 METRES

Calibre Mining Corp. has released drill results from the company's 2024 exploration program within the Limon mine complex in Nicaragua, including a new discovery, San Jose, situated approximately 2.5 kilometres (km) north of the high-grade Panteon Norte deposit along the VTEM gold corridor. Four diamond drills are currently active in the VTEM gold corridor tracing mineralization to depth and along strike.

Gold highlights from the new San Jose discovery include:

• 13.26 grams per tonne (g/t) gold (Au) over 4.9 metres, including 33.50 g/t Au over 1.2 metres in hole LM-24-4966;
• 4.92 g/t Au over 10.3 metres, including 9.79 g/t Au over 4.9 metres in hole LM-24-4938;
• 5.86 g/t Au over 4.7 metres and 4.50 g/t Au over 5.3 metres in hole LM-24-4946.

Gold highlights from the past producing underground Talavera gold zone include the following.

2024 Talavera drill results:

• 6.38 g/t Au over 10.5 metres in hole LIM-24-4943;
• 14.55 g/t Au over one metre and 23.60 g/t Au over 1.2 metres in hole LIM-24-4962;
• 19.95 g/t Au over 0.4 metre and 38.87 g/t Au over 1.2 metres in hole LIM-24-4953.

2023 Talavera drill results (see news release dated May 17, 2023):

• 10.22 g/t Au over 4.2 metres, including 15.25 g/t Au over two metres; 15.46 g/t Au over 6.7 metres, including 18.09 g/t Au over 5.7 metres; 10.58 g/t Au over 7.9 metres, including 15.18 g/t Au over 2.9 metres in hole LIM-22-4688;
• 3.89 g/t Au over 2.5 metres, including 5.85 g/t Au over 1.5 metres; 4.45 g/t Au over 20.9 metres, including 8.09 g/t Au over 5.4 metres; 6.69 g/t Au over 3.5 metres; 9.31 g/t Au over 3.1 metres in hole LIM-22-4677;
• 3.92 g/t Au over 3.6 metres in hole LIM-22-4673;
• 4.10 g/t Au over 4.2 metres in hole LIM-22-4721.

Gold highlights from the 2024 Limon exploration program include:

• 8.98 g/t Au over 3.3 metres estimated true width (ETW) in hole LIM-24-4890;
• 19.81 g/t Au over 3.8 metres ETW in hole LIM-24-4945;
• 16.52 g/t Au over 1.3 metres ETW in hole LIM-24-4895;
• 29.90 g/t Au over 0.3 metre ETW in hole LIM-24-4917;
• 5.29 g/t Au over 1.4 metres ETW in hole LIM-24-4933;
• 6.10 g/t Au over five metres ETW in hole LIM-24-4939;
• 8.79 g/t Au over 2.8 metres ETW in hole LIM-24-4937.

Darren Hall, president and chief executive officer of Calibre, stated: "We continue to be impressed with Limon's ability to deliver compelling drill results leading to significant discoveries and substantial reserve growth. Limon is a world-class epithermal gold district, with approximately 4.5 million ounces of past production, long-life operations and new high-grade discoveries being made yearly since Calibre acquired the property in 2019.

"Whether it's a known deposit yielding additional resources outside of the current mine plan, or a new discovery such as San Jose, Limon reserves and resources are anticipated to grow with continued exploration investment. The VTEM geophysical survey completed in 2022 has been a powerful exploration tool, assisting us in discovering the high-grade Panteon Norte and Hagie deposits which are now contributing to mineral reserves. The newly discovered San Jose zone located approximately 2.5 km north of Panteon Norte, also has the potential to have a positive impact on mineral resources and reserves given the other high-grade deposits we have discovered along this corridor. To date, low-sulphidation epithermal mineralization has been identified on a nearly one-kilometre footprint with wide spaced drilling. Four diamond drills are active in the area, tracing mineralization to depth and along strike.

"Additionally, successful follow up drilling at the past producing Talavera mine has intersected additional high-grade mineralization beyond what was previously defined. Talavera does not currently host resources but given the historical underground infrastructure and strong discovery potential, Talavera could contribute to future gold production."

Quality assurance/quality control

Calibre maintains a quality assurance/quality control (QA/QC) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for quality management systems ISO 9001:2008, environmental management ISO14001, and safety management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas's Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed through fire assay/AA (atomic absorption) finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are reassayed by fire assay with a gravimetric finish. Analyses for silver and other elements of interest are performed through induction coupled plasma (ICP).

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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