Mr. Darren Hall reports

CALIBRE ANNOUNCES Q3 & YEAR TO DATE 2024 GOLD PRODUCTION; REVISES 2024 GUIDANCE WITH Q4 EXPECTED TO BE THE STRONGEST PRODUCTION OF THE YEAR; VALENTINE REMAINS FULLY FUNDED AND ON TRACK FOR Q2, 2025 GOLD PRODUCTION

Calibre Mining Corp. has released operating results for the three months and nine months ended Sept. 30, 2024; updated its 2024 guidance; and provided an update on the Valentine gold mine, located in Newfoundland and Labrador, Canada. Calibre will host a conference call to discuss its Q3 operating results, revised full-year guidance and Valentine update on Oct. 18, 2024, at 10 a.m. ET. All figures are expressed in U.S. dollars unless otherwise stated.

Q3 and year-to-date 2024 production and preliminary cost results:

• Consolidated Q3 gold sales of 46,076 ounces (Nicaragua: 36,427 ounces; Nevada: 9,649 ounces):
  • Consolidated Q3 total cash cost (TCC) of $1,580 per ounce (Nicaragua: $1,615 per ounce; Nevada: $1,451 per ounce);
  • Consolidated Q3 all-in sustaining cost (AISC) of $1,946 per ounce (Nicaragua: $1,880 per ounce; Nevada: $1,813 per ounce);
• Consolidated year-to-date gold sales of 166,200 ounces (Nicaragua: 140,646 ounces; Nevada: 25,554 ounces):
  • Consolidated year-to-date TCC of $1,379 per ounce (Nicaragua: $1,364 per ounce; Nevada: $1,463 per ounce);
  • Consolidated year-to-date AISC of $1,656 per ounce (Nicaragua: $1,554 per ounce; Nevada: $1,734 per ounce);
  • In addition to the mine sequence changes at Limon Norte discussed in Q2, year-to-date Nicaragua production was impacted due to lower-than-budgeted ore deliveries from the new Volcan open pit; full-year production from Volcan is expected to be approximately 20,000 ounces below budget because of the higher-than-expected historical artisanal mining activity; however, ore tonnes and grade from Volcan now align with expectations as the deposit model has been confirmed by infill drilling; in Nevada, lower tonnes stacked impact metal production by approximately 5,000 ounces for the full year.

Full-year 2024 guidance revision:

• Consolidated 2024 production guidance revised to 230,000 to 240,000 ounces;
• Nicaragua's Q4 mine plans deliver significantly higher ore tonnes mined, with production expected to be 60,000 to 70,000 ounces; despite increasing ore haulage to Libertad by 30 per cent to 3,000 tonnes per day in Q4, the company forecasts an approximately 30,000-ounce increase in stockpiles by year-end, available for processing in 2025;
• Consistent with year-to-date performance, full-year spend is anticipated to be in line with budget, with lower ounces sold, resulting in higher TCC and AISC for 2024:
  • Consolidated TCC has been revised to $1,300 to $1,350 per ounce;
  • Consolidated AISC has been revised to $1,550 to $1,600 per ounce.

Valentine construction and capital cost update:

• Construction at Valentine surpasses 81-per-cent completion as of Sept. 30, 2024:
  • Tailings management facility is complete and ready to receive water;
  • CIL (carbon-in-leach) leaching area tank construction is nearing completion;
  • Reclaim tunnel and coarse ore stockpile construction is progressing;
  • Primary crusher installation is well advanced and overland conveyer construction has commenced;
  • Precommissioning is under way;
• Through Sept. 30, 2024, Calibre has incurred costs of $547-million; estimated initial project capital has increased and is now forecast to be approximately $744-million (Canadian), resulting in a remaining cost to complete of $197-million (Canadian), inclusive of approximately $20-million (Canadian) in contingency;
• With approximately $300-million (Canadian) in cash ($115.8-million) and restricted cash ($100-million) at Sept. 30, 2024, Valentine's initial project capital remains fully financed and the project remains on track to deliver first gold in Q2 2025;
• The majority of the increase in capital is attributable to underperformance versus plan from certain contractors, which has resulted in additional manpower, temporary camp accommodation and extended time for certain contractor activities; approximately 30 per cent of the increase is a result of an underestimation in construction materials and scope of site infrastructure; Calibre had time contingencies and therefore remains confident that first gold will be delivered during Q2 2025.

Darren Hall, president and chief executive officer of Calibre, stated: "Q3 production was lower than expected primarily due to higher-than-expected historical artisanal mining activity on the initial benches of the Volcan open pit and mine sequencing at Limon. Ore tonnes and grade from Volcan are now aligning with expectations and the deposit model has been confirmed by infill drilling.

"Consolidated Q4 production is expected to be 70,000 to 80,000 ounces, driven by Nicaragua's Q4 mine plans, which indicate significantly higher ore tonnes mined. It's important to note that, after increasing ore haulage to Libertad by 30 per cent over Q3 to 3,000 tonnes per day, we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.

"We are guiding to finish 2024 approximately 18 per cent below the midpoint of our original production guidance; the 30,000-ounce stockpile positions us well for a strong close to the year and a solid start to 2025. TCC and AISC guidance has been revised reflecting the revised production, with total spend for the year consistent with budget.

"Construction of the multimillion-ounce Valentine gold mine is progressing well, reaching 81-per-cent completion at the end of September. Cost pressures have emerged primarily due to contractor performance versus plan, which have resulted in increased manpower and associated costs. The performance issues have been addressed, and we are confidently tracking towards mechanical and electrical completion in early Q1 2025. With approximately $300-million (Canadian) in cash and $197-million (Canadian) cost to complete, the Valentine build remains fully funded and on track for first gold during Q2 2025, representing a significant milestone in Calibre's strategy to diversify and grow its production in Canada."

Q3 2024 production and Valentine gold mine update conference call

Date:  Friday, Oct. 18, 2024

Time:  10 a.m. ET

Instructions for obtaining conference call dial-in number:

1. All parties must register on-line to participate in Calibre's Q3 2024 production and Valentine gold mine update conference call.
2. Once registered, you will receive the dial-in numbers and PIN (personal identification number) for input at the time of the call.

The live webcast and registration link can be accessed on 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 on 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.

The company's unrestricted cash position at Sept. 30, 2024, was $115.8-million and $100-million in restricted cash remained in its debt proceeds account. Based on current forecasted production plans and the continuance of a strong gold price environment, the company should have sufficient liquidity to implement its near-term operational plans and complete the development of Valentine. The company will continue to monitor liquidity and commodity risks, capital markets, foreign exchange rates, continuing operational and financial performance, and progress of its capital projects, including Valentine. The company may take advantage of certain opportunities to manage its cost of capital, capital structure, liquidity, including cash flow variability during the remaining construction period and ramp-up to design capacity, and flexibility considering capital markets and economic conditions. Accordingly, the company may take additional measures to manage and/or increase liquidity and capital resources and/or make certain adjustments to its capital structure.

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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