Calibre Reports Record Quarterly Gold Production at Total Cash Costs of $1,060 and All-In Sustaining Costs of $1,199 per ounce

Vancouver, B.C. – May 3, 2022: Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/) announces financial and operating results for the three months ended March 31, 2022 (“Q1 2022”). Consolidated financial statements and management discussion and analysis for the three months ending March 31, 2022 can be found at www.sedar.com and the Company’s website, www.calibremining.com. All figures are expressed in U.S. dollars.

Q1 2022 HIGHLIGHTS

• Gold sales of 52,487 ounces grossing $99.6 million in revenue, at an average realized gold price¹ of $1,897/oz;
• Consolidated total cash costs (“TCC”)¹ and All-In Sustaining Costs (“AISC”)¹ of $1,060 and $1,199 per ounce, respectively;
  • Nicaragua: TCC $1,013 and AISC $1,108 per ounce respectively;
  • Nevada: TCC $1,268 and AISC $1,283 per ounce respectively;
• Successful completion of the acquisition of Fiore Gold on January 12, 2022 creating a diversified, Americas focused, growing, mid-tier gold producer;
• Smooth integration of the Nevada assets recognizing initial synergies and savings within the broader entity and stronger balance sheet despite the current inflationary environment;
• Cash of $77.3 million as at March 31, 2022, after $19.0 million of Fiore Gold acquisition cash components;
• Net income of $11.7 million; basic net income per share of $0.03;
• Adjusted net income of $16.4 million or $0.04 per basic share in Q1 2022²;
• Nicaragua Mineral Reserves increased to 1,013,000 ounces of gold, at a record grade of 4.62 g/t (see news release dated February 23, 2022);
• Nicaragua Indicated Mineral Resources increased to 1,806,000 ounces of gold (see news release dated February 23, 2022);
• Significant exploration developments include:
• Drill results from the Pan Mine in Nevada demonstrate resource expansion and higher-grade potential, including 1.02 g/t Au over 50.3 metres, 0.83 g/t Au over 34.0 metres, 0.58 g/t Au over 41.2 metres and 0.68 g/t Au over 24.4 metres (see news release dated March 8, 2022 and April 12, 2022);
• 170,000 metre drill program underway which includes resource delineation, infill, and geotechnical drilling as well as early-stage generative exploration drilling to test numerous satellite targets around Libertad, the Eastern Borosi Project and Nevada.
• Launched the multi-year sustainability strategy (see news release dated March 15, 2022).

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre had an excellent start to the year, responsibly delivering record gold production at a total cash cost of $1,060 per ounce and AISC of $1,199 per ounce positioning the Company well to deliver on full year guidance, despite the current inflationary environment.

During the quarter we continued making excellent progress advancing the higher-grade open pit mines at Pavon Central (reserve grade of 6.5 g/t Au) and Eastern Borosi (reserve grade of 6.8 g/t Au) which will fuel grade driven production growth in 2023 and 2024.

The integration of the Nevada assets solidifies our position as a fiscally responsible and growing mid-tier gold producer with the ability to self-fund exploration and organic growth from operating cash flow.”

CONSOLIDATED RESULTS SUMMARY – Q1 2022

Consolidated Results³