Mr. Darren Hall reports

CALIBRE DELIVERS RECORD Q1 GOLD PRODUCTION OF 65,750 OUNCES; PAVON CENTRAL DELIVERS HIGH-GRADE MILL FEED AHEAD OF SCHEDULE

Calibre Mining Corp. has provided its operating results for the three months ended March 31, 2023 (all financial amounts are expressed in U.S. dollars).

Q1 2023 highlights

• Consolidated quarterly gold production of 65,750 ounces and gold sales of 65,770 ounces:
  • 27-per-cent increase in gold production compared with Q1 2022 (51,898 ounces);
  • Nicaragua gold production of 54,997 ounces and Nevada gold production of 10,753 ounces.
• Consolidated 2022 mineral reserves increased 370 per cent, since acquisition in 2019, to 1,346,000 ounces gold (see press release dated Feb. 14, 2023):
  • Nicaragua mineral reserve grade increased 16 per cent, 1,082,000 ounces at a grade of 5.37 grams per tonne gold;
  • Nevada mineral reserves increased 23 per cent to 264,000 ounces at a grade of 0.37 g/t gold.
• Consolidated 2022 M&I (measured and indicated) mineral resources increased to 4,603,000 ounces gold (see press release dated Feb. 14, 2023);
• High-grade mining commenced ahead of schedule at Pavon Central open pit averaging a delivery rate 1,000 tonnes per day to the Libertad mill (see press release dated March 15, 2023).
• Continued expansion of the high-grade gold discovery at Panteon North and along the VTEM (versatile time domain electromagnetic) gold corridor within the Limon complex (see press release dated March 21, 2023):
  • 17.45 g/t Au over 4.1-metre estimated true width (ETW) including 38.45 g/t Au over 1.8 metres ETW;
  • 29.68 g/t Au over 4.3-metre ETW;
  • The Panteon North maiden reserve estimate added 244,000 ounces at 9.4 g/t gold to the company's 2022 mineral reserve statement (see press release dated Feb. 14, 2023).
• New Coyote discovery at the Pan mine in Nevada indicates the potential for resource expansion to the south (see press release dated Jan. 17, 2023):
  • 1.36 g/t Au over 13.7 metres including 2.78 g/t Au over 4.6 metres.
• Phase 1 drill results from the Golden Eagle project, located in Washington State, confirm a robust mineral system with consistent gold grades over broad widths (see press release dated Jan. 24, 2023):
  • 4.30 g/t Au over 92.42 metres including 7.80 g/t Au over 17.3 metres and 2.90 g/t Au over 195.1 metres.

Darren Hall, president and chief executive officer of Calibre, stated: "I am very pleased with the teams' first quarter performance, delivering a record 65,750 ounces. Being above budget at the end of the quarter, with Pavon Central ahead of schedule and Eastern Borosi on track for production in Q2, we are well positioned to deliver our full-year production guidance of 250,000 to 275,000 ounces.

"With numerous drill rigs turning across our entire asset portfolio, our exploration investment continues to yield exciting results as we expand the high-grade gold discovery at Panteon North and the VTEM gold corridor and make new discoveries at Pan where drilling indicates the strong potential for resource expansion.

"Two thousand twenty-three will be a transformational year, driven by an organic 20-per-cent increase in production, strong free cash flow and significant exploration to expand recent high-grade gold discoveries not included in our multiyear, grade driven production increase strategy."

Q1 2023 financial results and conference call details

First quarter financial results will be released after market close on Monday, May 8, 2023, and management will be hosting a conference call on Tuesday, May 9, to discuss the results and outlook in more detail.

Date:  Tuesday, May 9, 2023

Time:  10 a.m. ET

Webcast link:  available on-line

Instructions for obtaining conference call dial-in numbers:

1. All parties must register on-line to participate in Calibre's Q1 2023 conference call.
2. Register by going on-line and completing the registration form.
3. Once registered you will receive the dial-in and PIN number for input at the time of the call.

The live webcast and registration link can be accessed at 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

Darren Hall, MAusIMM, president and chief executive officer of Calibre Mining, is a qualified person as set out under National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed, Americas-focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across 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.

We seek Safe Harbor.