Mr. Darren Hall reports

CALIBRE REPORTS PHASE TWO DRILL RESULTS AT ITS GOLDEN EAGLE PROJECT AND COMMENCES DETAILED METALLURGICAL STUDIES; RESULTS INCLUDE 2.98 G/T GOLD OVER 87.17 METRES AND 3.70 G/T GOLD OVER 48.55 METRES

Calibre Mining Corp. has released additional drill results from the phase 2 diamond drill program at its 100-per-cent-owned Golden Eagle project, United States. Drill results from the three holes across the property confirm additional broad intervals of gold mineralization consistent with the previously reported phase 1 drill results. The company has commenced work on a detailed and modern metallurgical program, which will explore for future gold extraction potential and recovery methods and build upon previous metallurgical work. Studies are under way, and results are expected in the second half of 2023.

New phase 2 drill results from the Golden Eagle program include:

• 2.98 grams per tonne gold over 87.17 metres in hole GEC22-002;
• 2.27 g/t Au over 47.55 metres, 3.70 g/t Au over 48.55 metres and 3.29 g/t Au over 26.82 metres in hole GEC22-004;
• 3.36 g/t Au over 37.80 metres in hole GEC22-005.

Phase 1 drill results (see news release dated Jan. 24, 2023):

• 4.30 g/t Au over 92.42 metres, including 7.80 g/t Au over 17.3 metres, in hole GEC22-001;
• 2.90 g/t Au over 195.1 metres in hole GEC22-003;
• 2.38 g/t Au over 114.3 metres, 2.66 g/t Au over 19.8 metres and 2.65 g/t Au over 25.7 metres in hole GEC22-006.

Darren Hall, president and chief executive officer of Calibre, stated: "Today's drill results from Golden Eagle confirm consistent gold mineralization over broad widths, reinforcing the potential of this two-million-ounce mineral resource. Given the exceptional results from all drill holes, we have commenced a comprehensive metallurgical program, which will assist in advancing additional technical studies. Golden Eagle is a key U.S. asset and a meaningful contributor to the company's overall mineral resource, and, as such, we are excited to unlock additional upside from the project."

Quality assurance/quality control

Calibre Mining maintains a quality assurance/quality control program for all its exploration projects, using industry-best practices. Key elements of the quality assurance/quality control program include the insertion of assay standards, blanks and duplicates in the sample stream to ensure the assay laboratory results are within specified performance levels. Down-hole deviation, utilizing a surface recording gyroscope, and trained drill crews operating a north-seeking gyroscope supplied by International Directional Services. HQ core drilling was performed by Alford Drilling from Elko, Nev. Assays were performed by ALS in Reno, where fire assays were determined on a 30-gram charge with an AAS finish. ALS carries ISO/IEC 17025:2017 certification.

Qualified person

The scientific and technical information contained in this news release was approved by David Schonfeldt, PGeo, Calibre Mining's corporate chief geologist, a qualified person under National Instrument 43-101.

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, 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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