Mr. Darren Hall reports

CALIBRE REPORTS RECORD QUARTERLY REVENUE ON STRONG OPERATIONAL PERFORMANCE SETTING UP FOR A SUCCESSFUL 2023

Calibre Mining Corp. has released its financial and operating results for the three months ended March 31, 2023 (Q1 2023). Consolidated financial statements and management's discussion and analysis for the three months ending March 31, 2023, can be found on SEDAR and the company's website. All figures are expressed in U.S. dollars unless otherwise stated.

Q1 2023 highlights:

• Record gold sales of 65,770 ounces grossing $126.9-million in revenue at an average realized gold price of $1,891 per ounce (oz);
• Consolidated total cash costs (TCC) of $1,164 per oz -- Nicaragua, $1,131 per oz, and Nevada, $1,331 per oz;
• Consolidated all-in sustaining costs (AISC) of $1,302 per oz -- Nicaragua, $1,241 per oz, and Nevada, $1,363 per oz;
• Generated $26.7-million in cash flow from operations;
• Cash on hand of $60.8-million as at March 31, 2023;
• Net income of $16.4-million or four cents per share;
• Consolidated mineral reserves increased 370 per cent since acquisition in 2019 to 1,346,000 ounces gold (see news release dated Feb. 14, 2023);
• The ore transport team attained an average daily rate of 2,294 tonnes of ore per day to the Libertad mill from the Pavon Norte, Pavon Central and Limon mines, an 11-per-cent increase over the Q1 2022 average ore delivery rate;
• Delivered high-grade ore from Pavon Central mine ahead of schedule, averaging 1,000 tonnes per day at 7.39 grams per tonne (g/t) gold in February to the Libertad mill (see news 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, intersecting 17.45 g/t gold over 4.1 metres (see news release dated March 21, 2023);
• New discovery at the Pan mine in Nevada indicates the potential for resource expansion to the south (see news release dated Jan. 17, 2023);
• Phase 1 and 2 drill results from the Golden Eagle project in Washington confirm consistent gold mineralization over broad widths, reinforcing the potential of this two-million-ounce mineral resource; metallurgical testing to explore for future gold extraction potential and recovery methods has commenced (see news releases dated Jan. 24, 2023, and April 12, 2023);
• Commenced mining from the Guapinol open pit at Eastern Borosi in April, using surplus capacity at the Libertad mill for processing (see news release dated April 18, 2023).

Darren Hall, president and chief executive officer of Calibre, stated: "Calibre had an excellent start to the year, responsibly delivering record gold production of 65,750 ounces. During the quarter, we continued to solidify our position as a growing mid-tier gold producer, expanding our hub-and-spoke operating strategy to include the new high-grade open-pit mine at Pavon Central. During Q2, we began mining at our new Eastern Borosi open pit and expect initial deliveries to Libertad in Q2. Cash generation is expected to accelerate during the second half of the year with grade-driven increased production achieving consolidated production guidance of 250,000 to 275,000 ounces and significantly increasing our cash position by year-end."

Operating results

Gold production in Nicaragua increased 28 per cent in Q1 2023, versus Q1 2022, driven by higher tonnes milled; the company expects grades to increase through 2023 as high-grade ore sources come on line.

Consolidated Q1 2023 financial review

Total cash costs and AISC for Q1 2023 were $1,164 per ounce and $1,302 per ounce, respectively, in line with expectations for the period. The higher production cost quarter over quarter was due to additional tonnes moved, milled and transported through the hub-and-spoke network.

Expenses and net income

For the three months ended March 31, 2023, corporate general and administrative expenses (G&A) were $2.7-million, compared with $3.1-million for the same period in 2022. Corporate administration was slightly lower than the comparable 2022 period due to less costs associated with salaries and professional fees.

Share-based compensation for Q1 2023 was $1.7-million. The increase in expenses over the prior-year quarter relates to the revaluation of cash settled restricted share units (RSUs) and performance share units (PSUs).

Total finance expense for Q1 2023 was $1.0-million, compared with $500,000 in the same period in 2022.

Current and deferred income tax expense was $10.0-million during Q1 2023, compared with the same period of 2022 of $8.2-million. Q1 2023 saw an increase in current and deferred tax expenses when compared with Q1 2022, from higher pretax income, partially offset by a lower overall tax rate.

As a result of the above, net income per share in Q1 2023 was four cents for both basic and diluted.

Since acquiring the Nicaraguan assets from B2Gold in October, 2019, and Fiore Gold in 2022, the company has consistently reinvested into the business with demonstrated results of strong production, reserve growth, discovery of new deposits and identification of new targets, positioning Calibre to unlock additional mill feed sources and grow production both in Nicaragua and Nevada. Calibre continues to invest in new mine development, including Pavon Central and Eastern Borosi, and a discovery and resource expansion 100,000-metre drilling program under way in Nevada and Nicaragua.

Calibre's 2023 production guidance reflects grade-driven production growth of approximately 20 per cent over 2022, yet 2023 total cash cost and all-in sustaining costs per ounce are anticipated to be in line or better than 2022 actuals. Calibre's 2023 growth capital and exploration capital are budgeted to be 30 per cent and 40 per cent less, respectively, than 2022, setting the company up for a strong free cash flow year.

Growth and sustaining capital are anticipated to be higher throughout the first half of the year to unlock value at the new high-grade Pavon Central and Eastern Borosi open-pit mines. Growth also includes underground development, Limon Norte and Tigra waste stripping, and land acquisition.

Q1 2023 financial results conference call details

First quarter financial results will be released after the 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

A webcast will be available.

Instructions for obtaining conference call dial-in numbers

All parties must register on-line to participate in Calibre's Q1 2023 conference call.

Once registered, you will receive the dial-in numbers and 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.

Qualified person

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

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 Nevada and Washington, 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.