Mr. Darren Hall reports

CALIBRE'S 2023 EXPLORATION DRILL PROGRAM ALONG THE PANTEON VTEM CORRIDOR YIELDS MULTIPLE NEW EXCITING HIGH-GRADE DISCOVERIES IN UNTAPPED REGIONS; ADDITIONAL DRILLING INTERSECTS 15.64 G/T GOLD OVER 2.5 METRES AND 31.30 G/T GOLD OVER 1.4 METRES

Calibre Mining Corp. has provided positive results from the 2023 expansion drilling at Panteon North and stepout drilling along the Panteon versatile time domain electromagnetic system gold corridor within the Limon mine complex. These new intercepts continue to demonstrate the potential of the multikilometre-long structure identified by the company's 2022 VTEM geophysical survey. Today's results are located along the west side of the VTEM corridor, proximal to and extending approximately two kilometres from the high-grade Panteon North project.

New drill intercept highlights along the Panteon VTEM geophysical gold corridor include:

• 15.64 grams per tonne Au over 2.5 metres estimated true width (ETW) in hole LIM-23-4765;
• 3.57 g/t Au over 13.4 metres ETW, including 7.09 g/t Au over 6.0 metres ETW, in hole LIM-23-4759;
• 19.67 g/t Au over 1.9 metres ETW and 6.87 g/t Au over 7.0 metres, including 19.80 g/t Au over 1.1 metres ETW, in hole LIM-23-4752;
• 21.62 g/t Au over 2.0 metres ETW, including 31.30 g/t Au 1.4 metres ETW, in hole LIM-23-4743;
• 20.89 g/t Au over 1.3 metres ETW in hole LIM-23-4745;
• 19.90 g/t Au over 1.2 metres ETW in hole LIM-23-4758;
• 8.50 g/t Au over 3.1 metres ETW, including 21.40 g/t Au over 1.2 metres ETW in hole LIM-23-4763;
• 24.40 g/t Au over 1.3 metres ETW in hole LIM-23-4738.

March 21, 2023, intercepts along the Panteon VTEM geophysical gold corridor and Panteon North:

• 17.45 g/t Au over 4.1 metres ETW, including 38.45 g/t Au over 1.8 metres ETW in hole LIM-22-4736;
• 29.68 g/t Au over 4.3 metres ETW in hole LIM-22-4724.

Darren Hall, president and chief executive officer of Calibre, stated: "Following a successful 2022 drill campaign, I am excited to report the first batch of 2023 high-grade drill results from the multikilometre VTEM gold corridor located within the Limon mine complex which further validate the expansion opportunity. At this stage we have only tested a small portion of the strike extent along the corridor, yet strong potential exists on both the west and east of the resistivity contact. Given our strong operating cash flow and ability to self-fund growth and exploration we have nine drill rigs active across our near mine and satellite targets in Nicaragua."

Tom Gallo, senior vice-president, growth of Calibre, stated: "I am pleased with the 2023 drill success along the VTEM gold corridor. Initial delineation of three main areas outside the known Panteon North reserve area should have a positive impact on our year-end mineral resource statement. Fieldwork has identified two areas of interest, located only three km north of Panteon, with notable trends of high-grade rock samples at surface. Drilling will commence in these locations in August."

Quality assurance/quality control

Calibre maintains a quality assurance/quality control (QA/QC) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for quality management systems International Organization for Standardization 9001:2008, environmental management: ISO 14001, and safety management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas's Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are reassayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via induction coupled plasma (ICP)

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 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.

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