Mr. Darren Hall reports

CALIBRE REPORTS ROBUST Q2 FREE CASH FLOW: A THIRD CONSECUTIVE RECORD GOLD PRODUCTION QUARTER, A 133% INCREASE IN EARNINGS PER SHARE, AND 32% INCREASE IN CASH ON HAND

Calibre Mining Corp. has released its financial and operating results for the three (Q2 2023) and six months (year to date 2023) ended June 30, 2023. Consolidated financial statements, and management discussion and analysis can be found on SEDAR+ and the company's website. All figures are expressed in U.S. dollars.

Q2 2023 Highlights

• Record gold sales of 69,009 ounces with $139.3 million total revenue, at an average realized gold price1 of $1,974/oz;
• Consolidated Total Cash Costs ("TCC")1 of $977, and All-In Sustaining Costs ("AISC")1 of $1,178 per ounce;
• Record adjusted net income2 of $33.6 million; $0.07 per basic share, a 133% increase over Q2 2022;
• Free cash flow of $15.9 million reflecting strong operating results3;
• Cash on hand of $77.0 million, a 32% increase over Q1 2023;
• Delivered a fourth new open pit mine with ore deliveries from the Eastern Borosi mine to the Libertad mill;
• Initial drilling yielded high-grade results from the past producing Talavera deposit within the Limon Mine Complex, reaffirming the Company's overall resource expansion and discovery potential;
• Positive Higher-grade Near Surface Drilling at the Pan Gold Mine, Nevada; and
• 2022 Sustainability Report illustrates a focused commitment to responsible mining business practices.

Year-to-Date ("YTD") 2023 Highlights

• Record consolidated gold sales of 134,779 ounces grossing $266.2 million in total revenue, at an average realized gold price1 of $1,933/oz;
• Consolidated TCC1 of $1,068/oz; Nicaragua $1,009/oz & Nevada $1,386/oz;
• Consolidated AISC1 of $1,239/oz; Nicaragua $1,156/oz & Nevada $1,427/oz;
• Adjusted net income2 of $49.8 million, or $0.11 per share; and
• Consolidated Mineral Reserves have increased 370% since acquisition in 2019, to 1,346,000 ounces gold.

Darren Hall, President and Chief Executive Officer of Calibre, stated: "I am pleased to announce another exceptional quarter in which we delivered a third consecutive production record resulting in our strongest quarterly net income to date. Our consolidated Total Cash Cost and All-in Sustaining Costs being lower than budget position the Company to deliver full year production and cost guidance and generate strong free cash flow. As we continue to strengthen our balance sheet, we remain fiscally responsible by self-funding all exploration and organic growth from operating cash flow while increasing our cash position.

Calibre continues to present a compelling investment opportunity with a diversified asset base within the Americas, high-grade, high margin gold production, extensive growth and expansion prospects and strong cash generation. During the quarter our investment into exploration continued to yield fruitful returns. In Nevada, new shallow, high grade gold mineralization has been identified in proximity to the south pit which is expected to positively impact grades as early as next year. In Nicaragua, we continue to intersect high-grade mineralization along the VTEM Gold Corridor at Limon with continued anticipated conversion to year end Resources and Reserves.

We remain focused on sustainable mining practices and responsible resource management which has contributed to our success thus far and we will continue to prioritize environmental stewardship and community engagement."

Gold production in Nicaragua increased 20% in Q2 2023 vs Q2 2022 driven by higher tonnes mined and milled.

CONSOLIDATED Q2 and YTD 2023 FINANCIAL REVIEW

TCC( 1) and AISC(1) for Q2 2023 were $977 per ounce and $1,178 per ounce respectively, placing the Company in a strong position to deliver full year cost guidance. The lower quarter over quarter cash costs per ounce were achieved through an increase in open pit ore tonnes, underground mining optimization improvements with associated increases in tonnes mined and higher head grades, and a reduction in diesel prices. The on-going mining improvements have resulted in an increase of ore stockpiles and in-circuit inventories. TCC( 1) and AISC(1) for YTD 2023 were $1,068 per ounce and $1,239 per ounce, respectively, as compared to $1,121 and $1,244 per ounce in the comparable 2022 period. The YTD 2023 amounts are within guidance.

Expenses and Net Income

For the three and six months ended June 30, 2023, corporate G&A was $2.7 million and $5.4 million compared to $3.2 million and $6.3 million for the same periods in 2022. Corporate administration was lower due to a reduced use of consultants.

Share based compensation for Q2 2023 and YTD 2023 was $0.1 million and $1.7 million. The increase in expense over the prior year relates to the vesting of options and RSUs granted in prior years, higher share price, and associated revaluation of cash settled RSUs and PSUs.

Total finance expense for Q2 2023 and YTD 2023 was $1.0 million and $1.9 million, respectively, compared to $0.5 million and $1.0 million from the same periods in 2022.

Current and deferred income tax expense was $16.2 million during Q2 2023 and $26.2 million YTD, compared to the same periods in 2022 of $10.5 million and $18.6 million. Q2 2023 saw an increase in current and deferred tax expense when compared to Q2 2022, from higher pre-tax income partially offset by a lower overall tax rate.

As a result of the above, net income per share in Q2 2023 was $0.07 for both basic and diluted.

The Company achieved record performance in Q2 on multiple fronts. Operationally, Calibre produced 68,776 ounces, at costs below budget placing the Company in a strong position to meet its full year production and cost guidance. Given current gold prices, Calibre is poised to generate strong free cash flow and continue to grow cash after investments in growth, development, and exploration.

Calibre continues to invest in its exploration programs, advancing a 100,000+ metre drilling program which includes resource delineation, infill, and geotechnical drilling, as well as discovery drilling to test numerous satellite targets around Limon, Libertad, Eastern Borosi and Nevada.

Q2 and YTD 2023 FINANCIAL RESULTS CONFERENCE CALL DETAILS

Second quarter and YTD 2023 financial results will be released after market close on Wednesday, August 9, 2023, and management will be hosting a conference call on Thursday, August 10 to discuss the results and outlook in more detail.

Date:  Thursday, August 10, 2023

Time:  10:00 a.m. (EDT)

Instructions for obtaining conference call dial-in numbers:

All parties must register at the link below to participate in the Calibre Mining, Q2 conference call.

Register by completing the online registration form.

Once registered you will receive the dial-in numbers and PIN 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 made available for replay 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 Mining Corp. is a "qualified person" as set out under NI 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 in the USA, 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, no debt, 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.