Mr. Darren Hall reports

CALIBRE CONTINUES TO DELIVER STRONG FREE CASH FLOW; CASH POSITION INCREASED 26% TO US$97 MILLION FROM A RECORD QUARTER, PRODUCING 73,537 OUNCES OF GOLD

Calibre Mining Corp. has released operating results for the three and nine months ended Sept. 30, 2023 (all amounts are expressed in U.S. dollars).

Q3 and year-to-date (YTD) 2023 highlights:

• Q3 cash increased to $97-million, a 26-per-cent increase over Q2 2023 and 72 per cent since the start of 2023;
• Fourth consecutive record consolidated quarterly gold production, 73,485 ounces;
• • 50-per-cent increase in gold production compared with Q3 2022 (49,081 ounces);
  • Nicaragua gold production of 63,756 ounces and Nevada gold production of 9,729 ounces;
• Record consolidated YTD gold production of 208,011 ounces;
• • 30-per-cent increase in gold production compared with YTD 2022 (160,704 ounces);
  • Remains well on track to deliver full-year guidance of 250,000 to 275,000 ounces;
• Exploration success at Libertad yielded an initial mineral resource estimate at the Volcan gold deposit and identified additional gold trends proximal to the mill, providing further opportunity to leverage the available surplus processing capacity;
• Continued to expand zones of high-grade gold mineralization within the Limon mine complex, at Atravesada and along the VTEM (versatile time-domain electromagnetic) corridor, demonstrating the expansion and discovery potential across the property;
• Potential to increase resources, grade and confidence around the Pan mine was reaffirmed with high-grade, near-surface drill results immediately south and north of the operating mine.

Darren Hall, president and chief executive officer of Calibre, stated: "During the quarter Calibre increased cash, after exploration and growth investments, to $97-million from gold production of 73,485 ounces, the company's fourth consecutive record quarter. The company is in an excellent position to deliver the high end of full-year production guidance of 250,000 to 275,000 ounces while continuing to generate strong free cash flow.

"Oct. 15 marks the fourth anniversary of our Nicaragua operating complex acquisition which transformed the company to a growth-focused gold producer. Four years on we have built a strong foundation, consistently delivering on our commitments while self-funding investments and growth, including:

• "Joined the World Gold Council, committing to their responsible gold mining principles, and integrated sustainability into all aspects and phases of our operations;
• "Permitted and developed five new mines, each self-funded through cash flow;
• "Increased annual gold production 93 per cent to 250,000 to 275,000 ounces (2020: 136,000 ounces);
• "Grown reserves 370 per cent, net of production depletion;
• "Increased cash from $4-million to $97-million.

"I am excited about the future. Calibre presents a compelling investment opportunity with its consistent delivery of strong free cash flow, ongoing reinvestment in exploration and growth, and commitment to conducting operations in a responsible, sustainable and transparent manner."

Q3 and YTD 2023 financial results and conference call details

Third quarter and YTD financial results will be released after market close on Tuesday, Nov. 7, 2023, and management will be hosting a conference call on Wednesday, Nov. 8, to discuss the results and outlook.

Date: Wednesday, Nov. 8, 2023

Time: 10 a.m. (ET)

Instructions for obtaining conference call dial-in numbers:

1. All parties must register to participate in the Calibre Mining Q3 conference call.
2. Register on-line and complete the on-line registration form.
3. 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 Calibre Mining'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 Calibre Mining'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

Mr. 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.

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