Mr. Darren Hall reports

CALIBRE REPORTS STRONG THIRD QUARTER FINANCIAL RESULTS: INCREASING FREE CASH FLOW FROM A FOURTH CONSECUTIVE QUARTER OF RECORD GOLD PRODUCTION AT 73,485 OUNCES, RESULTING IN A RECORD YEAR TO DATE EARNINGS OF US$0.16 PER SHARE

Calibre Mining Corp. has released financial and operating results for the three and nine months ended Sept. 30, 2023. Consolidated financial statements and management's discussion and analysis can be found at SEDAR+ and the company's website. All figures are expressed in U.S. dollars.

Third quarter 2023 highlights:

• Record cash on hand of $97-million, a 26-per-cent increase over second quarter 2023 and 72 per cent higher than the beginning of 2023;
• Free cash flow increased over Q2 2023 to $16.3-million;
• Fourth consecutive record quarterly gold sales of 73,241 ounces grossing $143.9-million total revenue, at an average realized gold price of $1,929 per ounce;
• Consolidated total cash costs of $1,007 and all-in sustaining costs of $1,115 per ounce;
• Net income of $23.4-million or five cents per basic share;
• Adjusted net income of $24.5-million or five cents per basic share;
• Exploration success at Libertad yielded an initial mineral resource estimate at the Volcan gold deposit;
• Intercepted high-grade gold targets at the Jabali mine, potentially expanding resources;
• Continued to expand zones of high-grade gold mineralization at Atravesada and along the VTEM gold corridor, both within the Limon mine complex;
• High-grade, near-surface drill results immediately north and south of the operating Pan mine demonstrate potential to increase resources, grade and confidence across the property;
• Announced normal course issuer bid as a responsible and potential use of available cash.

Year-to-date 2023 highlights:

• Record consolidated gold sales of 208,020 ounces grossing $410.1-million in total revenue, at an average realized gold price of $1,932 per ounce;
• Consolidated TCC of $1,047 per oz; Nicaragua $983 per oz and Nevada $1,412 per oz;
• Consolidated AISC of $1,195 per oz; Nicaragua $1,101 per oz and Nevada $1,456 per oz;
• Net income of $73.0-million, or 16 cents per share.

Darren Hall, president and chief executive officer of Calibre, stated: "Calibre generated strong free cash flow from a fourth consecutive quarter of record production, resulting in a 72-per-cent increase in cash on hand to $97-million since the beginning of the year. Year-to-date costs are favourable to budget, and the company is in excellent shape to deliver at the high end of full-year production guidance.

"Our exploration investment continues to yield success in many areas, including: a new gold trend emerging northwest of our recently announced Volcan gold deposit at Libertad, demonstrating high-grade discovery potential; drill results proximal to the operating Pan mine continue to yield potential resource and grade increase opportunities; and the expansion of existing high-grade gold discoveries across our Limon property provide further opportunity to leverage the available surplus processing capacity at our Libertad mill.

"The company continues to self fund all exploration and growth from operating cash flow while increasing our cash reserves. We remain dedicated to providing lasting and responsible benefits to all stakeholders. Our ongoing incorporation of sustainability initiatives throughout our operations further solidifies our strong social licence to operate."

For the fourth consecutive quarter, the company achieved record gold production of 73,485 ounces with year-to-date production of 208,011 ounces at costs below budget. This puts the company in a strong position to deliver the high end of its full-year 2023 production guidance. Given the current gold prices, Calibre is generating strong cash flow, self-financing all investments in growth, development and exploration while significantly increasing its net cash balance.

Calibre continues to advance its 100,000-plus-metre drill program, which includes resource delineation drilling, and infill and geotechnical drilling, as well as early-stage generative exploration drilling to test numerous satellite targets around Limon, around Libertad, around the Eastern Borosi mine and within Nevada.

Q3 and YTD 2023 financial results and conference call details

Third quarter 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 in more detail.

Date:  Wednesday, Nov. 8, 2022

Time:  10 a.m. ET

A webcast will be available.

Instructions for obtaining conference call dial-in numbers:

1. All parties must register to participate in the Calibre Q3 conference call.
2. Register and complete the on-line registration form.
3. Once registered, you will receive the dial-in numbers and PIN for input at the time of the call.

The live webcast and registration link will be available under the events and media section under the investors tab of the company's website. The live audio webcast will be archived and made available for replay at the Calibre 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, America-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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