Mr. Darren Hall reports

CALIBRE CONTINUES TO INTERCEPT BONANZA GRADE DRILL RESULTS ALONG THE MULTI-KILOMETRE PANTEON VTEM GOLD CORRIDOR AT THE LIMON MINE COMPLEX; DRILLING INTERSECTS INCLUDE 111.92 G/T GOLD OVER 4.1 METRES AND 33.60 G/T GOLD OVER 2.6 METRES

Calibre Mining Corp. has released additional exciting results from its 2023 exploration and delineation drilling program at the Panteon VTEM (versatile time domain electromagnetics) gold corridor at the Limon mine complex. Previous results led to the discovery of the Panteon North deposit, which yielded over 240,000 ounces of proven and probable mineral reserves (944,000 tonnes at 9.4 grams per tonne (g/t) gold (Au)). The continued high-grade success within the Limon complex continues to confirm the potential for resource expansion in the region.

Drill intercept highlights along the Panteon VTEM geophysical gold corridor include:

• 111.92 g/t Au over 4.1 metres ETW (estimated true width) in hole LIM-23-4866;
• 15.63 g/t Au over 5.7 metres ETW, including 33.60 g/t Au over 2.6 metres ETW in hole LIM-23-4869;
• 36.07 g/t Au over 2.2 metres ETW in hole LIM-23-4799;
• 9.38 g/t Au over 9.9 metres ETW, including 19.32 g/t Au over 4.5 metres ETW in hole LIM-23-4817;
• 9.92 g/t Au over 9.6 metres ETW, including 19.15 g/t Au over 3.9 metres ETW in hole LIM-23-4843;
• 3.30 g/t Au over 11.2 metres ETW, including 5.35 g/t Au over 3.3 metres ETW in hole LIM-23-4794;
• 6.12 g/t Au over 5.8 metres ETW in hole LIM-23-4862;
• 6.23 g/t Au over 5.1 metres ETW, including 10.05 g/t Au over 2.4 metres ETW in hole LIM-23-4850;
• 4.32 g/t Au over 6.5 metres ETW, including 13.71 g/t Au over 1.8 metres ETW in hole LIM-23-4853;
• Four g/t Au over 12 metres ETW, including 24.54 g/t Au over 1.7 metres ETW in hole LIM-23-4855;
• 7.19 g/t Au over 1.9 metres ETW, including 14.90 g/t Au over 0.9 metre ETW in hole LIM-23-4865.

Note: Estimated true widths for reported vein intercepts are based on 3-D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage-based differences between individual ETWs and downhole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.

Darren Hall, president and chief executive officer of Calibre, stated: "I am very pleased to see continued drilling success along the multikilometre VTEM gold corridor at Limon. The latest results are impressive and show a combination of new high grades and broad widths which should prove beneficial for future production, providing further opportunity to leverage the surplus processing capacity at our Libertad mill. The Limon district continues to demonstrate its significant value, reinforcing our confidence that resource conversion and high-grade additions will be possible with these results."

Tom Gallo, senior vice-president of strategy and growth for Calibre, stated: "The team is stepping out along this gold corridor with a focus between these latest drill holes and Panteon North, an area of approximately 750 m of strike. Additionally, large stepout drill programs north and east, toward the historic Santa Pancha project, are under way. To date, we have drilled 250 m below surface and mineralization remains open at depth. As such, we are testing holes to a depth of up to 450 m to fully realize the untapped potential of this region. Limon is a priority during our 2024 drill program, with approximately 50,000 m of drilling planned in and around the complex."

Quality assurance/quality control (QA/QC)

Calibre maintains a quality assurance/quality control 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, ISO 9001:2008, environmental management, ISO14001, 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 (atomic absorption) 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 is a Canadian-listed, Americas-focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland and Labrador in Canada, 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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