Mr. Darren Hall reports

CALIBRE'S ORE CONTROL DRILLING INTERSECTS HIGH-GRADE GOLD OUTSIDE OF REPORTED MINERAL RESERVES ADDING ADDITIONAL TONNES AT THE VALENTINE GOLD MINE, CANADA; RESULTS OUTSIDE MINERAL RESERVES INCLUDE 46.53 G/T GOLD OVER 5.3 METRES AND 17.16 G/T GOLD

Calibre Mining Corp. has released ore control reverse circulation (RC) drill results from its Leprechaun open pit (2022 mineral reserves of 15.1 million tonnes grading 1.73 grams per tonne gold containing 840,000 ounces), one of the three open pits in the Valentine gold mine (VGM) in Newfoundland and Labrador, Canada. The Valentine 14-year life-of-mine plan, including the Leprechaun, Berry and Marathon open pits, hosts mineral reserves (2022) of 51.6 Mt grading 1.62 g/t gold containing 2.7 million oz. At Leprechaun, the company completed 486 ore control RC drill holes totalling 9,168 metres, with the majority of the holes drilled on a nine-metre-by-nine-metre grid spacing. Drilling identified previously unrecognized high-grade gold mineralization outside of mineral reserves, which will lead to additional ore tonnes in the drilled area compared with the 2022 Valentine feasibility study.

Highlights from the initial Leprechaun RC ore control drill program include:

• Initial ore control block model shows an increase of 15 per cent ore tonnes and an increase of 12 per cent ounces versus the 2022 mineral reserve;
• Additional in-pit gold mineralization discovered adding ore tonnes originally classified as inferred resources;
• Discovery of high-grade gold mineralization trending southwest toward the Frank zone indicating strong resource expansion potential. Drill results include:
  • 46.53 g/t Au over 5.3 metres in hole LP-RC-23-235;
  • 17.16 g/t Au over seven metres in hole LP-RC-23-204;
  • 5.53 g/t Au over 14.4 metres in hole LP-RC-23-201;
  • 4.76 g/t Au over 14 metres in hole LP-RC-23-273;
  • 2.27 g/t Au over 21.1 metres in hole LP-RC-23-160;
  • 8.82 g/t Au over four metres in hole LP-RC-23-275.

Darren Hall, president and chief executive officer of Calibre, stated: "The closely spaced ore control drilling within these initial benches of the Leprechaun open pit substantiates the Leprechaun mineral reserve, further derisking the project as we advance toward first gold production in H1 2025. The ore control drilling has also confirmed in-pit gold mineralization previously modelled as inferred mineral resources, adding ore tonnes which were not considered in the 2022 Valentine feasibility study. These results focus on the Leprechaun open pit, but drilling and comparative analysis is ongoing at the Marathon open pit and initial results are encouraging.

"Additionally, high-grade gold mineralization was discovered on the southwest edge of the Leprechaun pit, highlighting strong resource expansion potential along the Valentine Lake shear zone (VLSZ) toward the new Frank zone discovery, announced last week. I am excited about this opportunity, especially considering the limited past exploration between these two discoveries. The gold mineralization along the VLSZ is trending southwest, and Frank is situated approximately one kilometre away from the recent high-grade gold drill results at Leprechaun. Due to the significance of this high-priority target we will commence a diamond drill program at the southwest Leprechaun target later this month.

"I am pleased to report another notable accomplishment as we advance construction of the Valentine gold mine. Over the past week, NL Hydro has successfully connected and delivered power to the site substation."

The attached table demonstrates a strong correlation between the ore control block model, supported by the closer-spaced nine-metre-by-nine-metre drilling, and the mineral reserve model from the 2022 feasibility study. The comparison was carried out on 2.2 million tonnes of material that extends from the current topography to bench 362 in the southwest and bench 374 in the northeast, using two-metre-by-two-metre-by-six-metre block sizes. For the 2022 mineral reserve block model, blocks flagged as proven and probable are reported. For the ore control block model, dig lines were manually digitized on each bench to delineate ore versus waste, respecting a minimum mining width of six metres and minimum grade of 0.38 g/t Au. Tonnage and grade within each dig line representing ore were reported at a zero-grade cut-off, thus capturing internal dilution. The RC ore control drilling is a component of the company's standard mining approach. This release focuses on the Leprechaun pit, but drilling and comparative analysis are continuing at the Marathon pit, initial results are encouraging.

Mineral resource expansion potential southwest of Leprechaun pit

As part of the ore control program, in-pit exploration RC drilling was carried out testing the limits of the known mineral resource model. As noted in the highlights, several southwest holes intersected high-grade gold mineralization inside the ultimate pit design but outside the reported Leprechaun mineral reserves. This mineralization is trending southwest along the VLSZ toward the Frank zone (see "Calibre Reports Positive Drill Results," Feb. 6, 2024, news release). The area between the Frank zone and the southwest end of the Leprechaun deposit is a highly prospective section of the VLSZ, which has had almost no previous exploration. Approximately one kilometre from Frank, this new Leprechaun southwest zone contains all the same geological characteristics as the larger deposits on the property, suggesting potential for the main zone of the Leprechaun deposit to continue one kilometre farther southwest toward the Frank zone. As a result of this discovery, Calibre is commencing a drill program this month to follow up on this high-priority target.

Quality assurance/quality control

QA/QC protocols followed at the Valentine gold project for the RC ore control drilling include the insertion of blanks and standards at regular intervals in each sample batch. RC drill hole cuttings are cone split at the rig to nominally 2.5-kilogram samples, shipped to the SGS facility in Grand Falls-Windsor for preparation, split to one kg and then shipped to SGS Burnaby, B.C., for gold analysis by the Leachwell method. Selected mineralized intervals are reported as hole length which is equivalent to vertical thickness.

Qualified person

The scientific and technical information contained in this news release was approved by David Ross, PGeo (Newfoundland and Labrador), Calibre Mining's vice-president, geology and exploration for Canada, 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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