Mr. Darren Hall reports

CALIBRE CONTINUES TO INTERSECT SHALLOW OPEN PIT MINEABLE GRADES AND WIDTHS AT THE VOLCAN GOLD DEPOSIT, LOCATED APPROXIMATELY 5 KILOMETRES FROM THE LIBERTAD MILL; DRILLING INTERSECTS INCLUDE 15.01 G/T GOLD OVER 2.6 METRES AND 6.37 G/T GOLD OVER 3.3

Calibre Mining Corp. has released drill results from its 2023 exploration and infill drill program at the Volcan gold deposit, located approximately five kilometres south of the Libertad mill. Previous results led to the declaration of an initial open pit mineral resource estimate in September of 2023. These new results support advancing toward a mining decision in mid-2024 with permitting continuing.

Highlights from 2023 Volcan drilling include:

• 2.05 g/t Au over 5.9 metres estimated true width (ETW) including 3.48 g/t Au over 1.6 metres ETW in hole VN-23-170;

• 1.87 g/t Au over 12.7 metres ETW including 3.21 g/t Au over 3.6 metres ETW in hole NV-23-182;

• 3.13 g/t Au over 15.0 metres ETW including 6.33 g/t Au over 1.9 metres ETW and including 6.51 g/t Au over 2.7 metres ETW in hole VN-23-163;

• 4.01 g/t Au over 4.8 metres ETW including 6.74 g/t Au over 1.6 metres ETW in hole VN-23-175;

• 15.01 g/t Au over 2.6 metres ETW including 22.90 g/t Au over 1.4 metres ETW in hole VN-23-171;

• 2.51 g/t Au over 9.3 metres ETW including 6.84 g/t Au over 2.5 metres ETW in hole VN-23-179; and

• 6.37 g/t Au over 3.3 metres ETW including 11.87 g/t Au over 1.7 metres ETW in hole VN-23-187.

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 down-hole 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: "These drill results at Volcan are encouraging as we aim to expand and confirm the initial open pit mineral resource at Volcan. With Volcan having an initial open pit resource averaging 2.0 g/t Au, the 2023 exploration and infill drilling confirms that the deposit can host higher-grade, near-surface gold mineralization. The Libertad district has produced approximately two million ounces of gold and with consistent exploration Calibre continues to discover new opportunities to expand resources and extend mine life along this highly prospective trend.

"Calibre has responsibly demonstrated the value of our hub and spoke operating strategy, with permitting ongoing and Volcan's proximity to the Libertad mill, we expect the deposit to contribute to the mine plan in the second half of 2024. This reinforces our peer leading 'drill to mill' time frame with less than one year separating our initial resource declaration in September of 2023 and anticipated production.

"Calibre remains on schedule with construction at the Valentine gold mine, Newfoundland and Labrador, Canada. The grinding building is now fully enclosed, and the company has awarded the structural, mechanical and piping contract to the Gisborne Group."

Quality assurance/quality control

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 ALS in Managua, Nicaragua, an independent analytical services provider. The global quality program includes internal and external interlaboratory test programs and regularly scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO 9001:2015. Prior to analysis, samples are prepared at ALS's Managua facility and then shipped to its analytical facility in Lima, Peru. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are reassayed by fire assay with a 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 Mining 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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