Mr. Darren Hall reports

CALIBRE DELIVERS FOURTH CONSECUTIVE YEAR OF MINERAL RESERVE GROWTH

Calibre Mining Corp. has released the results of the company's updated mineral resources and mineral reserves for its Nicaragua and Nevada properties as of Dec. 31, 2023. Reserves have grown in both jurisdictions net of depletion since acquisition of each asset. As demonstrated by the team's record, Calibre continues to efficiently make new discoveries and convert discoveries into reserves as evidenced at the VTEM (versatile time-domain electromagnetic) gold corridor within the Limon mine complex, which has seen year-over-year reserve growth of 36 per cent. The VTEM corridor now contains 1.25 million tonnes averaging 8.25 grams per tonne gold for 332,000 ounces in reserves with multiple kilometres of strike potential and a continuing 50,000-metre drill program.

Nicaragua mineral reserves (Dec. 31, 2023)

Highlights:

• Nicaragua -- increase in reserves net of production depletion of 4 per cent in 2023 to 1.13 million ounces;
• Nevada -- increase in reserves net of production depletion of 12 per cent in 2023 to 300,000 ounces;
• Companywide significant mineral endowment of over 4.1 million ounces of reserves, 8.6 million ounces of measured and indicated resources (inclusive of reserves), and 3.6 million ounces of inferred resources;
• Valentine gold mine's significant mineral endowment of 2.7 million ounces of reserves, 3.96 million ounces of measured and indicated resources (inclusive of reserves), and 1.10 million ounces of inferred resources (further detailed in the attached tables) (see news release dated Jan. 26, 2024);
• More than 130,000 metres of resource expansion and discovery drill programs under way across all assets.

Darren Hall, president and chief executive officer of Calibre, stated: "I am very pleased to see another year of reserve growth net of depletion in both operating jurisdictions. We have crystalized a significant portion of our resources into reserves for a record 1.42 million ounces in Nicaragua and Nevada, net of record 2023 production of 283,525 ounces. Nicaragua continues to deliver with reserves at 1.13 million ounces providing a robust base from which to deliver. With our recent acquisition of the Valentine gold mine, our companywide consolidated reserves stand at 4.1 million ounces, a more-than-tenfold increase since Q4 2019 net of 825,000 ounces of production. Importantly, reserves have grown more [than] 36 per cent year over year at our emerging flagship project -- the VTEM gold corridor at Limon. In Nevada, we've grown reserves over 50 per cent net of production depletion since closing the acquisition in 2021."

Quality assurance/quality control

Canada

QA/QC protocols followed at the Valentine gold mine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half, with one-half retained at site and the other half tagged and sent to Eastern Analytical Ltd. in Springdale, Nfld. Eastern Analytical is ISO 17025 accredited for atomic absorption spectroscopy for gold following fire assay preparation methods and is independent of Calibre. All samples are analyzed for gold by fire assay (30 grams) with AA finish. Samples that assayed greater than or equal to 300 parts per billion gold were subjected to a total pulp metallic sieve procedure. Samples that fall within mineralized zones that are less than 300 parts per billion are also reanalyzed by screen metallics. The analytical results are captured in an acQuire database, which is programmed to utilize the screen metallic values over the standard fire assays if data are available.

Nicaragua

Calibre maintains a QA/QC 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 (ISO 14001) 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 facilities in Vancouver, Canada. Half-core samples are also shipped in sealed bags to ALS's prep facility in Managua, Nicaragua. ALS has a global quality program that 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 by fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 grams per tonne gold or higher are reassayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed by induction coupled plasma (ICP).

Nevada

Key elements of the QA/QC program include the insertion of assay standards, blanks and duplicates in the sample stream to ensure the assay lab results are within specified performance levels. Downhole deviation surveys are provided by International Directional Services, utilizing a surface recording gyroscope, and by trained drill crews operating a north-seeking gyroscope supplied by Reflex. RC (reverse circulation) drilling was performed by Boart Longyear of Salt Lake City, Utah, and Alford Drilling from Elko, Nev. Assays were performed by ALS Reno, where fire assays were determined on a 30-gram charge with an AAS finish. An additional cyanide leach assay was also completed. ALS carries ISO/IEC 17025:2017 certification.

Qualified persons and technical disclaimers

This news release has been reviewed and approved by Benjamin Harwood, MSc, PGeo, of Calibre, who prepared or supervised the preparation of the updated El Limon complex, La Libertad complex (Libertad, Pavon and EBP districts) and Pan mine mineral resource estimates and is a qualified person as set out under National Instrument 43-101.

This news release has been reviewed and approved by Murray Dunn, PEng, and Jordan Cooper, PEng, of SLR Consulting (Canada) Ltd., who prepared or supervised the preparation of the updated El Limon complex and La Libertad complex (Libertad, Pavon and EBP districts) mineral reserve estimates reported in this news release and are qualified persons (QPs) as set out under NI 43-101.

Pan

A technical report for the Pan gold project ("NI 43-101 Updated Technical Report on Resources and Reserves Pan Gold Project, Nevada") was released by SRK Consulting (U.S.) Inc. in accordance with NI 43-101 in March, 2023. The technical report includes details regarding the updated mineral reserve and resource estimates presented herein. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the mineral resources and mineral reserves:

• Pan mine reserves and LOM (life of mine) for 2023 were audited and restated by Stuart Collins, PE, of SLR Consulting.
• Pan mine resources for 2023 were audited and restated by Mr. Harwood, the company's principal resource geologist, who is a qualified person as defined in NI 43-101.

Roy Eccles, PGeo (PEGNL), of Apex Geoscience Ltd., is the qualified person responsible for the review and acceptance of responsibility of the July, 2022, mineral resource estimated prepared by John T. Boyd Company. Marc Schulte, PEng, of Moose Mountain Technical Services, is the qualified person responsible for the preparation of the mineral reserve estimate. Mr. Schulte and Mr. Eccles are qualified persons as set out under NI 43-101 and are independent of Calibre.

Darren Hall, MAusIMM, president and chief executive officer of Calibre Mining, has reviewed and approved the scientific and technical information in this news release.

David Schonfeldt, PGeo, corporate chief geologist of Calibre Mining and a qualified person under NI 43-101, has reviewed and approved the scientific and technical information contained in this news release.

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.

We seek Safe Harbor.