Calibre Mining produces 44,579 oz Au in Q3 2021

Mr. Darren Hall reports

CALIBRE REPORTS STRONG THIRD QUARTER GOLD PRODUCTION AND CASH GENERATION, ON TRACK TO DELIVER AT THE HIGH-END OF 2021 PRODUCTION GUIDANCE

Calibre Mining Corp. has released its operating results for the three months ended Sept. 30, 2021, and cash on hand at quarter-end (all amounts in United States dollars).

Third Quarter 2021 Highlights

Gold production of 44,579, and gold sales of 44,471 ounces;

Year to date gold production of 133,537 ounces, on track to deliver at the high-end of guidance (170,000 - 180,000 ounces); with the fourth quarter anticipated to be the strongest of 2021;

Cash of $72.9 million at September 30, 2021; an increase of $6.6 million from June 30, 2021 and no debt;

843 tonnes per day ("tpd") of ore delivered from the Pavon Norte mine to the Libertad mill, a 53% increase over Q2 2021 and averaging 1,077 tpd in September, exceeding our target rate of 1,000 tpd three months earlier than expected;

Advancing the high-grade Eastern Borosi Project ("EBP"), including:

Reporting the highest-grade intercepts to date;

Completing infill drilling and initiating resource expansion and discovery drilling;

Pre-feasibility study level technical studies well underway;

Completing environmental baseline studies concurrently with community engagement and;

On target to submit permit applications in early Q1 2022 for open pit and underground operations;

Multi-rig exploration drill programs active across 100%-owned mine sites and satellite opportunities;

Multiple new mineral exploration concessions granted during the quarter;

Significant progress on our World Gold Council Responsible Gold Mining Principles self assessment.

Highlight Drill Results: Eastern Borosi Project

25.07 g/t Au over 9.7 metres Estimated True Width ("ETW") (GP-21-100);

39.21 g/t Au over 3.1 metres ETW (GP-21-099);

24.85 g/t Au over 3.9 metres ETW (GP-21-096); and

33.64 g/t Au over 3.2 metres ETW (RDO -21-080).

Highlight Drill Results: Libertad Near Mill

3.11 g/t Au over 11.4 metres ETW from 3.1 metres (TR-21-079);

1.71 g/t Au over 22.3 metres ETW from 57.8 metres (TR-21-055); and

1.35 g/t Au over 18.2 metres ETW from 58.4 metres (TR-21-073).

Highlight Drill Results: Limon Near Mill

9.02 g/t Au over 3.0 metres ETW from 343.6 metres (LIM-21-4563);

6.39 g/t Au over 6.2 metres ETW from 241.1 metres (LIM-21-4576); and

6.82 g/t Au over 4.3 metres ETW from 285.9 metres (LIM-21-4584).

Darren Hall, President and Chief Executive Officer of Calibre, stated: "During September, we achieved our 2021 target of hauling 1,000 tonnes per day from Pavon Norte to the Libertad mill, three months ahead of schedule. In less than 22 months the team have done an outstanding job to permit, complete construction and deliver more than 1,000 tpd of high-grade ore to Libertad. At Pavon Central, we recently commenced a multi-rig exploration drill program testing down plunge and along strike extensions to the south of the open pit indicated resource, which currently hosts 529,000 tonnes grading 7.7 g/t gold containing 131,000 ounces. We see excellent potential to expand resources and make discoveries along this exciting emerging district.

The second half of the year is shaping up as expected, with the fourth quarter anticipated to be the strongest of the year as we remain on track to meet the high end of our 2021 production guidance and expect to see all-in sustaining costs reduced further as we approach year-end. With $72.9 million in cash, no debt and unhedged Calibre is in a strong position to continue to generate significant free cash flow while self-funding growth, exploration, and mine development investment.

As demonstrated quarter over quarter I believe our 'hub-and-spoke' operating strategy has excellent potential to grow and add new satellite sources by utilizing the 50% surplus capacity available at the Libertad mill. Exciting progress continues at the Eastern Borosi Project, with drilling returning some of the best near-surface intercepts to date, including 25.07 g/t gold over 9.7 metres. With technical and environmental studies ongoing, we are confident that the EBP will be our next high return mining spoke, replicating the success at Pavon Norte. Resource expansion and discovery drilling programs are underway anticipated to grow current deposits both on strike and down dip, of known zones while testing new veins in an underexplored highly prospective emerging district."

Operating Overview

The Company produced a total of 44,579 ounces of gold in the third quarter of 2021. The Limon mill processed 120,724 tonnes at a year-high quarterly grade of 4.73 g/t Au and a recovery of 90.3%, producing 15,649 ounces. The Libertad mill processed 376,783 tonnes at a grade of 2.71 g/t Au and a recovery of 93.3%, producing 28,930 ounces.

Ore haulage rates from the Pavon Norte mine have increased quarter over quarter with an average of 843 tpd delivered during Q3 (a 53% increase over Q2) and averaged 1,077 tpd during September, exceeding our target 1,000 tpd rate three months earlier than anticipated.

Higher grades from the Limon Central open pit offset some lower grade material from the Santa Pancha and Veta Nueva underground mines. The Company's Panteon underground mine continued to deliver with grades averaging 7.77 g/t Au during the quarter. At Libertad, Jabali underground grades increased 20% to 3.91 g/t Au during the quarter.

Strong free cash flow continues to drive the Company's organic growth, with multiple rigs turning across Calibre's concessions as work progresses ahead of schedule to advance the high-grade Eastern Borosi Project and our future growth production profile.