Fourth Consecutive Year Of Record Production

Fourth Consecutive Year Of Record Production

VANCOUVER – Darren Hall, President & Chief Executive Officer of Calibre Mining Corp., stated, “I am proud of the Calibre team for achieving a fourth consecutive year of record production, and exceeding the high end of our 2023 production guidance, boosting our cash on hand by 52% to $86 million after a C$40 million investment into Marathon Gold. Looking ahead to 2024, we foresee another robust year demonstrated by an increase in annual gold production guidance. Throughout 2023, we accomplished numerous milestones as we continue to execute our corporate strategy of transitioning into a mid-tier gold producer.

The recently announced combination of Calibre and Marathon Gold is a transformational transaction for Calibre and puts the Company in an exciting position as we complete the construction of the Valentine Gold Project in Central Newfoundland & Labrador to create an Americas focused, high-margin, high-growth, mid-tier gold company. With a healthy balance sheet, strong operating cash flow and available debt, the combined company expects to facilitate seamless construction of the Valentine gold project with a continuous flow of exciting discovery and resource-building drill results from Newfoundland & Labrador, Nevada and Nicaragua.

With multiple drill rigs turning across our asset portfolio, our exploration investment continues to yield exciting results in many areas including the discovery of a potential high-grade gold source below the operating Jabali mine and three new target areas located near the Libertad mill. This demonstrates significant upside at depth and strong potential for resource expansion and the expansion of existing high-grade gold discoveries across our Limon property providing further opportunity to leverage the available surplus processing capacity at our Libertad mill.

We continue to integrate our responsible and sustainable mining practices throughout our operations, made evident in the publication of our 2022 Sustainability Report and affiliation with the Mining Association of Canada. These actions underline our commitment to transparency, accountability, and adherence to the highest standards of environmental and social responsibility.

I look forward to 2024 as we work to expand our business in Newfoundland & Labrador transitioning to a mid-tier gold producer in 2025. Given our track record of delivery, production growth, significant high-grade gold discoveries and exploration success, strong cash flow and exciting large scale open pit development underway with Marathon, I believe Calibre continues to present a compelling gold equity investment opportunity.”

Calibre reported record fourth quarter. Cash $86 million, a 52% increase over end of year 2022, after a C$40 million investment in Marathon Gold. Fifth consecutive record consolidated quarterly gold production of 75,482 ounces. Nicaragua gold production reported 64,963 ounces and the Nevada gold production reported 10,519 ounces.

The Company had a record consolidated full year production of 283,494 ounces, exceeding 2023 production guidance: Nicaragua full year gold production of 242,109 ounces and Nevada gold production of 41,385 ounces.

Calibre achieved another successful year on many fronts including exploration success and milestones across all assets, reaffirming the Company’s multi-year, grade-driven, socially, and environmentally sustainable production growth strategy. The Company completed the combination of Calibre and Marathon Gold to create a high-growth, cash flow focused, mid-tier gold producer in the Americas with expected annual production of 500,000 ounces and completed the C$40 million financing to become Marathon’s largest shareholder.

Exploration success at Libertad yielded an Initial Mineral Resource Estimate at the Volcan Gold Deposit and identified additional gold trends proximal to the mill, providing further opportunity to leverage the available surplus processing capacity. Calibre published the sustainability report, affirming its commitment to transparency and accountability, and joined the Mining Association of Canada, strengthening our commitment to responsible mining.