Assets Unlocking Value By Delivering a Hub & Spoke Operating Strategy

The Pavon property is located within the Natividad and Las Brisas exploration concessions totaling 31.5km² located approximately 300 kms on paved highways from the Libertad processing facility.

Since acquiring the asset in 2019 Calibre completed an initial open pit resource estimate, initiated and completed the Environmental Impact Assessment (“EIA”) for Pavon Norte, completed mine design and construction and began open pit mining and transporting to the Libertad processing plant.

By implementing our ‘Hub-and-Spoke’ operating model and by developing the Pavon gold project, the Libertad Complex processing life has been significantly extended and is now expected to generate robust cash flows over several years.

The Pavon satellite deposit (“Spoke”) feeding into the Libertad Complex represents a portion of the mill feed from 2021 through 2024. The Pavon PFS demonstrates the value of the Company’s operating approach by utilizing the surplus capacity at the Libertad mill, investing in exploration to expand the current mineral resource base at Pavon as well as the opportunity for additional low-cost growth. Over 50% excess mill capacity exists at the Libertad mill underpinning Calibre’s focus on exploration to expand resources and discover new satellite deposits which could provide future mill feed.

Pavon represents an average of 0.32 million tonnes per annum of mill feed over the next four years, additional mill feed sources include those at Limon and Libertad as per the 2020 Preliminary Economics Assessment (“PEA”) (see August 11, 2020 news release for further details) leaving an average of 1.5 million tonnes of surplus annual mill capacity over the next four years as a significant opportunity for organic growth via further conversion of Mineral Resources, exploration success, artisanal ore purchases or toll milling.

The Pavon project represents a newly emerging gold district in Nicaragua in a region that has remained largely underexplored by modern methods. Historical exploration focused on delineating resources within the near surface portions of the Pavon Norte, Central and South deposits where indicated resources totaling 231,000 ounces of gold averaging 5.16 g/t have been delineated within the upper 100 meters.

Pavon Opportunities & Exploration Potential

• Commercial production commenced in 2021 (2021 Pavon PFS, based on drilling up to 2015)
• Mineral Reserves of 120 koz at 6.56 g/t Au¹, Indicated Mineral Resources of 131 koz at 5.88 g/t Au¹ (inclusive of Reserves), Inferred Mineral Resources of 96 koz at 4.02 g/t Au¹
• Limited historical exploration, which focused on Pavon North
• Multiple untested vein systems identified with more suspected under cover
• Initial 8 km resource confidence & extension drill program underway on high-grade vein systems covering >30 km²
• Final approval process underway with additional surrounding mineral concessions (~45km²)

¹ See disclosure and Mineral Resources and Mineral rReserves for further details. Updated Mineral Resources and Mineral Reserves are as of December 31, 2022 on sedar.com or Calibremining.com

2021 PAVON PRE-FEASIBILITY STUDY RESULTS (now in production – hauling ore to the La Libertad processing facility)

PAVON OPEN PIT GOLD MINE: PFS HIGHLIGHTS

Reserve Gold Price	$1,400 per ounce
Initial Mine Life	4 years
Average Life-of-Mine (“LOM”) Throughput	877 tonnes per day
Average LOM Grade	4.86 g/t gold, 7.0 g/t silver
Average LOM Recovery	94% gold, 35% silver
Average Annual Gold Production	47,000 ounces
Average LOM Total Cash Costs1	$650 per ounce
Average LOM All-In Sustaining Costs1 (“AISC”)	$711 per ounce (net of Ag credits)
Total Gold Production	188,213 ounces
After-tax NPV5% ($1,700/oz gold)	$106.4 million

OPPORTUNITIES

• Reserves consider no new drill data after December 2015;
• Step out drilling underway to expand gold resources along strike and down dip;
• Additional resources outside of the reserve mine plan offer potential to extend mine life;
• Significant surplus capacity at the Libertad mill;
• Underpins potential for low-cost organic production growth.

TABLE 1 - PAVON RESERVE ESTIMATE (DECEMBER 31, 2020)²

CLASSIFICATION	DEPOSIT	TONNES (‘000 T)	GRADE (AU G/T)		GRADE (AG G/T)	AU OUNCES (‘000 OZ)	AG OUNCES (‘000 OZ)
Probable	Pavon Norte	759	3.42	4.33		83	106
Probable	Pavon Central	522	6.96	10.95		117	184
Probable	Total Pavon	1,281	4.86	7.02		200	290

TABLE 2 – PAVON RESOURCE ESTIMATE* (DECEMBER 31, 2020)³

CLASSIFICATION	DEPOSIT	TONNES (000 T)	GRADE (AU G/T)		GRADE (AG G/T)	AU OUNCES (‘000 OZ)	AG OUNCES (‘000 OZ)
Indicated	Pavon Norte	863	3.58		4.77	99	132
Indicated	Pavon Central	529	7.73		12.55	131	213
Indicated	Total	1,392	5.16		7.72	231	346
*Indicated Mineral Resources are inclusive of Mineral Reserves.
CLASSIFICATION	DEPOSIT	TONNES (000 T)	GRADE (AU G/T)	GRADE (AG G/T)		AU OUNCES (‘000 OZ)	AG OUNCES (‘000 OZ)
Inferred	Pavon Norte	98	3.53	6.16		11	19
Inferred	Pavon Central	153	4.46	7.68		22	38
Inferred	Pavon South	326	2.85	3.22		30	34
Inferred	Total	577	3.39	4.90		63	91

TABLE 3 – PAVON: PFS FINANCIAL SENSITIVITY MODEL ($ MILLION, AFTER-TAX)

GOLD PRICE ASSUMPTION ($/OZ)	1,400	1,500 BASE CASE	1,700	1,900
Cumulative after-tax free cash flow ($’000)	80,220	92,824	118,032	143,240
After-tax NPV5% ($’000)	71,760	83,294	106,364	129,433
After-tax NPV10% ($,000)	64,585	75,211	96,463	117,715

The financial models in the PFS were prepared by SLR Consulting (Canada) Ltd. (formerly Roscoe Postle Associates Inc.).  The PFS includes metal price sensitivities detailed in the technical report, which is expected to be published on www.sedar.com in March 2021.

TABLE 4 – PAVON: PFS PRODUCTION AND COST OUTLOOK

		2021	2022	2023	2024	TOTAL
Tonnes Mined (000t)		281	299	424	276	1,281
Waste Mined (000t)		2,235	3,266	4,898	3,556	13,954
Strip ratio (W:O)		7.95	10.91	11.54	12.87	10.89
Tonnes Milled (000t)		281	279	410	311	1,281
Grade Milled (g/t Au)		3.54	3.48	5.85	5.99	4.86
Gold Production (oz)		30,075	29,339	72,615	56,183	188,213
Total Cash Costs1 ($/oz)		849	939	540	536	650
AISC1 ($/oz)		943	939	622	536	711
Non-Sustaining Capital ($m)*		9.45	2.54	-	-	11.99

*Includes 14% contingency.

NOTE 2: Pavon Reserves

¹ The mineral reserve estimates were prepared by Shane Ghouralal, P.Eng. MBA (Qualified Person for these mineral reserve estimates), reported using the 2014 CIM Definition Standards, and have an effective date of December 31, 2020.
² Mineral reserves are mined tonnes and diluted grade; the reference point is the mill feed at the primary crusher.
³ Mineral reserves are reported at a cut-off grade of 1.26 g/t Au.
⁴ Cut-off grade assumes Au of US$1,400/oz; 100% payable gold with a royalty of US$28/oz; selling cost are US$4.38/oz including offsite costs (refining and transport); and uses an 94% metallurgical recovery for Au and 35% for Ag. The cut off-grade covers processing costs of US$22.62/t, hauling costs of US$31.91/t, administrative (G&A) costs of US$4.91/t, tailings facility costs of US$2.56/t.

NOTE 3: Pavon Resources

¹ Mineral Resources were prepared in accordance CIM (2014) definitions. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
² Mineral Resources are inclusive of Mineral Reserves.
³ This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
⁴ Open Pit Mineral Resources are reported at cut-off grades of 1.17 g/t Au. Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce.
⁵ Appropriate mining costs, processing costs, metal recoveries, and inter-ramp pit slope angles were used to generate the pit shell.
⁶ Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Tonnage and grade measurements are in metric units. Contained gold ounces are in troy ounces.
⁷ Composites completed at 2 m down the hole.
⁸ Contributing assay composites were capped at 29.03 g/t Au at Pavon Norte, 75 g/t Au at Pavón Central, and 17.18 g/t Au at Pavon South.
⁹ A specific gravity value of 2.49 was applied to all blocks in rock and 2.30 was applied to all blocks in saprolite.

Maps & Figures