Nevada, USA

Pan Mine Mineral Reserves – December 31, 2021

Reserve Open Pit Tons (000s) Grade (g/t) Contained Gold (000s oz)

Proven

6,720

0.45

97

Probable

8,125

0.36

93

Proven + Probable

14,844

0.40

190

Probable Leach Pad Inventory (recoverable)

-

-

27

Total Proven and Probable

14,844

0.40

217

1. CIM (2014) definitions were followed for Mineral Reserves.
2. Mineral Reserves are based on 100% ownership.
3. Mineral Reserves are estimated using a long term gold price of US$1,575/ounce (oz).
4. In alignment with Calibre’s other reported mineral reserves, Pan Mineral Reserves have been reported in metric units which have been converted from Imperial system units currently in use at the Pan mine operating site.
5. Reserves stated in the table above are contained within a Lerchs-Grossmann engineered pit design following the US$1,575/oz Au sales price.
6. Mineral Reserves are stated in terms of delivered tons and grade before process recovery. The exception is leach pad - 61 - inventory, which is stated in terms of recoverable Au ounces;
7. Allowances for external dilution are applied.
8. Costs used include an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st;
9. Reserves for Argillic (soft) ore are based upon a minimum internal cut off grade (“CoG”) of 0.003 oz/st Au (0.10 g/t Au),, using a US$1,575/oz Au sales price and a Au Recovery of 80%;
10. Reserves for Silicic (hard) ore are based upon a minimum internal cut off grade (“CoG”) of 0.004 oz/st Au (0.14 g/t Au), using a US$1,575/oz Au sales price and an Au Recovery of 60%;
11. Mineral Reserves stated above are contained within and are not additional to the Mineral Resource, the exception being stockpile and leach pad inventory; and,
12. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
13. Mr. Justin Smith, B.Sc., P.E., RM-SME of SRK Consulting is responsible for reviewing and approving the Pan mine open pit Mineral Reserve estimate. Mr. Smith is a Qualified Person (“QP”) as set out in NI 43-101.

Pan Mine Mineral Resources – December 31, 2021

Resource Open Pit Tons (000s) Grade (g/t) Contained Gold (000s oz)

Measured

6,737

0.51

111

Indicated

14,847

0.44

209

Measured + Indicated

21,584

0.46

320

Inferred

3,613

0.58

60

1. CIM (2014) definitions were followed for Mineral Resources.
2. Mineral Resources are based on 100% ownership.
3. Mineral Resources are estimated using a long term gold price of US$1,700/ounce (oz).
4. In alignment with Calibre’s other reported mineral resources, Pan Mineral Resources have been reported in metric units which have been converted from Imperial system units currently in use at the Pan mine operating site.
5. Resources are stated as contained within a constrained pit shell; pit optimization was based on an assumed gold price of US$1,700/oz, Silicic (hard) ore recoveries of 60% for Au and an Argillic (soft) ore recovery of 80% for Au, an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st, and pit slopes between 45-50 degrees;
6. Resources are reported using a minimum internal gold cut off grade of 0.003 oz/st Au (0.10 g/t Au) for blocks flagged as Argillic altered or as unaltered and a minimum cutoff grade (“CoG”) of 0.004 oz/st Au (0.14 g/t Au) for blocks flagged as Silicic altered.
7. Measured and Indicated Mineral Resources presented are inclusive of Mineral Reserves. Inferred Mineral Resources are not included in Mineral Reserves.
8. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves;
9. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
10. Mr. Michael Dufresne, M.Sc., P. Geol., P. Geo. of APEX Geoscience Ltd. is responsible for reviewing and approving the Pan mine open pit Mineral Resource Estimate. Mr. Dufresne is a Qualified Person (“QP”) as set out in NI 43-101.

Nevada, USA

Gold Rock Development Stage Project, Eureka, Nevada

Category Tonnes
(Mt)
Gold Grade
(g/t)
Gold Grade
(oz/st)
Contained Gold
(oz)
Indicated 19.0 0.66 0.019 403,000
Inferred 2.7 0.87 0.025 84,300

Gold Rock Resource. Source: Report entitled “Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, White Pine County, Nevada, USA”. Mineral Resource Statement prepared by APEX Geoscience Ltd. in accordance with NI 43-101 with an effective date of March 31, 2020. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources have been classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (Nov. 2019). All figures have been rounded to reflect the relative accuracy of the estimates. The mineral resources are reported at a cut-off grade of 0.09 g/t gold, based on a gold price of US$1,500 per ounce. The preliminary economic assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized;

Washington, USA

Golden Eagle, Washington, USA

Category Tonnes Gold Grade (g/t) Contained Gold
Measured 30.7 Mt 1.49 1.5 Moz
Indicated 14.7 Mt 1.16 0.5 Moz
M+I 45.4 Mt 1.38 2.0 Moz
Inferred 5.4 Mt 0.90 0.2 Moz
  1. The effective date of the Mineral Resource is Mar 31, 2020
  2. The Qualified Person for this estimate it Terre Lane of GRE
  3. Mineral Resources are not Mineral Reserves and do not have demonstrated economics viability.
  4. Numbers in the table have been rounded to reflect accuracy of the estimate and may not sum due to rounding.
  5. The Mineral Resource is based on gold cutoff grade of 0.014 try ounces per short ton (0.48 grams per tonne) at an assumed gold price of $1,500/tr oz, assumed mining cost of $1.06/short ton waste, assumed mining costs of $2.02/short ton mineralized mineral, assumed processing case of $12.75/short mineralized material, assumed G&A cost of $0.74/short ton mineralized material, an assumed metallurgical recovery of 80% and pit slopes of 45 degrees.
  6. The pit layback is not constrained to Fiore controlled land. Additional land must be acquired or otherwise made available for the pit layback, waste rock dumps, tailings facilities, and other surface infrastructure.

Historical Reserves and Consolidated Grade at Limon and Libertad

B2Gold AIF 2010-2019 available on sedar.com and Calibre AIF 2020, available on sedar.com

Mineral Reserves at Limon and Libertad Complexes – December 31, 20211,2, 3,4

  Category Tonnage
(kt)
Grade
(g/t Au)
Grade
(g/t Ag)
Contained Au
(koz)
Contained Ag
(koz)
Limon UG Probable 719 5.49 7.7 127 178
Limon OP Probable 2,800 4.30 1.6 387 141
Limon Stockpile Probable 159 2.86 0.0 15 0
Sub-total Limon Probable 3,678 4.47 2.7 529 320
             
Libertad UG Probable 428 3.98 13.97 55 188
Eastern Borosi UG Probable 625 4.97 82.2 100 1,652
Libertad OP Sources Probable 528 2.53 21.2 43 360
Pavon OP Probable 1,015 5.07 8.5 165 278
Eastern Borosi OP Probable 538 6.87 9.9 119 172
Libertad & Pavon Stockpile Probable 39 1.96 - 16 -
Sub-total Libertad Probable 3,174 4.81 26.3 484 2,650
             
Total Mineral Reserves Probable 6,852 4.62 13.6 1,013 2,970

Note 1 - See the AIF for the year ended December 31, 2021, dated March 31, 2022 filed at www.sedar.com and available on the Company website at www.calibremining.com.

Note 2 - Limon Complex Mineral Reserve Notes

  1. CIM (2014) definitions were followed for Mineral Reserves and rounded and reported in dry tonnes.
  2. Underground Mineral Reserves are estimated at fully costed and incremental cut-off grades of 3.01 g/t, respectively, for Santa Pancha 1; 2.90 g/t Au, respectively, for Panteon; and 2.13 g/t Au, respectively, for Veta Nueva, and 2.30 g/t Au for Atravesada.
  3. Open pit Mineral Reserves are estimated at a cut-off grade of 1.11g/t Au for Limon Norte, 1.05g/t Au for Limon Central, 1.07g/t Au for Pozo Bono/Limon Sur, 1.10g/t Au for Tigra, and incorporate estimates of dilution and mining losses. 
  4. Mineral Reserves are estimated using an average long-term gold price of US$1,500 per ounce.
  5. Minimum mining widths of 4 m and 3 m and 1.5m, and 2m were used for SP1, and Veta Nueva, and Panteon, and Atravesada respectively.
  6. Bulk density varies between 2.30 t/m3 and 2.41 t/m3 for all open pit Mineral Reserves; Bulk density varies between 2.47 t/m3 to 2.50 t/m3 for all underground Mineral Reserves.
  7. A mining extraction factor of 95% was applied to the underground stopes.  Where required a pillar factor was also applied for sill or crown pillar.  A 100% extraction factor was assumed for development.

Note 3 - Libertad Complex Mineral Reserve Notes

  1. CIM (2014) definitions were followed for Mineral Reserves and rounded and reported in dry tonnes.
  2. Underground Mineral Reserves for Jabali West are estimated at fully costed and incremental cut-off grades of 2.75 g/t Au and 1.95 g/t Au, respectively.
  3. Open pit Mineral Reserves are estimated at a cut-off grade of 1.27 g/t Au for Pavon Norte and Pavon Central, and incorporate estimates of dilution and mining losses. 
  4. Open pit Mineral Reserves are estimated at a cut-off grade of 0.74g/t AU for Rosario, and incorporate estimates of dilution and mining losses. 
  5. Open pit Mineral Reserves are estimated at a cut-off grade of 0.79 g/t Au for Jabali Antena, and incorporate estimates of dilution and mining losses. 
  6. Mineral Reserves are estimated using an average long-term gold price of US$1,500 per ounce.
  7. A minimum mining width of 1.5 m was used for underground Libertad Mineral Reserves and a dilution skin of 0.5 m was added to the hanging wall and footwall respectively (total 1.0 m).
  8. Open pit and underground bulk density varies from 1.70 t/m3 to 2.64 t/m3; underground backfill density is 1.00 t/m3.
  9. A mining extraction factor of 95% was applied to the underground stopes.  Where required a pillar factor was also applied for sill or crown pillar.  A 100% extraction factor was assumed for development.

Note 4 - Eastern Borosi Mineral Reserve Notes

  1. CIM (2014) definitions were followed for Mineral Reserves and rounded and reported in dry tonnes.
  2. Open pit Mineral Reserves for Guapinol/Vancouver are mined tonnes and diluted grade; the reference point is the mill feed at the primary crusher.
  3. Open pit Mineral Reserves are reported at a cut-off grade of 1.81 g/t Au.
  4. Open pit Mineral Reserve cut-off grade assumes Au of US$1,500/oz and Ag US$26/oz; 99.95% payable gold and 99.25% payable silver with a royalty of US$28/oz; selling cost are US$4.38/oz including offsite costs (refining and transport); and uses an 92.5% metallurgical recovery for Au and 60% for Ag. The cut off-grade covers processing costs of US$20.27/t, hauling costs of US$50/t, administrative (G&A) costs of US$7.73/t, tailings facility costs of US$1.66/t.
  5. Underground Mineral Reserves for Riscos del Oro are estimated at a cut-off grade of 3.41 g/t Au
  6. Underground Mineral Reserves are estimated using an average long-term gold price of US$1,500 per ounce and a US$/C$ exchange rate of $0.80.
  7. A minimum mining width of 2 m was used for Riscos del Oro.

Indicated Resources at Limon and Libertad Complexes Inclusive of Reserves– December 31, 20211,5,6,7

  CATEGORY TONNAGE
(KT)
GRADE
(G/T AU)
GRADE
(G/T AG)
CONTAINED AU
(KOZ)
CONTAINED AG
(KOZ)
Limon UG Indicated 1,668 5.58 5.6 300 312
Limon OP Indicated 4,411 4.21 1.7 597 237
Limon Stockpile Indicated 159 2.86 - 15 -
Tailings Indicated 7,329 1.12 - 263 -
Sub-total Limon Indicated 13,567 2.69 1.2 1,175 549
             
Libertad UG Indicated 437 5.08 17.6 71 248
Eastern Borosi UG Indicated 535 7.40 144.2 127 2,481
Libertad OP Sources Indicated 1,529 2.25 15.2 111 739
Pavon OP Indicated 1,163 5.05 8.8 189 328
Eastern Borosi OP Indicated 415 9.84 14.0 131 189
Libertad & Pavon Stockpiles Indicated 39 1.96 - 2 -
Sub-total Libertad Indicated 4,118 4.77 30.1 631 3,985
             
Total Mineral Resources Indicated 17,685 3.18 8.0 1,806 4,534

Inferred Mineral Resources at Limon and Libertad Complexes – December 31, 20211,4,5

  CATEGORY TONNAGE
(KT)
GRADE
(G/T AU)
GRADE
(G/T AG)
CONTAINED AU
(KOZ)
CONTAINED AG
(KOZ)
Limon UG Inferred 873 4.62 4.1 129 113
Limon OP Inferred 493 3.04 0.9 48 12
Sub-total Limon Inferred 1,366 4.05 2.9 177 125
             
Libertad UG Inferred 1,489 5.21 9.7 249 465
Eastern Borosi UG Inferred 1,503 8.21 60.9 175 6,874
Libertad OP Sources Inferred 1,275 2.78 3.4 113 137
Pavon OP Inferred 764 3.50 7.0 86 171
Eastern Borosi OP Inferred 1,297 2.47 16.1 103 653
Sub-total Libertad Inferred 6,327 3.57 40.9 726 8,300
             
Total Mineral Resources Inferred 7,693 3.66 34.2 903 8,425

Note 1 - See the AIF for the year ended December 31, 2021, dated March 31, 2022 filed at www.sedar.com and available on the Company website at www.calibremining.com.

Note 4 Eastern Borosi Mineral Reserve Notes

  1. CIM (2014) definitions were followed for Mineral Reserves and rounded and reported in dry tonnes.
  2. Open pit Mineral Reserves for Guapinol/Vancouver are mined tonnes and diluted grade; the reference point is the mill feed at the primary crusher.
  3. Open pit Mineral Reserves are reported at a cut-off grade of 1.81 g/t Au.
  4. Open pit Mineral Reserve cut-off grade assumes Au of US$1,500/oz and Ag US$26/oz; 99.95% payable gold and 99.25% payable silver with a royalty of US$28/oz; selling cost are US$4.38/oz including offsite costs (refining and transport); and uses an 92.5% metallurgical recovery for Au and 60% for Ag. The cut off-grade covers processing costs of US$20.27/t, hauling costs of US$50/t, administrative (G&A) costs of US$7.73/t, tailings facility costs of US$1.66/t.
  5. Underground Mineral Reserves for Riscos del Oro are estimated at a cut-off grade of 3.41 g/t Au
  6. Underground Mineral Reserves are estimated using an average long-term gold price of US$1,500 per ounce and a US$/C$ exchange rate of $0.80.
  7. A minimum mining width of 2 m was used for Riscos del Oro.

Note 5 – Limon Mineral Resource Notes

  1. Effective dates are December 31, 2021 for all El Limon deposits.
  2. CIM (2014) definitions were followed for Mineral Resources and numbers may not add up due to rounding.
  3. A cut-off grade of 1.00 g/t Au is used for Limon OP, 2.19 g/t for Limon UG, 2.82 g/t for SP1 UG, 2.82 g/t for SP2 UG, 2.00 g/t for Veta Nueva UG, 2.72 g/t for Panteon UG, 0.00 g/t for Tailings, and 2.15 g/t for Atravesada UG.
  4. Reporting shapes were used for reporting Limon UG, SP1 UG, Veta Nueva UG, Panteon UG, and Atravesada UG.
  5. Mineral Resources are estimated using a long-term gold price of US$1,600/oz Au in all deposits except SP2 UG where a long-term gold price of US$1,500 was used.
  6. Bulk density varies between 2.30 t/m3 and 2.50 t/m3.
  7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  8. Mineral Resources are inclusive of Mineral Reserves.

Note 6 – Libertad Mineral Resource Notes

  1. Effective dates are December 31, 2021 for all La Libertad deposits except San Antonio OP, with an effective date of August 30, 2020.
  2. CIM (2014) definitions were followed for Mineral Resources.
  3. A cut-off grade of 0.74 g/t Au is used for Jabali Antena OP, 0.69 g/t for Rosario OP, 0.68 g/t for Socorro OP and San Antonio OP, 2.90 g/t for San Juan UG, San Diego UG and Mojón UG, and 2.58 g/t for Jabali West UG, 2.84 g/t for Jabali East UG, 1.19 g/t Au for Pavon Norte and Pavon Central, and 1.17 g/t Au for Pavon Sur.
  4. Reporting shapes were used for reporting Jabali West UG.
  5. Mineral Resources are estimated using a long-term gold price of US$1,600/oz Au in all deposits except Pavón Sur, estimated using a long-term gold price of US$1,400/oz Au.
  6. Bulk density varies between 1.70 t/m3 and 2.64 t/m3.
  7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  8. Mineral Resources are inclusive of Mineral Reserves.
  9. Numbers may not add up due to rounding.

Note 7 – Eastern Borosi Mineral Resource Notes

  1. CIM (2014) definitions were followed for Mineral Resources and Numbers may not add due to rounding.
  2. A cut-off grade of 2.0 g/t AuEq is used for Blag UG and East Dome UG, 3.21 g/t Au for Riscos UG, 3.59 g/t Au for Guapinol and Vancouver, 1.70 g/t Au for Guapinol and Vancouver OP, and 0.42 g/t Au for La Luna OP.
  3. Gold equivalent values were calculated using the formula: AuEq (g/t) = Au (g/t) + Ag (g/t) / (101.8)
  4. Mineral Resources for Blag UG, East Dome UG and La Luna OP are estimated using a long-term gold price of US$1,500 per ounce of gold, US$23 per ounce of silver.
  5. Mineral Resources for Riscos UG and Guapinol and Vancouver (OP and UG) are estimated using a long-term gold price of US$1,600 per ounce of gold.
  6. A minimum mining width of 2.4 m was used for underground and 3 m for open pit.
  7. Bulk density is 2.65 t/m3 for Blag, East Dome, and La Luna, between 2.30 t/m3 and2.71 t/m3 for Riscos, and between 2.05 t/m3 and 2.60 t/m3 for Guapinol and Vancouver.

Eastern Borosi Project

100% owned Borosi Inferred Resources (see news release here)

The Cerro Aeropuerto deposit contains gold and base metal bearing quartz veins and replacement style skarn mineralization.  The NI 43-101 compliant Inferred Mineral Resource estimate for the Cerro Aeropuerto deposit is provided in the table below:  

Cerro Aeropuerto NI 43-101 Inferred Mineral Resource (April 11, 2011)
Tonnes Grade
(Au g/t)
Grade
(Ag g/t)
Grade
(AuEq g/t)
Contained
Au (ounces)
Contained
Ag (ounces)
6,052,000 3.64 16.16 3.89 707,750 3,144,500
  1. CIM definition standards were followed for the resource estimate
  2. The 2011 resource models used Inverse Distance grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and
  3. A base cutoff grade of 0.6 g/t AuEq was used for reporting mineral resources.
  4. Gold Equivalent (AuEq) grades were calculated using $1,058/oz Au for gold and $16.75/oz Ag for silver, and metallurgical recoveries and net smelter returns are assumed to be 100%.
  5. Resource Estimates for Cerro Aeropuerto are detailed in the technical report titled ‘NI 43-101 Technical Report and Resource Estimation of the Cerro Aeropuerto and La Luna Deposits, Borosi Concessions, Nicaragua’ by Todd McCracken, dated April 11, 2011.
  6. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource. It is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
  7. Numbers may not add exactly due to rounding.
  8. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

100% owned Borosi Inferred Resources (see news release here)

The NI 43-101 compliant Inferred Mineral Resource estimate for Primavera is provided in the table below:

Primavera NI 43-101 Inferred Mineral Resource (January 31, 2017)
Tonnes Grade
(Au g/t)
Grade
(Ag g/t)
Grade
(Cu %)
Grade
(AuEq g/t)
Contained
Au (ounces)
Contained
Ag (ounces)
Contained
Cu (pounds)
44,974,000 0.54 1.15 0.22 0.84 782,000 1,661,000 218,670,000
  1. CIM definition standards were followed for the resource estimate.
  2. The 2016 resource models used Ordinary Kriging grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids (HG=high grade, LG= low grade, sap=saprolite).
  3. A base cutoff grade of 0.5 g/t AuEq was used for reporting mineral resources.
  4. Gold Equivalent (AuEq) grades have been calculated using $1300/oz Au for gold, $2.40/lb for Copper, and $20.00/oz Ag for silver and metallurgical recoveries are assumed to be equal for all metals.
  5. Resource Estimates for the Primavera project are detailed in the NI 43-101 Technical Report titled ‘Primavera Project ‘by Todd McCracken, dated January 31, 2017.
  6. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an indicated or measured resource. It is uncertain if further exploration will result in upgrading them to indicated or measure mineral resource category.
  7. Numbers may not add exactly due to rounding.
  8. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Qualified Person

Darren Hall, MAusIMM, MSME, President & Chief Executive Officer of Calibre Mining Corp is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this press release.

Reserves & Resources

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