USA

Pan Mine Mineral Reserves – December 31, 2022

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

Proven + Probable

19,788

0.37

234

Probable Leach Pad Inventory (recoverable)

-

-

30

Total Proven and Probable

19,788

0.37

264

  1. Reserves stated in the table are contained within an engineered pit design following the US$1,600/oz Au sales price Lerchs-Grossmann pit. Date of topography is December 31, 2022.
  2. In subsequent text, the abbreviation “st” denotes US short tons.
  3. Mineral Reserves are stated in terms of delivered tons and grade, before process recovery. The exception is leach pad inventory, which is stated in terms of recoverable Au ounces.
  4. Costs used include a mining cost of US$2.11/st and an ore processing and G&A cost of US$3.88/st.
  5. Reserves for Argillic (soft) ore are based upon a minimum 0.004 oz/st Au cut off grade (“CoG”), using a US$1,600/oz Au sales price and a Au Recovery of 80%.
  6. Reserves for Silicic (hard) ore are based upon a minimum 0.006 oz/st Au CoG, using a US$1,600/oz Au sales price and a Au Recovery of 60%.
  7. Mineral Reserves stated above are contained within and are not additional to the Mineral Resource, the exception being leach pad inventory.
  8. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Pan Mine Mineral Resources – December 31, 2022

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

Measured

40

0.55

1

Indicated

33,750

0.33

358

Inferred

3,246

0.40

42

  1. CIM (2014. 2019) 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 partially diluted and 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. Minerals 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 revieing and approving the Pan mine open pit Mineral Resource Estimate. Mr. Dufresne is a Qualified Person (“QP”) as set out in NI 43-101.

Gold Rock Project, 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 3.0 0.87 0.025 84,300
  1. The effective date of the Mineral Resource is Mar 31, 2020.
  2. 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;
  3. The preliminary economic assessment for Gold Rock is preliminary in nature and includes Inferred Mineral Resources that are 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;
  4. In the table above and subsequent text, the abbreviation “st” denotes US short tons;
  5. Mineral resources stated as contained within a constrained pit shell; pit optimization was based on an assumed gold price of US$1,700/oz, 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. Mineral resources are reported using an internal gold cut off grade of 0.003 oz/st Au for blocks flagged as Argillic altered or as unaltered and a cutoff of 0.004 oz/st Au for blocks flagged as Silicic altered.; and,
  7. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Golden Eagle, Washington

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 is Terre Lane of GRE.
  3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic 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 troy 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/st waste, assumed mining costs of $2.02/st mineralized mineral, assumed processing case of $12.75/st mineralized material, assumed G&A cost of $0.74/st 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.

Nicaragua

Mineral Reserves and Consolidated Grade

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

Nicaragua Mineral Reserves – December 31, 2022 2,4

  Category Tonnage
(kt)
Grade
(g/t Au)
Grade
(g/t Ag)
Contained Au
(koz)
Contained Ag
(koz)
Limon UG Probable 1,370 7.77 10.31 339 489
Limon OP Probable 2,285 4.27 1.81 313 133
Limon Stockpile Probable 59 2.36 - 4 -
Sub-total Limon Probable 3,714 5.50 5.21 657 622
             
Libertad UG Probable 256 4.09 30.00 34 247
Eastern Borosi UG Probable 711 5.18 77.32 118 1,768
Libertad OP Sources Probable 458 2.24 15.64 33 230
Pavon OP Probable 569 6.56 12.93 120 236
Eastern Borosi OP Probable 538 6.87 9.94 119 172
Libertad & Pavon Stockpile Probable 24 2.37 - 2 -
Sub-total Libertad Probable 2,556 5.18 32.29 426 2,654
             
Total Mineral Reserves Probable 6,269 5.37 16.25 1,082 3,275

Note 2 - La Libertad Complex Mineral Reserve Notes

  1. CIM (2014) definitions were followed for Mineral Reserves.
  1. All Mineral Reserves are classified as Probable Mineral Reserves. 
  1. Mineral Reserves are estimated assuming a long-term gold price of US$1,500/oz and a long-term silver price of US$23/oz.  Exceptions:    

 a. Jabalí West UG and EBP Guapinol OP and Vancouver OP (US$1,500/oz Au and US$26/oz Ag).

 b. Pavon Norte OP and Pavon Central OP (US$1,600/oz Au and US$23/oz Ag).

  1. Open pit Mineral Reserves are estimated at the following cut-off grades:

 a. 0.79 g/t Au for Jabalí Antena OP.

 b. 0.74 g/t Au for Rosario OP.

 c. 1.51 g/t Au for Pavón Norte OP and Pavón Central OP.

d. 1.81 g/t Au for EBP (Guapinol OP and Vancouver OP).

  1. Pavon Norte OP and Pavon Central OP cut-off grades, account for the increased hauling costs to mill.
  2. All open pit Mineral Reserve estimates incorporate dilution built in during the re-blocking process and assume 100% mining recovery.
  3. Underground Mineral Reserves are estimated at fully costed and incremental cut-off grades of 2.75 g/t Au and 1.65 g/t Au, respectively, for Jabalí West UG and 3.42 g/t Au and 2.41 g/t Au for Riscos de Oro UG.
  1. All Mineral Reserve estimates incorporate estimates of dilution and mining losses.
  1. A minimum mining width of 1.5 m and 2.0 m was used for underground Mineral Reserves at Jabalí West UG and Riscos de Oro UG, respectively, and a dilution skin of 0.5 m was added to the hanging wall and footwall respectively (total 1.0 m).
  1. A mining extraction factor of 95% was applied to underground stopes at Jabalí West UG.  A 100% extraction factor was assumed for ore encountered during mine access development.
  1. A mining extraction factor of 90% was applied to underground stopes at Riscos de Oro UG, with a 70% mining extraction applied to stopes where there is no top drilling drift.  A 90% extraction factor was assumed for ore encountered during mine access development. 
  1. Bulk densities vary by deposit and weathering stage and range from 1.70 t/m3 to 2.61 t/m3.  Underground backfill density is 1.00 t/m3.
  1. Mineral Reserves are reported in dry metric tonnes.
  1. Numbers may not differ due to rounding.

   The Qualified Persons (QPs) are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Reserves estimate.

Note 4 - El Limon Complex Mineral Reserve Notes

  1. CIM (2014) definitions were followed for Mineral Reserves.
  1. All Mineral Reserves are classified as Probable Mineral Reserves. 
  1. Mineral Reserves are estimated assuming a long-term gold price of US$1,500/oz and a long-term silver price of US$23/oz.  Panteón Norte – Shaft 9 Mineral Reserves are estimated assuming a long-term gold price of US$1,600/oz and a long-term silver price of US$20/oz.
  1. Open pit Mineral Reserves are estimated at the following cut-off grades:

 a. 1.05 g/t Au for Limón Central OP.

 b. 1.11 g/t Au for Limón Norte OP.

 c. 1.07 g/t Au for Pozo Bono/Limón Sur OP.

 d. 1.10 g/t Au for Tigra OP.

  1. All open pit Mineral Reserve estimates incorporate dilution built in during the re-blocking process and assume 100% mining recovery.
  2. Underground Mineral Reserves are estimated at the following fully costed and incremental cut-off grades, respectively:

 a. 2.90 g/t Au and 2.30 g/t Au for Panteón UG (existing).

 b. 3.17 g/t Au and 2.74 g/t Au for Panteón Norte – Shaft 9 UG.

 c. 3.01 g/t Au and 2.44 g/t Au for Santa Pancha 1 UG.

 d. 2.13 g/t Au and 1.91 g/t Au for Veta Nueva UG.

 e. 2.30 g/t Au and 1.92 g/t Au for Atravesada UG.

  1. All Mineral Reserve estimates incorporate estimates of dilution and mining losses. 
  1. A mining extraction factor of 95% was applied to underground stopes.  Where required, a pillar factor was also applied for sill or crown pillars.  A 100% extraction factor is assumed for ore encountered during mine access development.
  1. Minimum mining widths of four metres, three metres, 1.5 m, and two metres were used for Santa Pancha 1, Veta Nueva, Panteón (including Panteon Norte – Shaft 9), and Atravesada, respectively.
  1. Bulk densities vary between 2.30 t/m3 and 2.41 t/m3 for all open pit Mineral Reserves and between 2.47 t/m3 to 2.50 t/m3 for all underground Mineral Reserves.
  1. Mineral Reserves are reported in dry metric tonnes.
  1. Numbers may not add due to rounding.

The The Qualified Persons (QPs) are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Reserves estimate.

Nicaragua Indicated Mineral Resources - December 31, 2022 1,3

  CATEGORY TONNAGE
(KT)
GRADE
(G/T AU)
GRADE
(G/T AG)
CONTAINED AU
(KOZ)
CONTAINED AG
(KOZ)
Limon UG Indicated 2,164 7.23 8.32 504 579
Limon OP Indicated 3,761 4.12 2.47 499 298
Limon Stockpile Indicated 59 2.36 - 4 -
Tailings Indicated 7,329 1.12 - 263 -
Sub-total Limon Indicated 13,313 2.97 2.05 1,270 877
             
Libertad UG Indicated 262 5.00 34.23 42 288
Eastern Borosi UG Indicated 616 7.57 132.38 150 2,621
Libertad OP Sources Indicated 1,482 2.03 12.07 97 570
Pavon Norte OP Indicated 107 2.43 14.24 8 16
Pavon Central OP Indicated 588 6.51 13.4 123 253
Eastern Borosi OP Indicated 415 9.84 14.00 131 189
Libertad & Pavon Stockpiles Indicated 24 2.37 - 2 -
Sub-total Libertad Indicated 3,493 4.92 35.38 553 3,937
             
Total Mineral Resources Indicated 16,806 3.37 8.98 1,823 4,814

Nicaragua Inferred Mineral Resources – December 31, 2022 1,3

  CATEGORY TONNAGE
(KT)
GRADE
(G/T AU)
GRADE
(G/T AG)
CONTAINED AU
(KOZ)
CONTAINED AG
(KOZ)
Limon UG Inferred 1,102 4.85 4.34 170 153
Limon OP Inferred 496 2.96 0.90 47 14
Sub-total Limon Inferred 1,597 4.26 3.27 218 167
             
Libertad UG Inferred 1,521 5.07 10.29 247 504
Eastern Borosi UG Inferred 1,597 3.74 136.74 193 7,013
Libertad OP Sources Inferred 1,274 2.81 3.38 114 139
Pavon OP Inferred 744 4.02 7.69 96 179
Eastern Borosi OP Inferred 1,297 2.47 16.08 103 653
Sub-total Libertad Inferred 6,433 3.65 41.19 754 8,487
Cerro Aeropuerto* Inferred 6,052 3.64 16.16 708 3,145
Primavera* Inferred 44,974 0.54 1.15 782 1,661
Total Mineral Resources Inferred 59,056 1.30 7.09 2,462 13,460

*See detailed tables and notes below for Cerro Aeropuerto and Primavera

Note 1 - La Libertad Complex Mineral Resource Notes

  1. CIM (2014) definitions were followed for Mineral Resources.
  1. Mineral Resources are estimated assuming a long-term gold price of US$1,600/oz and a long-term silver price of US$24/oz.  Exceptions:   

 a. At La Libertad Mine, Jabalí East Underground (UG), Mojon UG, San Juan UG, and Tope UG (US$1,500/oz Au and   US$23/oz Ag).

 b. At EBP, Blag UG, East Dome UG, and La Luna Open Pit (OP) (US$1,500/oz Au and US$23/oz Ag).

 c. At Pavon Mine, Pavon Norte OP, Pavon Central OP, and Pavon Sur OP (US$1,700/oz Au and US$24/oz Ag).

  1. Mineral Resources are estimated at gold cut-off grades ranging from 0.42 g/t to 3.59 g/t.
  1. Open pit Mineral Resources are reported within conceptual open pits. 
  1. All underground deposits have been modelled considering an approximate minimum thickness of at least one metre and show good continuity of mineralization. A minimum mining width of two metres has been used to model mineralized zones within the Jabalí West, San Antonio, Rosario, and Socorro deposits.
  1. Underground Mineral Resources at Jabalí West UG, Riscos de Oro UG, and EBP (Guapinol UG and Vancouver UG) are reported within underground constraining shapes.  All blocks within the underground constraining shapes have been included within the Mineral Resource estimate. 
  1. Bulk densities vary by deposit and weathering stage and range from 1.70 t/m3 to 2.65 t/m3.
  1. Mineral Resources are inclusive of Mineral Reserves.
  1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  1. Numbers may differ due to rounding.

The Qualified Persons (QPs) are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

Note 3 - El Limon Complex Mineral Resource Notes

  1. CIM (2014) definitions were followed for Mineral Resources.
  1. Mineral Resources are inclusive of Mineral Reserves. 
  1. Mineral Resources are estimated assuming a long-term gold (Au) price of US$1,600/ounce (oz) and a long-term silver (Ag) price of $US24/oz.
  1. Open Pit (OP) Mineral Resources are estimated at cut-off grades of 1.00 g/t Au.
  1. Underground (UG) Mineral Resources are estimated at cut-off grades ranging from 2.00 g/t Au to 2.82 g/t Au.
  1. Bulk densities vary by deposit and weathering stage and range from 1.86 t/m3 to 2.85 t/m3.  Bulk densities for Tailings material range from 1.29 t/m3 to 1.33 t/m3. 
  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  1. Numbers may not add due to rounding.

The Qualified Persons (QPs) are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

Eastern Borosi Project

100% owned Borosi Inferred Resources

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 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. The effective date of the Mineral Resource is April 11, 2011.
  2. CIM definition standards were followed for the resource estimate.
  3. The 2011 resource models used Inverse Distance grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and
  4. A base cutoff grade of 0.6 g/t AuEq was used for reporting mineral resources.
  5. 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%
  6. 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.
  7. 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.
  8. Numbers may not add exactly due to rounding.
  9. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
Primavera 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. The effective date of the Mineral Resource is January 31, 2017.
  2. CIM definition standards were followed for the resource estimate.
  3. 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).
  4. A base cutoff grade of 0.5 g/t AuEq was used for reporting mineral resources.
  5. 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.
  6. 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.
  7. 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.
  8. Numbers may not add exactly due to rounding.
  9. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
  10. Primavera copper resource includes 218,670,000 pounds of copper at a grade of 0.22% Cu, 0.84 g/t AuEq.

Qualified Persons & Disclaimers

This Mineral Resource and Mineral Reserve statement has been reviewed and approved by Benjamin Sanfurgo, CHMC(RM), Goran Andric, P.Eng., Jeff Sepp, P.Eng., Varun Bhundhoo, and Daniel Rolph, P.Eng., of SLR Consulting (Canada) Limited (“SLR”), who prepared or supervised the preparation of the updated El Limon Complex and La Libertad Complex (Libertad, Pavon, and EBP districts) Mineral Resource and Mineral Reserve estimates reported here and are Qualified Persons (“QPs”) as set out under NI 43-101. 

A new technical report the Pan Gold Project (the “NI 43-101 Updated Technical Report on Resources and Reserves Pan Gold Project White Pine County, Nevada”) will be prepared by SRK Consulting in accordance with NI 43-101. The technical report will include details regarding the updated Mineral Reserve and Resource estimates presented herein and will be filed on SEDAR (www.sedar.com) by March 31, 2023. 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. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Please also see the notes to each table below.

Darren Hall, MAusIMM, President & Chief Executive Officer, Calibre Mining Corp. has reviewed and approved the scientific and technical information herein. 

David Schonfeldt, P. Geo, Corporate Chief Geologist, Calibre Mining Corp. and a "Qualified Person" under National Instrument 43-101.has reviewed and approved the scientific and technical information contained here. 

Reserves & Resources

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