WEBSITE DISCLOSURE
Calibre Mining Corp. (the “Company” or “Calibre”) updates the information on
this website regularly. However, such information is not intended to be a
comprehensive review of all matters and developments concerning Calibre and
Calibre cannot guarantee the accuracy, currency or completeness of the
information at all times and assumes no responsibility in this regard.
The scientific and technical information disclosed on this website has been
reviewed and approved by David Schonfeldt, P. Geo, Calibre’s Corporate Chief
Geologist and a "Qualified Person" under National Instrument 43-101 -
Standards of Disclosure for Mineral Projects (“NI 43-101”).
This website and the materials posted on it do not constitute an offer to
sell or the solicitation of an offer to buy any securities of Calibre and
any representation to the contrary would be unlawful.
CAUTION ON FORWARD-LOOKING INFORMATION
This website includes certain "forward-looking information" and
"forward-looking statements" (collectively "forward-looking statements")
within the meaning of applicable Canadian and United States securities
legislation. All statements in this presentation that address events or
developments that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are identified by words such as "expect", "plan",
"anticipate", "project", "target", "potential", "schedule", "forecast",
"budget", "estimate", "intend", “seek” or "believe" and similar expressions
or their negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur or be achieved.
Forward-looking statements within this website include, but are not limited
to: Calibre’s expectations toward higher grades mined and processed going
forward, increased overall annual production and cash flow in 2024 and lower
per ounce costs; statements and expectations with respect to production
guidance, growth and optimization opportunities, and potential mineral
reserve or mineral resource expansion in respect of the Company’s mineral
properties; statements relating to the Company’s 2024 priority mineral
resource expansion opportunities; the Company’s exploration focus at the El
Limon Complex; the Company’s metal price and cut-off grade assumptions; the
Company’s opportunities at the Volcan open pit (“Volcan”) and the Tranca
open pit (“Tranca”) at the La Libertad Complex; the Company’s plans for the
La Libertad Complex for 2024; the anticipated dates and costs of
construction, mining and commercial production at the Valentine Gold Mine
(“Valentine”) and the Company’s expectations with respect to Valentine and
all assets and contributions to production growth and expected timing for
completion; expectations regarding the potential benefits and synergies of
the assets and the ability of the combined company to successfully achieve
business objectives, including integrating the companies or the effects of
unexpected costs, liabilities or delays; expectations regarding future
exploration and development, growth potential for operations; and
expectations for other economic, business, and/or competitive factors.
Forward-looking statements necessarily involve assumptions, risks and
uncertainties, certain of which are beyond Calibre's control. For a listing
of risk factors applicable to the Company, please refer to Calibre's annual
information form for the year ended December 31, 2023 dated March 7, 2024,
and its management discussion and analysis for the year ended December 31,
2023 dated February 20, 2024, all available on the Company’s SEDAR+ profile
at www.sedarplus.ca. This list is not
exhaustive of the factors that may affect Calibre's forward-looking
statements such as potential sanctions implemented as a result
of the United States Executive Order 13851 dated October 24, 2022.
Calibre's forward-looking statements are based on the applicable assumptions
and factors management considers reasonable as of the date hereof, based on
the information available to management at such time. Such assumptions
include, but are not limited to: the Company being able to mine and process
higher grades and keep production costs relatively flat going forward; there
not being an increase in production costs as a result of any supply chain
issues; there being no adverse drop in metal price or cut-off grade at the
Company’s operating properties; the Company’s opportunities at Volcan and
Tranca at the La Libertad Complex coming to fruition; there being no adverse
development or hindrance in the permitting or construction processes at
Volcan and Valentine and their respective potential and ability to
contribute to production growth. Calibre does not assume any obligation to
update forward-looking statements if circumstances or management's beliefs,
expectations or opinions should change other than as required by applicable
securities laws. There can be no assurance that forward-looking statements
will prove to be accurate, and actual results, performance or achievements
could differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, undue reliance should not be placed
on forward-looking statements.
CAUTIONARY STATEMENT REGARDING MINERAL RESERVE AND RESOURCE
ESTIMATES
This website and the materials posted on it have been prepared in accordance
with the requirements of the securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. As a result, the
Company reports the mineral reserves and resources of the projects it has an
interest in according to Canadian standards. Canadian reporting requirements
for disclosure of mineral properties are governed by, and utilize
definitions required by, NI 43-101. NI 43-101 and the Canadian Institute of
Mining, Metallurgy and Petroleum – CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as amended.
These requirements and definitions differ from those adopted by the United
States Securities and Exchange Commission under subpart 1300 of Regulation
S-K (“S-K 1300”) of the United States Securities Act of 1933 that are
applicable to United States companies. Accordingly, descriptions of
mineralization and estimates of mineral reserves and mineral resources under
Canadian standards included or incorporated by reference in this website and
the materials posted on it may not be comparable to similar information
reported by United States companies subject to the reporting and disclosure
requirements of S-K 1300.
NON-IFRS MEASURES
The Company believes that investors use certain non-IFRS measures as
indicators to assess gold mining companies, specifically Total Cash Costs
per Ounce of Gold (“Total Cash Costs”) and All-In Sustaining Cash Costs per
Ounce of Gold Sold (“AISC”). In the gold mining industry, these are common
performance measures but do not have any standardized meaning. The Company
believes that, in addition to conventional measures prepared in accordance
with IFRS, certain investors use this information to evaluate the Company’s
performance and ability to generate cash flow. Accordingly, it is intended
to provide additional information and should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with
IFRS. These measures do not have any standardized meaning prescribed under
IFRS, and therefore may not be comparable to other issuers.
(1) Total Cash Costs per Ounce of Gold: Total Cash Costs include
mine site operating costs such as mining, processing and local
administrative costs (including stock-based compensation related to mine
operations), royalties, production taxes, mine standby costs and current
inventory write downs, if any. Production costs are exclusive of
depreciation and depletion, reclamation, capital and exploration costs.
Total Cash Costs are net of by-product silver sales and are divided by
gold ounces sold to arrive at a per ounce figure.
(2) All-In Sustaining Costs per Ounce of Gold: AISC is a
performance measure that reflects all of the expenditures that are required
to produce an ounce of gold from current operations. While there is no
standardized meaning of the measure across the industry, the Company’s
definition is derived from the AISC definition as set out by the World Gold
Council in its guidance dated June 27, 2013 and November 16, 2018,
respectively. The World Gold Council is a non-regulatory, non-profit
organization established in 1987 whose members include global senior mining
companies. The Company believes that this measure will be useful to external
users in assessing operating performance and the ability to generate free
cash flow from current operations. The Company defines AISC as the sum
of Total Cash Costs, sustaining capital (capital required to maintain
current operations at existing levels), lease repayments, corporate general
and administrative expenses, exploration expenditures designed to increase
resource confidence at producing mines, amortization of asset retirement
costs and rehabilitation accretion related to current operations. AISC
excludes capital expenditures for significant improvements at existing
operations deemed to be expansionary in nature, exploration and evaluation
related to growth projects, rehabilitation accretion and amortization not
related to current operations, financing costs, debt repayments, and taxes.
Total AISC is divided by gold ounces sold to arrive at a per ounce
figure.