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Calibre Delivers Fourth Consecutive Year of Mineral Reserve Growth

Press Release

Mar 12, 2024

VANCOUVER, British Columbia, March 12, 2024  — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to announce the results of the Company’s updated Mineral Resources (“Resources”) and Mineral Reserves (“Reserves”) for its Nicaragua and Nevada properties as of December 31, 2023. Reserves have grown in both jurisdictions net of depletion since acquisition of each asset. As demonstrated by the team’s track record, Calibre continues to efficiently make new discoveries and convert discoveries into Reserves as evidenced at the VTEM gold corridor within the Limon Mine Complex which has seen year over year Reserve growth of 36%. The VTEM corridor now contains 1.25 Mt averaging 8.25 g/t Au for 332 koz in Reserves with multiple kilometres of strike potential and an ongoing 50,000 m drill program.

Nicaragua Mineral Reserves (December 31, 2023)

Highlights

  • Nicaragua: Increase in Reserves net of production depletion of 4% in 2023 to 1.13 Moz;
  • Nevada: Increase in Reserves net of production depletion of 12% in 2023 to 0.30 Moz;
  • Company wide significant mineral endowment of over 4.1 Moz of Reserves, 8.6 Moz of Measured and Indicated Resources (inclusive of Reserves) and 3.6 Moz of Inferred Resources;
  • Valentine Gold Mine’s significant mineral endowment of 2.7 Moz of Reserves and 3.96 Moz of Measured and Indicated Resources (inclusive of Reserves) and 1.10 Moz of Inferred Resources (further detailed in the tables below) ( see news release dated January 26, 2024 ); and
  • >130,000 m Resource expansion and discovery drill programs underway across all assets.

Darren Hall, President and Chief Executive Officer of Calibre stated : “I am very pleased to see another year of Reserve growth net of depletion in both operating jurisdictions. We have crystalized a significant portion of our Resources into Reserves for a record 1.42 Moz in Nicaragua and Nevada, net of record 2023 production of 283,525 ounces. Nicaragua continues to deliver with Reserves at 1.13 Moz providing a robust base from which to deliver. With our recent acquisition of the Valentine Gold Mine, our company wide consolidated Reserves stand at 4.1 Moz, a more than 10-fold increase since Q4 2019 net of 825 koz of production. Importantly Reserves have grown more 36% year over year at our emerging flagship project, the VTEM gold corridor at Limon. In Nevada we’ve grown Reserves over 50% net of production depletion since closing the acquisition in 2021.”

Nicaragua Mineral Resource and Reserve Statements – December 31, 2023 1,2,3,4 ,5,6
All notes with parameters are at the end of the press release.
Tonnage Grade Grade Contained Au Contained Ag
(kt) (g/t Au) (g/t Ag) (koz) (koz)
Probable Reserves 6,822 5.13 20.9 1,126 4,593
El Limon Complex 3,377 5.89 5.43 639 589
La Libertad Complex 3,445 4.39 36.2 487 4,004
Measured & Indicated Resources
(Inclusive of probable reserves)
17,333 3.34 10.37 1,862 5,779
El Limon Complex 12,861 3.05 1.91 1,259 791
La Libertad Complex 4,472 4.18 34.7 602 4,989
Inferred Resources 56,584 1.23 11.88 2,235 21,606
El Limon Complex 1,566 4.46 3.54 224 177
La Libertad Complex 3,992 4.06 37.6 520 4,824
Primavera (January 31, 2017) 44,974 0.54 1.15 782 13,460
Cerro Aeropuerto (April 11, 2011) 6,052 3.64 16.16 708 3,145

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