Building a Growth-Oriented, Americas-Focused Mid-Tier Gold Producer 

^{1. See News Release dated December 8, 2022.  2. See News Release dated November 2, 2022.  3. See News Release dated January 11, 2023.  All of which can be found on SEDAR at www.sedar.com and on The Company website at www.calibremining.com.  4. Total cash costs per ounce and AISC are non-IFRS measures.  See the “Non-IFRS Measures” section of our Cautionary Note in this presentation.}

Attractive Value Proposition

Source: Refinitiv, available broker research, company disclosure as February 13, 2023

Setting Records: Continued Delivery and Growth

1. Refer to the Calibre press release dated February 14, 2023, found on the Company website at www.calibremining.comand www.sedar.com. Refer also to “Mineral Reserves – December 31, 2022” on slide 25 and information under “Disclosure” and “Notes to Mineral Reserve and Resource Slides” on slides 29-32 of this presentation. 
2. Refer to the B2Gold 2010 – 2019 AIF reports available at www.b2gold.com and www.sedar.com

Nicaragua Operating Platform

^{1. Refer to the News Release dated February 14, 2023 found on the Company website at www.calibremining.com and SEDAR at www.sedar.com}

Significant Potential: Limon and the Panteon Corridor

^{1. Refer to the Calibre News Release dated December 8, 2022, found on the Company website at www.calibremining.com and on www.SEDAR.com}

Nevada Exploration

<sup>1. Refer to the Calibre News Release dated January 17, 2023 and available on www.calibremining.com www.sedar.com
2. Refer to the Calibre News Release dated November 22, 2022 and available on www.calibremining.com and www.sedar.com
3. Refer to the Calibre News Release dated February 14, 2023 available on www.calibremining.com and www.sedar.com</sup>

Battle Mountain – Eureka Trend

Consolidated 2023 Guidance

<sup>1. See the Calibre News Release dated January 11, 2023, found on The Company website at www.calibremining.com and on SEDAR at www.sedar.com
2. This is a non-IFRS financial measure within the meaning of National Instrument 52-112. Refer to the information under “Disclosure” in this presentation</sup>

Delivering Sustainable Value for our Shareholders

1. Refer to news release dated February 22, 2023 and the MD&A for the year ended December 31, 2022 found on the Company website at www.calibremining.com and on SEDAR at www.sedar.com.
2. Refer to the Calibre News Releases dated December 6, 2022 and December 8, 2022, found on the Company website at www.calibremining.com and on SEDAR at www.sedar.com
3. Refer to the Calibre News Release dated June 22, 2022, found on the Company website at www.calibremining.com and on SEDAR at www.sedar.com

Board of Directors

Appendix

Q4 & Full Year 2022 Financial Results

^1. Source: Calibre 2021 Sustainability Report

Commitment to ESG Practices

The Right Way, The Safe Way, Everyday

^1.At December 31 , 2022 and Market Capitalization at February 23 , 2023.

Capital Structure

1, 2, 3, 4. 8. Refer to the Notes in the Disclosure section of this presentation found on slides 26 and 27 .

Mineral Reserves – December 31, 2021

1, 5, 6, 7. 9. Refer to the Notes in the Disclosure section of this presentation

M&I Mineral Resources – December 31, 2021

Notes to Mineral Reserve & Resource Slides

Disclosure

Qualified Persons & Technical Disclaimers for the December 31, 2021 Nicaraguan Mineral Reserves and Resources

A new technical report on the La Libertad Complex (the “New La Libertad Complex Technical Report”) has been filed on sedar effective Dec 31, 2021 prepared by SLR in accordance with NI 43-101. The technical report will include the EBP results as well as details regarding the updated mineral reserve and resource estimates presented herein. Readers are encouraged to read the New La Libertad Complex Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resources and Mineral Reserves. The New La Libertad Complex Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Additional information with respect to the updated mineral reserves and resources for the El Limon Complex reported herein has been derived from the technical report titled “Technical Report on the El Limon Complex, Leon and Chinandego Departments, Nicaragua – Report for NI 43-101” dated March 30, 2021 with an effective date of December 31, 2020 (the “El Limon Complex Technical Report”). Readers are encouraged to read the El Limon Complex Technical Report in entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Reserves and Mineral Resources. The El Limon Complex Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Additional information regarding Pan Mine was derived from the technical report titled, “Updated Technical Report on Resources and Reserves, Pan Gold Project, White Pine County, Nevada”, prepared for Fiore Gold Ltd. as amended on September 8, 2021 and with an effective date of December 23, 2020. The Pan Mine Technical Report can be accessed from our website at www.calibremining.com

Please reference December 31, 2021 Annual Information Form filed on www.sedar.com and www.calibremining.com for updated details pertaining to all mineral resources and 
mineral reserves

Please also see the notes to each table on the next slides.

Unless otherwise indicated, Darren Hall, MAusIMM, President & Chief Executive Officer, Calibre Mining Corp. has reviewed and approved the scientific and technical information in this presentation, and is a Qualified Person as set out under NI 43-101.

Technical Information for the USA based Mineral Resource disclosure

Please also see the following technical reports for further information on the Pan, Gold Rock and Golden Eagle mineral properties, which includes information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by Fiore Gold Ltd. to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Pan, Gold Rock and Golden Eagle properties and the potential development of the Company’s mineral reserves and resources:

• The amended technical report on the Pan Project prepared by Michael Dufresne, P.Geol., P.Geo., Justin Smith, P.E., RM-SME., Deepak Malhotra, RM-SME, Valerie Sawyer, RM-SME, Fredy Henriquez, MSc., RM-SME, and Michael Iannacchione, P.E. entitled “NI 43-101 Updated Technical Report on Resources and Reserves Pan Gold Project White Pine County, Nevada” dated as of January 22, 2021, with an amended date of September 8, 2021, and an effective date of December 23, 2020; (the “Pan Technical Report”);
• The amended technical report titled “Amended Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, White Pine County, Nevada, USA” prepared by Michael B. Dufresne, M.Sc., P.Geol., P.Geo., Sam J. Shoemaker, Jr. B.S., SME Registered Member and Steven J. Nicholls, BA.Sc. (Geology), MAIG dated April 30, 2020, with an amended date of September 3, 2021, and an effective date of March 31, 2020; (the “Gold Rock Technical Report”); and
• The amended technical report titled “Mineral Resource Estimate NI 43-101 – Golden Eagle Project” prepared by Dr. Todd Harvey, QP, Dr. Hamid Samari, QP and Terre Lane, QP, issued on May 19, 2020 with a revised and amended date of September 24, 2021, and an effective date of March 31, 2020;  (the “Golden Eagle Technical Report”, together with the Pan Technical Report and the Gold Rock Technical Report, the “Fiore Technical Reports”).

Technical Information on the Company’s material mineral properties

Please also see the following technical reports for further information on the Company’s material mineral properties, which includes information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s material mineral properties and the potential development of the Company’s mineral reserves and resources:

• The technical report on the El Limon Complex prepared by Grant A. Malensek, M.Eng., P. Eng., José M. Texidor Carlsson, M.Sc., P. Geo., Hugo M. Miranda, M.Eng., MBA, SME (RM), Stephan R. Blaho, MBA, P.Eng., Andrew P. Hampton, M.Sc., P.Eng., and Luis Vasquez, M.Sc., P.Eng. of SLR Consulting (Canada) Limited entitled “NI 43-101 Technical Report on the El Limón Complex, León and Chinadego Departments” dated March 31, 2021 and effective December 31, 2020 (the “El Limon Technical Report”);
• The technical report on the La Libertad Complex prepared by Grant A. Malensek, M.Eng., P. Eng., José M. Texidor Carlsson, M.Sc., P. Geo., Hugo M. Miranda, M.Eng., MBA, SME (RM), Stephan R. Blaho, MBA, P.Eng., Andrew P. Hampton, M.Sc., P.Eng., and Luis Vasquez, M.Sc., P.Eng. of SLR Consulting (Canada) Limited, Todd McCracken, P.Geo, of BBA E&C Inc. and Shane Ghouralal, MBA, P.Eng. and Isabelle Larouche, P.Eng of WSP Canada Inc. entitled “NI 43-101 Technical Report on the La Libertad Mine, Chontales Department, Nicaragua” dated March 31, 2021 and effective December 31, 2020 (the “La Libertad Technical Report”);
• Pavon Project Resources Estimation dated Jan 9, 2020 effective Nov. 12, 2019 (the “Pavon Technical Report”); and
• Iamgold Corporation and Calibre Mining Corp. Technical Report on the Easter Borosi Project, Nicaragua dated May 11, 2018 (the “Eastern Borosi Technical Report”, together with the El Limon Technical Report, the La Libertad Technical Report and the Pavon Technical Report, the “Company Technical Reports”).
• 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
• 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

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Reserves and Resources

This presentation has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and mineral resource estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this presentation uses the terms “measured mineral resources”, “indicated mineral resources”, ‘‘inferred mineral resource estimate’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC has not recognized them. The requirements of NI 43- 101 for identification of ‘‘reserves’’ are not the same as those of the SEC, and mineral reserves reported by the Company or Fiore, as applicable, in compliance with NI 43-101 may not qualify as ‘‘reserves’’ under SEC standards. Under U.S. standards, mineralization may not be classified as a ‘‘reserve’’ unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or “indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand that “inferred resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Non-IFRS Measures

This presentation refers to various non-IFRS measures, such as “AISC", “total cash costs per ounce sold”, “average realized price per ounce sold” and  “free cash flow”. These measures do not have a standardized meaning prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies. Please also see the Company’s MD&A for the year ended December 31, 2021 for a discussion of non-IFRS measures and reconciliations, which information is incorporated by reference herein and which is available under the Company’s profile on SEDAR at www.sedar.com. The non-IFRS measures are 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.

All-In Sustaining Costs per Ounce of Gold Sold (“AISC”)

AISC is a performance measure that reflects 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 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 is useful to external users in assessing operating performance and the ability to generate free cash flow from operations. The Company defines AISC as the sum of Total Cash Costs (per below), sustaining capital (capital required to maintain current operations at existing production levels), capital 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 resource growth, rehabilitation accretion 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.

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 per gold ounce are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.

Average Realized Price per Ounce Sold

Average realized price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold sales.

Free Cash Flow

Free cash flow is a non-IFRS financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines "free cash flow" as cash generated from operations and proceeds of sale of other assets less capital expenditures on mining interests, lease payments, settlement of non-current derivative financial liabilities. The Company believes this non-IFRS financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. "Free cash flow" is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS.

Readers should refer to the “Non-IFRS Measures” section of the Company’s Management’s Discussion and Analysis for the period ended December 31, 2021, available at www.sedar.com, for a further discussion of AISC, total cash costs per ounce of gold sold and average realized price per ounce sold, along with reconciliations to the most directly comparable IFRS measures.

Cautionary Note

Forward-Looking Information

This presentation 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" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this presentation include, but are not limited to: Calibre Mining Corp.’s (“Calibre” or the “Company”) expectations toward higher grades mined and processed going forward, increased overall annual production and cash flow in 2023 and 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 2022 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 Volcan and Tranca at the La Libertad Complex; the Company’s plans for the La Libertad Complex for 2022, including the anticipated date of development, permitting and production at Pavon Central and the anticipated dates of permitting, construction, mining and hauling and commercial production at EBP and the Company’s expectations with respect to Pavon and EBP and their respective contributions to production growth. 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 (“AIF”) for the year ended December 31, 2021, and its management discussion and analysis (“MD&A”) for the year ended December 31, 2021, all available on the Company’s SEDAR profile at www.sedar.com. 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 or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the Company’s Nicaraguan 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 Pavon and EBP 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. 

All figures are expressed in U.S. dollars. 

Note 1 - See the December 31, 2021 AIF, the El Limon Complex Technical Report, the La Libertad Complex Technical filed on www.sedar.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.

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 Mojon 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.

Note 8 – Pan Mine Mineral Reserve Notes

1. 1.Mineral Reserves stated in the table above are contained within an engineered pit design following the US$1,575/oz Au sales price Lerchs-Grossmann pit. Date of topography is June 30, 2020;  In the table above and subsequent text, the abbreviation “st” denotes US short tons;
2. 2.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; allowances for external dilution are applied.
3. 3.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;
4. 4.Mineral Reserves for Argillic (soft) ore are based upon a minimum 0.003 oz/st Au internal cut off grade (“CoG”), using a US$1,575/oz Au sales price and a Au Recovery of 80%;
5. 5.Mineral Reserves for Silicic (hard) ore are based upon a minimum 0.004 oz/st Au Internal CoG, using a US$1,575/oz Au sales price and a Au Recovery of 60%;
6. 6.Mineral Reserves stated above are contained within and are not additional to the Mineral Resource, the exception being stockpile and leach pad inventory; and, Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Note 9 – Pan Mine Mineral Resource Notes

1. 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;
2. 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;
3. In the table above and subsequent text, the abbreviation “st” denotes US short tons;
4. Mineral resources 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;
5. 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,
6. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

1, 5, 6, 7. 9. Refer to the Notes in the Disclosure section of this presentation

Inferred Mineral Resources – December 31, 2021

2022

2023

Exploration & Future Growth

222 koz Production: 20% increase over 2021 @ TCC $1,129 / oz & AISC $1,259 / oz

Pavon Central permits received Q2; commercial production Q1 2023

Eastern Borosi permits received Q4; commercial production Q2 2023

1.35 Moz Reserves1: 370% increased from 2019 net of production

16% increase in Nicaraguan Reserve grade 5.37 g/t gold, record grade

23% increase in-situ Pan Reserves to 234,000 ounces, after one year

Pavon Central & Eastern Borosi production fueling grade driven growth

250,000 – 275,000 ounces produced, 18% increase over 2022

Total Cash Costs $1,050/oz and All-In Sustaining Costs $1,225/oz (guidance mid-point)

$87.5million, $44.5 million reduction in non-sustaining capital vs 2022

High-grade drill results and discovery along the Panteon/VTEM corridor

Pan: Expanded resources and reserves and new discovery at Coyote target

Gold Rock: New higher-grade Carlin-style discovery

>1 Million tonnes of surplus mill capacity

Established Operating History

Limon and Libertad are prolific mining districts with over 7.7 Mozs of combined gold endowment

As two independent operations have delivered over 5.5 Mozs of past production

Calibre continues to deliver quarter over quarter, and has increased gold reserves by over 278%¹

Operating Strategy

Debottlenecking operations and de-orphaning 
satellite deposits

2.7 million tonnes of total installed mill capacity, 
~70% utilized

Excellent infrastructure: highway haulage costs of ~US$0.12 per tonne-km

Quick translation from exploration success to production

Platform for Growth

Pavon North: “Permit to Plant” in less than 18 months

Advancing Eastern Borosi as the next “Mining Spoke”, expected Q2 2023

New discoveries announced: Limon: Panteon & VTEM Corridor, Libertad: Volcan 

Over 60,000m of exploration drilling is underway

Mining

Processing

Development

LEGEND

Limon

Produced >3.5 million ounces since the early 1940s

2023 focus is on expansion and discovery drilling

Pan

Multiple resource growth targets within the permit boundary, and adjacent to the mine boundary

2022 drill results led to a 23% increase in Reserves net of depletion

New discovery 3km south of Pan at 1.36 g/t Au over 13.7m¹

Gold Rock

Located 13km from, and contiguous to, existing Pan infrastructure

Federally permitted for development

2022: Carlin-style high-grade discovery including²:

Concurrently advancing drilling, technical studies and state permitting

5.5 g/t Au over 3.0m; 7.1 g/t Au over 2.1m

6.6 g/t Au over 5.8m; 4.1 g/t Au over 8.1m

6.7 g/t Au over 3.0m; 6.8 g/t Au over 4.6m

Golden Eagle (Washington)

2.0Moz Measured and Indicated Resource3 (45.2Mt grading 1.38 g/t gold)

Phase I drill results included; 4.3 g/t Au over 92.4m

Consistently delivering on expectations year over year since asset acquisition Q4, 2019

Strong operating cash flows to fund re-investment into both Nicaragua and Nevada to grow the asset base and increase annual production

Delivering on Commitments

Demonstrated year over year delivery

$$56.5M cash and restricted cash¹

Strong cash flow from operations self funding exploration and organic growth

Multiple near-mine, high-impact exploration successes to support reserve and mine life expansion in Nevada and Nicaragua (drilling underway)

New discovery 2.5 km north of Panteon North along the VTEM geophysical corridor²

New discovery 3.0 km south of the Pan heap leach mine

Increased production year over year³

2022: 222 koz, 2023: 250 - 275 koz

>1 million tonnes of surplus processing capacity

Strong Financial Position

Growing Production Base in the Americas

Underexplored & Prospective Land Packages

El Limon Mine

Pan Mine

La Libertad Mill

2022: Delivered production and costs within guidance despite industry wide inflationary impacts (diesel, consumables etc.)

2022: Strong operating cash flows ($0.22 per share)

2023: $60 million growth capex, 30% reduction vs 2022

2023: High margin production growth, strong free cash flow, particularly in the 2nd half

Senior Management

Generating strong cash flows

Secured $19 million loan with LaFise bank for EBP mining fleet

- $19 M over 3 yrs at US prime +2.25% resulting in an interest rate of 7%

- Provides opportunity to develop a local banking arrangement at lower cost of capital than what the contract miner could offer

- Maximizes corporate liquidity during period of depressed gold prices

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Drill Results

Operational improvements, production changes and revenue updates

Resource updates and other significant valuation moving news

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Bonanza Grades intercepted¹

Panteon North discovered in 2022

Dec 2022 Maiden Reserve (244koz @ 9.45 g/t gold)

First pass step-out drilling 2.5km north along the Panteon North/VTEM geophysical corridor reveals another highgrade gold zone trend which may extend at least 1.5km2

11.6 g/t Au over 9.3m and 6.7 g/t Au over 2.1m

Discovery drilling is underway at Panteon North, Talavera and north along the Panteon VTEM corridor  

MSCI ESG Ratings

INTERANNUAL PROGRESS IN MSCI ESG RATINGS PERFORMANCE

91% of scores improved in one year

Key issue not improved (e.g., water stress) remains rated above industry average

Annual Sustainability Reports published  in accordance with the GRI Standards

RGMPs Year-One Implementation Progress Report published and externally assured

5-year Sustainability Strategy designed and action plan under implementation

Unlocking Value, Building a Future

Nicaraguan Organic Growth

^{1. Refer to the Calibre press release dated February 14, 2023, found on the Company website at www.calibremining.com and www.sedar.com Refer also to “Mineral Reserves – December 31, 2022” on slide 12 and information under “Disclosure” and “Notes to Mineral Reserve and Resource Slides” on slides 16-19 of this presentation.}

Leverage to Throughput

2.7 Mtpa of installed mill capacity (Limon 0.5 Mtpa, Libertad 2.2 Mtpa)

>1 Million tonnes of surplus capacity at Libertad

Well positioned for additional production and cash flow growth

Demonstrated ability to permit and develop ore sources

Exploration success can be expediently translated to production

Low capital, high return potential production growth

2023: Additional 22% grade driven production growth

2023: 220 koz guidance midpoint, 22% production increase vs 2022

Avg grade 4.88 g/t vs 2022 grade 3.87 g/t

Delivered “year-on-year” grade driven production growth

2022: 180.5koz, 43% increase in processed grade since 2020

Increasing grades: 2020 = 2.71 g/t, 2021 = 3.19 g/t, 2022 = 3.87 g/t

Nicaragua: Resource Expansion and Discovery

Focus transitioning to expansion and discovery, from conversion & confidence drilling

Multiple new regional concessions granted with numerous targets identified

Over 60 km of exploration drilling is underway

Limon

Drilling new targets, including extensions to Limon open pits, Panteon North & Talavera

Libertad

Drilling at the recently discovered Volcan and Cosmatillo vein systems and Veta Azul located within 10kms of the Libertad mill

Eastern Borosi Project (EBP)

Resource expansion drilling at Guapinol, Vancouver & Riscos de Oro

Discovery drilling at earlier stage targets

Pavon

Resource expansion potential at Pavon Central and Pavon South

Nevada Operating Platform  

<sup>1. See https://minerals.nv.gov/ and Fraser Institute 2020 Annual Survey of Mining Companies
2. See Calibre News Release dated August 17, 2022, found on The Company website at www.calibremining.com and on SEDAR at www.sedar.com.
3. Refer to the NI 43-101 Technical Report titled “Amended Technical Report on the PEA of the Gold Rock Project, Nevada, USA” and dated September 15, 2021 available on Fiore Gold Ltd.’s
profile at www.sedar.com, and information under “Disclosure” and “Notes to Mineral Reserve and Resource Slides” at the end of this presentation.</sup>

Battle Mountain – Eureka Trend

Nevada: Number 1 Global Mining Jurisdiction¹

One of the worlds premier gold mining jurisdictions¹

~73% of US gold production and 5^th largest global producer

Pan Gold Mine: Resource Expansion Potential

Established operation since 2018 providing a solid production base

Drill results demonstrate potential to extend mine life² 

Drill program focuses on discovery resource conversion and expansion

Gold Rock Project: Resource Expansion Potential³ 

Located 13 km from and contiguous to the Pan property

Federally permitted for development

Technical studies underway

Exploration underway 

Illipah Exploration: Additional Future Growth

Prospective 16 km² underexplored property at the southern end of the Carlin Trend

Organic Growth at the Pan Mine

<sup>1. Refer to the News Releases dated March 8, 2022, April 12, 2022 and August 17, 2022 available on The Company website www.calibremining.com and on SEDAR at www.sedar.com
2. Refer to the News Release dated November 22, 2022 available at www.calibremining.com and on SEDAR at www.sedar.com</sup>

Pegasus Target¹

1.02 g/t over 50.3m, 0.46 g/t over 56.4m, 0.40 g/t over 62.5m, 0.44 g/t over 44.2m, 0.40 g/t over 30.5m, 0.42 g/t over 16.8m, 0.58 g/t over 41.2m, 0.68 g/t over 24.4m.

Continuity of Pegasus could lead to significant additions to resources in this area

Dynamite Target¹

1.29 g/t over 18.3m including 2.17 g/t over 9.1m – suggests the hole remains open along strike; 1.56 g/t over 9.1m including 2.32 g/t over 4.6m and 0.70 g/t over 10.7m – in between known inferred material and below current pit designs

Dune Target¹

0.95 g/t over 15.2m including 1.33 g/t over 7.6m,  0.45 g/t over 13.7m – drilled at surface between known inferred resources; 0.59 g/t over 4.6m.

Black Stallion Target¹

3.35 g/t Au over 18.3m, 0.52 g/t over 7.6m and 0.75 g/t over 25.9m confirming presence of new mineralized breccia bodies

Significant Exploration Potential Identified across 43km² Land Package

Numerous results indicate potential for resource expansion 

Organic Growth at Gold Rock

^{1. Refer to the Calibre News Release dated November 22, 2022 available on The Company website at www.calibremining.com and on SEDAR at www.sedar.com.}

Significant Exploration Potential Identified, 163km² Land Package

Multi-km gold mineralization identified; follow up discovery drilling set to commence

Concurrently advancing technical studies and state permitting

Recent geochemistry and magnetic data results indicate deep, Carlin-style feeder
systems – first pass high-grade drill results below confirm potential 

Existing federal permits allow for sulphide treatment, providing the opportunity to
process potentially higher-grade material found at depth 

Location on the Battle Mtn – Eureka gold trend further supports Gold Rock as a viable target for deeper, higher-grade mineralization seen in other prolific deposits to the north 

Shifting focus beyond near surface oxide deposits

Recent Highlights from the 2022 Drill Program ¹

3.2 g/t Au over 43.8m including 6.1 g/t Au over 8.1m

5.5 g/t Au over 3.0m; 7.1 g/t Au over 2.1m

6.6 g/t Au over 5.8m; 4.1 g/t Au over 8.1m 

6.7 g/t Au over 3.0m; 6.8 g/t Au over 4.6m

Golden Eagle Project

^1. Mineral Resource Estimate NI 43-101 Technical Report – Golden Eagle Project, Revised and Amended Date September 24, 2021 is available on SEDAR at www.sedar.com

Significant Optionality at Limited Ongoing Cost

Top 10 US gold resource outside the major and intermediate producers

Historically mining friendly Republic district with over 4 Mozs of historical production, including Kinross’ Buckhorn and Kettle River mines

Minimal holding costs

Hecla Mining is advancing economic studies on its adjacent property

Kettle River mill is located 10 km away by road and currently on care and maintenance

Regional Development Synergy Potential

Recent Highlights from the 2022 Drill Program²

4.20 g/t Au over 92.4m including 7.80 g/t Au over 17.3m; 2.90 g/t Au over 195.1m; 2.38 g/t Au over 114.3m

Results confirm a robust mineral system with consistent gold grades over broad widths