Calibre reports quarterly and year-to-date financial results, production and cost guidance reiterated for 2022

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/) announces financial and operating results for the three and six months ended June 30, 2022 (“Q2 2022”).  Consolidated financial statements and management discussion and analysis can be found at www.sedar.com and the Company’s website, www.calibremining.com.  All figures are expressed in U.S. dollars.

Year-to-Date (“YTD”) 2022 Highlights

• Gold sales of 112,270 ounces grossing $210.8 million in revenue, at an average realized gold price of $1,878/oz;
• Consolidated Total Cash Costs (“TCC”)¹ of $1,121; Nicaragua $1,069/oz & Nevada $1,351/oz;
• Consolidated All-In Sustaining Costs (“AISC”)¹ of $1,244; Nicaragua $1,149/oz & Nevada $1,365/oz;
• Cash on hand of $92.3 million, or C$0.27 per share;
• Cash flow from operations of $61.5 million;
• Adjusted net income of $31.9 million², or $0.07 per share;
• 254% increase in Nicaragua Mineral Reserves to 1,013,000 ounces gold since Q4, 2019 (see news release dated February 23, 2022);
• Received the environmental permit to develop the Pavon Central open pit (news release dated June 16, 2022);
• Announced the grade driven increasing production outlook (news release dated June 22, 2022);
• 16 drills completed 120 kilometres of drilling across the Company’s operations, which has led to new discoveries, resource building opportunities and the potential for grade-driven production growth;
• Bonanza grade drill results from Panteon North within the Limon Complex outline multiple kilometers of high-priority discovery and resource building potential (news release June 27, 2022);
• Drill results from the Pan Mine indicate resource expansion and higher-grade potential (news release April 12, 2022);
• High-grade drill results and positive metallurgical results from the Gold Rock project demonstrate favourable heap leach recoveries and cycle times (news release June 29, 2022); and
• Published our Environmental, Social and Governance Sustainability report (news release dated July 6, 2022).

Q2 2022 Key Results

• Gold sales of 59,783 ounces grossing $111.3 million in revenue, at an average realized gold price¹ of $1,861/oz;
• Consolidated TCC¹ and AISC¹ of $1,174 and $1,284 per ounce, respectively; and
• Net income of $15.4 million; basic net income per share of $0.03.

Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre responsibly delivered another record quarter of production.  Despite industry wide inflationary pressures our year to date AISC of $1,244 per ounce is favorable to budget, within guidance, and we reaffirm our commitment to deliver on our full year guidance.

Following receipt of the Pavon Central environmental permit approval during the quarter, we have commenced development works at the high-grade open pit, and Eastern Borosi permitting is progressing well with permits anticipated before year end.

Our exploration investment continues to yield positive results as evidenced by the bonanza grade drill results at Panteon North at Limon and numerous positive results at Pan and Gold Rock in Nevada. The Company is in the strongest financial position ever, with $92 million in cash and we remain fiscally responsible with the ability to self-fund exploration and organic growth from operating cash flow.”

Further Information is attached.

Cautionary Note Regarding Forward Looking Information

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation.  All statements in this news release 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 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, 2021, available on www.sedar.com. This list is not exhaustive of the factors that may affect Calibre’s forward-looking statements.

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.  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.