Calibre Mining : January 2022 Presentation

TSX: CXB

OTCQX: CXBMF

Calibre Mining

Creating a Growth-Oriented,Americas-Focused,

Mid-Tier Gold Producer with a Compelling Value Proposition

January 18, 2022

Cautionary Note

Forward-Looking Information

Certain information set forth in this presentation contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian and United States securities laws, including: Calibre Mining Corp.'s (the "Company") multi-year outlook, forecasts, or estimates relating to the Libertad Complex or the Limon Complex; statements relating to the multi-year outlook, forecasts or estimates relating to the material mineral properties of Fiore Gold Ltd. ("Fiore");

statements with respect to the production guidance of the Company (including with respect to former properties of Fiore); statements with respect to the Company's allocation of its budgets for exploration; statements with respect to the

potential exploration value of the Eastern Borosi, Illipah, Gold Rock and Golden Eagle projects or the exploration potential at the Pan mine; the charts on the "Attractive Value Proposition" slide; statements with respect to the future business plans or permitting timelines of Pavon North; the statements on the "Nicaraguan 2022 Guidance" slide; the anticipated date of receipt of permits in the Eastern Borosi District and the potential for further optimization at the Pan mine. Forward- looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "intend", "seek", "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. All such forward-looking statements are based on the opinions and estimates of management of the Company or management of Fiore, as applicable, as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond the Company's or Fiore's control, including risks associated with or related to: risks relating to widespread epidemics or pa ndemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business; the volatility of metal prices; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve

and resource estimates; cost or other estimates; actual production, development plans and costs differing materially from the Company's or Fiore's expectations, as applicable; the ability to obtain and maintain any necessary permits,

consents or authorizations required for mining activities; the current ongoing instability in Nicaragua and the ramifications thereof; environmental regulations or hazards and compliance with complex regulations associated with mining activities; the availability of financing and debt activities, including potential restrictions imposed on the Company's or F iore's operations as a result thereof and the ability to generate sufficient cash flows; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; the reliance upon contractors, third parties and joint venture partners; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for the Company's and Fiore's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; compliance with anti-corruption laws, and sanctions or other similar measures. For a listing of risk factors applicable to the Company, please refer to the Company's annual information form for the year ended

December 31, 2020 dated March 31, 2021 (the "Company's AIF") and for a listing of the risk factors applicable to Fiore, pleas e refer to Fiore's annual information form for the year ended September 30, 2020, dated December 16, 2020 (the

"Fiore AIF") both available on www.sedar.com. The list is not exhaustive of the factors that may affect the Company's or Fior e's forward-looking statements.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead the Company's and Fiore's forward-looking statements are based on the applicable assumptions and factors management of the Company or Fiore, as applicable, considers reasonable as of the date hereof, based on the information available to such management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's and Fiore's ability to carry on current and future operations, including: development and exploration activities; t he timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally

associated with the mining industry. The Company's and Fiore's forward-looking statements are based on the opinions and estimates of the Company's and Fiore's management and reflect their current expectations regarding future events

and operating performance and speak only as of the date hereof. Neither the Company nor Fiore assumes any obligation to update forward-looking statements, whether written or oral, if circumstances or their respective 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, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company or Fiore will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

2	CALIBRE MINING CORP | TSX:CXB

Building a Growth-Oriented,Americas-FocusedMid-Tier Gold Producer

3 Operations	~245 kozs	30%
Diversified Production in the Americas	Average 2022-2023 Consensus Production1	Nicaragua Production Growth from 2020
Established operations	Calibre: Approx. 195 kozs1	2023+ Growth to be Fueled Organically
Mine life expansion potential	Fiore: Approx. 50 kozs1	Gold Rock, Eastern Borosi, exploration portfolios
Robust organic growth platforms	Pro forma AISC: Approx. US$1,020 / oz1	Permitted, proximity, low capex, fully-funded

US$101M	~US$22M + NV	US$5B
Cash Position (as at December 31, 2021)2	For Exploration Programs	Management and Board Track Record
Strong balance sheet	Nicaragua: 2022 guidance US$20 - 22M	Value delivered to shareholders prior to Calibre
Debt free and unhedged	10 drill rigs drilling over 80,000 m	Invested and aligned with shareholders
Strengthened with strong future free cash flows	Nevada: Revitalized and funded exploration planned	Delivering on commitments
	5 rigs currently drilling at Pan and Gold Rock

3	1. Approximate value based on consensus estimates; Source: Company disclosure, available broker estimates 2. As of December 31, 2021 Calibre cash position, and September	CALIBRE MINING CORP | TSX:CXB
30, 2021 Fiore cash position, see January 6, 2022, and October 12, 2021, news releases at www.calibremining.comor sedar.com

Attractive Value Proposition

EV / 2022E Consensus Gold Production

(US$/oz)

Implied Re-Rating

KRR	$3,247
DPM	$3,197
CXB trades at ~60% discount
USA	$2,859	to peer average of $3,500 EV/oz
MUX	$2,060
JAG	$1,958

AR $1,631

ARIS $1,607

CXB $1,423

GCM $1,133

GAU $836

GPL $603

22E - 23E Avg. Cons. Operating Cash Flow		22E - 23E Avg. Consensus Gold Production
	(US$M)			(kozs)
DPM	$305		DPM	275
GCM	$191		AR	273
WDO	$177		CXB	248
AR	$164		GCM	216
VGCX	$161		VGCX	211
KNT	$133		WDO	178
				Peer Average $151koz
CXB	$129		MUX	150
	Peer Average $114M
GPL	$106		KNT	143
KRR	$102		KRR	142
JAG	$92		GPL	140
MUX	$69		GAU	116
USA	$44		JAG	108
ARIS	$31		USA	62
IAU	$11		ARIS	62
GAU	$11		IAU	41

Source: Refinitiv, available broker research, company disclosure as at Jan 7, 2022

4	CALIBRE MINING CORP | TSX:CXB

Diversified Producer in the Americas

Assets

Geographic Diversification

Nicaragua

Nevada

Washington

Golden Eagle Project

2.0 Mozs M&I Resource

Consensus Mining Net Asset Value

Washington, USA

Pan Mine

Gold Rock Project

73%

24%

3%

56 kozs Est. Avg. Annual Prod.1

45.4 kozs (FY 2021A)

US$1,008 Avg. AISC1,2

US$1,125 - $1,175/oz AISC2

+ Illipah Property

Consensus 22E - 24E Gold Production

Nevada, USA

El Limon + Libertad	Eastern
182.8kozs (FY 2021A)	Borosi
US$1,040 - $1,140/oz AISC2

75%

25%

NI 43-101 Measured and Indicated Resources

35%

19%

46%

Nicaragua

	1. Amended Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, Nevada USA; Amended report dated September 3, 2021 is available at
5	www.sedar.com2. See the "Non-IFRS Measures" section of our Cautionary Note in this presentation. Reference October 12, 2021 news release from Fiore Gold and Jan 6, 2022	CALIBRE MINING CORP | TSX:CXB
news release from Calibre Mining for FY 2021 production, available on Sedar.com or www.calibremining.comand. Mineral resources that are not mineral reserves and do not have

demonstrated economic viability Source: Available broker estimates, company disclosure