Calibre Mining : July 2024 Corporate Presentation

Creating a High Growth, Cash Flow Focused, Mid-Tier Gold Producer in the Americas

July 9, 2024

TSX | CXB

Calibre Mining 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 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 cutoff grade assumptions and the Company's plans for the La Libertad Complex for 2024. 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, 2023, and its management discussion and analysis ("MD&A") for the year ended December 31, 2023, 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 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 unless otherwise stated.

CALIBRE | TSX:CXB 2

Creating A High Growth, Cash flow Focused Mid-tier Gold Producer

275 - 300 koz

2024 Consolidated Guidance1

• TCC: $1,075 - $1,175 per ounce
• AISC: $1,275 - $1,375 per ounce
• Growth Capital $45M - $55M
• Exploration $25M - $30M
• April 30, 2024, Cash $144M

Diversification

• 55% of NAV3, Tier 1
• Newfoundland & Nevada
• Diversified portfolio

Valentine Gold Mine2

• 4.0 Moz M&I & 1.1 Moz Inferred
• Building Atlantic Canada's Largest Open Pit Mine
• Construction 73% complete
• Fully funded
• First Gold Q2 2025
• Additional ~195 koz/y production
• Significant exploration upside

Growth Potential

• 2024: >130 km of drilling
• Discovery drilling across Newfoundland, Nicaragua and Nevada
• >1 Mtpa surplus mill capacity

Valentine Results

• Significant Exploration Upside
• High-gradeDiscovery Including4:
• • 46.53 g/t Au over 5.3 m
  • 17.16 g/t Au over 7.0 m
  • 5.53 g/t Au over 14.4 m
  • 4.76 g/t Au over 14.0 m; and
  • 8.82 g/t Au over 4.0 m

Track Record

• $5B of value delivered to shareholders prior to CXB
• Aligned with Shareholders
• Delivering on Commitments

1. Refer to the Calibre News Release dated January 9, 2024, found on the Company website atwww.calibremining.comand on SEDAR+ at www.sedarplus.caand . See the Non-IFRSMeasures" section of our Cautionary Notes in this presentation
2. See November 13, 2023 news release available onwww.calibremining.comand www.sedarplus.caand Mineral Resources and Mineral Reserves disclosure in the appendix found at the end of this presentation.
3. Based on Refinitiv, public disclosure of Calibre and available broker estimates
4. Refer to the Calibre News Release dated February 14, 2024, found on the Company website atwww.calibremining.comand on SEDAR+ at www.sedarplus.ca

CALIBRE | TSX:CXB 3

Potential for Significant Shareholder Returns

Market Capitalization (US$B)

			Prod. (koz)1
AGI			$6.7	613
LUG	$3.6
	505
ELD	$3.1		613
CEY	$1.7		528
OGC	$1.7		608
NGD
$1.5		405
CG
$1.5		304
DPM	$1.5		220
TXG	$1.4
	445
CXB
	$1.1
		462

P/NAV2

	Average: 0.79x	Implied
	Re-Rating
AGI
					1.14x	90%
LUG						1.08x	80%
NGD				0.91x	53%
OGC			0.80x
CEY			0.73x

CG 0.67x

TXG 0.67x

DPM 0.65x

ELD 0.63x

CXB 0.60x

24 - 26E Prod. Growth (%)2

	Average: 15%
CXB
		74%
NGD
28%
ELD	25%
OGC	24%
AGI	20%
CEY	16%
LUG	6%
TXG	6%
CG	(20%)

DPM (27%)

EV / 25 - 26E Prod. (US$/oz)2

Average: $4,602	Implied
Re-Rating
AGI				$10,928	303%
LUG			$6,996	158%
ELD		$5,293	95%
NGD	$4,620

DPM $3,738

CEY $3,077

OGC $2,910

TXG $2,910

CG $2,836

CXB $2,715

1. As at June 21, 2024 2025E-2026E average annual gold production
2. Based on Refinitiv, public disclosure of Calibre, and available broker estimates

CALIBRE | TSX:CXB 4

Growth to +500 koz Gold Producer in the Americas

Golden

Eagle

Pan

Gold Rock

						3		3
						PRODUCING MINES		GROWTH ASSETS
						4.1 Moz	1	8.7 Moz	1
				Valentine
				M+I Resources
				>73% construction complete
						P&P GOLD RESERVES		3.7 Moz	1 Inferred Resources
						275-300 koz	460 koz2
						2024 GUIDANCE		ANNUAL GOLD PRODUCTION Avg. 2025 - 2026E
				Limon
				US$200M3	US$360M2
						CASH FLOW FROM OPERATIONS 2023 ACTUAL	CASH FLOW FROM OPERATIONS
Libertad	Annual Avg. 2025 - 2026E

Producing Gold Assets	Represents forward-looking information based on
broker estimates; actual results may vary

Development Gold Projects

Growth Gold Projects

1. See the Mineral Resources and Mineral Reserves disclosure in the appendix of this presentation
2. As at April 17, 2024, represents forward-looking information based on broker estimates and public disclosure of Calibre estimates; actual results may vary
3. Refer to AIF for December 31, 2023, found on the Company website atwww.calibremining.comand on SEDAR+ at www.sedarplus.ca.

CALIBRE | TSX:CXB 5

Diversified Peer Leading Growth

Production (koz) (Consensus)1

74%
Growth	Libertad Mill
2024 - 2026E
Limon Complex
	Gold Rock
Valentine

Reserves & Resources (Moz)2

Reserves		M&I Resources (Excl.)		Inferred

Diversification1

Nicaragua Canada/U.S.

Consensus Mining Net Asset Value

492

426

283

24E

25E

26E

2.6

3.3

1.4

Nicaragua/USA

1.1

1.3

2.7

Canada

3.7

4.6

4.1

Consolidated

46%

54%

Consensus 2026E Gold Production

44%	56%

NI 43-101 Measured and Indicated Resources

22%	78%

1. Based on Refinitiv, public disclosure of Calibre and available broker estimates
2. See Mineral Resources and Mineral Reserves disclosure in the appendix of this presentation

CALIBRE | TSX:CXB 6

Valentine: Production Growth

Construction Progress

Valentine Gold Mine Plant Site (June 2024)

Overall construction progress 73% complete1

Detailed engineering progressed to 98%

Tailings Management Facility starter dam embankment complete

Approved by the Engineer of Record, liner placement now 96%

Critical path items, including mills and motors, delivered to Newfoundland Site connected to permanent hydroelectric power

CIL tank construction well underway, primary crusher on site installation progressing Structural mechanical piping and electrical and instrumentation advancing Pre-commissioning and commissioning contract awarded and planning underway Operations leadership team employed

Overview

Significant mineral endowment, with exceptional exploration upside

2.7 Moz of Mineral Reserves2

4.0 Moz of Measured and Indicated Mineral Resources 2

1.1 Moz of Inferred Mineral Resources2

Feasibility Study: 195 koz/y @ $1,007 AISC per ounce for 12 years3 Gold production expected during Q2 2025

Revised initial capital cost of C$653M, C$279M cost to complete as of April 30, 20244

With C$400M in cash and restricted cash4, Calibre is fully funded. In addition, the Company has substantial cash flows from operations

1. Refer to Calibre news release dated July 09, 2024 found atwww.calibremining.comand www.sedarplus.ca.
2. Refer to Calibre news release dated March 12, 2024 found atwww.calibremining.comand www.sedarplus.ca.

3.Refer to Calibre news release dated November 13, 2023 found at www.calibremining.comand www.sedarplus.ca.

4. Refer to Calibre news release dated May 14, 2024 found at www.calibremining.comand www.sedarplus.ca.

CALIBRE | TSX:CXB 7

Valentine: Identifying Upside

Drilling Intersects Gold Outside Mineral Reserve1,2

Closely spaced ore control drilling substantiated the Leprechaun Mineral Reserves further derisking the project

Initial ore control block model shows an increases of +15% ore tonnes and +12% ounces vs 2022 Mineral Reserve

Discovery of high-grade gold trending southwest towards Frank indicating strong resource expansion potential. Drill results include3:

46.53 g/t Au over 5.3 m,17.16 g/t Au over 7.0 m, 5.53 g/t Au over 14.4 m, 4.76 g/t Au over 14.0 m, and 8.82 g/t Au over 4.0 m.

Additional Near Surface Drill Results Leprechaun SW2

Continued success outside of resources and reserves include:

2.25 g/t Au over 15.3 m Estimated True Width ("ETW"),

1.87 g/t Au over 11.6 m ETW, 36.8 g/t Au over 0.9 m ETW, and 13.3 g/t Au over 0.9 m ETW

Mineralization up to 175 m south of recent high grade ore control drilling

Recent Frank Drilling Highlights2

Results demonstrate resource expansion potential across the 32km

Valentine Shear Zone, drilling includes4:

3.14 g/t Au over 14.8 m ETW, 3.10 g/t Au over 7.3 m ETW, 39.90 g/t Au over 1.8 m ETW, and 3.23 g/t Au over 4.5 m ETW

1. Refer to the Marathon Gold News Release dated December 7 2022 and NI 43-101 Study effective November 30, 2022, available on SEDAR+ at www.sedarplus.ca, and www.calibremining.com. See Mineral Resources and Mineral Reserves in the appendix of this presentation.
2. Refer to the Calibre News Release dated February 6, 2024, February 14, 2024 and June 5, 2024 found atwww.calibremining.comand www.sedarplus.ca
3. ETW not reported for grade control/ore control RC drilling. Refer to the Calibre news release dated February 14, 2024
4. ETW reported for diamond drilling. Refer to the Calibre news release dated February 6, 2024

CALIBRE | TSX:CXB 8

Valentine Exploration Upside

Significant Exploration Potential

To date, five deposits identified with Mineral Resources

Feasibility included Leprechaun, Marathon, and Berry

Sprite and Victory not yet included

Exploration was focused on 6 km of the 32 km VLSZ trend

2024 exploration program includes follow up drilling at Leprechaun

• Frank, in addition to property wide geophysics, trenching and target identification drilling

Target areas of interest include; Eastern Arm, Northwest Contact,

Western Peninsula, Repeater Hill and Marathon Northeast.

QTP-Au veining. Marathon

Deposit discovery outcrop

QTP-Au veining exposed at

Leprechaun Pond, 2011

Source: Company disclosure

CALIBRE | TSX:CXB 9

Calibre's Track Record of Delivering on Commitments

Since Q4 2019

Delivered 28% year over year production growth to 283,494 ounces in 20231

Reserves of 4.1 Moz, a more than 10-fold increase since Q4 2019 net of 825 koz of production2

Net Cash increased to $86M1, from $4M (post Q4/23 C$40M investment in Marathon Gold)

Launched the five-year sustainability strategy Acquired Nevada assets in January 2022

Acquired Valentine Gold Mine, Newfoundland & Labrador Canada, January 2024

	Consolidated Annual Gold Production (oz)
300,000	283,494 275,000 - 300,000
250,000	221,999
200,000	182,755
150,000	136,009
100,000

Upside Potential

Significant discovery and resource expansion potential

Limon (Nicaragua): expanded zones of high-grade gold mineralization along the VTEM corridor3

Pan (Nevada): high-grade, near surface targets immediately north and south of operations demonstrate potential to increase resources and grade4

Valentine (Canada): along the 32-kilometre long shear zone, 8 km drill program underway

Valentine (Canada): expand new discovery at southwest Leprechaun pit, no drilling	ounces)
100 km drill program underway in Nicaragua	(Au
1 million tonnes of available annual processing capacity in Nicaragua
Reserve
Potential to double Nevada production with the development of Gold Rock
Ability to increase cash while self funding exploration and organic growth	Nicaragua

1. Refer to the Calibre News Release dated January 9, 2024 found on the Company website atwww.calibremining.comand on www.sedarplus.ca
2. Refer to the Calibre New Release dated March 12, 2024 and/or theMineral Resources and Mineral Reserves disclosure in the appendix of this presentation.
3. Refer to the Calibre News Release dated September 12, 2023 found on the Company website atwww.calibremining.comand on www.sedarplus.ca
4. Refer to the Calibre News Release dated August 1, 2023 found on the Company website atwww.calibremining.comand onwww.sedarplus.ca.

50,000
0
2020			2021	2022	2023			2024E
1,200,000									Nicaraguan Reserves2	6.00
1,000,000
																						4.50	Au)
800,000																										(g/t
600,000																						3.00	Grade
																					Reserve
400,000
																									Nicaragua
200,000																						1.50
0																								0.00
2018				2019	2020	2021	2022			2023
								Libertad		Limon		Average Grade

CALIBRE | TSX:CXB 10