Calibre Mining : Q1 2024 Conference Call Presentation

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

Valentine Gold Mine and

Q1 2024 Business Update Conference Call

May 15, 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; the Company's opportunities at Volcan and Tranca at the La Libertad Complex; the Company's plans for the La Libertad Complex for 2024 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, 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

Delivering on Commitments: Year over Year Growth

Gold production H2 weighted and costs H1 weighted

Remain on track to deliver 2024 gold production guidance of 275 - 300 koz Continued strong exploration upside and success across the entire portfolio Strong liquidity with cash of $144 million and $150 million of restricted cash1

$'000s except per ounce and per share amounts	Q1 20241	Q1 2023
Gold Produced, ounces	61,767	65,750
Average Realized Gold Price $/oz	2,092	1,891
Revenue, $000s	131,888	126,913
Total Spend (AISC + growth), $000s2	113,378	101,136
Total Cash Costs, $/oz	1,337	1,164
All-In Sustaining Costs, $/oz	1,555	1,302
Net cash provided by operating activities, $000s	45,815	26,747
Adjusted net income, $000s	5,587	16,198
Adjusted net income per share (basic)	0.01	0.04

Consolidated Annual Gold Production (oz)

275,000 - 300,0001

300,000	283,494

250,000

221,999

200,000182,755

150,000 136,009

100,000

50,000

0

2020

2021

2022

2023

2024E

1. Refer to Q1, 2024 MD&A and Financial Statements available atwww.calibremining.comor www.sedarplus.ca
2. Excluding Valentine Gold Mine Capital

CALIBRE | TSX:CXB 3

Valentine: Increased Confidence1

Overall construction progress 64% complete;	Valentine Gold Mine Plant Site (April 2024)
Detailed engineering progressed to 98%;
Tailings Management Facility starter dam embankment complete
Approved by the Engineer of Record, liner placement has commenced;
Critical path items, including mills and motors, delivered to Newfoundland;
Site connected to permanent hydroelectric power;
Mill building enclosed;
Structural mechanical piping and electrical and instrumentation contracts awarded;
Pre-commissioning and commissioning contract awarded; and
Operations leadership team employed.

Gold production expected during Q2 2025

Revised initial capital cost of C$653 million, a C$145 million increase over Marathon Gold's Q3 2023 update, C$279 million cost to complete as of April 30, 2024

With C$400 million in cash and restricted cash, we are fully funded. In addition, the Company has substantial cash flows from operations

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

CALIBRE | TSX:CXB 4

Valentine: Capital Update1

Project optimization, derisking and accelerating a portion of Phase 2 expansion capital, resulted in a C$145 million increase vs Marathon's Q3 2023 estimate:

Marathon's Schedule and Cost Underestimation: C$70 million

First gold shifted to Q2 2025

Increased labour costs due to the schedule extension

Engineering progressed from 60% to 98% resulting in:

Scope definition increases to major contracts, including SMP and E&I

Increased volumes of concrete, steel, etc.

Increased camp services and related costs

Calibre's Project Optimization and Derisking: C$40 million

Pre-commissioning & commissioning contract awarded and activities commenced Site access upgrades; mill and other site infrastructure modifications

Calibre Advancing Operational and Phase 2 Expansion Capital: C$35 million

Advanced phase 2 CIL tankage in preparation of the increase from 2.5 to 4.0Mtpa Increased critical spares

Advanced process plant effluent treatment plant

Advanced permanent mobile equipment maintenance and associated facilities Accommodation upgrades, including air conditioning and network improvements

Grinding Building

Leaching/Thickener / Reagents Building

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

CALIBRE | TSX:CXB 5

Valentine: Significant Exploration Upside

Bolstering Confidence in the Grade Model - Further De-risking

Closely spaced ore control drilling substantiated the Leprechaun Mineral Reserves in the upper benches of the mine plan

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

Drilling Intersects Gold Outside Mineral Reserve1,2

Discovery of high-grade gold trending southwest towards Frank indicating strong resource expansion potential

Recent Frank Drilling Highlights2

Results demonstrate resource expansion potential across the 32km

Valentine Lake Shear Zone ("VLSZ")

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 32km 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.

1. Refer to the Marathon Gold News Release dated December 7 2022 and NI 43-101 Study effective November 30, 2022, both 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 found atwww.calibremining.comand www.sedarplus.ca

CALIBRE | TSX:CXB 6

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

Valentine Gold Mine2

• 4.0 Moz M&I & 1.1 Moz Inferred
• Building Atlantic Canada's Largest
  Open Pit Mine
• Construction 64% complete
• Fully funded
• First Gold Q2 2025
• Additional ~195 koz/y Production
• Significant exploration upside

Valentine Results

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

Diversification

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

Growth Potential

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

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 7

Thank you.

CALIBRE | TSX:CXB 8

Valentine Gold Mine: Project Photos

Process Plant East

Process Plant Northeast

CALIBRE | TSX:CXB 9

Valentine Gold Mine: Project Photos

Leaching Foundations

Trunnion Base

CALIBRE | TSX:CXB 10