Fiore Gold : Management Information Circular - Special Meeting January 5, 2022

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS AND

MANAGEMENT INFORMATION CIRCULAR

OF

FIORE GOLD LTD.

with respect to a proposed

PLAN OF ARRANGEMENT

involving

FIORE GOLD LTD.

and

CALIBRE MINING CORP.

and

1324716 B.C. LTD.

December 2, 2021

Vote Today

These materials are important and require your immediate attention. The shareholders of Fiore Gold Ltd. are required to make important decisions. If you have any doubt as to how to make such decisions, please contact your tax, financial, legal or other professional advisors. Shareholders that require further assistance may contact Fiore Gold Ltd.'s proxy solicitation agent and shareholder communications advisor, Laurel Hill Advisory Group, at:

Laurel Hill Advisory Group

North American Toll-Free: 1.877.452.7184

Calls Outside North America: 1.416.304.0211

Email: [e-mail]

TABLE OF CONTENTS
	Page
LETTER TO SHAREHOLDERS ........................................................................................................................	1
FIORE GOLD LTD. NOTICE OF SPECIAL MEETING OF SHAREHOLDERS ................................................	5
QUESTIONS AND ANSWERS RELATING TO THE MEETING AND ARRANGEMENT..................................	7
Questions Relating to the Arrangement.....................................................................................................	7
MANAGEMENT INFORMATION CIRCULAR .................................................................................................	16
Introduction ..............................................................................................................................................	16
Non-IFRS Financial Performance Measures ...........................................................................................	16
Cautionary Notice Regarding Forward-Looking Statements and Information..........................................	17
Information for United States Shareholders.............................................................................................	19
Cautionary Note to United States Shareholders Concerning Estimates of Measured, Indicated and
Inferred Mineral Reserves and Resources .......................................................................................	21
Currency Exchange Rates .......................................................................................................................	21
GLOSSARY OF TERMS .................................................................................................................................	22
SUMMARY INFORMATION ............................................................................................................................	39
The Meeting .............................................................................................................................................	39
Recommendation of the Special Committee and Board ..........................................................................	39
Reasons for Recommendation of the Special Committee and the Board................................................	39
Opinions of Financial Advisors.................................................................................................................	42
Effect of the Arrangement ........................................................................................................................	43
Details of the Arrangement ......................................................................................................................	45
Voting Agreements ..................................................................................................................................	46
Approval of Shareholders Required for the Arrangement........................................................................	46
Approval of Calibre Shareholders Required for the Arrangement ...........................................................	46
Court Approval .........................................................................................................................................	46
Stock Exchange Listing Approvals and Delisting Matters........................................................................	47
Timing ......................................................................................................................................................	47
Procedure for Exchange of Fiore Shares.................................................................................................	47
Treatment of Fractional Calibre Shares ...................................................................................................	48
Right to Dissent........................................................................................................................................	49
Certain Canadian Federal Income Tax Considerations ...........................................................................	50
Certain United States Federal Income Tax Considerations.....................................................................	50
Selected Pro Forma Financial Information...............................................................................................	50
Risk Factors .............................................................................................................................................	51
PART I. - THE ARRANGEMENT ..................................................................................................................	53
Background to the Arrangement......................................................................................................................	53

- 2 -
Recommendation of the Special Committee and the Board............................................................................	58
Reasons for Recommendation of the Special Committee and the Board .......................................................	58
Opinions of Financial Advisors ........................................................................................................................	62
Risk Factors Related to the Arrangement........................................................................................................	63
Risk Factors Related to the Operations of the Combined Company ...............................................................	67
Effect of the Arrangement................................................................................................................................	71
Details of the Arrangement ..............................................................................................................................	73
Voting Agreements ..........................................................................................................................................	77
The Arrangement Agreement ..........................................................................................................................	78
Procedure for the Arrangement Becoming Effective .......................................................................................	94
Approval of Shareholders Required for the Arrangement................................................................................	94
Approval of Calibre Shareholders Required for the Arrangement ...................................................................	94
Court Approvals ...............................................................................................................................................	94
Stock Exchange Listing Approvals and Delisting Matters................................................................................	95
Timing ..............................................................................................................................................................	96
Procedure for Exchange of Fiore Shares ........................................................................................................	96
Treatment of Fractional Calibre Shares...........................................................................................................	98
Return of Fiore Shares ....................................................................................................................................	99
Mail Service Interruption ..................................................................................................................................	99
Lost Certificates ...............................................................................................................................................	99
Withholding Rights...........................................................................................................................................	99
Adjustment of Share Consideration ...............................................................................................................	100
Right to Dissent .............................................................................................................................................	100
Interests of Certain Persons or Companies in the Arrangement ...................................................................	103
Expenses of the Arrangement .......................................................................................................................	106
Securities Law Matters ..................................................................................................................................	107
Certain Canadian Federal Income Tax Considerations.................................................................................	111
Certain United States Federal Income Tax Considerations...........................................................................	119
PART II. - INFORMATION CONCERNING THE PARTIES TO THE ARRANGEMENT .............................	128
Information Concerning Fiore Gold................................................................................................................	128
Information Concerning Calibre Mining .........................................................................................................	128
Information Concerning the Combined Company..........................................................................................	129
PART III. - OTHER INFORMATION............................................................................................................	129
Interest of Informed Persons in Material Transactions ..................................................................................	129
Auditors..........................................................................................................................................................	129
Experts...........................................................................................................................................................	130
PART IV. - GENERAL PROXY MATTERS - FIORE GOLD .....................................................................	131

	- 3 -
Solicitation of Proxies	....................................................................................................................................	131
Record Date...................................................................................................................................................	132
Virtual-Only Meeting ......................................................................................................................................	132
Participation at Virtual-Only Meeting .............................................................................................................	132
Revocation of Proxies	....................................................................................................................................	137
Voting Securities and Principal Holders Thereof ...........................................................................................	138
Procedure and Votes Required .....................................................................................................................	138
PART V. - APPROVALS .............................................................................................................................	138
Board of Directors' Approval ..........................................................................................................................	138
PART VI. - CONSENTS OF FINANCIAL ADVISORS.................................................................................	139
Consent of Haywood Securities Inc...............................................................................................................	139
Consent of Stifel Nicolaus Canada Inc. .........................................................................................................	139
	APPENDICES
		Page
Appendix A	Arrangement Resolution.............................................................................................	A-1
Appendix B	Interim Order ..............................................................................................................	B-1
Appendix C	Notice of Petition ........................................................................................................	C-1
Appendix D	Plan of Arrangement ..................................................................................................	D-1
Appendix E	Opinion of Haywood Securities Inc.............................................................................	E-1
Appendix F	Opinion of Stifel GMP.................................................................................................	F-1
Appendix G	Information Concerning Fiore Gold ............................................................................	G-1
Appendix H	Information Concerning Calibre Mining ......................................................................	H-1
Appendix I	Information Concerning Calibre Mining Following Completion
	of the Arrangement.....................................................................................................	.I-1
Appendix J	Combined Company Unaudited Pro Forma Condensed Combined
	Financial Information ..................................................................................................	J-1
Appendix K	Section 237 through Section 247 of the Business Corporations Act
	(British Columbia) .......................................................................................................	K-1
Appendix L	Summary of the Pan Technical Report.......................................................................	L-1
Appendix M	Summary of the Gold Rock Technical Report ............................................................	M-1
Appendix N	Summary of the Golden Eagle Technical Report .......................................................	N-1