Calibre Reports Strong Third Quarter and Year-to-Date 2021 Results, on Track to Achieve Upper End of 2021 Production Guidance, Advancing Acquisition of Fiore Gold Creating a Diversified, Americas-Focused, Growing Mid-Tier Gold Producer

VANCOUVER, British Columbia, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) ("Calibre" or the "Company") announces financial and operational results for the three and nine months ended September 30, 2021. The interim consolidated financial statements and management discussion and analysis can be obtained from www.sedar.com and the Company's website, www.calibremining.com. All figures are expressed in U.S. dollars.

Q3 2021 MILESTONES AND HIGHLIGHTS

   -- Gold production of 44,579 ounces; 
   -- Gold sales of 44,471 ounces generating $79.2 million in revenue at an 
      average realized price(1) of $1,781 per ounce; 
   -- Net income of $15.0 million with basic net income per share of $0.04; 
   -- Cash on hand of $72.9 million at September 30, 2021, an increase of $6.6 
      million from Q2 2021; 
   -- Consolidated Total Cash Costs(1) and All-in Sustaining Costs ("AISC")(1) 
      of $980 and $1,097 per ounce, respectively; 
   -- Cash generated from operating activities of $28.3 million; 
   -- 843 tonnes per day of ore delivered from the Pavon Norte mine to the 
      Libertad mill, a 53% increase over Q2 2021 and averaging 1,077 tonnes per 
      day in the month of September exceeding our target rate of 1,000 tonnes 
      per day three months earlier than expected; 
   -- Advanced the high-grade Eastern Borosi Project ("EBP"), including: 
          -- Reporting the highest-grade intercepts to-date; 
          -- Completing infill drilling and initiating resource expansion and 
             discovery drilling; and 
          -- Completing environmental baseline studies concurrently with 
             community engagement targeting a permittable product ready for 
             submission in early Q1 2022 for open pit and underground 
             operations. 
   -- Multi-rig exploration drill programs active across 100%-owned mine sites 
      and satellite opportunities; 
   -- Multiple new mineral exploration concessions granted during the quarter; 
      and 
   -- Significant progress on our World Gold Council Responsible Mining 
      Principles self-assessment. 

FIORE GOLD ACQUISITION ANNOUNCEMENT HIGHLIGHTS

   -- Creates a diversified, Americas-focused, growing mid-tier gold producer 
      with targeted annual gold production of approximately 245,000 ozs and 
      AISC(1) of $1,020 per ounce(2), which will include Nevada gold production 
      of 50,000 ozs per year from the Pan Gold Mine2; 
   -- Combined entities will be supported by a mineral resource base of 4.4 
      Mozs (measured and indicated) and an additional 3.1 Mozs of inferred 
      resources; and 
   -- Growth will be driven by near-term development of the federally permitted 
      and fully-funded Gold Rock project in Nevada, the EBP in Nicaragua, and 
      multiple near-mine, high impact exploration targets to support mineral 
      reserve and mine life expansion. 

Year-to-Date ("YTD") 2021 MILESTONES AND HIGHLIGHTS

   -- Gold production: 133,537 ounces; on track to deliver at the high-end of 
      2021 guidance (170,000 -- 180,000 ounces) with the fourth quarter 
      anticipated to be the strongest yet including some of the highest grade 
      ore of the year from the Limon Central mine 
   -- Gold sales of 134,035 ounces generating $240.0 million in revenue, at an 
      average realized price(1) of $1,791 per ounce; 
   -- Generated $83.2 million in cash from operating activities; 
   -- Net income of $43.6 million, with basic net income per share of $0.13; 
   -- Consolidated Total Cash Costs(1) and AISC(1) of $1,008 and $1,135 per 
      ounce, respectively; and 
   -- Significant operational and exploration developments including: 
          -- Update of Company reserves as at December 31, 2020 which included 
             a significant increase in reserves to 864,000 ounces; 
          -- Positive Pavon gold mine Pre-Feasibility Study demonstrating 
             strong exploration potential; 
          -- Exploration results announced throughout YTD 2021, including 
             expanded details on Calibre's 2021 exploration plans. 

Darren Hall, President and Chief Executive Officer of Calibre, stated: "The Calibre team delivered another solid quarter of production demonstrating the quality and reliability of our assets as we continue to deliver strong operating cash flows by executing on our hub-and-spoke operating strategy. The ramp up at Pavon Norte exceeded expectations by achieving haulage rates of 1,000 tonnes per day from Pavon Norte to the Libertad mill, three months ahead of schedule. In addition, we recently commenced a multi-rig exploration drill program at Pavon Central where we see excellent potential to expand resources and make discoveries along this emerging district.

Exciting progress continues at the Eastern Borosi Project, our next Mining Spoke, with drilling returning some of the best near-surface intercepts to date, including 25.07 g/t gold over 9.7 metres. With technical and environmental studies ongoing and resource expansion and discovery drilling programs well underway, we anticipate we can grow current deposits both on strike and down dip of known zones while testing new veins as we commence permitting in Q1 2022.

Additionally, with multi-rig exploration drill programs active across all our mine sites and satellite opportunities plus the approval of new mineral exploration concessions granted during the quarter we remain committed to reinvesting into our business through mine development and exploration to increase resource confidence, expand our growth potential up from the current 865,000 ounces of reserves at 4.49 g/t gold and responsibly deliver on our commitments.

For the balance of the year, with $73 million in cash, unhedged and no debt, we are in a strong position to continue to generate significant free cash flow while self-funding growth, exploration, and mine development investment.

The transaction with Fiore Gold builds on our focus and commitment to create value for our shareholders bringing a diversified asset base and immediate production and strong growth and exploration upside in Nevada, the top mining jurisdiction in the world(3) . I look forward to closing this transaction, advancing progress on Gold Rock and accelerating exploration drilling on both Pan and Gold Rock as both present very attractive discovery and resource building upside."

The following provides a summary of Calibre's operational and financial results for Q3 2021 and YTD 2021. For a more fulsome discussion and analysis, please refer to the Company's unaudited consolidated financial statements for the three and nine months ended September 30, 2021 and related Management Discussion & Analysis available on the Company's website and filed on SEDAR.

CONSOLIDATED RESULTS SUMMARY -- Q3 2021 and YTD 2021

Consolidated Financial Results

(in $'000s - except per 
share and per ounce 
amounts, as noted)          Q3 2021    Q3 2020    YTD 2021    YTD 2020 
-------------------------  ---------  ---------  ----------  --------- 
Revenue                    $  79,204  $  85,791  $  240,023  $ 163,071 
Cost of sales, including 
 depreciation and 
 amortization              $(52,477)  $(39,915)  $(159,033)  $(88,049) 
Mine operating income      $  26,727  $  45,876  $   80,990  $  75,022 
Net income                 $  15,021  $  32,930  $   43,550  $  40,158 
Net income per share -- 
 basic                     $    0.04  $    0.10  $     0.13  $    0.12 
Net income per share - 
 fully diluted             $    0.04  $    0.09  $     0.12  $    0.11 
Cash provided by 
 operating activities      $  28,341  $  45,592  $   83,211  $  52,525 
Capital investment in 
 mine development and 
 PPE                       $  15,678  $  12,784  $   51,509  $  23,224 
Capital investment in 
 exploration               $   4,364  $   8,839  $   14,647  $  13,586 
-------------------------   --------   --------   ---------   -------- 
Average realized gold 
 price (1) ($/oz)          $   1,781  $   1,913  $    1,791  $   1,753 
Total Cash Costs (1) 
 ($/oz sold)               $     980  $     786  $    1,008  $     850 
AISC (1) ($/oz sold)       $   1,097  $     963  $    1,135  $   1,041 
-------------------------   --------   --------   ---------   -------- 

Consolidated Operational Results

                       Q3 2021  Q3 2020  YTD 2021   YTD 2020 
Ore Mined (t)          538,664  466,827  1,532,647  1,245,758 
Ore Milled (t)         497,507  506,748  1,378,689  1,227,929 
Grade (g/t Au)            3.20     3.02       3.27       2.67 
Recovery (%)              92.2     91.6       92.3       91.7 
---------------------  -------  -------  ---------  --------- 
Gold Ounces Produced    44,579   45,341    133,537     93,435 
Gold Ounces Sold        44,471   44,842    134,035     93,023 
---------------------  -------  -------  ---------  --------- 

OPERATING RESULTS

Open Pit and Underground Mining Operations

During Q3 2021, most of the open pit production came from Limon Central ("LC") Phase 2 totaling 193,789 ore tonnes at an average grade of 3.33 g/t, with material from Pavon Norte in the amount of 63,154 tonnes at a grade of 3.14 g/t, 176,343 tonnes at a grade of 1.35 g/t of previously processed "spent ore" and 4,678 tonnes at 11.59 g/t from artisanal small miners. By comparison, during Q3 2020, open pit mining consisted of 122,174 ore tonnes averaging 5.50 from LC Phases 1 and 2 combined, 111,913 ore tonnes at 3.87 g/t from the previously mined Jabali Antena, 185,997 tonnes grading 0.76 g/t of spent ore, and 10,079 tonnes of ore purchased from artisanal small miners grading 21.75 g/t.