Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am proud of the teams operational performance across the portfolio, responsibly delivering 71,539 ounces in Q1, positioning the Company to meet, and potentially exceed, full-year production guidance of 230,000 – 280,000 ounces. I am also pleased with our continued focus on cost discipline, with the Company’s consolidated all-in sustaining costs coming in below budget at $1,389/oz for the quarter.

At Valentine, construction continues to advance with first gold now expected by the end of Q3. The delay was due to lower than planned productivity, and minor scope growth, which has resulted in an $80 million (C$110 million) increase to the initial project capital since our October 2024 update of C$744 million. Approximately 75% of the capital increase is attributable to the schedule extension and 25% is related to scope growth and quantity. As at the end of April the initial project capital remains fully funded with $203 million (C$280 million) in cash and $73 million (C$101 million) remaining to be incurred.

With mass construction materially complete the focus is on final electrical, piping, and instrumentation activities within the process plant. The primary crusher has been commissioned, with the coarse ore stockpile building well underway and ready to receive material by the end of May.

To ensure smooth commissioning and transition to operations, we have strengthened contractor oversight and enhanced the owner’s team with the recent appointment of Pierre Légaré as Project Director for the process plant. Pierre is the Managing Director of Alvarez and Marsal INFRA Canada and has a proven track record over 30 years of project development across the mining and construction industries. His extensive career also includes over 20 years in senior roles at SNC-Lavalin, culminating in his position as Vice-President of Projects in the Mining & Metallurgy division. These actions position us for a safe, more controlled, and efficient ramp-up, with operations expected to reach nameplate capacity in Q1 2026.

We have successfully completed Valentine mine and mill staffing in preparation for commissioning and ramp-up activities. Importantly, key roles have commissioning experience which is critical to a smooth ramp up and long-term operational performance.

As a long-life, low-cost cornerstone asset in Canada, Valentine is expected to produce approximately 200,000 ounces of gold annually. The asset also offers significant exploration upside, highlighted by our new discovery where drilling intercepted 172.8 metres grading 2.43 g/t gold. 2025 will mark the largest pure exploration program in the property’s history.

We greatly appreciate the support of our shareholders for approving the merger with Equinox Gold, which is expected to close by the end of Q2. Through enhanced scale, a diversified asset base, and new high quality Canadian production, this merger is positioned to deliver greater value than either company could achieve independently.”

Q1 2025 Highlights
• Consolidated gold production of 71,539 ounces; Nicaragua 64,469 ounces and Nevada 7,070 ounces;
• The multi-million-ounce Valentine Gold Mine is set to achieve production in Q3;
• The largest pure exploration drill program is underway at Valentine totalling 100,000 metres; recent Frank Zone discovery drilling highlights (see Calibre news releases dated November 25, 2024, and February 11, 2025), southwest of the Leprechaun pit includes:
• 2.43 g/t Au over 172.8 metres ETW including 3.84 g/t Au over 90.9 metres ETW in Hole FZ-24-048; and
• 2.12 g/t Au over 95.4 metres ETW in Hole FZ-24-046, 2.26 g/t Au over 78.3 metres ETW in Hole FZ-24-040, 3.08 g/t Au over 48.2 metres ETW in Hole FZ-24-062.

Equinox Gold and Calibre Combine to Create a Major Americas-Focused Gold Producer
• Announced the merger of Calibre and Equinox Gold to create a major Americas-focused gold producer with enhanced diversification, scale, financial strength, and operational expertise. The combined company will deliver long-term value to all stakeholders. Key highlights include:
• Strengthened combined leadership team with a proven track record of value creation;
• Immediate increase in production and substantial cash flow from a larger asset portfolio;
• Creation of the second largest gold producer in Canada;
• Significant re-rate potential based on valuation of peers;
• A major diversified gold producer in the Americas;
• Exceptional growth profile with a pipeline of development and expansion projects; and
• Strong balance sheet with ability to rapidly deleverage and return capital to shareholders.

Gold Sales and Cost Metrics
• Consolidated gold sales of 71,545 ounces, generating $200.0 million in gold revenue (Q1 2024 – $129.2 million), at an average realized gold price of $2,796/oz; Nicaragua 64,469 ounces and Nevada 7,076 ounces;
• Consolidated Total Cash Cost1 (“TCC”) of $1,221/oz; Nicaragua $1,173/oz and Nevada $1,654/oz;
• Consolidated All-In Sustaining Cost1 (“AISC”) of $1,389/oz; Nicaragua $1,255/oz and Nevada $1,748/oz; and
• Cash and restricted cash of $177.4 million and $36.6 million, respectively, as at March 31, 2025, with the final $25.0 million of restricted cash released to the Company in April 2025.

Valentine Update
• Tailings Management Facility is complete;
• Structural steel is complete;
• Mass construction nearing completion; project has transitioned to system/sub-system completion;
• Primary crusher installation and commissioning complete;
• Mills motors and mill liners are installed, and pre-commissioning is underway;
• Conveyors are complete and commissioned;
• CIL tanks piping and electrical continue, and pre-commissioning to follow;
• Coarse ore stockpile building, reclaim tunnel, and apron feeder construction nearly complete and progressing toward pre-commissioning;
• ADR plant and gravity circuit mechanically complete and have been turned over to pre-commissioning;
• Cable tray, cable installation, and terminations progressing;
• Commencement of ore processing expected during Q3, reflecting minor scope growth in certain areas such as electrical cabling and current contractor performance;
• Updated initial project capital cost is now estimated at approximately C$854 million (excluding sunk costs). At April 30, 2025, initial project capital costs on an incurred basis totalled C$753 million (excluding sunk costs);
• Initial project capital cost is fully funded with over $203 million (C$280 million) in cash at April 30, 2025; and
• Phase 2 technical studies progressing, targeting an increase in the plant throughput from 2.5 Mtpa to >5 Mtpa.

The 2025 guidance currently covers gold production, TCC, AISC, and growth capital for operations in Nicaragua and Nevada. The consolidated exploration guidance includes drilling activities at the Valentine gold mine. Guidance for Valentine, including production, TCC, AISC, growth and full-year consolidated details, will be provided after first gold is produced from Valentine, expected in Q3 of this year.

Calibre continues to reinvest in exploration and growth, with approximately 200,000 metres of diamond, RC and RAB drilling and the development of new satellite deposits across its entire asset portfolio. Growth capital investments include underground and open pit mine development, waste stripping and strategic land acquisitions.

Q1 2025 Conference Call Details

Date: Thursday, May 8, 2025
Time: 10:00 am ET
Webcast link: https://edge.media-server.com/…

Instructions for obtaining conference call dial-in number:

1. All parties must register at the link below to participate in Calibre’s Q1 2025 Conference Call.
2. To register click https://dpregister.com/… and complete the online registration form.
3. Once registered, registered participants will receive the dial-in numbers and PIN number for input at the time of the call.

The live webcast and registration link can also be accessed at www.calibremining.com under the Events section under the Investors tab. The live audio webcast will be archived and available for replay for 12 months after the event at www.calibremining.com. Presentation slides that will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations prior to the conference call.

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.

About Calibre

Calibre (TSX: CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for Securityholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

Cautionary Note Regarding Forward Looking Information

This new release contains “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation.

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”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “assume”, “intend”, “strategy”, “goal”, “objective”, “possible” 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 as of the date such statements are made.

Forward-looking statements in this news release include, but are not limited to, the Company’s ability to achieve gold production, cost, development and exploration expectations for its operations and projects; the success and timing of completing construction of the Valentine Gold Mine (“Valentine”), its production and operating capabilities and the upside potential of Valentine; additional exploration success at Valentine; the initial project costs to complete Valentine; the phase two expansion project at Valentine proceeding in accordance with current expectations; the Company’s reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company’s priority resource expansion opportunities; statements regarding expectations for the combined entity ("New Equinox Gold") resulting from the business combination (the “Transaction”) of Calibre and Equinox Gold Corp. (“Equinox”) post-closing; the consummation and timing of the Transaction; the strategic vision for New Equinox Gold following the closing of the Transaction and expectations regarding exploration potential, production capabilities and future financial or operating performance of New Equinox Gold post-closing, including investment returns and share price performance; 2025 production and cost guidance; the potential valuation of New Equinox Gold following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of New Equinox Gold following the closing of the Transaction; the success of the new management team; the conversion of Mineral Resource and Mineral Reserves; the success of Equinox and Calibre in combining operations upon closing of the Transaction; the potential of New Equinox Gold to meet production guidance, industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. 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, its audited consolidated financial statements and its management discussion and analysis for the year ended December 31, 2024, and other disclosure documents of the Company filed on the Company’s SEDAR+ profile at www.sedarplus.ca.

Calibre’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. 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, 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 Calibre will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.