Calibre Mining Reports First Quarter Gold Production; Strong Start to 2021 with 45,452 ounces - Seite 2

Operating Overview

The Company produced 45,452 ounces during the first quarter of 2021 from 419,340 tonnes of ore processed at a grade of 3.54 g/t and recovery of 91.3%. The Limon mill processed 124,149 tonnes at a grade of 4.42 g/t and a recovery of 89.3%, producing 16,337 ounces. The Libertad mill processed 295,191 tonnes at a grade of 3.17 g/t and a recovery of 92.4%, producing 29,115 ounces.

During the past quarter, the Company added the new ‘Mining Spoke’ at Pavon Norte, ahead of schedule and well within budget. During the quarter, the Company transported ~350 tonnes per day (“tpd”) from Pavon Norte to the Libertad mill and expects this to increase throughout the year to ~1,000 tpd. Pavon Norte contributed more than 3,000 ounces to Libertad’s total production in the first quarter, with 31,983 tonnes of ore trucked at a grade of 3.25 g/t, positively impacting Libertad mill’s grade and providing increased flexibility.

The Company will continue to optimize its consolidated mine and process plans as we progress our ‘Hub-and-Spoke’ operating strategy to maximize value from our integrated asset base.

Consolidated Operating Results

Description	Q1 2021	Q4 2020	Q1 2020
Ore Milled (tonnes)	419,340	501,228	524,099
Ore Milled Grade (g/t Au)	3.54	2.81	2.54
Au Recovery (%)	91.3%	90.9%	91.8%
Gold Production (ounces)	45,452	42,573	42,085
Gold Sales (ounces)	45,882	42,335	37,494

Q1 2021 Operating Results

Description	Limon	Libertad
Ore Milled (tonnes)	124,149	295,191
Ore Milled Grade (g/t Au)	4.42	3.17
Au Recovery (%)	89.3%	92.4%
Gold Production (ounces)	16,337	29,115
Gold Sales (ounces)	16,651	29,231

Q1 2021 Financial Results and Conference Call Details