Calibre Exercises Its Right to Buy Back 1% NSR at Its 100% Owned Eastern Borosi Mine

Rhea-AI Summary

Calibre Mining Corp. (OTCQX: CXBMF) announced the exercise of its right to purchase 50% of the Production Royalty, 1% Net Smelter Return (NSR) for US$2 million from Triple Flag Precious Metals Corp. This strategic move at the Eastern Borosi project reduces the existing royalty to a 1% NSR. President and CEO, Darren Hall, expressed satisfaction with the ongoing operations, describing them as on schedule and within budget for the high-grade open pit mining initiative. The company sees significant potential for resource expansion and new discoveries, indicating a promising future for gold production growth.

Calibre Mining emphasizes sustainable value delivery for shareholders and stakeholders and maintains a robust balance sheet and proven management team.

Positive

• Strategic purchase of 50% of the Production Royalty for US$2 million enhances ownership and reduces royalty burden.
• Ongoing operations at Eastern Borosi are on time and on budget, indicating effective project management.
• Potential for resource expansion and new discoveries, suggesting long-term growth in gold production.

Negative

• None.

VANCOUVER, British Columbia, April 25, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") announces that it is exercising its right to purchase 50% of the Production Royalty, 1% Net Smelter Return (“NSR”), for US$2 million from Triple Flag Precious Metals Corp., at its 100% owned Eastern Borosi project, thereby reducing the existing royalty to a 1% NSR.

Darren Hall, President, and Chief Executive Officer of Calibre stated: “I am pleased with the progress being made at the Eastern Borosi Mine with the team being on time and on budget with the start of our high-grade open pit mining operation. We believe there is excellent potential to expand resources and make new discoveries that will provide additional runway for future gold production growth. Based on demonstrated execution and upside growth potential at Eastern Borosi, it makes good sense to exercise this right given the anticipated high return on investment.”

ON BEHALF OF THE BOARD

"Darren Hall"

Darren Hall, President, and Chief Executive Officer

For further information, please contact:

Ryan King
Senior Vice President, Corporate Development & IR
T: (604) 628-1012
E: calibre@calibremining.com
W: www.calibremining.com

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, 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 news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release 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 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, 2022, and its management discussion and analysis (“MD&A”) for the year ended December 31, 2022, all available on the Company’s SEDAR profile at www.sedar.com. 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. 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.

FAQ

What is the significance of Calibre Mining's recent royalty purchase for CXBMF investors?

Calibre Mining's purchase of 50% of the Production Royalty reduces the royalty rate, positively impacting future profitability for shareholders.

How does the Eastern Borosi project affect Calibre Mining's growth potential?

The Eastern Borosi project showcases Calibre's operational efficiency and potential for resource expansion, which may lead to increased gold production.

What was the investment cost for Calibre Mining to exercise its royalty purchase?

Calibre Mining invested US$2 million to purchase 50% of the Production Royalty from Triple Flag Precious Metals Corp.

Who announced the strategic purchase of the royalty by Calibre Mining?

Darren Hall, President, and CEO of Calibre Mining, announced the strategic purchase.