GlobeNewswire Inc | Dec 23, 2021 08:30AM EST

December 23, 2021

-- For any questions please contact Calibres strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, toll free at 1-877-452-7184 (+1-416-304-0211 outside North America) or email assistance@laurelhill.com -- The deadline to vote your Calibre Shares (as defined below) at the Meeting (as defined below) is December 31, 2021 at 10:00 am (Vancouver Time)

VANCOUVER, British Columbia, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (Calibre or the Company) is pleased to announce that leading independent proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. (Glass Lewis) have each recommended Calibre shareholders (Calibre Shareholders) vote FOR the resolution (the Share Issuance Resolution) approving the issuance of common shares of Calibre (Calibre Shares) pursuant to the plan of arrangement (the Arrangement) whereby Calibre will acquire all of the issued and outstanding common shares of Fiore Gold Ltd. (Fiore).

The board of directors of Calibre unanimously determined that the Arrangement is in the best interests of Calibre and unanimously recommends that Calibre Shareholders voteFORthe Share Issuance Resolution at the special meeting (the Meeting) of the Calibre Shareholders to be held on January 5, 2022 at 10:00 a.m. (Vancouver Time) to consider, among other things, the Share Issuance Resolution.

Highlights of the Transaction

-- Creates a diversified, Americas-focused, growing mid-tier gold producer with targeted annual gold production of approximately 245,000 ozs and AISC of $1,020 per ounce.1 -- Nevada gold production of 50,000 ozs per year at the Pan Mine.1 -- Supported by a mineral resource base of 4.4 Mozs measured and indicated and 3.1 Mozs inferred. -- Strong balance sheet with $96M in cash and zero bank debt (as at September 30, 2021). -- Strong free cash flow generation to fully fund organic growth initiatives. -- Growth driven by near-term development of the federally permitted and fully-funded Gold Rock project in Nevada and the Eastern Borosi project in Nicaragua. -- Multiple near-mine, high impact exploration targets to support mineral reserve and mine life expansion. -- Proven management team, led by Darren Hall as Chief Executive Officer and Blayne Johnson as Chairman, with a long track record of shareholder value creation. -- Attractive relative valuation versus gold peers. -- Enhanced market presence with broad research analyst coverage, trading liquidity and index conclusions.

_______________________1Based on the average of 2022E 2023E consensus estimates from available research analyst reports.

Calibre Meeting

The Meeting will be held at 10:00 a.m. (Vancouver time) on January 5, 2022 in a virtual-only format conducted via live webcast at https://meetnow.global/MCFVCY7.

As the Meeting will be in a virtual-only format, registered and non-registered Calibre Shareholders will not be able to attend in person. Calibre strongly encourages all registered Calibre Shareholders, who would like to attend, participate and/or vote virtually online via live webcast to carefully follow the procedures outlined in the management information circular (the Circular) with respect to the Meeting dated December 2, 2021, which is available on SEDAR atwww.sedar.comand on the Companys website atwww.calibremining.com. If you are a non-registered Calibre Shareholder, you will be able to attend, participate and/or vote at the Meeting online via live webcast only if you duly appoint yourself as proxyholder through the method specified by your intermediary. If a non-registered Calibre Shareholder does not comply with these requirements, you will be able to attend the Meeting online via live webcast as a guest but will not be able to vote or ask questions.

Calibre Shareholders are encouraged to vote in advance of the Meeting, even if they plan on attending the Meeting, to ensure their vote is received in a timely manner. Calibre Shareholders are encouraged to vote today via the internet or telephone, as outlined below.

YOUR VOTE IS IMPORTANT - PLEASE VOTE TODAY

How to Vote

Each Calibre Shareholders vote is very important, and all Calibre Shareholders are encouraged to vote online or by telephone or mail by using one of voting methods described below.

Vote using the following methods prior to theMeeting. Internet Telephone or Fax Registered Shareholders

Shares held in own name and www.investorvote.com Telephone: 1-866-732-8683 represented by a physical Fax: 1-866-249-775certificate.

Non-Registered Shareholders Call or fax to the number www.proxyvote.com (s) listed on your voting Shares held with a broker, instruction formbank or other intermediary.

THE VOTING DEADLINE IS 10:00 a.m. (Vancouver Time) ON FRIDAY, DECEMBER 31, 2021

Shareholder Questions and Assistance

For more information, or if you have any questions or require assistance voting your Calibre Shares, please contact our strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, at 1-877-452-7184 toll-free in North America, or outside North America at 1-416-304-0211, or by e-mail atassistance@laurelhill.com.

For a more detailed description of the Arrangement, please refer to the Circular.

ON BEHALF OF THE BOARD

Darren Hall

Darren Hall, President & Chief Executive Officer

For further information, please contact:

Ryan KingSenior Vice President Corporate Development & IRT: (604) 628-1012E: calibre@calibremining.comW: www.calibremining.com

About Calibre Mining Corp.

Calibre is a Canadian-listed international gold mining and exploration company with three 100%-owned operating gold mines and strong exploration assets located in highly prospective gold regions across Nicaragua. The Company is focused on unlocking resources and generating value through sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a 'hub-and-spoke' operating philosophy whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.

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, including statements regarding the plans, intentions, beliefs and current expectations with respect to future business activities and operating performance. All statements in this news release that address events or developments that Calibre expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are often 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, and include information regarding: (i) expectations regarding whether the proposed acquisition of Fiore by Calibre will be consummated, including whether conditions to the consummation of the plan of arrangement will be satisfied, or the timing for completing the acquisition and receiving the required regulatory and court approvals, (ii) expectations regarding the potential benefits of the acquisition and the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (iii) expectations regarding additional mineral resources, project development and future production, (iv) expectations regarding financial strength, free cash flow generation, trading liquidity, and capital markets profile of the combined company, (v) expectations regarding future exploration and development, growth potential for Calibres and Fiores operations, (vi) expectations with respect to the timing of the Meeting, and (vii) expectations for other economic, business, and/or competitive factors.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibres control. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosure contained in filings made by Calibre and Fiore with the Canadian securities regulators, including the Circular, Calibres and Fiores respective annual information form, Calibres financial statements and related MD&A for the financial year ended December 31, 2020 and its interim financial statements and related MD&A for the three and nine months ended September 30, 2021, and Fiores financial statements and related MD&A for the financial year ended September 30, 2020 and its interim financial statements and related MD&A for the three and nine months ended June 30, 2021, all filed with the securities regulatory authorities in certain provinces of Canada and available under each of Calibres and Fiores respective profile at www.sedar.com. The risk factors are not exhaustive of the factors that may affect Calibres and Fiores forward-looking statements.

Calibres and Fiores 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 of Calibre and Fiore at such time. Calibre and Fiore do not assume any obligation to update forward-looking statements if circumstances or managements 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.