Calibre Mining : Corporate Presentation

Multi-Asset

GOLD PRODUCTION

Near-Mine

RESERVE INCREASE & DISCOVERY DRILLING

Delivering On

COMMITMENTS

January 12, 2021

TSX: CXB

OTCQX: CXBMF

1

Notes to Investors

Forward-Looking Statements

Certain information set forth in this presentation contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian and United States securities laws, including: the Company's multi-year outlook, forecasts, or estimates relating to the Libertad Complex Preliminary Economic Assessment or the Limon Complex. 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", "intend", "seek", "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. 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 necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control, including risks associated with or related to: risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business; the volatility of metal prices; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; cost or other estimates; actual production, development plans and costs differing materially from the Company's expectations; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; the current ongoing instability in Nicaragua and the ramifications thereof; environmental regulations or hazards and compliance with complex regulations associated with mining activities; the availability of financing and debt activities, including potential restrictions imposed on Calibre's operations as a result thereof and the ability to generate sufficient cash flows; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; the reliance upon contractors, third parties and joint venture partners; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for Calibre's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; compliance with anti-corruption laws, and sanctions or other similar measures. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form for the year ended December 31, 2019, available on www.sedar.com. The list is not

exhaustive of the factors that may affect Calibre's forward-looking statements.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead 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. These assumptions and factors include, but are not limited to, assumptions and factors related to Calibre's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. 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, whether written or oral, 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.

Currency

All amounts are presented in US dollars ("$") unless otherwise stated.

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Introduction

Growth Focused, Value Opportunity for Investors

EV/2021E Production: US$3,000 vs Peer Average: US$5,400 vs Top Quartile: US$8,2001

2021 Gold Production	Strong Free Cash Flow
170,000-180,000 ounces	at Current Gold Prices
~30% increase from 2020 actual	$56m cash balance as of September 30, 2020
Total Cash Costs: $950 - $1,050 per ounce2	Debt free and unhedged as of October 15, 20203
All-In Sustaining Costs: $1,040 - $1,140 per ounce2

Management & Board	Exploration Potential
Prior to Calibre, the team delivered >$5 billion	2021 Budget: $14-$17m
in shareholder value; aligned with shareholders	+60,000m of infill and exploration drilling
with >$10m (~5%) invested

Re-investing into the business for sustainable, high-margin growth

1. Shown on a EV / 2022E Gold Production basis Source: Company disclosure, Refinitiv, available broker reports
2. See January 12, 2021 news release disclosure for further details

3	3.	October 15, 2020 Calibre completed the final acquisition payment to B2Gold of $15.5 million	TSX:CXB

Value Proposition

EV/2021E Gold Production (US$/oz)

EV/Total Gold Resource (US$/oz)

Orla K92 Wesdome 1st Quartile Americas Peer Average Jaguar Roxgold Calibre McEwen Mining Argonaut Gold TMAC Gran Colombia

1

$13,875

$9,572 $8,989 $8,284

$6,167 $5,425 $4,354 $3,928 $3,058 $2,191 $1,919 $1,904 $1,348

Mako Mining	$757
K92	$296
Jaguar	$271
1st Quartile	$243
Roxgold	$215
Wesdome	$198
Peer Average	$190
Calibre2	$107
Orla3	$104
Americas2	$100
Gran Colombia	$56
Argonaut Gold	$36
TMAC	$32
McEwen Mining	$26

4	1. Shown on a EV / 2022E Gold Production basis as at Dec 31, 2020; 2. Shown on a gold equivalent basis; 3. Camino Rojo Sulphides shown on a 100% basis	TSX:CXB
Source: Company disclosure, Refinitiv, available broker reports