el limon gold mine analyst site visit · 2019. 12. 14. · •gold equivalent (aueq) calculated...

1

El Limon Gold Mine Analyst Site Visit

December 2019

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. Some of the forward-looking information

and statements may be identified by words such as “will”, “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions, and include information or statements about the Company’s expectations with respect to its

business and operations, the proposed acquisition and the Company’s strategy. These statements are not guarantees of future performance or outcomes and undue reliance should not be placed on them. Forward-looking

statements and forward-looking information is based on currently available information, beliefs and expectations of management as of the date such statements are made and they are subject to known and unknown risks,

uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or

forward-looking information including, without limitation, risks related to general business and economic uncertainties, regulatory risks, risks associated with acquisitions, risks inherent in the mining industry and other general risks

affecting the Company which are disclosed in its public disclosure, including but not limited to, the Company’s Management Discussion & Analysis for the three months ended March 31, 2019. Although management of the Company

has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be

as anticipated, estimated or intended. There can be no assurance that such statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or

information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking

information that are included in this presentation or incorporated by reference herein, except in accordance with applicable securities laws.

IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING

The information contained in this presentation has been prepared by Calibre Mining Corp. (the “Company”) and contains information pertaining to the business, operations and assets of the Company and certain mining assets being

considered for acquisition. The information contained in this presentation (a) is provided as at the date hereof and is subject to change without notice, (b) does not purport to contain all the information that may be necessary or

desirable to fully and accurately evaluate an investment in the Company, and (c) is not to be considered as a recommendation by the Company that any person make an investment in the Company.

An investment in the securities described herein is speculative and involves a number of risks that should be considered by a prospective investor. No sales of the securities of the Company shall be made until the Company and the

potential investor enters into a subscription agreement for such securities.

This presentation is confidential and is being provided to you solely for your information and may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. Any forwarding, distribution

or reproduction of this presentation in whole or in part is unauthorized. By accepting and reviewing this presentation, you acknowledge and agree (i) to maintain the confidentiality of this presentation and the information contained

herein, (ii) to protect such information in the same manner you protect your own confidential information, which shall be at least a reasonable standard of care, and (iii) to not utilize any of the information contained herein except to

assist with your evaluation of a potential investment in the Company.

U.S. INVESTOR NOTICE: This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which an offer, solicitation or sale

would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been approved or disapproved by the SEC or by any state securities commission or regulatory authority, nor

have any of the foregoing authorities or any Canadian provincial securities regulator passed on the accuracy or adequacy of the disclosures contained herein and any representation to the contrary is a criminal offense. The

securities offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state and are being offered in reliance upon certain

exemptions from registration under such laws. Prospective investors will be required to represent, among other things, that they meet the requirements of an available exemption from the registration requirements of the 1933 Act

and are familiar with and understand the terms of the offering and have all requisite authority to make such investment. In making an investment decision, investors must rely on their own examination of the Company and the terms

of the offering, including the merits and risks involved.

Forward-Looking Statements

2

EL LimonMine

CENTRAL AMERICA

147 km

MANAGUA

Nicaragua Lake

NICARAGUA

NICARAGUA

Location

3

El Limon Mine is located in the town of

Mina El Limon, Larreynaga Municipality,

Leon Department (Northwestern

Nicaragua)

El Limón Mine is ~2 hours drive

from Managua over 147 km of

paved highway.

The closest major city is León,

~50km from the mine.

History

1918 Industrial-level mining begins

1941 Start of the MINSET mine (NORANDA)

First processing plant built @ 300 tpd

1979 Sandinista government nationalizes the mine

1989 Increase in processing capacity to 500 tpd

1994 Triton Mining Corp. acquires the property

1996 Increase in processing capacity to 1,000 tpd

1998 Underground mining begins; capacity to 1,000 tpd (mining equipment)

2009 B2Gold acquires the property

2015 Processing total reaches 468,972 tpa

2019 Programmed processing total of 491,144 tpa

2019 Calibre Mining acquires the property and joins forces with B2Gold

4

Concession

Concession Limit

El Limon

Santa Pancha

El Limon Concession 12k Ha

Bonete Concession 5k Ha

5

Health & Safety

6

Management Team

Jorge Marín Fernández

Operations Corp Manager

Felix Bermúdez

GM El Limón

Jorge Martínez

Legal Advisor

Arelys Pérez

GM Ass is tant

Belkin Soriano

Process Engineer

Alfredo Rubí

Administrat Mgr

Freddy Morales

HSEMS Manager

Frank Orozco

Mine Ops Manager

Mario Castillo

Maint. Manager

José Luis Hernández

Mine Supt

Rolando Cuadra

Process Plant Supt

Osman Corrales

Lab C&M Supt

Manuel Osorio

Geology Supt

Bayardo Norori

AccountingMarvin Cuadra

W / Logistics Supt

Gabriel Arias

Mine Controller

Carlos Cruz

Projects Supt

Avigail Castellón

Doc Control / Appraisals

7

Workforce

1,443

Workers

Calibre Mining544 Workers

491 Men53 Women

Contractors899 Workers

854 Men45 Women

Labor Relations435 Unionized109 Non-union

Collective Agreementvalid to 21 Oct 2020

8

General Site Layout

Santa Pancha UGMill &

Administration

Limon Central Pit

Mercedes Sur

Pit

San Pancho TSF

9

El Limon Central Open Pit

10

Design Santa Pancha 1

Design Panteón

Panteón Santa Pancha 1

Santa Pancha Underground

Design Santa Pancha 1

Design Panteón

Santa Pancha 1Santa Pancha 2

Santa Pancha Underground

Veta Nueva Underground

13 13

Veta Nueva Underground

14

Processing Flowsheet

15 15

2019 Processing Performance

16

Item Unit YTD EOM Sept 2019

Processing Plant ACTUAL

Calendar Days days 273

Net Operating Days days 256

Scheduled Downtime hr 263

Unscheduled Downtime hr 58

Other Downtime hr 88

Available Operating Time hr 6,142

Availability % 95%

Utilization % 99%

Throughput t/h 59

Ore Processed per day t/day 1,334

Ore Processed per month t/month 364,169

Gold Production (Adjusted) oz 44,192

Silver Production (Adjusted) oz 26,011

YTD Sept 2019 t/YTD

2020 Guidance

2020 Limon

Guidance

70 – 75

$740 – $780

$875 – $925

$3 - $4

$14 - $16

N/A

Gold Production ‘000 ozs

Total Cash Costs $/oz

AISC $/oz

Near-Mine Drilling $M

Growth Capital $M

G&A $M

17*See December 4, 2019 news release on Sedar.com for additional details

18

Analyst Site Visit December 2019

El Limon Gold Mine Exploration

El Limon Overview

19

• Six (6) mining concessions totaling 21,347 ha; one (1) concession under application totaling 14,108 ha; total land package = 355km2

• Prolific mining camp dating back to the 1940s (NORANDA)

• Historic gold production of >3.4 Moz Au

• B2Gold gold production: ~475 koz Au from 2009-2019

• Total drilling to date: 559,040m in 3,853 holes

• Recent exploration success: Limon Central 2.01 Mt @ 4.24 g/t Au containing 274,000 oz Au indicated; 1.21 Mt @ 5.83 g/t Au containing 226,000 oz Au inferred*

• Exploration staff: Six (6) geologists & three (3) geotechnicians

• Resource expansion drilling began November 7th at Limon Norte; currently in progress

El Limon Tenure

*source see Resources and Reserves slide for additional technical details

El Limon Camp and Property Geology

20

• Properties are located on eastern margin of Nicaraguan depression (large scale graben); transitions into Interior Highlands

• 50% of area is covered by quaternary to recent aged alluvium and pyroclastics; other 50% is Miocene-Pliocene Coyol group volcanics

• Host rocks are typically interstratified, intermediate to felsic, variably porphyritic flows and fine to coarse grained volcaniclastics

• Conformable volcanic units generally strike east-northeast and dip gently to the south-southeast with local variability

• Volcanic sequences are cut by intermediate to felsic hypabyssal intrusive bodies

Exploration Potential El Limon

21

• Multiple past producing northwest, north-northeast and east-west oriented vein trends

• Drilling in 2020 will focus on expansion of resources along the El Limon vein as well as UG targets Panteon and Atravesada

• Full exploration pipeline will be maintained with concurrent target delineation work at priority targets

• Lourdes, Tecomapas, Ramadas, San Antonio trends remain largely untested by drilling

~200km2

Talavera

Lourdes

Panteon

Veta Nueva

El Limon

Atravesada

Santa Pancha

Mercedes

Babilonia

Ramadas

Tecomapas

San Antonio

Recent Drilling 2018-2019

22

• B2Gold drilling in 2018-2019 focused on infill drilling along Limon vein and exploration drilling at UG targets Panteon and Atravesada

• A total of 20,748 metres were drilled in 116 holes in 2018 along Limon vein system

• 3,570 metres of infill and step-out drilling in 20 holes at Atravesada in 2018

• 3,582 metres of infill drilling in 16 holes at Panteon in 2018-2019

• Early stage reconnaissance drilling at Tecomapas, Ramadas and San Antonio targets (1,898m in 21 drill holes)

2018-2019 DDH

Target Delineation/Sampling Coverage

23

• Systematic, linear exploration approach from prospecting, soil sampling, trenching through drill testing stages

Exploration Pipeline

24

• El Limon exploration pipeline currently has numerous targets with new ones being added

• Targets are prioritized in real time based on incoming results from exploration

• Initial US$2.9M budget for exploration in Q4 2019 –2020; 7,000 metres of drilling

El Limon Target SummaryTargets Gold Endowment Current Status Potential Required Exploration

1) Existing Production Zones*a Limon Central Ind. Res. [email protected]/t = 274,000 ozs current open pit prod targets with high grade results below pit drilling down dip

Inf. Res. [email protected]/t = 226,000 ozs current open pit prod

b Santa Pancha SP1 Ind. Res. [email protected]/t = 150,000 ozs Underground Production targets adj to current workings potential future target

Inf. Res. [email protected]/t = 60,000 ozs

d Veta Nueva Ind. Res. [email protected]/t = 66,000 ozs Underground Production targets adj to current workings potential future target

Inf. Res. [email protected]/t = 9,000 ozs

2)Current Resource Areas not in production*

a Limon Norte Inf Res. [email protected]/t = 146,000 ozs northern extension to Limon Central targets with high grade results below pit drilling down dip

b Pozo Bono Inf Res. [email protected]/t = 197,000 ozs southern extension to Limon Central limited targets adj to historic workings drilling down dip

c Tigra / Chaparral Infer Res. [email protected]/t = 94,000 ozs far northern extension to Limon Central potential at depth below projected pit drilling down dip

d Atravesada prev drilling = [email protected]/t / [email protected]/t potential along strike and to depth additional drilling

e Tailings (S.Barbara & S.Rosa) Ind. Res. [email protected]/t = 263,000 ozs old tailings well defined / no added up side -

3)

Advanced Targets

a Panteon prev drilling = [email protected]/t near SP1 / current drilling OP & UG Target; additional drilling required target for drilling

b San Antonio trench = [email protected]/t; hist drill up to 30g/t 2.5 m wide / 2.1 km long / N ext open / untested at depth OP & UG Target; additional drilling required target for drilling

c Cacao prev drilling = [email protected]/t northernmost part of Main Limon structure OP & UG Target; additional drilling required target for drilling

d Ramadas surface anomalies / multiple structures limited previous work OP & UG Target; first pass drilling required target for drilling

e Lourdes gold on surface (trench = [email protected]/t) structures trends parallel to Limon / 1.1 km long OP & UG Target; first pass drilling required target for drilling

4) Additional Targetsa Bonete anomalous gold on surface southernmost structural trends / >2.5 km long silicified zones with argillic alteration future target for drilling

b San Jose anomalous gold on surface northernmost structural trend / >1.5 km long unknown future target for drilling

c Santa Pancha Sur surface anomaly / extension of Santa Pancha deep untested associated with lithological contact unknown -

d San Gil anomalous gold on surface west of Santa Pancha Sur unknown -

5) Conceptual Targetsa Guanacastal previous surface rock up to 15g/t surface work required unknown -

b San Gil surface work required surface work required unknown -

c Loma Sola surface gold anomalies surface work required unknown -

*Ind. Res. & Inf. Res. (Indicated Resource and Inferred Resource) source see Resources and Reserves slide for additional technical details

25

Limon Vein Structure

• World-class low sulphidation vein system

• B2Gold completed 51,483m in 302 holes over a +2.5km strike length starting in 2011

• In 2018 a total of 20,748 metres were drilled in 116 holes

• Limon Vein strikes variably NW, NNE and WNW dipping shallowly to the NE at 40-55°

• Characterized by large vein widths (+25m) and high grades (+10.0 g/t Au)

• Room for expansion at depth and along strike within four (4) principal ore-shoots

2.5km

POZO BONO

LIMON SUR

LIMON CENTRAL

LIMON NORTE

TIGRE_CHAPARRAL

CACAO

Limon Vein Long Section

26

Limon Sur Limon Central Tigra/ChaparralLimon Norte Cacao

2.5 kilometresIndicated: 2.02 Mt @ 4.24 g/t Au = 274 koz AuInferred: 1.21 Mt @ 5.83 g/t Au = 226 koz Au

Inferred: 836 kt @ 5.43 g/t Au = 146 koz Au

Inferred: 487 kt @ 6.01 g/t Au = 94 koz Au

N

Looking SW

300m

*Source: Company disclosure, see disclosure slide for references to specific reserves and resources technical reports

Limon Central Cross Section

27

• Well developed structure with wide zones of gold mineralization

• Mineralized Au-bearing hematite breccia delineates hanging wall contact zone (i.e. marker horizon)

• Main gold minerals identified by PMA/XRD analysis to date are native gold (92%), with minor amounts of telluride gold species (total 8%)

• Average gold size in 5.1 µm

Santa Pancha Vein System

28

• Focus of current and last several years of production at El Limon Mine

• >2.2 km strike length, shallow dipping to the east

• Two principal ore-shoots SP1 and SP2

• SP1: 1.1km strike length, 330m depth, average width and grade of 8m @ ~7.0 g/t Au (Indicated UG 893kt grading 5.21g/t Au containing 150k ozs, Inferred UG 388kt grading 4.83g/t Au containing 60k ozs*)

SANTA PANCHA


• SP2: 1.0km strike length, 300m depth, average width and grade of 5.5m @ 5.3g/t Au (Indicated UG 445kt grading 4.13g/t Au containing 59k ozs, Inferred UG 166kt grading 3.63g/t Au containing 19k ozs*)

Panteon

29

SP1

UG

PORTAL

PANTEONPROPOSED UG

DEVELOPMENT

200 m FROM P8

• Two principal NNW-trending quartz structures(Main & FW) interpreted amongst narrowerstructures

• Wall-rock breccias and quartz veins hosted byweakly altered andesite flows

• 3,582m drilled in 16 holes in 2018-2019

• 2018 Drill highlights:• LIM-18-4379 : 7.32m @ 3.58g/t Au

• LIM-18-4385 : 2.23m @ 13.13g/t Au

• 2019 Drill highlights:• LIM-19-4397 : 4.34m @ 13.16g/t Au

• LIM-19-4400: 5.44m @ 10.62g/t Au

• LIM-19-4401: 4.58m @ 3.71g/t Au

SANTA PANCHA

Panteon Long Section looking SW

30

LIM-19-4394

[email protected]/t Au

LIM-19-4397


LIM-19-4393


Looking SW

LIM-19-4395


2019 drill hole

LIM-19-4398


POZO 6POZO 7APOZO 8

LIM-19-4400


LIM-19-4401


LIM-19-4399


1494


1580


LIM-19-4397

8.6g/t

10.9g/t

8.06g/t

35.3g/t

8.02g/t

0.19g/t 7.4g/t

4.9g/t

5.8g/t 11.5g/t

29g/t

5.2g/t

0.45g/t

0.08g/t

LIM-19-4397

Atravesada (Veta Nueva Extension)

31

• +600m strike length extension ofVeta Nueva vein system

• B2Gold completed 3,570m of drillingin 20 holes in 2018 at Atravesada

• Additional drilling has been plannedto define resource at Atravesada in2020; if positive to be mined UGafter Veta Nueva

• Veta Nueva Indicated UG: 505 kt @4.07g/t Au, containing 66,000 ozAu*

• Veta Nueva UG mine intercepted thevein in June 2019; intermittentmining underway

VETA NUEVA

ATRAVESADA


Atravesada (Veta Nueva Extension)

32

• Wall rock lithology isandesite flows in HW andlithic tuffs in FW; felsicunits sits on top ofstratigraphy

• Atravesada 2018 Drillhighlights:

• LIM-18-4302: 2.68m @31.38 g/t Au

• LIM-18-4351: 4.07m @18.42 g/t Au

• LIM-18-4298: 5.55m @5.85 g/t Au

• LIM-18-4339: 5.14m @5.50 g/t Au

LIM-18-4351


LIM-18-4298


LIM-18-4302


LIM-18-4339


Tecomapas/Ramadas

33

33

SAN JOSE

PALANCAS

TECOMAPAS

RAMADAS

BABILONIA

• Main targets comprise i) two potential“releasing bend” structures betweenPalancas and Babilonia and ii) thejunction of Tecomapas and Las Palancas-Babilonia trend

• Las Ramadas structure is oriented 220°dipping 70°NW, sub-parallel to pastproducing Babilonia structure

• Texturally the vein system shows goodcolloform and crustiform banded quartzclose to flows and lithic tuffs contacts

• Average width in trenching 1.40m withwider stockwork zones to 5.0m

• B2Gold completed 1,172m of drilling in15 holes in 2019; first passreconnaissance drilling

• LIM-19-4402: 4.20m @ 3.34 g/t Au

• LIM-19-4403: 1.67m @ 1.06 g/t Au

Tecomapa/Ramadas

34Las Palancas Hydrothermal Breccia

Tecomapa Vein. Massive chalcedony-quartz with sulfosalts

stringers and hematite in cavities, 0.9 g/t Au

Tecomapa Vein. Colloform-Crustiform banding. 1.4 g/t Au

Lourdes

35

SAN

NICOLAS

LOURDES

• Multiple, sub-parallel, northeast orientedstructures with +5.0km of total strikeextent

• Gold bearing vein structures intersectedin trenches and artisanal pits; furtherdefined with close spaced soil sampling(Au-Ag-Te)

• Average vein widths of +5.0m includingwall rock quartz stockwork zones

• Target Delineation work in progress(trenching, exploration pits)

• Untested by drilling

TRSN-19-022

[email protected]/t

DEM – MAG 1VD

Guanacastal

36

36

GUANACASTAL II

SAN ANTONIO

GUANACASTAL III

Llano

Moncada

30cm

• Two recently acquired concessionssurrounding San Antonio property andimmediately east of Santa Pancha

• Previous limited surface sampling returnedup to 15.32 g/t Au in quartz float

• Origin of the anomalous quartz floatssampled in Llano Moncada (Guanacastal III)still unknown

• 2019-20 Program: reconnaissance mappingand sampling followed by trenching

• Weak to moderately alteredandesite flows cover most of thearea, at higher elevations.Polymictic lapilli tuffs found in thestreams.

• Minor stockwork-breccia zonesfound along the 300° - 320°elongated hills

Conclusion

37

• Initial 7,000 metre resource expansion drilling underway

• Significant opportunities along strike and down plunge along El Limon vein structure

• Continue to develop exploration target pipeline

38

La Libertad Gold Mine Analyst Site Visit

December 2019

Location

39

• La Libertad Mine is about 3 hours from Managua, over 187 km of mostly paved highway.

• The closest major city is Juigalpa, 34 km from the mine.

El Limón Mine

La Libertad Mine

History

40

Early 1700s: Spaniards establish a

mining settlement near the area known

today as La Libertad

1862: Santo Domingo sees its first

large-scale mining operation at El

Jabali Mine

1938: The San Juan Mine initiates

operations in

La Libertad

1981: Industrial mining operations in La Libertad are

nationalized by the revolutionary Sandinista government

1994: La Libertad Mine is

re-privatized

2009: B2Gold acquires La

Libertad Mine

2010: B2Gold inaugurates La Libertad

Mine’s new processing plant

2012: B2Gold begins mining in

Santo Domingo

2016: Production from the Mojon

underground mine initiates

October 15th 2019: Calibre Mining

acquires La Libertad Mine

Concession

41

INDICADOR LA LIBERTAD SANTO DOMINGO TOTAL

HÉCTAREAS 7,947 2,986 10,933

POLIGONO 4 1 5

AREA POLIGONO 3,630 833 4,463

Health & Safety

42

25%

42%53%

61%69%

Base LineFebruary 2014

mar-15 mar-16 may-17 may-19

Prog

ress

(%)

Health and Safety Management System

Standards

43%50%

57%

74% 79%

Base LineOctubre 2014

oct-15 oct-16 nov-18 may-20

Prog

ress

(%)

Health and Safety

Performance Standards

48%56%

62%73%

78%

Base Line

October 2014

oct-15 oct-16 nov-18 may-20

Prog

ress

(%)

Environmental and Biodiversity

Performance Standards

Management Team

43

Workforce

44

Direct 401 Budget: 432

Local (Community) 362 90%

National 35 9%

Foreigners 4 1%

Unionized 361 90%

Men 348 87%

Women 53 13%

Employees 1,003

Men 928 93%

Women 75 7%

Calibre Mining Employees

Contractors (26)

Main Facilities

45

Main Facilities

46

Jabali West Underground

47

Jabali West Underground

JBUG_ZONA 1

JBUG_ZONA 2

JBUG_ZONA 3

JBUG_ZONA 4

LENGTH: 1,334 m

WIDTH: 20 m

AVG HEIGHT: 119 m

ALIMAK

Jabali Antena Pit

49

Processing Flowsheet

50

• Two crusher circuits • One SAG mill• Two ball mills• 11 leach tanks• 6 CIP tanks

Processing KPI 2019

51

Mechanical Availability (%) 96.3%

Utilization (%) 98.6%

Throughput (t/ h) 275.3

Ore Processed (t/ p) 6,273

Ore Processed (t) 1,712,417

Gold Grade Processed (g/ t) 1.30

Recovery - Gold (%) 95.2%

Gold Produced (Oz) 68,178

YTD EOM

September 2019Production process plant KPI

2020 Guidance

52

Gold Production ‘000 ozs

Total Cash Costs US$/oz

AISC US$/oz

Near-Mine Drilling US$M

Growth Capital US$M

G&A US$M

2020 La Libertad *

Guidance

70 – 75

$930 – $970

$1050 – $1100

$9 - $10

$10 - $12

N/A

*See December 4, 2019 news release on sedar.com for additional details

53


La Libertad Gold Mine Exploration

Exploration Overview

54

• Eight (8) mining concessions totaling 65,590 ha; one (1) JV concession totaling 2,089 ha; total land package = ~677 km2

• Mining history dating back to 1860s (Jabali)

• Historic gold production of >1.7 Moz Au

• B2Gold gold production: ~1.1Moz Au from 2009-2019

• Total drilling to date: 331,396m in 2,189 holes

• Recent exploration success: San Antonio 374 kt @ 2.75 g/t Au containing 33,000 oz Au indicated*

• Exploration staff: Seven (7) geologists & four (4) geotechnicians

• Discovery drilling began October 7th at Buenos Aires district; second drill rig added at regional Amalia target November 4th; drilling currently underway.


55

La Libertad Camp and Property Geology

• Properties are in Nicaragua’s Interior Highlands

• Older Oligocene-Miocene Matagalpa group volcanics unconformably overlain by Miocene-Pliocene Coyol groups

• Host rocks are typically interstratified, mafic to intermediate variably porphyritic flows with minor conglomerates (Lower Coyol)

• Volcanic sequences are commonly cut by intermediate intrusive bodies which pre-date the vein mineralization

• La Libertad camp is characterized by multiple long +3km, sub-parallel, northeast and east oriented vein trends; run almost entire length of concession package (~20km)

Amalia

La Libertad

Resources (June 30, 2019)

56

AREA – EFFECTIVE JUNE 30, 2019

TONNES (000)

GRADE (G/T AU)

CONTAINED AU(OZ 000)

Indicated Gold Resources

Jabalí Central OP 381 2.22 27

Jabalí Antenna 457 4.9 72

San Juan OP 124 7.19 29

Mojon UG 68 4.52 10

Tope OP 48 4.25 7

Spent Ore 902 0.77 22

Stockpile 8 0.75 0.2

Total Indicated 1,987 2.61 167


TONNES (000)

GRADE (G/T AU)


Inferred Gold Resources


Jabalí Antenna 1,135 7.81 285

Tope OP 214 2.5 17

Spent-Ore 206 0.76 5

Mojon UG 300 4.14 40

San Juan UG 326 2.88 30

Socorro 217 1.56 11

Rosario 260 2.08 17

San Antonio 374 2.75 33

Total Inferred 3,216 4.37 452

Notes:1.CIM (2014) definitions were followed for Mineral Resources. 2. Mineral Resources are based on 100% ownership. 3.Mineral Resources are estimated at cut-off grades ranging from 0.62 g/t Au to 0.68 g/t Au for open pits and 2.80 g/t Au to 2.85 g/t Au for underground.4.Mineral Resources are estimated using a long-term gold price of US$1,400 per ounce. 5. Bulk density is 1.70 t/m

3

to 2.65 t/m3

.6 Numbers may not add due to rounding.


La Libertad Target Potential

57

57

ROSARIO

SAN ANTONIO

SOCORRO

Existing Production

Potential OP Ore Sources

Past Producing OP

Priority ExplorationTarget

JABALI UG/OP

Quartz Vein

SANTA JULIA

COSMATILLO

~235 km2VOLCAN

ESMERALDABUENOS

AIRES

NANCITE

TRANCA

ESPEJOCERRO

QUIROZCUERNOS DE ORO

JABALI OESTE

La Libertad Recent Drilling

58

JABALI UG/OP

*Recent drilling by B2Gold was focused on resource definition and mill feed

ROSARIO

SAN ANTONIO

SOCORRO

TOPE

*No Drilling

11,000 oz Au Inf.

33,000 oz Au Inf.

17,000 oz Au Inf.

72,000 oz Au Ind.285,000 oz Au Inf.

2019-2020 DrillingFocused on EXPANSIONand DISCOVERY


Target Delineation/Sampling Coverage

59

• Numerous vein anomalies within the concession package remain untested by drilling

• Trends are delineated by geologic mapping, soil, rock, and channel/trench sampling

• Plenty of opportunity for new discoveries

SoilsRocks

Exploration Pipeline

60

• La Libertad exploration pipeline currently has numerous targets with new ones being added

• Targets are prioritized in real time based on incoming results from exploration

• Initial US$6.25M budget for exploration in Q4 2019 – 2020; 25,000 metres of drilling

*source see Resources and Reserves slide for additional technical details*Ind. Res. & Inf. Res. (Indicated Resource and Inferred Resource) source see Resources and Reserves slide for additional technical details

La Libertad Target Summary (June 30,2019)

Targets Gold Endowment Current Status Potential Required Exploration

1) Existing Production Zones

a Jabali Antenna Ind. [email protected]/t = 72,000 ozs current open pit production deeper? Along strike potential potential down dip

b Jabali Antenna OP Inf. 1,[email protected]/t = 285,000 ozs current open pit and underground mine (oxide only) deeper? Along strike potential potential future target

San Juan OP Ind. [email protected]/t = 29,000 ozs current open pit

2) Current Resource Areas not in production

c Socorro Inf. [email protected]/t = 11,000 ozs 1.2km / low grade / potential along strike and to depth drilling incl. = [email protected]/t & [email protected]/t priority drilling target

d Rosario (Cosmatillo D.) Inf. [email protected]/t = 17,000 ozs 2.1km x >5m wide / low grade / potential along strike and to depthalong strike / to depth = 6.2m @ 5.08 g/t outside pit priority drilling target

e San Antonio Inf. [email protected]/t = 33,000 ozs 1.1km x 4.5m wide / low grade / potential along strike and to depthalong strike / to depth = 15.9m @ 1.46 g/t outside pit priority drilling target

F Tope (San Diego) OP Ind. [email protected]/t = 7,000 ozs current open pit open at depth and along strike potential future target

Tope (San Diego) OP Inf. [email protected]/t = 17,000 ozs current open pit open at depth and along strike potential future target

3) Advanced Targets

a Buenos Aires / Nancite/Tranca trench incl [email protected] g/t large soil anomaly / multiple structures / good grades in trenches numerous, km-scale structures, with gold anoms priority drilling target

b Cosmatillo prev drilling = [email protected] g/t 2.6km x 5m / previous drilling / pot 465kt @ 1.26 = 18,800ozs part of Cosmatillo District / priority drilling target

c Volcan Main and East trench incl [email protected] g/t multiple pararrell veins part of Cosmatillo District OP & UG Target; more drilling required

d Cosmatillo E and N trench incl [email protected]/t 600m south of Tope part of Cosmatillo District OP & UG Target; more drilling required

e Tope Norte trench incl [email protected]/t adj to Tope / 500m long part of Cosmatillo District OP & UG Target; more drilling required

f Cuernos de Oro prev drilling = [email protected]/t multiple drill intercepts / structure traced for >3.0km OP & UG Target future target for drilling

g Amalia - Regional trench incl [email protected] g/t "Radius Anomaly" / HG trenches = 5.8m@79g/t / >40km from plantvery high grade trenches / no drilling to date future target for drilling

h Quintana prev drilling = [email protected]/t 500m x 5m / south of Victoria - Santa Maria Trend Victoria - Santa Maria Trend future target for drilling

4) Additional Targets

a Los Angeles past production / 340m x 5m on strike or depth potential?? OP & UG Target OP & UG Target; more drilling required

b Calvario / San Fran trench incl [email protected]/t potential prev est = [email protected] = 31k ozs OP & UG Target OP & UG Target; more drilling required

c Volcan West trench incl [email protected]/t structure traced for >2.0 km OP & UG Target future target for drilling

d Santa Julia trench incl [email protected]/t structure traced for >1.0 km part of Cosmatillo District OP & UG Target; more drilling required

e San Antonio West ext of San Antonio Main 1.2km coincident anomaly (geochem/mag/structutre/topo) OP & UG Target -

f Quiroz eastern ext of main mineralized trend main N-S structure / >3.0km / anomalies OP & UG Target / permit applied -

g Santo II - Regional surface work required optioned from ENIMINAS surface work underway -

5) Conceptual Targets

a Jabali East some anoms / past drilling bad some anoms / past drilling bad unknown -

b San Gregorio surface work required highest stream sediment anomly on Project unknown -

c Nispero surface work required 32km NE of Libertad / previous anomalies unknown -

d San Marcos surface work required New Concession / surface work required / west extension of veinsunknown -

Jabali Antenna Open Pit and Underground

61


TONNES (000)

GRADE (G/T AU)


Indicated Gold Resources*

Jabalí Antenna 457 4.9 72


TONNES (000)

GRADE (G/T AU)

CONTAINED AU

(OZ 000)

Inferred Gold Resources*

Jabalí Antenna OP 1,135 7.81 285


3to 2.65 t/m

3.6 Numbers may not add due to rounding. 6. see full technical report for additional details dated

June 30, 2019

*Current production from Jabali West UG and Jabali Antenna OP

• Longest continually producing vein system at La Libertad

• >6.0km total strike length (West-East)

• Steeply north dipping (-75-80°) banded quartz, quartz vein breccia and quartz stockwork

• Vein widths range from 5 - 29m including stockwork

• 4,978 metres of UG infill drilling was completed in 36 holes in 2018-2019


Jabali Overview

62

Jabali UG Access

Ramp

2018 Drilling

ZONE 3

ZONE 4

ZONE 2

ZONE 1

Tunnel Azul2021

2019

2020

2019

2020

20202020 2021

2021

20212021

2022

2019 Drilling

2019 Drilling

ANTENA PIT

v

Example Exploration Hole

Zone 1• 4.20m @ 18.51 g/t Au • 5.30m @ 7.81 g/t Au• 4.60m @ 8.30 g/t Au• 8.10m @ 4.89 g/t Au

Zone 2• 5.10m @ 4.01 g/t Au

Zone 3• 6.00m @ 6.61 g/t Au• 4.65m @ 5.57 g/t Au• 3.90m @ 5.67 g/t Au

*2020 exploration drillingto focus on resource expansion along strike and at depth

Buenos Aires District (Geochemistry)

63

21.22g/t Au

30.1g/t Au

20.8 g/t Au12.8 g/t Au

24.24g/t Au

76.6g/t Au

15.4 g/t Au

• Eight (8) east-west and northeast oriented, sub-parallel vein trends; dip to SSE.

• >10km of total strike length (all veins)

• Vein trends defined by anomalous Au in soil, rock and channel samples

• Localized high-grade Au samples

• Previously undrilled

Amalia (Regional Target)

64

• Located 30km northeast of contiguous La Libertad claims

• Strongly anomalous Au in trenches and channel samples

• 5.84m @ 78.68 g/t Au (15-006)

• 5.50m @ 4.39 g/t Au (15-001)

• 3.95m @ 4.16 g/t Au (15-005)

• Espinoza structure traced for >1.0km in combined geochemistry; ~3.0km total strike length (all veins)

• Previously undrilled

*New drill core

San Antonio Geology and DDH Plan Map

65

• Tested along ~1.0km strike length with current resource extending for 650m

• Vein widths range from 1.25 -9.75m including stockwork; dipping 65-70° to southeast

• Mineralization intercepted down to 155m vertical depth

• 35 holes totaling 4,074m in 2018-2019

• Sub-horizontal, intercalated porphyritic andesites with minor tuff in HW; coarse agglomerate and lapilli tuffs in FW; pyroclastics dominate HW and FW of the structure towards east-northeast

San Antonio Expansion Potential

66

SA18-015


SA19-036


SA18-029


SA18-027


SA18-017


SA12-002


SA19-041


SACH17-007


SATR19-009


SA18-016



TONNES (000)

GRADE (G/T AU)




200m


Rosario Geology and DDH Plan Map

67

• Tested along ~2.0km strike length, current resource extends for 500m

• Vein widths from 3.0 -13.55m including wall rock breccias; dipping 80° to southeast; banded quartz-adularia

• Mineralization intercepted down to 150m below surface


• Host rock is andesite flow with vein occurring near trachyte-andesite contact

Rosario Expansion Potential

68

RS18-019

[email protected]/t AuRS19-035


RS18-004


RS18-016


RS18-001


RS19-033


RS18-025


RS19-039


RS19-038


RS19-036


RS19-040


RS19-041


RS19-042


RS19-044


RS19-043


RS19-034


RS19-045


RS19-046


TPTR18-028


RS19-037 [email protected]/t

Au


TONNES (000)

GRADE (G/T AU)



Rosario 260 2.08 17

200m


Socorro Geology and DDH Plan Map

69

• Multiple, high grade, discrete sub-parallel quartz veins and breccias

• Vein widths range from 1-13m; dip -80° to the southeast

• Mineralization intercepted down to 100m below surface


• Host rock package includes hyabyssal/intrusive dykes (diorite)

• Along strike of Mojon-Crimea vein trend (>450 koz past production combined)

Socorro (Main) Expansion Potential

70


TONNES (000)

GRADE (G/T AU)



Socorro 217 1.56 11


3

to 2.65 t/m

3

.6 Numbers may not add due to rounding. 6. see full technical report for additional details dated June 30, 2019*source see Resources and Reserves slide for additional technical details

Buenos Aires - Palmito

71

• First pass drill program will systematically test structure beneath anomalous channel samples

• 3.75m @ 4.6 g/t Au

• 3.34m @ 3.6 g/t Au

• 3.2m @ 2.4 g/t Au

• 3.3m @ 4.1 g/t Au

• Focus on testing possible zones of accommodation and vein intersections

• Final permits expected January 2020

Nancite

72

NACH18-001


NACH19-014


NACH19-019


NACH18-003


NACH18-002


TRCH18-012


NACH18-013


NACH18-012


NACH18-007


• High grade gold and channel samples collected from artisanal shafts (up to 24.24 g/t Au); vein widths ~1m-5m

• Vein is hosted in fine grained andesites with sericite and argillic alteration; variable sub-vertical N-S dip

*Drill permit ready in Q12020

Au

TRANCA

TRCH18-005



TRCH19-027


TRCH18-001



TRCH18-006


TRCH18-009


TRCH18-011


TRCH18-003 [email protected]/t

Au

30.79g/t Au

Tranca

73

*Drill permit ready in Q12020

• High grade ~1.5km structure 150m north of Nancite; vein widths ~1m-15m with stockwork

• Vein is hosted in fine grained andesites with sericite and argillic alteration; variable sub-vertical N-S dip

Esmeralda

74

• Sub-parallel set of northeast oriented veins located between historic Esmeralda and Santa Maria open pits

• >3.0km of total strike length (all veins)

• Potential near term mill feed within existing mine permit area

• 2019 Trench Highlights

• 2.35m @ 15.70 g/t Au (19-014)

• 5.50m @ 4.39 g/t Au (19-013)

• 3.95m @ 4.16 g/t Au (19-005)

*New drill core

Drilling Underway

75

• Drilling underway at previously undrilled Buenos Aires and Esmeralda targets; 22 holes completed for +2,500m and counting…

• Drilling underway at previously undrilled regional Amalia target (30km NE of Libertad); 5 holes completed for 800m and counting…

• Recent exploration successes such as San Antonio have added near mine open-pit resources, extending the life of the La Libertad Mine

• $6.25M budget for exploration in Q4 2019-2020 (25,000 metres)

• Focused on EXPANSION and DISCOVERY

76

(1) See Calibre Mining News Release December 4, 2019 for full details and disclosure on sedar.com

Calibre Mining 2020 Guidance1

Description UnitLimon

Guidance

Libertad

GuidanceConsolidated Guidance

Gold Production ‘000s oz 70 – 75 70 – 75 140 – 150

Total Cash Costs $/Au oz sold $740 – $780 $930 - $970 $840 - $890

AISC $/Au oz sold $875 – $925 $1,050 – $1,100 $1,020 - $1,060

Near-Mine Drilling US$M $2 - $3 $9 - $10 $12 - $14

Growth Capital US$M $14 - $16 $10 - $12 $24 - $28

Corporate G&A US$M N/A N/A $6 - $7

77


Pavon Gold Project

78

Exploration Overview

• Three (3) mining concessions totaling 18,061 ha; two (2) principal concessions totaling 3,158 ha

• 5.5hr drive to La Libertad (125km); ~4.0hr drive to Managua (150km)

• Total drilling to date: 16,155m in 33 holes

• 43-101 resource updated December 2019

• 1.39 Mt grading 5.16 g/t Au containing 230,175 ounces Au (indicated)*

Project Concession Name Status Titleholder Area (ha)

Natividad Concession Minerales Nueva Esperanza S.A. 1,301.10

Las Brisas Concession Minera Glencairn S.A. 1,856.63

3,157.73

El Paste Concession Calibre Mining Nicaragua, S. A. 14,902.96

14,902.96

Subtotal Pavon:

Pavon

Subtotal El Paste:

Pavon Camp and Property Gology

79

Pavon

• Properties located in Nicaragua’s Interior Highlands

• Project area is underlain by Tertiary Matagalpa Group volcanics; including andesitic flows, tuffs, ignimbrites, and agglomerates as well as dacitic to rhyolitic tuffs and localized basalts

• Numerous hypabyssal stocks and volcanic domes of intermediate to felsic composition cut the volcanic package

• Gold is associated with low-sulphidation quartz-adularia epithermal veins; colloform banded quartz veins and multi-phase quartz vein-breccias; local high-grade also present in wall-rock quartz stockwork zones

• Sulphide content is generally low consisting of minor pyrite and trace amounts of base metal sulphides

2019 Pavon Mineral Resource Summary*

80

Classification Domain Rock Code TonnesAu

(g/t)

Ag

(g/t)Au (Ounces) Ag (ounces)

Indicated

Pavon

North

Saprolite 260,000 3.46 2.16 28,914 18,056

Vein 612,000 3.58 5.82 70,418 114,563

Total 872,000 3.54 4.73 99,332 132,619

Pavon

Central

Saprolite 65,000 4.49 5.31 9,374 11,106

Vein 451,000 8.38 13.88 121,469 201,191

Total 516,000 7.89 12.80 130,843 212,297

Total

Saprolite 325,000 3.66 2.79 38,288 29,162

Vein 1,063,000 5.61 9.24 191,887 315,754

Total 1,388,000 5.16 7.73 230,175 344,915

Inferred

Pavon

North

Saprolite 47,000 2.41 4.02 3,644 6,070

Vein 113,000 3.46 5.85 12,563 21,249

Total 160,000 3.15 5.31 16,207 27,318

Pavon

Central

Saprolite 61,000 4.96 4.48 9,720 8,786

Vein 89,000 4.20 9.98 12,007 28,566

Total 150,000 4.51 7.74 21,727 37,352

Pavon

South

Vein 257,000 2.87 2.98 23,690 24,623

Total 257,000 2.87 2.98 23,690 24,623

Total Total 567,000 3.38 4.90 61,624 89,293

Mineral Resource Estimate Notes:

(1) Mineral Resources were prepared in accordance with NI 43-101 and the CIM

Definition Standards (2014). Mineral resources that are not mineral reserves do not have

demonstrated economic viability.

(2) This estimate of mineral resources may be materially affected by environmental,

permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

(3) Open pit Mineral Resources are reported at a cut-off grade of 1.15 g/t gold that is

based on a gold price of US$1,400/oz, an operating cost of US$50.68/tonne and a gold

processing recovery factor of 94%.

(4) Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit

slope angles were used by WSP to generate the pit shell.

(5) Rounding may result in apparent summation differences between tonnes, grade,

and contained metal content.

(6) Tonnage and grade measurements are in metric units. Contained gold ounces are in

troy ounces.

(7) Composites completed at 2 m down the hole

(8) Contributing assay composites were capped at 29.03 g/t Au at Pavon North, 75 g/t

Au at Pavon Central and 17.18 g/t Au at Pavon South

(9) A specific gravity value of 2.49 was applied to all blocks in rock and 2.30 was applied

to all blocks in saprolite

(10) Modeling was performed use in GEOVIA Surpac 2019 software with grades

estimated using ordinary kriging (OK) interpolation methodology.

(11) Blocks are 5x5x5 with 2 sub-blocks

Pavon Exploration Overview

81

• Three (3) principal zones Pavon North, Central and South; NNE oriented vein trends

• Airborne magnetics/radiometrics

• High resolution LiDAR survey

• Surface geochemical samples: 23,059 (2,615 B2Gold)

• 4,593m completed in 263 trenches; including 3,017m in 139 trenches in Pavon N/C/S

• 16,155m completed in 133 holes; including 11,747m in 110 holes in Pavon North, Central and South

• Recent surface work (2015): 331 rock-soils, 18 hand-dug trenches totaling 249m; re-logging Radius drill holes

• Budgeted US$3.75M for EXPANSION in 2020

Pavon North

Pavon Central

Pavon South

~2km

~2.2km

Pavon North Deposit

82

• Pavon North: ~2km NNE strike length, dip -80° to southwest

• Current resource has ~500m strike-length

• 872 kt grading 3.54 g/t Au containing 99,332 ounces Au (indicated)*

OpenFootwallStructure


Pavon North Vein Textures

83

Pavon Central Deposit

84

• Pavon Central: ~2.2km NNE strike length, dip -70-80° to southwest

• Multiple resources over ~1.2km strike-length

• 516 kt grading 7.89 g/t Au containing 130,843 ounces Au (indicated)*

Victoria

Victoria

Central

Central


Pavon Central Vein Textures

85

Pavon South Deposit

86

• Pavon South: ~1km NNE strike length, dip -70° to southwest

• Current resource has ~300m strike-length

• 257 kt grading 2.87 g/t Au containing 23,690 ounces Au (inferred)*

• Additional drilling planned

Structure open to northeast


87


Borosi Concessions

Calibre - BOROSI Concessions (876km2)

88

Calibre BOROSI Mining Concessions

89

CONCESIONES MINERAS CXB - CXB NICARAGUA S.A / CALIBRE MINING DE NICARAGUA

Project Concession Name Status Titleholder Area (ha)

Blag Concession CXB Nicaragua, S. A. 600.00

HEMCO - ROSITA II Concession CXB Nicaragua, S. A. 5,700.00

HEMCO - ROSITA III Concession CXB Nicaragua, S. A. 2,300.00

La Luna Concession CXB Nicaragua, S. A. 800.00

Rosita H-2 (Borosi Este) Concession (partial) CXB Nicaragua, S. A. 7,800.00

Riscos de Oro Concession CXB Nicaragua, S. A. 400.00

17,600

Asa Concession Calibre Mining Nicaragua, S. A. 8,000.00

Asa H-I Concession CXB Nicaragua, S. A. 3,200.00

Pispis Concession Calibre Mining Nicaragua, S. A. 7,734.25

Siuna Concession CXB Nicaragua, S. A. 1,200.00

Siuna H-I Concession CXB Nicaragua, S. A. 5,200.00

El Paste Concession Calibre Mining Nicaragua, S. A. 14,902.96

HEMCO II Concession CXB Nicaragua, S. A. 5,550.00

Rosita H-2 15,484.45

Rosita H-2 (Santo Tomas) 2,200.00

Nueva America H-I Concession CXB Nicaragua, S. A. 3,200.00

66,671.66

Rosita D JV Santa Rita Mining S.A. 3,356.90

3,356.90

EBP

(IAMGOLD

JV)

Subtotal EBP:

Concession (partial) CXB Nicaragua, S. A.

Subtotal 100%CXB:

100% CXB

Subtotal Santa Rita:Rosita D (JV)

= 876 km2

Caliber 100% owned projects

90

Advanced Projects• Primavera Au-Cu Porphyry;

discovered in 2011/12 incl. 262m @ 0.73 g/t Au & 0.29 % Cu

• Santa Maria LS Epithermal; 4km HG

Gold-Silver veins with up to 64 g/t Au & 109 g/t Ag

• Minnesota Gold-Copper; >4km gold

anomaly, positive trenching results, broad gold zones in limited drilling

Grassroots Projects• Monte Carmelo; gold skarn• Carpatos; additional porphyry targets

• El Paste; Kilometre-scale gold anomalies

Borosi – Deposit Types and Potential

91

1. Porphyry Gold-Copper Deposits Primavera and Primavera District Targets

ExamplesNew Gold / New Afton: 6.2 million oz gold eqYamana/Chapada: 7.9 million oz gold eq

2. Low Sulphidation EpithermalGold-Silver Deposits

Risco de Oro, La Luna, Guapinol, Santa Maria

ExamplesLundin Gold/FDN: 13.9 million oz goldYamana/El Penon 2.7 million oz gold

3. Gold Skarn Deposits La Luz, Monte Carmelo, Cerro Aeropuerto

Examples:Past Producer/La Luz 2.3 million oz goldTorex/Morelos 3.6 million oz gold

Deposit Types and Overview

92

Gold/Copper Porphyry

Skarn/CRD

Epithermal

Past Production

La Luz (Au/Zn/Cu)Bonanza (Au/Ag)Riscos (Au/Ag)Santa Rita (Cu/Au)

Existing Resources

Eastern Borosi (IAMGOLD JV)PrimaveraCerro AeropuertoSanta Rita

Discoveries

PrimaveraGuapinolMontes de OroMinnesota

Borosi Concession Recent Success

93

Deposit Type Size (tonnage) grade (g/t) Au oz Eq

Past Production

Bonanza LS Epithermal 14,000,000 8.00 g/t Au & 10 g/t Ag 4,000,000

La Luz (Siuna) skarn 17,100,000 4.14 g/t Au 2,300,000

Santa Rita (Rosita) skarn 5,400,000 2%Cu & 1g/t Au & 15g/t Ag 1,500,000

Riscos/Blag/others LS Epithermal 500,000 4.0 g/t Au & 20 g/t Ag 100,000

7,900,000

Current Resources (Mining Triangle District)*Primavera Porphyry 45,000,000 0.54 g/t Au & 0.22 % Cu 1,200,000 inferred resource

Eastern Borosi LS Epithermal 4,420,000 4.93g/t Au & 80g/t Ag 812,000 inferred resource

Cerro Aeropuerto skarn 6,000,000 3.64 g/t Au & 16 g/t Ag 757,000 inferred resource

Santa Rita (Rosita) skarn 6,500,000 0.5%Cu, 0.47g/t Au & 7.3g/t Ag 251,500 indicated resource

Deposit Type size grade (g/t) Au oz Eq

Calibre Exploration Targets

Primavera Ext. Porphyry Au/Cu >20 to >100 Mt 0.5 - 1.0 g/t Au & 0.2 - 0.4 % Cu

Eastern Borosi LS Epithermal >5 to >10 Mt 4 - 8 g/t Au & 15 - 30 g/t Ag

Minnesota Porphyry Au >20 to >50 Mt 1.0 - 2.0 g/t Au

Montes de Oro skarn >15 to >30 Mt 3.0 - 5.0 g/t Au

Cerro Potosi skarn

Roskilete skarn

Santa Maria LS Epithermal

Mining Triangle District Past Prod. + Resources = 12M oz

Calibre = 6 New Discoveries since

2011

The Best Place to Find a Mine is

Beside Another Mine

*note: see resources and reserves in the appendix

Geological Overview

94

*>2.7Moz AuLS Epithermal

*~2.3Moz AuAu-Skarn

*~305Mlbs CuCu-Skarn

50K Government Geology

• Well defined exploration criteria based on “classic” model types; includes endowment, favourable host rocks, structural setting and alteration footprints

• Systematic exploration using combination of regional data sets and proven target delineation techniques

• Target rankings updated in real time based on results; use of target matrices; ensures that exploration dollars are spent wisely

• Calibre currently has a full exploration pipeline (100% + JV/Optioned)

95

Regional Datasets

• Utilization of large scale airborne magnetic and radiometric surveys to target favourable geology

• 75km x 70km area; ~18,000 line-km flown at 200-400m spacing

Camp/Local Scale Datasets

96

Rosita Camp Geophysical CoverageRTP Shown w’ IP line locations

Siuna Camp IP Coverage150m Depth Resistivity

*

**

*

*

• Layering of Regional, Camp and Local scale geophysical datasets to vector into prospective areas (i.e. intrusive centres)

• Ground magnetics, IP

Systematic Exploration Work

97

Stream Sediments

Drilling

Soils

Trenching

• Boots on the ground philosophy

• Geologic mapping

• Rock Sampling

• Soil Sampling

• Trenching

• Drilling

98

SURFACE SAMPLESGOLD

Regional Sampling Coverage

SURFACE SAMPLESCOPPER

• >25,000 soil samples

• >5,500 rock samples• >300 trenches with >4,000 channel samples

99

Calibre Camp Scale Geologic Mapping ~450km2 (85% Coverage)

Eastern Borosi (EBP) Joint Venture with IAMGOLD

• IAMGOLD has completed the First Option having paid $450,000 and completed expenditures of $5 million and has earned 51%. (June 2017)

• IAMGOLD has exercised the Second Option with the right to earn a further 19% in the Project (by paying $450,000 and further exploration expenditures of $5 million).

• The total potential investment by IAMGOLD to earn a 70% interest in the Project is US$10.9 million.

Eastern Borosi (EBP) JV

100*note: see resources and reserves in the appendix

• 176km2 land package

• 51% IAMGold/49% Calibre

• IAMGold on schedule to complete 70% earn-in in Q2 2020

• >20km total strike length of Au-Ag bearing epithermal veins (multiple trends); five (5) ore-shoots currently identified

• Updated 43-101 Total Inferred Resource of 4.4 Mt grading 5.72 g/t AuEq containing 812,000 AuEq ounces ; five (5) underground, one (1) updated open pit resource*


101

Eastern Borosi JV IAMGOLD

8km

10km

2km

2km

8km

10km

2km

2km

• Four (4) principal vein trends

• General trend of andesite flow facies in west-northwest portion of camp vs. tuff dominated facies

• TMI image appears to pick-up this generalized trend with higher magnetic values in western portion of camp; magnetic susceptibility readings in drill core show two orders of magnitude difference between aphanitic flow and ash tuff

EBP Host Rock Types

102

Sparsely Porphyritic Andesite Flow; 3-5% phenocrysts

Porphyritic Andesite Flow; 5-20% phenocrysts

Coarsely Porphyritic/AmygdaloidalAndesite Flow; >20% phenocrysts

Ash Tuff; >50% ash in matrix

Crystal-Lithic Tuff; variable % of lithic fragments, crystals and ash.

Reworked Lithic Tuff; sub-rounded to rounded coarse lithic fragments, crystals, ash

EBP Ore-Shoots

103

253,000 oz AuEq*

47,500 oz AuEq*

99,000 oz AuEq*

72,500 oz AuEq*

• Veins have been tracked over +3km strike length in surface geochemistry (rocks-soils)

• Dominant northeast-southwest orientations with -50° to -70°dips to northwest

• Long stretches of anomalous ground remain untested by drilling

• Plenty of room for additional DISCOVERY


104

A

C

AA

B

B

1) Finely banded Ag-sulphosalts+ga+sph with silica; cross-cut by later milled breccia event

2) Late milled breccia; sub-rounded to rounded quartz fragments; fg sulphide (py) - 5-7% in matrix

4) Chaotic breccia; multiple fragment types and “ghost” fragments; Adularia in top left corner

3) Evidence of multiple events, A: Semi-massive to massive quartz vein; B) Later quartz vein with weakly developed banding; C) Milled breccia with clay infill (illite)

EBP High Energy LS Vein Textures

Guapinol Vein

GP14-003: 4.81m @ 25.66 g/t Au and 35.2 g/t Ag

GP14-002: 6.03m @ 14.39 g/t Au and 14.5 g/t Ag

Vancouver Vein

GP14-010: 12.90m @ 8.73 g/t Au and 11.5 g/t Ag

GP15-037: 7.08m @ 6.26 g/t Au and 41.4 g/t Ag

Blag Vein (Main)

BL15-009: 9.92m @ 5.36 g/t Au and 194.6 g/t Ag

BL15-010: 12.82m @ 2.52 g/t Au and 246.4 g/t Ag

BL15-011: 10.74m @ 3.08 g/t Au and 381.3 g/t Ag

Blag East Dome

BL15-017: 19.16m @ 1.11 g/t Au and 223.4 g/t Ag

BL17-060: 4.47m @ 3.78 g/t Au and 34.72 g/t Ag 105

RDO

RD11-010: 5.40m @

10.25 g/t Au and 288.25

g/t Ag

RD11-019: 5.80m @ 9.37

g/t Au and 64.80 g/t Ag

*High grade ore-shoots withmineralized intercepts down to 300m depth

*Objective is to continue to identify additional ore-shoots over >20km longprospective vein trend

100% Owned Primavera Project

106

107

Primavera Au-Cu Porphyry Geology

San IsidroCopper Hill

Porvenir

Primavera

Santa Juana

San Francisco

*Principal Zone

Targets

Primavera Au-Cu Porphyry Discovery

108

2,000m x 800m>100ppb

Au in soil anomaly

Coincident 1,000m x 800m>250ppm

Cu in soil anomaly

• Geologic mapping identified multi-phase, porphyritic diorite and hypabyssal andesite rocks

• Soil sampling generated significant Cu-Au anomalies

• Recognition of sheeted, banded quartz-magnetite veins in trenches

Trenching Highlights:

PTR11-005: 51.25m @ 1.53 g/t Au and 680 ppm Cu

PTR11-010: 107.00m @ 0.78 g/t Au and 980 ppm Cu

PTR11 -011: 179.40m @ 0.63 g/t Au and 998 ppm Cu

100% Primavera Au-Cu Porphyry

109

Hole From To Interval Au Cu AuEq**

ID (m) (m) (m) g/t % g/t

PR-11-001 0.00 262.00 262.00 0.49 0.22 0.83

PR-11-002 1.50 263.20 261.70 0.73 0.29 1.25

PR-11-003 4.00 327.20 323.20 0.41 0.18 0.70

PR-12-005 207.50 380.85 173.35 0.31 0.16 0.55

PR-12-008 107.65 355.00 247.35 0.43 0.21 0.75

PR-12-011 6.95 164.00 157.05 0.47 0.20 0.78

PR-12-016 0.00 201.35 201.35 0.77 0.36 1.34 • Road accessible near power

• 32 drill holes completed totaling 13,414m

• Airborne geophysical survey completed over a large 5km by 5km interpreted intrusive/volcanic complex.

• Mineralization consists of quartz-magnetite-chalcopyrite-bornite veins and stockwork veining within broad potassically and propylitically-altered intermediate volcanics and intrusives

• The higher-grade gold/copper porphyry zone has been intersected in drill holes over a 300m by 300m area and to a depth of 300m

247.35m @0.43 g/t Au,

0.21% Cu

PR-12-008

261.70m @0.78 g/t Au,

0.30% Cu

PR-11-002PR-12-011

OPEN TO DEPTH

DRILL HOLES PR11-002, PR12-008, PR12-011

*Complete drill results available on Calibre Mining’s website**AuEq (g/t) Gold Equivalent calculated using 1,300/oz gold and $3.00/lbcopper

159.53m @0.46 g/t Au,

0.20% Cu

AdditionalTargets

MineralizationOpen

110

• Initial Inferred Resource 1.2 million oz AuEq

• First Porphyry Au-Cu deposit discovered in Nicaragua

• Open pit constrained resource grade:0.91 g/t AuEq (811,162 AuEq oz)

• Resource based on 32 drill holes totalling 13,414 metres

• Classic porphyry Au-Cu mineralization

• Resource open to further expansion

• Numerous high priority deposit targets identified in Primavera District

• Future drill programs will continue to test additional porphyry gold-copper targets to the south and to the west (San Isidro)

Cut off (g/t AuEq)* Tonnes

AuEqg/t

Au g/t

Ag g/t

Cu %

Au Ounces

Ag Ounces

Cu lbs

Au EqOunces

0.1 68,522,000 0.68 0.44 1.05 0.18 962,729 2,317,265 274,001,899 1,505,040

0.3 64,961,000 0.71 0.45 1.07 0.19 947,401 2,236,619 267,662,523 1,476,720

0.5 44,974,000 0.84 0.54 1.15 0.22 782,116 1,661,293 218,670,212 1,212,132

0.7 26,906,000 1.00 0.65 1.23 0.26 565,752 1,067,503 154,230,473 867,563

0.9 15,838,000 1.15 0.76 1.32 0.39 385,778 672,342 103,595,734 587,766

*Note: See Appendix for detailed mineral resource estimates and NI 43-101 disclosure statement


111


Reinterpreted Plan Map and Cross Sections – R. SillitoeFebruary 2017

Primavera Au-Cu Porphyry Model; WSP January 2017

112

Inferred Resource at a cutoff of 0.5 g/t Au for the Primavera Au-Cu Porphyry Deposit

Notes:• CIM definition standards were followed for the resource estimate.• The 2016 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids (HG=high grade, LG= low grade, sap=saprolite). • A base cutoff grade of 0.5 % g/t Au was used for reporting resources.• Densities varied by material type and ranged from 2.4 for saprolite to 2.71 for diorite and the volcanics have variable estimated densities using inverse distance.• Numbers may not add exactly due to rounding.• Gold Equivalent (AuEq) calculated using $1300/oz Au for gold, $2.40/lb for Copper, and $20.00/oz Ag for silver and metallurgical recoveries are assumed to be 90% for both gold and copper. • Mineral Resources that are not mineral reserves do not have economic viability• The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Tonnes Au g/t Ag g/t Cu % Au Eq Au ozs Ag ozs Cu lbs Au Eq ozs

44,974,000 0.54 1.15 0.22 0.84 782,000 1,661,000 218,670,000 1,200,000

Cut off (g/t Au) TonnesAu g/t

Ag g/t

Cu %

AuEqg/t Au Ounces Ag Ounces Cu lbs Au Eq Ounces

0.1 68,522,000 0.44 1.05 0.18 0.68 962,729 2,317,265 274,001,899 1,505,040

0.3 64,961,000 0.45 1.07 0.19 0.71 947,401 2,236,619 267,662,523 1,476,720

0.5 44,974,000 0.54 1.15 0.22 0.84 782,116 1,661,293 218,670,212 1,212,132

0.7 26,906,000 0.65 1.23 0.26 1.00 565,752 1,067,503 154,230,473 867,563

0.9 15,838,000 0.76 1.32 0.39 1.15 385,778 672,342 103,595,734 587,766

Open Pit-Constrained Inferred Resource at a 0.5 g/t Au Cutofffor the Primavera Au-Cu Porphyry Deposit

Notes:1. Whittle optimized open pit.2. Mining Cost $2.25/t mined, Processing Cost $20/t processed (included G and A and Selling Costs)3. Mining Dilution 5% @ 0 grade and Mining Recovery 95% both applied globally.4. Metal Recovery; 90% for Au and 90% for Cu.5. Metal prices; $1300/oz Au and $2.40/lb Cu6. Overall slope angles; 200 overburden, 420 saprolite, and 440 in rock.

The WSP Resource Estimate also evaluated the Primavera Deposit at a range of cutoff grades between 0.1 g/t Au and 0.9 g/t Au. Results are as follows;

Inferred Resource at Range of Cutoff Grades for the Primavera Au-Cu Porphyry Deposit


Cut off (g/t Au) Tonnes Au g/t

Ag g/t

Cu %

AuEqg/t Au Ounces Ag Ounces Cu lbs Au Eq Ounces

0.5 27,790,000 0.60 1.22 0.23 0.91 535,110 1,094,240 140,070,503 811,162

100% Owned Santa Maria Project

113

114


• GRASSROOT PROJECT – western Rosita District

• Anomalous Au-Cu-Zn in soils and channel samples over >2.0km strike length

• 2017 maiden diamond drilling (13 holes for 2,100 metres) on the Santa Maria Project; discovered significant gold and base metal mineralization

• Structurally controlled quartz veins and breccias

• Style of mineralization (Au-Cu-Pb-Zn) similar to veins found outboard of Primavera

• Further work is warranted

115


116


100% Owned Siuna District

117

118

Siuna District Geology

• Late Cretaceous to Tertiary aged multi-phaseintrusions in contact with regional late Jurassicto early Cretaceous volcano-sedimentary host package; intrusions have similar inferred age to the 100% Calibre owned Primavera Cu-Au porphyry target (Re-Os dating)

• Camp Scale geologic setting is prospective forSkarn, Cu-Au porphyry, IS and LS epithermal systems

• Historic La Luz gold skarn produced 2.3 Moz Au (i.e. proven regional endowment)

• Siuna Camp has multiple exploration ready targets ranging from Grassroots to Drill Testing stage (i.e. full exploration pipeline)

• Existing high quality camp scale datasets including soil sampling database, airborne magnetics and radiometrics

• Local scale high density soil sampling, IP, ground magnetics and surface rock sampling have been completed, as well as reconnaissance scale diamond drilling

253 km2

To BonanzaCamp

119

Siuna District Exploration

• Systematic Camp Scale data collection

• 104 Stream Sediment Samples

• 7,354 soil samples (100m-400m spacing)

• 1,811 surface rock samples

• 15 exploration pits (2m x 2m x 2m)

• 99 trenches totaling 2,339 metres

• 72 diamond drill holes totaling 20,365 metreso 19 Cerro Aeropuerto - 7,073.70mo 11 Montes de Oro - 2,693.12mo 10 El Avion - 2,019.08mo 8 Huracan - 2,439.81mo 8 El Dorado - 2,385.59mo 7 Tiburon - 1,483.81mo 4 Cerro El Coyol - 1,003.44mo 3 Roskilete - 751.82mo 2 La Calera - 515.45m

120

*

**

*

*

• Regional Magnetic RTP feature represents crustal-scale feature; northeast trend of intrusive rocks located along feature

• IP surveys have been successful at identifying intrusive centres with coincident chargeability anomalies (disseminated sulphide)

• >105 line-km of IP completed (200-600m spacing)

• ~80km2 of ground magnetics (100-200m spacing)

*Intrusive Centre *Next slide

Siuna Regional/Camp Scale Geophysics

121

Geophysics Adding Value

*Anomalous Au-Cu in Soils

122

• Favourable hornblende bearing intrusive rocks (hydrous) of intermediate composition (e.g. diorite) and mineralized host rocks are responsible for large multi-element geochemical anomalies over a ~10km strike length in the central Siuna Camp

• Associated soil and rock surface geochemical anomalies are found along northeast oriented trends which correlate with inferred regional structural regime (i.e. sub-parallel to suture/accretion zone between Chortis block and Siuna terrane)

• >10km total strike length of anomalous geochemical/geophysical trend(s) show potential for new discoveries; majority of anomalies do not have sufficient drilling and/or remain untested

• Mina Victoria and Cerro Asa targets have some of the strongest surface Au and Cu rock sampling results in entire Siuna Camp; currently undrilled

Central Siuna Camp TargetsMulti-Element Geochemistry

(Au+Ag+As+Cu+Mo+Pb+Sb+Zn)

10km

Cerro Asa

123

Currently undrilled

124

Mina Victoria

• Largest undrilled Au-Cu target in Siuna Camp

• ~12 km2 multi-element soil anomaly including Au-Cu

• Strong central magnetic high feature

• Strongly anomalous Cu in channel samples up to 0.73%

125

Gracias!

126

Corporate Social Responsibility

December 2019

Country Overview

127

• La Libertad and El Limon mines are located in areas with long-standing mining traditions, where mining activities began in the early 1800s. Industrial mining initiated in both areas in the 1940s.

• Nicaragua has a long mining history and strong mining law. The country has a modern infrastructure and is easily accessible.

• As the largest exporter of gold from Nicaragua and the largest exporting company in the country, CalibreMining is a key contributor to the local and national economies.

• Both La Libertad and El Limon mines have developed solid reputations in Nicaragua and are recognized for their strong commitment to social programs and environmental stewardship. Company leadership in Nicaragua is experienced and well-respected.

• Calibre maintains transparent relations with the Nicaraguan government, collaborating with the relevant regulatory agencies to effectively manage our operations and achieve common goals (e.g. ASM Management and Development Plan).

Benefits to Nicaragua

128

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Gold Production(Thousands Oz Troy)

Source: MEMSource: COPADES, PRONicaragua, BCN

7.411.3

49.2

15.3

39.4

114.3

156.9

178.9

135.2

63.656.9

122.6

152.6

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Foreign Direct Investment in Mining(US$ Millions)

Benefits to Nicaragua

129

56%

61%

64% 65%66%

65%65%

46%51%

0

50

100

150

200

250

300

350

400

450

500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Gold Exports from Nicaragua(US$ Millions)

Libertad & Limon Exports

Source: BCN, COPADES, CAMINIC

6

9

28

47

52

71

97

144

194

334

435

461

0 50 100 150 200 250 300 350 400 450 500

Bananas

Sesame Seeds

Livestock

Shrimp

Lobster

Beans

Peanut

Sugar

Dairy products

Gold

Coffee

Beef

Main Exports from NicaraguaAverage 2015-2017

(US$ Millions)

La Libertad & Limon, 59%

Source: BCN, DGA, CETREX, CAMINIC

Benefits to Host Communities

130

1,001

823

721 714 710

La Libertad Corinto Santo Domingo Managua San Juan del Sur

Top Five MunicipalitiesTax Income per Capita 2013 - 2017

(US$ Thousands)

Source: La Prensa

40644316

3927

3417

3828

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2012 2013 2014 2015 2016

Tax Revenues from Metal Mining 2012-2016(US$ Thousands)

Mining taxes Municipal transfers (35%)

Source: COPADES

Benefits to Our People

131

Source: BCN

0

100

200

300

400

500

600

700

800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average Salary by Economic Activity2006-2018

Average wage Mining

Source: FUNIDES, 2016

2,221 2,265 2,3962,564

2,926

3,612

4,4284,703 4,813

4,9584,983

5,488

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Formal Employment in Mining(2006-2017)

132

Benefits to Our People

$512

$1,294

$421

$1,147

$568

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400

Camoapa

La Libertad

Telica

Larreynaga

Artisanal Mining

Monthly Family Income(US$)

Source: FUNIDES Source: FUNIDES

43%

11%

40%

10%

69%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Camoapa

La Libertad

Telica

Larreynaga

National

Households in Multi-dimensional Poverty(%)

Key Past Social Investment Projects

133

H E A L T H

• Water Systems 20,627 beneficiaries

• Specialized Care for Children80 children with special needs

• Support for Anti-epidemic Campaigns36,000 community beneficiaries

S O C I A L I N F R A S T R U C T U R E

• Community Road Improvement +60km

• Municipal Sports Centre 6,449 beneficiaries

• Worker Housing Project117 houses, 526 beneficiaries

E D U C A T I O N

• University Scholarships 140 low income students

• Infrastructure & Equipment 15 educational centers

• Internet for Local Schools 635 students & teachers

L I V E L I H O O D S

• Milk Chilling Centre 200 beneficiaries (US$ 313K in assets)

• SMEs Program Sewing Workshop - US$ 23K annual income

• Technical Assistance for ASM formalization 547 artisanal miner beneficiaries

Community Investment 2020

134

E D U C AT I O N • University Scholarship Program

60 BENEFICIARIES

• Local Training for Heavy Equipment Operators50 BENEFICIARIES

L I V E L I H O O D S• Alternative Sustainable Productive Activities

(demonstration plots, dragon fruit, honey, bamboo)69 BENEFICIARIES

H E A LT H• Water System Expansion and Improvement

9,769 BENEFICIARIES

• Donations of Medical Equipment and Supplies to Health Facilities in Mina El Limon and Rosita (Project CURE)47,266 BENEFICIARIES

Permitting Process

135

Company drafts EIA5 MONTHS MAX.

4

MARENA issues Terms of Reference

± 15 WORKING DAYS

3

Inspection by MARENA

± 15 WORKING DAYS

2

Request for environmental permit

1

± 15 WORKING DAYS

Inter institutional Review (MEM, MARENA, INAFOR, Municipalities)

Technical ReviewAdministrative Resolution / PERMIT

APPROVAL

7

Public consultation

6

± 13 WORKING DAYS

3 MONTHS MAX.

Technical review by MARENA

1rst Addendum (3 months to

submit)

2nd Addendum (1 month to

submit)

Approved?

YES

NO

5

Environmental Stewardship

136 136

• More that a million trees planted since 2010

• 272 hectares reforested around watersheds to protect water sources

• Use of up to 100% recycled water in processing plants

• Wildlife Refuge established in Santo Domingo

• Groundbreaking self-sustainable post-mining land use

THANK YOU

137

Summary of Mineral Reserves and Resources

138

Proven and Probable Mineral Reserves

Measured and Indicated Mineral Resources (Inclusive of Reserves)

Inferred Mineral Resources

La Libertad Resource & Reserves (June 30, 2019)

139

AreaTonnes

(kt)

Grade

(g/t

Au)

Contained Au

(koz)

Indicated


Jabalí Antena 457 4.90 72

San Juan OP 124 7.19 29

Mojón UG 68 4.52 10

Tope OP 48 4.25 7

Spent Ore 902 0.77 22

Stockpile 8 0.75 0.2


Inferred


Jabalí Antena OP 1,135 7.81 285

Tope OP 214 2.50 17

Spent-Ore 206 0.76 5

Mojón UG 300 4.14 40

San Juan UG 326 2.88 30

Chamarro 217 1.56 11

Rosario 260 2.08 17



MINERAL RESOURCES - JUNE 30, 2019Calibre Mining Corp. – La Libertad Mine

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

2. Mineral Resources are based on 100% ownership.

3. Mineral Resources are estimated at cut-off grades ranging from 0.62 g/t Au to 0.68

g/t Au for open pits and 2.80 g/t Au to 2.85 g/t Au for underground.

4. Mineral Resources are estimated using a long-term gold price of US$1,400 per

ounce.

5. Bulk density is 1.70 t/m3 to 2.65 t/m3.

6. Numbers may not add due to rounding.

El Limon Resource & Reserves (June 30, 2019)

EL LIMÓN UNDERGROUND MINES MINERAL RESERVES – JUNE 30, 2019Calibre Mining Corp. – El Limón Mine

Mine CategoryTonnage

(000)

Grade

(g/t Au)

Contained Au

(oz 000)

Santa Pancha 1 Probable 350 3.82 42.9

Santa Pancha 2 Probable 88 3.34 9.4

Veta Nueva Probable 350 5.66 63.6

Total Probable 787 4.58 115.9

Notes:

1. CIM (2014) definitions were followed for Mineral Reserves.

2. Mineral Reserves are estimated at a cut-off grade of 2.75 g/t Au.

3. Mineral Reserves are estimated using an average long-term gold price of US$1,350 per ounce

4. Minimum mining widths of 4 m, 5 m, and 3 m were used for Santa Pancha 1, Santa Pancha 2, and Veta Nueva respectively.

5. Bulk density is 2.5 t/m3.

6. Numbers may not add due to rounding.

7. A mining extraction factor of 95% was applied to the underground stopes. Where required a pillar factor was also applied for sill or crown pillar. A 100% extraction factor was assumed for development.

El Limón Surface Mines Mineral Reserves – June 30, 2019

Calibre Mining Corp. – El Limón Mine

Mine CategoryTonnage

(000)

Grade

(g/t Au)

Contained Au

(oz 000)

Limón Central Probable 1,472 4.09 193

Total Probable 1,472 4.09 193

140

El Limon Resource & Reserves (June 30, 2019)

Area Tonnes

(000)

Grade

(g/t Au)

Contained Au

(oz 000)

Indicated

Santa Pancha 1 893 5.21 150


Veta Nueva 505 4.07 66

Limón Central 2,016 4.24 274

Tailings 7,329 1.12 263


Inferred



Veta Nueva 83 3.59 9

Pozo Bono 977 6.29 197

Limón Sur 444 2.10 30

Limón Central 1,207 5.83 226

Limón Norte 836 5.43 146

Tigra/Chaparral 487 6.01 94


141

Disclosure

142

Calibre Mining believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not

be considered in isolation or as a substitute for measures of performance in accordance with the International Financial Reporting Standards.

Total cash costs per ounce of gold

Total cash costs include mine site operating costs such as mining, processing and local administrative costs (including stock-based compensation related to mine operations), royalties,production taxes, mine standby costs and current inventory write downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital and explorationcosts. Total cash costs per gold ounce are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.

All-in sustaining costs per gold ounce

A performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the

measure across the industry, the Company's definition is derived from the AISC definition as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018.

The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure

will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations. The Company defines AISC as the sum of total cash

costs (per above), sustaining capital (capital required to maintain current operations at existing levels), capital lease repayments, corporate general and administrative expenses, in-mine

exploration expenses and rehabilitation accretion and amortization related to current operations. AISC excludes capital expenditures for significant improvements at existing operations

deemed to be expansionary in nature, exploration and evaluation related to growth projects, rehabilitation accretion and amortization not related to current operations, financing costs,

debt repayments, and taxes. Total all-in sustaining costs are divided by gold ounces sold to arrive at a per ounce figure.

Disclosure (cont’d)

143

Notes for Summary of Mineral Reserves and Resources page: For information regarding mineral resource and reserve estimates, including parameters used to generate the estimates and

depletion, please see the technical reports titled: Calibre Mining Corp. Technical Report on the El Limon Mine, Leon and Chinandego Departments, Nicaragua dated Aug 30, 2019 effective June

30, 2019, Calibre Mining Corp. Technical Report on the La Libertad Mine, Chontales Department Nicaragua dated Aug 30, 2019 effective June 30, 2019, IAMGOLD CORPORATION AND

CALIBRE MINING CORP. TECHNICAL REPORT ON THE EASTERN BOROSI PROJECT, NICARAGUA dated May 11, 2018, PRIMAVERA PROJECT RESOURCE ESTIMATE dated Jan 31,

2017, Calibre Mining NI 43-101 Technical Report and Resource Estimation on the Cerro Aeuropeurto and La Luna Deposits, Borosi Concessions, Nicaragua dated April 11, 2011 (collectively, the

“Technical Reports”).

Notice to U.S. Investors: Information concerning the properties and operations referred to herein, and in certain publicly available disclosure filed on SEDAR by each company, uses terms that

comply with reporting standards in Canada. In particular, certain estimates of mineralized material are made in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for

Mineral Projects (“NI 43-101”), under guidelines set out in the CIM Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning

mineral projects.

Unless otherwise indicated, all reserve and resource estimates referred to herein or publicly available on SEDAR have been prepared in accordance with NI 43-101. These NI 43-101 standards

differ significantly from the requirements of the SEC, and such resource information may not be comparable to similar information disclosed by U.S. companies. For example, while the

terms “mineral resource”, “measured resource”, “indicated resource” and “inferred resource” are recognized and required by Canadian regulations, they are not recognized by the SEC. It cannot

be assumed that any part of the mineral deposits in these categories will ever be upgraded to a higher category. These terms have a great amount of uncertainty as to their existence, and great

uncertainty as to their economic and legal feasibility. It cannot be assumed that any part of an inferred resource exists. In accordance with Canadian rules, estimates of “inferred resources” cannot

form the basis of feasibility or pre-feasibility studies. In addition, under the requirements of the SEC, mineralization may not be classified as a “reserve” unless the determination has been made

that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Finally, disclosure of contained ounces is permitted disclosure under

Canadian regulations, however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures.

Darren Hall, MAusIMM, MSME, SVP & Chief Operating Officer for Calibre Mining is the Qualified Person as set out under NI 43-101 has reviewed and approved the scientific and technical

information in this corporate presentation. Detailed descriptions, results and analysis of drilling, sampling and analytical procedures, QA/QC programs and resource and reserve estimation

methodology can be found in the Technical Reports.

Disclosure (cont’d)

144

:

El Limon Underground Reserves Notes:1. CIM (2014) definitions were followed for Mineral Reserves.2. Mineral Reserves are estimated at a cut-off grade of 2.75 g/t Au.3. Mineral Reserves are estimated using an average long-term gold price of US$1,350 per ounce 4. Minimum mining widths of 4 m, 5 m, and 3 m were used for Santa Pancha 1, Santa Pancha 2, and Veta Nueva respectively.5. Bulk density is 2.5 t/m3.6. Numbers may not add due to rounding.7. A mining extraction factor of 95% was applied to the underground stopes. Where required a pillar factor was also applied for sill or crown pillar.

A 100% extraction factor was assumed for development.

El Limon Surface Reserves Notes:1. CIM (2014) definitions were followed for Mineral Reserves.2. Open pit Mineral Reserves are estimated at a cut-off grade of 1.32 g/t Au, and incorporate estimates of dilution and mining losses. Mineral Reserves are reported in dry tonnes.3. Mineral Reserves are estimated using an average long-term gold price of US$1,350 per ounce.4. A minimum mining width of 30 m was used.5. Bulk density averages 2.26 t/m3.6. Numbers may not add due to rounding.

El Limon Resource Notes:1. CIM (2014) definitions were followed for Mineral Resources.2. Mineral Resources are based on 100% ownership.3. Mineral Resources are estimated at cut-off grades of 1.25 g/t Au for the Limón open pit, 1.20 g/t Au for the Tailings, and

2.25 g/t Au for underground in Santa Pancha 1, Santa Pancha 2, and Veta Nueva.4. Mineral Resources presented are inclusive of Mineral Reserves.5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.6. Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce.7. Bulk density is from 1.86 t/m3 to 2.85 t/m3 for the Limón open pit material, 2.50 t/m3 for the Santa Pancha 1, and Veta Nueva underground material,

from 2.45 t/m3 to 2.50 t/m3 for the Santa Pancha 2, and from 1.29 t/m3 to 1.33 t/m3 for tailings material.8. Numbers may not add due to rounding.

La Libertad Resource Notes:1. CIM (2014) definitions were followed for Mineral Resources.2. Mineral Resources are based on 100% ownership.3. Mineral Resources are estimated at cut-off grades ranging from 0.62 g/t Au to 0.68 g/t Au for open pits and 2.80 g/t Au to 2.85 g/t Au for underground.4. Mineral Resources are estimated using a long-term gold price of US$1,400 per ounce.5. Bulk density is 1.70 t/m3 to 2.65 t/m3.6. Numbers may not add due to rounding.7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Pavon Gold Project Notes:1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral resources that are not mineral reserves do not have demonstrated economic viability.2. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues3. Open pit Mineral Resources are reported at a cut-off grade of 1.15 g/t gold that is based on a gold price of US$1,400/oz, an operating cost of US$50.68/tonne and a gold processing recovery factor of 94%.4. Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit slope angles were used by WSP to generate the pit shell5. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content6. Tonnage and grade measurements are in metric units. Contained gold ounces are in troy ounces7. Composites completed at 2 m down the hole8. Contributing assay composites were capped at 29.03 g/t Au at Pavon North, 75 g/t Au at Pavon Central and 17.18 g/t Au at Pavon South9. A specific gravity value of 2.49 was applied to all blocks in rock and 2.30 was applied to all blocks in saprolite10. Modeling was performed use in GEOVIA Surpac 2019 software with grades estimated using ordinary kriging (OK) interpolation methodology.11. Blocks are 5x5x5 with 2 sub-blocks

el limon gold mine analyst site visit · 2019. 12. 14. · •gold equivalent (aueq) calculated...

Documents