El Limon Gold Mine Analyst Site Visit December 2019
1 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. 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.
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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.
2 Location
EL Limon Mine NICARAGUA 147 km MANAGUA
Nicaragua Lake El Limón Mine is ~2 hours drive from Managua over 147 km of paved highway.
CENTRAL AMERICA The closest major city is León, NICARAGUA ~50km from the mine.
El Limon Mine is located in the town of Mina El Limon, Larreynaga Municipality, Leon Department (Northwestern Nicaragua)
3 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 Concession 12k Ha
El Limon Santa Pancha
Bonete Concession 5k Ha
5 Health & Safety
6 Management Team
Operations Corp Manager Jorge Marín Fernández
GM El Limón Felix Bermúdez
Legal Advisor GM Assistant Mine Controller Jorge Martínez Arelys Pérez Gabriel Arias
Process Engineer Doc Control / Appraisals Belkin Soriano Avigail Castellón
Administrat Mgr HSEMS Manager Mine Ops Manager Maint. Manager Alfredo Rubí Freddy Morales Frank Orozco Mario Castillo
Process Plant Mine Supt Geology Supt Projects Supt W / Logistics Supt Supt Lab C&M Supt José Luis Hernández Manuel Osorio Carlos Cruz Marvin Cuadra Rolando Cuadra Osman Corrales Accounting Bayardo Norori
7 Workforce
Calibre Mining Labor Relations 544 Workers 435 Unionized 1,443 491 Men 109 Non-union Workers 53 Women Collective Agreement valid to 21 Oct 2020 Contractors 899 Workers 854 Men 45 Women
8 General Site Layout
Mercedes Sur Pit Limon Central Pit
Mill & Santa Pancha UG Administration
San Pancho TSF
9 El Limon Central Open Pit
10 Santa Pancha Underground
Panteón Santa Pancha 1
Design Santa Pancha 1 Design Panteón Santa Pancha Underground
Design Santa Pancha 1 Design Panteón
Santa Pancha 2 Santa Pancha 1 Veta Nueva Underground
13 13 Veta Nueva Underground
14 Processing Flowsheet
15 15 2019 Processing Performance
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 perYTD Septmonth 2019 t/YTDt/month 364,169 Gold Production (Adjusted) oz 44,192 Silver Production (Adjusted) oz 26,011
16 2020 Guidance
2020 Limon Guidance Gold Production ‘000 ozs 70 – 75 Total Cash Costs $/oz $740 – $780 AISC $/oz $875 – $925 Near-Mine Drilling $M $3 - $4 Growth Capital $M $14 - $16 G&A $M N/A
*See December 4, 2019 news release on Sedar.com for additional details 17 Analyst Site Visit December 2019 El Limon Gold Mine Exploration
18 El Limon Overview
• 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 El Limon Tenure • 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 19 *source see Resources and Reserves slide for additional technical details El Limon Camp and Property Geology
• 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
20 Exploration Potential El Limon
• Multiple past producing northwest, north- northeast and east-west ~200km2 oriented vein trends • Drilling in 2020 will
focus on expansion of Tecomapas resources along the El Lourdes San Antonio Limon vein as well as UG Ramadas targets Panteon and El Limon Babilonia Atravesada Talavera Atravesada Mercedes • Full exploration pipeline Veta Nueva will be maintained with Santa Pancha concurrent target Panteon delineation work at priority targets • Lourdes, Tecomapas, Ramadas, San Antonio trends remain largely untested by drilling 21 Recent Drilling 2018-2019
• 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
22 Target Delineation/Sampling Coverage
• Systematic, linear exploration approach from prospecting, soil sampling, trenching through drill testing stages
23 Exploration Pipeline
El Limon Target Summary Targets Gold Endowment Current Status Potential Required Exploration
1) Existing Production Zones* • El Limon exploration 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 pipeline currently has 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 numerous targets with new Inf. Res. [email protected]/t = 9,000 ozs ones being added Current Resource Areas not in production* 2) 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 • Targets are prioritized in real 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 time based on incoming 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 - results from exploration
3) Advanced Targets • Initial US$2.9M budget for a Panteon prev drilling = [email protected]/t near SP1 / current drilling OP & UG Target; additional drilling required target for drilling exploration in Q4 2019 – 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 2020; 7,000 metres of c Cacao prev drilling = [email protected]/t northernmost part of Main Limon structure OP & UG Target; additional drilling required target for drilling 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 Targets a 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 Targets a 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 - 24 *Ind. Res. & Inf. Res. (Indicated Resource and Inferred Resource) source see Resources and Reserves slide for additional technical details Limon Vein Structure
• World-class low sulphidation vein system • B2Gold completed 51,483m in 302 holes over a CACAO +2.5km strike length starting in 2011 • In 2018 a total of 20,748 metres were drilled in TIGRE_CHAPARRAL 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 LIMON NORTE high grades (+10.0 g/t Au) LIMON CENTRAL • Room for expansion at depth and along strike 2.5km within four (4) principal ore-shoots
LIMON SUR
POZO BONO
25 Limon Vein Long Section
Limon Norte Limon Sur Limon Central Tigra/Chaparral Cacao N
300m
Inferred: 836 kt @ 5.43 g/t Au Looking SW = 146 koz Au Inferred: 487 kt @ 6.01 g/t Au = 94 koz Au Indicated: 2.02 Mt @ 4.24 g/t Au = 274 koz Au 2.5 kilometres Inferred: 1.21 Mt @ 5.83 g/t Au = 226 koz Au
*Source: Company disclosure, see disclosure slide for references to specific 26 reserves and resources technical reports Limon Central Cross Section
• 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
27 Santa Pancha Vein System
• 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*) • SP2: 1.0km strike length, SANTA PANCHA 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*)
28 *source see Resources and Reserves slide for additional technical details Panteon
• Two principal NNW-trending quartz structures UG (Main & FW) interpreted amongst narrower PORTAL structures • Wall-rock breccias and quartz veins hosted by weakly altered andesite flows SANTA PANCHA • 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 SP1 PANTEON • 2019 Drill highlights: PROPOSED UG • LIM-19-4397 : 4.34m @ 13.16g/t Au DEVELOPMENT 200 m FROM P8 • LIM-19-4400: 5.44m @ 10.62g/t Au • LIM-19-4401: 4.58m @ 3.71g/t Au
29 Panteon Long Section looking SW
Looking SW LIM-19-4397 [email protected]/t Au POZO 6 POZO 8 POZO 7A
LIM-19-4393 LIM-19-4401 LIM-19-4397 [email protected]/t Au [email protected]/t Au 1494 [email protected]/t Au 8.6g/t
0.45g/t
LIM-19-4395 0.08g/t [email protected]/t Au
LIM-19-4400 LIM-19-4399 [email protected]/t Au [email protected]/t Au 1580 [email protected]/t Au LIM-19-4394 10.9g/t [email protected]/t Au 8.06g/t LIM-19-4398 [email protected]/t Au 35.3g/t
2019 drill hole 8.02g/t 0.19g/t 7.4g/t 4.9g/t
5.8g/t 11.5g/t 29g/t
5.2g/t LIM-19-4397 30 Atravesada (Veta Nueva Extension)
• +600m strike length extension of Veta Nueva vein system • B2Gold completed 3,570m of drilling in 20 holes in 2018 at Atravesada • Additional drilling has been planned ATRAVESADA to define resource at Atravesada in 2020; if positive to be mined UG after Veta Nueva • Veta Nueva Indicated UG: 505 kt @ 4.07g/t Au, containing 66,000 oz Au* • Veta Nueva UG mine intercepted the VETA NUEVA vein in June 2019; intermittent mining underway
31
*source see Resources and Reserves slide for additional technical details Atravesada (Veta Nueva Extension)
• Wall rock lithology is andesite flows in HW and lithic tuffs in FW; felsic units sits on top of stratigraphy • Atravesada 2018 Drill
highlights: LIM-18-4298 [email protected]/t Au LIM-18-4339 • LIM-18-4302: 2.68m @ [email protected]/t Au LIM-18-4351 31.38 g/t Au [email protected]/t Au • LIM-18-4302 LIM-18-4351: 4.07m @ [email protected]/t Au 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
32 Tecomapas/Ramadas 33
• Main targets comprise i) two potential “releasing bend” structures between Palancas and Babilonia and ii) the junction of Tecomapas and Las Palancas- PALANCAS Babilonia trend • Las Ramadas structure is oriented 220° SAN JOSE TECOMAPAS dipping 70°NW, sub-parallel to past producing Babilonia structure • Texturally the vein system shows good colloform and crustiform banded quartz close to flows and lithic tuffs contacts • Average width in trenching 1.40m with RAMADAS wider stockwork zones to 5.0m • B2Gold completed 1,172m of drilling in 15 holes in 2019; first pass BABILONIA reconnaissance drilling • LIM-19-4402: 4.20m @ 3.34 g/t Au • LIM-19-4403: 1.67m @ 1.06 g/t Au 33 Tecomapa/Ramadas
Tecomapa Vein. Colloform-Crustiform banding. 1.4 g/t Au
Las Palancas Hydrothermal Breccia Tecomapa Vein. Massive chalcedony-quartz with sulfosalts34 stringers and hematite in cavities, 0.9 g/t Au Lourdes
• Multiple, sub-parallel, northeast oriented structures with +5.0km of total strike extent • Gold bearing vein structures intersected in trenches and artisanal pits; further defined with close spaced soil sampling LOURDES (Au-Ag-Te) • Average vein widths of +5.0m including wall rock quartz stockwork zones SAN • Target Delineation work in progress NICOLAS (trenching, exploration pits) DEM – MAG 1VD • Untested by drilling
TRSN-19-022 35 [email protected]/t Guanacastal 36
• Two recently acquired concessions surrounding San Antonio property and immediately east of Santa Pancha • Previous limited surface sampling returned up to 15.32 g/t Au in quartz float GUANACASTAL II • Origin of the anomalous quartz floats sampled in Llano Moncada (Guanacastal III) still unknown • 2019-20 Program: reconnaissance mapping and sampling followed by trenching GUANACASTAL III • Weak to moderately altered Llano Moncada andesite flows cover most of the area, at higher elevations. Polymictic lapilli tuffs found in the streams. • Minor stockwork-breccia zones SAN ANTONIO found along the 300° - 320° 30cm elongated hills 36 Conclusion
• 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
37 La Libertad Gold Mine Analyst Site Visit December 2019
38 Location
El Limón Mine • La Libertad Mine is about 3 hours from Managua, over 187 km of mostly La Libertad paved highway. Mine • The closest major city is Juigalpa, 34 km from the mine.
39 History
Early 1700s: Spaniards establish a 1938: The San Juan Mine initiates mining settlement near the area known 2010: B2Gold inaugurates La Libertad 2016: Production from the Mojon operations in 1994: La Libertad Mine is today as La Libertad Mine’s new processing plant underground mine initiates La Libertad re-privatized
1862: Santo Domingo sees its first 1981: Industrial mining operations in La Libertad are 2009: B2Gold acquires La 2012: B2Gold begins mining Octoberin 15th 2019: Calibre Mining large-scale mining operation at El nationalized by the revolutionary Sandinista government Libertad Mine Santo Domingo acquires La Libertad Mine Jabali Mine
40 Concession
INDICADOR LA LIBERTAD SANTO DOMINGO TOTAL HÉCTAREAS 7,947 2,986 10,933 POLIGONO 4 1 5 AREA POLIGONO 3,630 833 4,463 41 Health & Safety
Health and Safety Management System Health and Safety Standards Performance Standards 69% 61% 74% 79% 53% 57% 42% 50% 43%
25%
Progress (%) Progress (%) Progress
Base Line mar-15 mar-16 may-17 may-19 Base Line oct-15 oct-16 nov-18 may-20 February 2014 Octubre 2014 Environmental and Biodiversity Performance Standards
73% 78% 62% 56%
48% Progress (%) Progress
Base Line oct-15 oct-16 nov-18 may-20 October 2014 42 Management Team
43 Workforce
Calibre Mining Employees Direct 401 Budget: 432 Local (Community) 362 90% National 35 9% Foreigners 4 1% Unionized 361 90% Men 348 87% Women 53 13%
Contractors (26) Employees 1,003 Men 928 93% Women 75 7%
44 Main Facilities
45 Main Facilities
46 Jabali West Underground
47 Jabali West Underground
JBUG_ZONA JBUG_ZONA JBUG_ZONA JBUG_ZONA 4 3 2 1
ALIMA K
LENGTH: 1,334 m WIDTH: 20 m AVG HEIGHT: 119 m Jabali Antena Pit
49 Processing Flowsheet
• Two crusher circuits • One SAG mill • Two ball mills • 11 leach tanks • 6 CIP tanks
50 Processing KPI 2019
YTD EOM Production process plant KPI September 2019 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
51 2020 Guidance
2020 La Libertad * Guidance Gold Production ‘000 ozs 70 – 75 Total Cash Costs US$/oz $930 – $970 AISC US$/oz $1050 – $1100 Near-Mine Drilling US$M $9 - $10 Growth Capital US$M $10 - $12 G&A US$M N/A
*See December 4, 2019 news release on sedar.com for additional details 52 Analyst Site Visit December 2019 La Libertad Gold Mine Exploration
53 Exploration Overview
• 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. 54 *source see Resources and Reserves slide for additional technical details 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 Amalia minor conglomerates (Lower Coyol) • Volcanic sequences are commonly cut by intermediate intrusive bodies which pre-date the La Libertad 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)
55 Resources (June 30, 2019)
CONTAINED AU AREA – EFFECTIVE TONNES GRADE CONTAINED AU AREA – EFFECTIVE TONNES GRADE (OZ 000) JUNE 30, 2019 (000) (G/T AU) (OZ 000) JUNE 30, 2019 (000) (G/T AU)
Indicated Gold Resources Inferred Gold Resources
Jabalí Central OP 381 2.22 27 Jabalí Central OP 185 2.26 13 Jabalí Antenna 1,135 7.81 285 Jabalí Antenna 457 4.9 72 Tope OP 214 2.5 17 San Juan OP 124 7.19 29 Spent-Ore 206 0.76 5 Mojon UG 68 4.52 10 Mojon UG 300 4.14 40
Tope OP 48 4.25 7 San Juan UG 326 2.88 30
Spent Ore 902 0.77 22 Socorro 217 1.56 11
Stockpile 8 0.75 0.2 Rosario 260 2.08 17 San Antonio 374 2.75 33 Total Indicated 1,987 2.61 167 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. 3 3 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 to 2.65 t/m .6 Numbers may not add due to rounding. 56 *source see Resources and Reserves slide for additional technical details La Libertad Target Potential
57
Existing Production Potential OP Ore Sources ESPEJO Past Producing OP CERRO CUERNOS DE ORO SOCORRO QUIROZ Priority Exploration JABALI OESTE Target JABALI UG/OP NANCITE TRANCA BUENOS ESMERALDA AIRES ROSARIO VOLCAN ~235 km2 SAN ANTONIO COSMATILLO SANTA JULIA
Quartz Vein
57 La Libertad Recent Drilling
*Recent drilling by B2Gold was focused on resource definition and mill feed
SOCORRO 11,000 oz Au Inf.
JABALI UG/OP 72,000 oz Au Ind. *No Drilling 285,000 oz Au Inf.
TOPE ROSARIO 17,000 oz Au Inf. 2019-2020 Drilling SAN ANTONIO Focused on EXPANSION 33,000 oz Au Inf. and DISCOVERY
58 *source see Resources and Reserves slide for additional technical details Target Delineation/Sampling Coverage
Rocks Soils
• Numerous vein anomalies within the concession package remain untested by drilling • Trends are delineated by geologic mapping, soil, rock, and channel/trench sampling 59 • Plenty of opportunity for new discoveries Exploration Pipeline
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 • La Libertad exploration 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 pipeline currently has 2) Current Resource Areas not in production numerous targets with 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 new ones being added 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 • Targets are prioritized in real time based on 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 incoming results from 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 exploration 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 • Initial US$6.25M budget 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 for exploration in Q4 2019 h Quintana prev drilling = [email protected]/t 500m x 5m / south of Victoria - Santa Maria Trend Victoria - Santa Maria Trend future target for drilling – 2020; 25,000 metres of 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 drilling 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 -
60 *Ind. Res. & Inf. Res. (Indicated Resource and Inferred Resource) source see Resources and Reserves slide for additional technical details *source see Resources and Reserves slide for additional technical details Jabali Antenna Open Pit and Underground
• 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 *Current production from Jabali West including stockwork UG and Jabali Antenna OP • 4,978 metres of UG infill drilling was completed in 36 holes in 2018-2019 CONTAINED AREA – EFFECTIVE TONNES GRADE AU JUNE 30, 2019 (000) (G/T AU) (OZ 000) Inferred Gold Resources* Jabalí Antenna OP 1,135 7.81 285
AREA – EFFECTIVE TONNES GRADE CONTAINED AU JUNE 30, 2019 (000) (G/T AU) (OZ 000)
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. Indicated Gold Resources* 3 3 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 to 2.65 t/m .6 Numbers may not add due to rounding. 6. see full technical report for additional details dated Jabalí Antenna 457 4.9 72 June 30, 2019 61 *source see Resources and Reserves slide for additional technical details Jabali Overview
Zone 3 • 6.00m @ 6.61 g/t Au Zone 1 • 4.65m @ 5.57 g/t Au ANTENA PIT • 4.20m @ 18.51 g/t Au • 3.90m @ 5.67 g/t Au • 5.30m @ 7.81 g/t Au • 4.60m @ 8.30 g/t Au • 8.10m @ 4.89 g/t Au Tunnel Azul ZONE 3 ZONE 2 2021 2020 2020 2021 2020
2019 2018 Drilling ZONE 1 2022 2020 2021 2021 2019 Drilling 2019 2021 Zone 2 Jabali UG Access 2019 Drilling ZONE 4 • 5.10m @ 4.01 g/t Au Ramp v
*2020 exploration drilling to focus on resource expansion Example Exploration Hole along strike and at depth 62 Buenos Aires District (Geochemistry)
• Eight (8) east-west and northeast oriented, sub- parallel vein 76.6g/t Au trends; dip to SSE. 24.24g/t Au • >10km of total strike length (all 21.22g/t Au veins) • Vein trends 30.1g/t Au defined by anomalous Au in 15.4 g/t Au soil, rock and channel samples
• Localized high- 20.8 g/t Au grade Au samples 12.8 g/t Au • Previously undrilled
63 Amalia (Regional Target)
• 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- *New drill core 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 64 San Antonio Geology and DDH Plan Map
• 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 65 San Antonio Expansion Potential
SATR19-009 SA18-015 SA18-017 [email protected]/t Au [email protected]/t Au [email protected]/t Au SA12-002 [email protected]/t Au
SACH17-007 [email protected]/t Au
SA18-029 SA19-036 [email protected]/t Au [email protected]/t Au SA18-016 SA18-027 [email protected]/t Au [email protected]/t Au SA19-041 200m [email protected]/t Au
CONTAINED AU AREA – EFFECTIVE TONNES GRADE (OZ 000) JUNE 30, 2019 (000) (G/T AU)
Inferred Gold Resources*
San Antonio 374 2.75 33 66 *source see Resources and Reserves slide for additional technical details Rosario Geology and DDH Plan Map
• 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 • 48 holes totaling 6,067m in 2018-2019 • Host rock is andesite flow with vein occurring near trachyte-andesite contact
67 Rosario Expansion Potential
RS19-041 RS19-044 RS19-037 [email protected]/t RS18-001 RS19-046 Au [email protected]/t Au [email protected]/t Au RS18-004 [email protected]/t Au [email protected]/t Au [email protected]/t Au RS19-040 RS19-042 [email protected]/t Au [email protected]/t Au RS19-034 [email protected]/t Au TPTR18-028 [email protected]/t Au
RS19-043 RS19-045 [email protected]/t Au [email protected]/t Au
RS19-033 RS19-039 [email protected]/t Au [email protected]/t Au RS18-016 [email protected]/t Au RS18-019 [email protected]/t Au RS19-035 RS19-036 RS18-025 RS19-038 200m [email protected]/t Au [email protected]/t Au [email protected]/t Au [email protected]/t Au
CONTAINED AU AREA – EFFECTIVE TONNES GRADE (OZ 000) JUNE 30, 2019 (000) (G/T AU)
Inferred Gold Resources* *source see Resources and Reserves68 slide for additional Rosario 260 2.08 17 technical details Socorro Geology and DDH Plan Map
• 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 • 11 holes totaling 1,537m in 2018- 2019 • Host rock package includes hyabyssal/intrusive dykes (diorite) • Along strike of Mojon-Crimea vein trend (>450 koz past production combined)
69 Socorro (Main) Expansion Potential
CONTAINED AU AREA – EFFECTIVE TONNES GRADE (OZ 000) JUNE 30, 2019 (000) (G/T AU) 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 Inferred Gold Resources* to 2.85 g/t Au for underground. 3 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 to 3 70 Socorro 217 1.56 11 2.65 t/m .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
• 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
71 Nancite
*Drill permit ready in Q1 2020 NACH18-001 [email protected]/t Au NACH18-003 TRCH18-012 Au [email protected]/t Au [email protected]/t Au NACH18-012 NACH18-002 [email protected]/t Au [email protected]/t Au
NACH18-013 [email protected]/t Au
NACH19-014 [email protected]/t Au NACH18-007 [email protected]/t Au NACH19-019 [email protected]/t Au
• 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 72 Tranca
TRCH18-005 TRCH19-027 [email protected]/t Au [email protected]/t Au [email protected]/t Au
TRCH18-006 TRCH18-001 [email protected]/t Au [email protected]/t Au [email protected]/t Au
TRCH18-009 30.79g/t Au [email protected]/t Au
TRCH18-011 [email protected]/t Au TRANCA
TRCH18-003 [email protected]/t Au *Drill permit ready in Q1 2020
• High grade ~1.5km structure 150m north of Nancite; vein widths ~1m-15m with stockwork 73 • Vein is hosted in fine grained andesites with sericite and argillic alteration; variable sub-vertical N-S dip Esmeralda
• 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 *New drill core 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) 74 Drilling Underway
• 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
75 Calibre Mining 2020 Guidance1
Limon Libertad Description Unit Consolidated Guidance Guidance 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
(1) See Calibre Mining News Release December 4, 2019 for full details and disclosure on sedar.com 76 Analyst Site Visit December 2019 Pavon Gold Project
77 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 Pavon Las Brisas Concession Minera Glencairn S.A. 1,856.63 Subtotal Pavon: 3,157.73 El Paste Concession Calibre Mining Nicaragua, S. A. 14,902.96 Subtotal El Paste: 14,902.96 78 Pavon Camp and Property Gology
• 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 Pavon 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
79 2019 Pavon Mineral Resource Summary*
Au Ag Classification Domain Rock Code Tonnes Au (Ounces) Ag (ounces) (g/t) (g/t) Saprolite 260,000 3.46 2.16 28,914 18,056 Pavon Vein 612,000 3.58 5.82 70,418 114,563 North Total 872,000 3.54 4.73 99,332 132,619 Saprolite 65,000 4.49 5.31 9,374 11,106 Pavon Indicated Vein 451,000 8.38 13.88 121,469 201,191 Central Total 516,000 7.89 12.80 130,843 212,297
Saprolite 325,000 3.66 2.79 38,288 29,162 Mineral Resource Estimate Notes: (1) Mineral Resources were prepared in accordance with NI 43-101 and the CIM Total Vein 1,063,000 5.61 9.24 191,887 315,754 Definition Standards (2014). Mineral resources that are not mineral reserves do not have Total 1,388,000 5.16 7.73 230,175 344,915 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 Saprolite 47,000 2.41 4.02 3,644 6,070 based on a gold price of US$1,400/oz, an operating cost of US$50.68/tonne and a gold Pavon processing recovery factor of 94%. Vein 113,000 3.46 5.85 12,563 21,249 (4) Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit North slope angles were used by WSP to generate the pit shell. Total 160,000 3.15 5.31 16,207 27,318 (5) Rounding may result in apparent summation differences between tonnes, grade, Saprolite 61,000 4.96 4.48 9,720 8,786 and contained metal content. Pavon (6) Tonnage and grade measurements are in metric units. Contained gold ounces are in Vein 89,000 4.20 9.98 12,007 28,566 troy ounces. Inferred Central (7) Composites completed at 2 m down the hole Total 150,000 4.51 7.74 21,727 37,352 (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 Vein 257,000 2.87 2.98 23,690 24,623 (9) A specific gravity value of 2.49 was applied to all blocks in rock and 2.30 was applied Pavon to all blocks in saprolite South Total 257,000 2.87 2.98 23,690 24,623 (10) Modeling was performed use in GEOVIA Surpac 2019 software with grades estimated using ordinary kriging (OK) interpolation methodology. Total Total 567,000 3.38 4.90 61,624 89,293 (11) Blocks are 5x5x5 with 2 sub-blocks
80 Pavon Exploration Overview
• Three (3) principal zones Pavon North, Central and South; NNE oriented vein trends Pavon North • Airborne magnetics/radiometrics ~2km • 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 Pavon Central • Recent surface work (2015): 331 rock-soils, 18 hand-dug trenches totaling 249m; re-logging Radius drill holes ~2.2km • Budgeted US$3.75M for EXPANSION in 2020 Pavon South
81 Pavon North Deposit
• 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)*
Open Footwall Structure
82 *source see Resources and Reserves slide for additional technical details Pavon North Vein Textures
83 Pavon Central Deposit
• Pavon Central: ~2.2km NNE strike length, dip -70-80° to southwest Central • Multiple resources over ~1.2km strike-length • 516 kt grading 7.89 g/t Au containing 130,843 ounces Au (indicated)*
Victoria
Central
Victoria 84 *source see Resources and Reserves slide for additional technical details Pavon Central Vein Textures
85 Pavon South Deposit
• Pavon South: ~1km NNE strike length, dip -70° to southwest Structure open • Current resource has ~300m strike-length to northeast • 257 kt grading 2.87 g/t Au containing 23,690 ounces Au (inferred)* • Additional drilling planned
86 *source see Resources and Reserves slide for additional technical details Analyst Site Visit December 2019 Borosi Concessions
87 Calibre - BOROSI Concessions (876km2)
88 Calibre BOROSI Mining Concessions
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 EBP HEMCO - ROSITA III Concession CXB Nicaragua, S. A. 2,300.00 (IAMGOLD La Luna Concession CXB Nicaragua, S. A. 800.00 JV) Rosita H-2 (Borosi Este) Concession (partial) CXB Nicaragua, S. A. 7,800.00 Riscos de Oro Concession CXB Nicaragua, S. A. 400.00 Subtotal EBP: 17,600 Asa Concession Calibre Mining Nicaragua, S. A. 8,000.00 = 876 km2 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. 5,200.00 100% CXB 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 Concession (partial) CXB Nicaragua, S. A. Rosita H-2 (Santo Tomas) 2,200.00 Nueva America H-I Concession CXB Nicaragua, S. A. 3,200.00 Subtotal 100%CXB: 66,671.66 Rosita D JV Santa Rita Mining S.A. 3,356.90 Rosita D (JV) Subtotal Santa Rita: 3,356.90 89 Caliber 100% owned projects
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
90 Borosi – Deposit Types and Potential
1. Porphyry Gold-Copper Deposits Primavera and Primavera District Targets
Examples New Gold / New Afton: 6.2 million oz gold eq Yamana/Chapada: 7.9 million oz gold eq
2. Low Sulphidation Epithermal Gold-Silver Deposits Risco de Oro, La Luna, Guapinol, Santa Maria
Examples Lundin Gold/FDN: 13.9 million oz gold Yamana/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 gold Torex/Morelos 3.6 million oz gold
91 Deposit Types and Overview
Epithermal
Skarn/CRD
Gold/Copper Porphyry
Past Production La Luz (Au/Zn/Cu) Bonanza (Au/Ag) Riscos (Au/Ag) Santa Rita (Cu/Au)
Existing Resources Eastern Borosi (IAMGOLD JV) Primavera Cerro Aeropuerto Santa Rita
Discoveries Primavera Guapinol Montes de Oro Minnesota 92 Borosi Concession Recent Success
Deposit Type Size (tonnage) grade (g/t) Au oz Eq Past Production The Best Place to Bonanza LS Epithermal 14,000,000 8.00 g/t Au & 10 g/t Ag 4,000,000 Find a Mine is La Luz (Siuna) skarn 17,100,000 4.14 g/t Au 2,300,000 Beside Another 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 Mine 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 Mining Triangle Santa Rita (Rosita) skarn 6,500,000 0.5%Cu, 0.47g/t Au & 7.3g/t Ag 251,500 indicated resource District Past Prod. + Resources = 12M oz
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 Calibre = 6 New Eastern Borosi LS Epithermal >5 to >10 Mt 4 - 8 g/t Au & 15 - 30 g/t Ag Discoveries since 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 2011 Cerro Potosi skarn Roskilete skarn Santa Maria LS Epithermal 93 *note: see resources and reserves in the appendix Geological Overview
• Well defined exploration criteria based on “classic” model types; includes endowment, favourable host rocks, 50K Government Geology structural setting and alteration footprints • Systematic exploration using combination of regional data sets and proven target delineation techniques *>2.7Moz Au LS Epithermal • Target rankings updated in real time based on results; use of target matrices; ensures that exploration *~305Mlbs Cu dollars are spent wisely Cu-Skarn • Calibre currently has a full exploration pipeline (100% + JV/Optioned)
*~2.3Moz Au Au-Skarn
94 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 95 Camp/Local Scale Datasets
Siuna Camp IP Coverage Rosita Camp Geophysical Coverage 150m Depth Resistivity RTP Shown w’ IP line locations * * * * *
• Layering of Regional, Camp and Local scale geophysical datasets to vector into prospective areas (i.e. intrusive centres)
• Ground magnetics, IP 96 Systematic Exploration Work
• Boots on the ground philosophy • Geologic mapping • Rock Sampling • Soil Sampling • Trenching Stream Sediments Soils • Drilling
Trenching Drilling 97 Regional Sampling Coverage
SURFACE SAMPLES SURFACE SAMPLES GOLD COPPER
• >25,000 soil samples • >300 trenches with >4,000 channel samples • >5,500 rock samples 98 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 Calibre Camp Scale Geologic 51%. (June 2017) Mapping ~450km2 (85% Coverage) • 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.
99 Eastern Borosi (EBP) JV
• 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*
100 *source see Resources and Reserves slide for additional technical details *note: see resources and reserves in the appendix Eastern Borosi JV IAMGOLD
• Four (4) principal vein trends • General trend of andesite flow facies in west-northwest portion of camp vs. 2km 2km tuff dominated facies 10km 10km • TMI image appears to pick-up this 8km 8km generalized trend with higher magnetic values in western portion of camp; magnetic 2km 2km susceptibility readings in drill core show two orders of magnitude difference between aphanitic flow and ash tuff 101 EBP Host Rock Types
Sparsely Porphyritic Ash Tuff; >50% Andesite Flow; 3-5% ash in matrix phenocrysts
Porphyritic Andesite Crystal-Lithic Tuff; Flow; 5-20% variable % of lithic phenocrysts fragments, crystals and ash.
Coarsely Reworked Lithic Porphyritic/Amygdaloidal Tuff; sub-rounded Andesite Flow; >20% to rounded coarse phenocrysts lithic fragments, crystals, ash
102 EBP Ore-Shoots
• Veins have been tracked over +3km strike length in surface geochemistry (rocks-soils) • Dominant northeast-southwest 72,500 oz AuEq* orientations with -50° to -70° dips to northwest 99,000 oz AuEq* • Long stretches of anomalous ground remain untested by drilling • Plenty of room for additional
DISCOVERY 253,000 oz AuEq*
47,500 oz AuEq*
103 *source see Resources and Reserves slide for additional technical details EBP High Energy LS Vein Textures
2) Late milled breccia; sub-rounded to rounded quartz fragments; fg sulphide (py) - 5-7% in matrix
1) Finely banded Ag-sulphosalts+ga+sph with silica; cross-cut by later milled breccia event
4) Chaotic breccia; multiple fragment types and “ghost” fragments; Adularia in top left A corner
C B A B A
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 104 (illite) 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 Guapinol Vein GP14-003: 4.81m @ 25.66 g/t Au and 35.2 g/t Ag *High grade ore-shoots with GP14-002: 6.03m @ 14.39 g/t Au and 14.5 g/t Ag mineralized intercepts down to Vancouver Vein 300m depth 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 *Objective is to continue to identify Blag Vein (Main) additional ore-shoots over >20km long BL15-009: 9.92m @ 5.36 g/t Au and 194.6 g/t Ag prospective vein trend 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 105 100% Owned Primavera Project
106 Primavera Au-Cu Porphyry Geology
*Principal Zone San Isidro Porvenir Copper Hill Primavera
Santa Juana
San Francisco
Targets
107 Primavera Au-Cu Porphyry Discovery
2,000m x 800m Coincident 1,000m x 800m >100ppb >250ppm Au in soil anomaly Cu in soil anomaly
• Geologic mapping identified multi-phase, Trenching Highlights: porphyritic diorite and hypabyssal andesite rocks PTR11-005: 51.25m @ 1.53 g/t Au and 680 ppm Cu • Soil sampling generated significant Cu-Au PTR11-010: 107.00m @ 0.78 g/t Au and 980 anomalies ppm Cu • Recognition of sheeted, banded quartz-magnetite PTR11 -011: 179.40m @ 0.63 g/t Au and 998 108 veins in trenches ppm Cu 100% Primavera Au-Cu Porphyry
Hole From To Interval Au Cu AuEq** DRILL HOLES PR11-002, PR12-008, PR12-011 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-12-011 PR-11-002 PR-11-003 4.00 327.20 323.20 0.41 0.18 0.70 261.70m @ 159.53m @ 0.46 g/t Au, PR-12-005 207.50 380.85 173.35 0.31 0.16 0.55 0.78 g/t Au, 0.30% Cu 0.20% Cu PR-12-008 107.65 355.00 247.35 0.43 0.21 0.75 Mineralization PR-12-008 PR-12-011 6.95 164.00 157.05 0.47 0.20 0.78 Open 247.35m @ 0.43 g/t Au, PR-12-016 0.00 201.35 • Road accessible near power 201.35 0.77 0.36 1.34 0.21% Cu • 32 drill holes completed totaling 13,414m OPEN TO DEPTH
• Airborne geophysical survey completed *Complete drill results available on Calibre Mining’s website **AuEq (g/t) Gold Equivalent calculated using 1,300/oz gold and $3.00/lb over a large 5km by 5km interpreted copper 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 Additional a 300m by 300m area and to a depth of Targets 300m 109 100% Primavera Au-Cu Porphyry
• 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 AuEq Au Ag Cu Au Ag Cu Au Eq (g/t AuEq)* Tonnes g/t g/t g/t % Ounces Ounces lbs Ounces 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 *Note: See Appendix for detailed mineral 0.7 26,906,000 1.00 0.65 1.23 0.26 565,752 1,067,503 154,230,473 867,563 resource estimates and NI 43-101 110 0.9 15,838,000 1.15 0.76 1.32 0.39 385,778 672,342 103,595,734 587,766 disclosure statement 100% Primavera Au-Cu Porphyry
Primavera Au-Cu Porphyry Model; WSP January 2017
Reinterpreted Plan Map and Cross Sections – R. Sillitoe February 2017
111 100% Primavera Au-Cu Porphyry
Inferred Resource at a cutoff of 0.5 g/t Au for the Primavera Au-Cu Porphyry Deposit 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 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. 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 Au Ag Cu AuEq Cut off (g/t Au) Tonnes g/t g/t % g/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 Au Ag Cu AuEq Cut off (g/t Au) Tonnes g/t g/t % g/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
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 Cu 6. Overall slope angles; 200 overburden, 420 saprolite, and 440 in rock. 112 100% Owned Santa Maria Project
113 100% Owned Santa Maria Project
• 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
114 100% Owned Santa Maria Project
115 100% Owned Santa Maria Project
116 100% Owned Siuna District
117 Siuna District Geology To Bonanza Camp 253 km2 • Late Cretaceous to Tertiary aged multi-phase intrusions in contact with regional late Jurassic to 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 for Skarn, 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
118 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 metres o 19 Cerro Aeropuerto - 7,073.70m o 11 Montes de Oro - 2,693.12m o 10 El Avion - 2,019.08m o 8 Huracan - 2,439.81m o 8 El Dorado - 2,385.59m o 7 Tiburon - 1,483.81m o 4 Cerro El Coyol - 1,003.44m o 3 Roskilete - 751.82m o 2 La Calera - 515.45m
119 Siuna Regional/Camp Scale Geophysics
• 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
120 Geophysics Adding Value
*Anomalous Au-Cu in Soils
121 Central Siuna Camp Targets Multi-Element Geochemistry (Au+Ag+As+Cu+Mo+Pb+Sb+Zn)
• 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 10km 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
122 Cerro Asa
Currently undrilled
123 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% 124 Gracias!
125 Corporate Social Responsibility
December 2019
126 Country Overview
• 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, Calibre Mining 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).
127 Benefits to Nicaragua
Foreign Direct Investment in Mining Gold Production (US$ Millions) (Thousands Oz Troy) 200.0 300.0
180.0 178.9 250.0 160.0 156.9 152.6 140.0 135.2 200.0 120.0 122.6 114.3
100.0 150.0
80.0
63.6 100.0 60.0 56.9 49.2 40.0 39.4 50.0 20.0 15.3 11.3 7.4 0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: COPADES, PRONicaragua, BCN Source: MEM 128 Benefits to Nicaragua
Gold Exports from Nicaragua Main Exports from Nicaragua (US$ Millions) Average 2015-2017 500 (US$ Millions)
450 Beef 461 Libertad & Limon Exports 400 Coffee 435
Gold La Libertad & Limon, 59% 334 350 Dairy products 194 300 Sugar 144
250 Peanut 97
200 Beans 71
Lobster 52 150 64% 65% 66% 65% Shrimp 47 100 61% 65% 51% 46% Livestock 28 50 56% Sesame Seeds 9
0 Bananas 6 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0 50 100 150 200 250 300 350 400 450 500 Source: BCN, COPADES, CAMINIC Source: BCN, DGA, CETREX, CAMINIC
129 Benefits to Host Communities
Tax Revenues from Metal Mining 2012-2016 Top Five Municipalities (US$ Thousands) Tax Income per Capita 2013 - 2017 18000 (US$ Thousands)
16000 4316 1,001 14000 4064 3927 3828 12000 3417 823 10000 721 714 710
8000
6000
4000
2000
0 2012 2013 2014 2015 2016
Mining taxes Municipal transfers (35%) La Libertad Corinto Santo Domingo Managua San Juan del Sur
Source: COPADES Source: La Prensa 130 Benefits to Our People
Formal Employment in Mining Average Salary by Economic Activity (2006-2017) 2006-2018 5,488 800 4,9584,983 4,703 4,813 4,428 700 600 3,612 500 2,926 2,564 400 2,396 2,221 2,265 300
200
100
0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average wage Mining
Source: FUNIDES, 2016 Source: BCN
131 Benefits to Our People
Monthly Family Income Households in Multi-dimensional Poverty (US$) (%)
Artisanal Mining $568 National 69%
Larreynaga $1,147 Larreynaga 10%
Telica $421 Telica 40%
La Libertad $1,294 La Libertad 11%
Camoapa $512 Camoapa 43%
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 0% 10% 20% 30% 40% 50% 60% 70% 80%
Source: FUNIDES Source: FUNIDES
132 Key Past Social Investment Projects
EDUCATION HEALTH • Water Systems • University Scholarships 20,627 beneficiaries 140 low income students • Specialized Care for Children • Infrastructure & Equipment 80 children with special needs 15 educational centers • Support for Anti-epidemic Campaigns • Internet for Local Schools 36,000 community beneficiaries 635 students & teachers
LIVELIHOODS SOCIAL INFRASTRUCTURE
• Milk Chilling Centre • Community Road Improvement 200 beneficiaries (US$ 313K in assets) +60km • SMEs Program • Municipal Sports Centre Sewing Workshop - US$ 23K annual income 6,449 beneficiaries • Technical Assistance for ASM formalization • Worker Housing Project 547 artisanal miner beneficiaries 117 houses, 526 beneficiaries
133 Community Investment 2020
HEALTH • 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
E D U C AT I O N • University Scholarship Program 60 BENEFICIARIES
• Local Training for Heavy Equipment Operators 50 BENEFICIARIES
LIVELIHOODS • Alternative Sustainable Productive Activities (demonstration plots, dragon fruit, honey, bamboo) 69 BENEFICIARIES
134 Permitting Process
1 2 3 4
Request for MARENA issues Terms of Inspection by MARENA Company drafts EIA environmental permit Reference 5 MONTHS MAX. ± 15 WORKING DAYS ± 15 WORKING DAYS
YES
NO
Approved? 1rst Addendum 5 (3 months to 6 7 submit) 2nd Addendum Inter institutional Review Technical review by (1 month to Public consultation (MEM, MARENA, INAFOR, Municipalities) MARENA submit) ± 13 WORKING DAYS Technical Review Administrative Resolution / PERMIT 3 MONTHS APPROVAL MAX. ± 15 WORKING DAYS
135 Environmental Stewardship
• 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
136 136 THANK YOU
137 Summary of Mineral Reserves and Resources
Proven and Probable Mineral Reserves
Measured and Indicated Mineral Resources (Inclusive of Reserves)
Inferred Mineral Resources
138 La Libertad Resource & Reserves (June 30, 2019)
MINERAL RESOURCES - JUNE 30, 2019 Calibre Mining Corp. – La Libertad Mine Grade Tonnes Contained Au Area (g/t (kt) (koz) Au) Indicated Jabalí Central OP 381 2.22 27 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 Total Indicated 1,987 2.61 167
Inferred Jabalí Central OP 185 2.26 13 Notes: Jabalí Antena OP 1,135 7.81 285 1. CIM (2014) definitions were followed for Mineral Resources. Tope OP 214 2.50 17 2. Mineral Resources are based on 100% ownership. Spent-Ore 206 0.76 5 3. Mineral Resources are estimated at cut-off grades ranging from 0.62 g/t Au to 0.68 Mojón UG 300 4.14 40 g/t Au for open pits and 2.80 g/t Au to 2.85 g/t Au for underground. San Juan UG 326 2.88 30 4. Mineral Resources are estimated using a long-term gold price of US$1,400 per Chamarro 217 1.56 11 ounce. Rosario 260 2.08 17 5. Bulk density is 1.70 t/m3 to 2.65 t/m3. San Antonio 374 2.75 33 6. Numbers may not add due to rounding. Total Inferred 3,216 4.37 452
139 El Limon Resource & Reserves (June 30, 2019)
EL LIMÓN UNDERGROUND MINES MINERAL RESERVES – JUNE 30, 2019 Calibre Mining Corp. – El Limón Mine
Tonnage Grade Contained Au Mine Category (000) (g/t 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 Tonnage Grade Contained Au Mine Category (000) (g/t 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 Grade Contained Au (000) (g/t Au) (oz 000) Indicated Santa Pancha 1 893 5.21 150 Santa Pancha 2 445 4.13 59 Veta Nueva 505 4.07 66 Limón Central 2,016 4.24 274 Tailings 7,329 1.12 263 Total Indicated 11,188 2.26 812
Inferred Santa Pancha 1 388 4.83 60 Santa Pancha 2 166 3.63 19 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 Total Inferred 4,588 5.29 781
141 Disclosure
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 exploration costs. 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.
142 Disclosure (cont’d)
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. 143 Disclosure (cont’d)
:
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 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 144 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