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. 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. 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