Assets Unlocking Value By Delivering a Hub & Spoke Operating Strategy

Utilizing a “Hub & Spoke” Operating Strategy In Nicaragua

Calibre’s asset base includes multiple ore sources, 2.7 million tonnes per annum of installed mill capacity from two processing facilities, reliable in-country infrastructure and favorable transportation costs. The Company will continue to optimize its mine and process plans as it progresses the “hub-and-spoke” approach to maximize value and allow the Company to quickly translate exploration success into production and cash flow.

Limon, Pavon and Eastern Borosi Resources Hauled to Libertad “Hub”

• Excellent Infrastructure
• Limon/Pavon to Libertad haulage cost of ~$25-$30 per tonne

Surplus Mill Capacity at Libertad Complex

• ~1.0 Mtpa average surplus mill capacity (2023 to 2025)
• Capital is “sunk” and all permits and people are in place

Streamlined Permitting Environment

• Government is supportive of mining industry
• Limon Central (B2Gold) and Pavon Norte (Calibre)
• ~18 months from permit application to first ore delivery
• Allows us to quickly translate future exploration success into production