VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX:CXB, OTCQX:CXBMF) ("Calibre" or the "Company") announces financial and operating results for the three months ended March 31, 2024 ("Q1 2024"). Consolidated Q1 2024 filings can be found at www.sedarplus.ca and the Company's website, www.calibremining.com. All figures are expressed in U.S. dollars unless otherwise stated. Q1 2024 HIGHLIGHTS Completed the acquisition of Marathon Gold to create a high-growth, cash flow focused, mid-tier gold producer in the Americas, including 100% of the Valentine Gold Mine ("Valentine") hosting a mineral endowment of 2.7 Moz of Reserves, 3.96 Moz of Measured and Indicated Resources and 1.10 Moz of Inferred Resources1; The Valentine exploration program has demonstrated considerable resource expansion and discovery potential with initial drill results southwest of the Leprechaun deposit intersecting high-grade gold outside of reported Mineral Reserves, including 46.53 g/t Au over 5.3 metres; Strong progress on Valentine advanced as construction surpasses 64% completion, engineering 98% complete, key senior operating team members employed, engaged a pre commissioning and commissioning team, all major contracts awarded with gold production on track for Q2, 2025; The VTEM gold corridor and areas adjacent to the Limon mill including the Pozo Bono open pit deposit, all located within the Limon Mine Complex, continue to reveal bonanza grade mineralization including 111.92 g/t Au over 4.1 metres ETW, indicating that the entire district remains open for expansion and discovery; High-grade gold and silver mineralization at Eastern Borosi, including 10.81 g/t Au over 3.4 metres and 1,431.6 g/t Ag over 2.9 metres, reinforce significant mineral endowment and potential for resource expansion; Gold sales of 61,778 ounces grossing $129.2 million in revenue at an average realized gold price of $2,092/oz; Consolidated Total Cash Costs ("TCC")2 of $1,337/oz; Nicaragua $1,316/oz and Nevada $1,512/oz; Consolidated All-In Sustaining Costs ("AISC")2 of $1,555/oz; Nicaragua $1,471/oz & Nevada $1,576/oz; Generated $45.8 million in cash flow from operations, and; Cash on hand of approximately $144 million as of April 30, 2024. Darren Hall, President and Chief Executive Officer of Calibre, stated: "Calibre has had an exciting start to the year as we remain on track to achieve our fifth consecutive year of increased full year gold production guidance of 275,000 to 300,000 ounces. Full year consolidated production is weighted to H2, while costs and growth capital are as budgeted, H1 weighted. Most notably for the Company is the acquisition of the Valentine Gold Mine in Newfoundland & Labrador in January 2024. Since acquiring Valentine, the team has re-baselined the project schedule, significantly progressed detailed engineering, awarded all major contracts, connected site to permanent power, delivered critical path items including mills and motors to Newfoundland, employed the operations leadership team, and commenced pre-commissioning and commissioning planning. With construction at 64% complete and engineering 98% complete, Valentine is fully funded, and on track to deliver Atlantic Canada's largest open pit gold mine with first gold in Q2 2025. The delivery of Valentine represents a paradigm shift for Calibre as we transition to a quality mid-tier gold producer unlocking significant value for all stakeholders. Calibre has entered a time of significant growth with exciting additional exploration potential. The Valentine land package offers extensive resource expansion and discovery potential with previously disclosed results indicating resource growth below and adjacent to existing Mineral Resources. In addition, Calibre continues to expand its Nicaragua hub and spoke operating strategy as areas adjacent to the Limon mill and along the VTEM gold corridor, within the Limon Mine Complex, reveal bonanza grade mineralization indicating the potential for resource expansion and discovery. The Volcan deposit, within the Libertad Mine Complex, continues to intersect shallow, open pit mineable grades proximal to the mill. High grade gold and silver results from Eastern Borosi, located in the northeastern region of Nicaragua, confirm a significant mineral endowment, and reinforce the potential for discovery and resource expansion within this region." CONSOLIDATED RESULTS: Q1 2024 Consolidated Financial Results $'000 (except per share and per ounce amounts) Q1 2024 Q1 2023 Revenue $                    131,888     $                   126,913   Cost of sales, including depreciation and amortization   (102,631 )                              (94,660 ) Mine operating income $                       29,257     $                     32,253   Net income (loss) $                      (3,636 )   $                     16,409   Net income (loss) per share (basic) $                        (0.01 )   $                      0.04   Net income (loss) per share (fully diluted) $                        (0.01 )   $                     0.04   Adjusted net income3 $                   5,587     $                     16,198   Adjusted net income per share (basic) $                 0.01     $                       0.04   Cash provided by operating activities $                 45,815     $                      26,747   Capital investment in mine development and PPE $                 75,857     $                     21,040   Capital investment in exploration $                 7,707     $                        5,562