Calibre Reports Record Financial and Operating Results for Q3, Generating $46 Million in Operating Cash Flow and $30 Million in Free Cash Flow; 2020 Guidance Revised To Reflect Higher Production and Lower Costs

VANCOUVER, British Columbia, Nov. 04, 2020 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operational results for the three months ended September 30, 2020 (“Q3 2020”).  Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company’s website, www.calibremining.com.  All figures are expressed in U.S. dollars.
Q3 2020 HIGHLIGHTSReturned to steady-state production levels in July 2020;Gold production of 45,341 ounces
—  23,262 ounces at Libertad at AISC¹ of $902/oz; and
—  22,079 ounces at Limon at AISC¹ of $934/oz.Gold sales of 44,842 ounces, generating revenue of $85.8 million at an average realized price of $1,913/oz;Cash on hand of $55.7 million, an increase of $30.6 million from June 30, 2020;Net income of $32.9 million (Q3 2019 – net loss of $1.4 million);Basic net income per share of $0.10 (Q3 2019 – net loss of $0.03 per share);Received permit for Pavon Norte open-pit, with initial ore deliveries from Pavon Norte to the Libertad mill expected in Q1 2021;Announced Libertad Complex PEA and multi-year production and cost outlook for Libertad and Limon;Reported high-grade drill results from Panteon (including 149.4 g/t Au over 4.8 metres);80,000 metre infill, resource expansion and discovery drilling program ongoing with 14 active drill rigs;Acquired the remaining 70% interest in the Eastern Borosi Project from IAMGOLD Corporation, which contains an inferred resource² of 700,500 ounces of gold and 11.3 million ounces of silver;  Calibre is now debt-free after making the final acquisition-related payment of $15.5 million to B2Gold Corp. (“B2Gold”) on October 15, 2020; and finally,With year-to-date production of 93,435 ounces, Calibre has increased 2020 production guidance to 125,000 – 130,000 ounces (from 110,000 – 125,000 ounces) and decreased 2020 AISC guidance to $1,050 – $1,070/oz (from $1,070 – $1,100/oz).Russell Ball, CEO of Calibre stated: “Following the 10-week pandemic shutdown in Q2, we restarted operations in late June and were able to deliver a strong third quarter, generating over $30 million in free cash flow as higher grades drove higher than budgeted production at record margins.  As a result of the strong quarter, we have revised our 2020 guidance to reflect higher production at lower costs, and consequently, elected to make an early repayment of the final acquisition-related payment to B2Gold of $15.5 million, leaving us debt-free.“Given the surplus processing capacity at our Libertad complex, the well-established legal framework to permit new discoveries and our ‘Hub-and-Spoke’ operating philosophy, I believe our greatest near-term, value-creation opportunities are through the drill-bit.  I am pleased with how our expanded 80,000 metre program is progressing and we will be providing additional updates on the near-mine, infill and generative exploration programs in the coming weeks.” CONSOLIDATED RESULTS SUMMARY – FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020