Calibre Mining (CXB) Corporate Presentation summary

Strategic growth and transformation

• Evolved from a single-asset developer to a diversified gold producer with seven operating mines and one in commissioning across four countries, targeting over 1 million ounces of annual gold production through organic growth and acquisitions.

• Consolidated 100% ownership of the Greenstone Mine by acquiring the remaining 40% for $995 million, funded through a $500 million term loan and a $299 million equity financing.

• Greenstone Mine commissioning began in Q2 2024, with first gold pour in May and commercial production expected in Q3 2024.

• Pro forma 2024 guidance raised to 730,000–830,000 oz gold at lower cash costs and AISC, reflecting Greenstone consolidation.

• Focus on responsible mining, with significant improvements in safety, environmental, and social metrics, and a strategy to reduce GHG emissions by 25% by 2030.

Greenstone Mine impact and expansion

• Greenstone expected to produce ~400,000 oz gold per year for the first five years, with a 14-year initial mine life and average grade of 1.27 g/t.

• Acquisition adds 2.2 Moz reserves, 0.6 Moz M&I resources, and 1.2 Moz inferred resources, positioning the company as one of Canada’s largest gold producers.

• Greenstone will be among the lowest-cost gold mines globally, with 2024 cash cost guidance of $690–$790/oz.

• Opportunities exist to extend mine life and increase production through underground and open-pit expansion, as well as near-mine and belt-scale exploration.

• Greenstone’s consolidation increases Canadian asset NAV to 52% of the portfolio, enhancing jurisdictional diversification.

Financial position and outlook

• As of May 13, 2024, available liquidity was ~$250M in cash, $105M undrawn credit, and $100M in equity investments, with $1,095M drawn debt and $451M in convertible notes.

• Deleveraging plan targets funding growth in 2024, then reducing debt in 2025+ as EBITDA and cash flow increase from full Greenstone ownership.

• Pro forma EBITDA expected to exceed $1B in 2025/2026, with leverage ratio projected to fall below 1.0x.

• Peer-leading production growth profile, with 78% production growth from 2023A to 2025E, and a path to revaluation as a senior gold producer.

• Market capitalization at May 8, 2024, was approximately US$2.1B, with 428.4M common shares outstanding and 512.2M fully diluted.