Calibre Mining (CXB) investor relations material

Strategic positioning and growth opportunities

• Merger with Calibre creates a premier Americas gold producer with a diversified portfolio and a strong Canadian focus.

• Over 65% of net asset value (NAV) is in Canada and the USA, providing a low-risk jurisdictional profile.

• Portfolio includes 7 producing mines and 6 organic growth opportunities, with a path to over 1 million ounces annual gold production.

• Peer-leading gold endowment: 23 Moz of reserves and 22 Moz of resources.

• New leadership team with a proven track record of delivering on commitments.

Key assets and production guidance

• Greenstone and Valentine are cornerstone Canadian assets, targeting 240 koz and 180 koz annual production, respectively.

• 2025 pro forma consolidated production guidance is 785,000–915,000 oz at all-in sustaining costs (AISC) of $1,800–$1,900/oz.

• Greenstone and Valentine ramp-up positions the company as the second-largest Canadian gold producer.

• Castle Mountain in California is a core development asset with expected annual production of ~220,000 oz and 14+ year mine life.

• Nicaragua and Brazil operations are established, cash-flowing business units with significant exploration and expansion potential.

Financial position and valuation

• Pro forma market cap of ~US$5.2B, with $376M cash and $1,449M drawn debt as of Q2 2025.

• Trading at 0.70x price/NAV, below peer group average of 1.1x, and $5,833 EV/oz production vs. peer average of $11,157/oz.

• 839.1M fully diluted shares outstanding, with strong analyst coverage.

• Ongoing cash flow from operating mines and available liquidity of $65M undrawn credit plus $100M accordion feature.

• Significant insider ownership at 17.3%, aligning management with shareholders.