Name of the Project
Valentine gold project.

Location
Central region of Newfoundland and Labrador, Canada.

Project Owner/s
Canadian mining company Equinox Gold successfully completed its business combination with Calibre Mining Corp in June 2025. Through this deal, Equinox Gold Corp has acquired all the issued and outstanding common shares of Calibre Mining Corp in accordance with a court-approved plan of arrangement.

Project Description
An updated feasibility study has presented, for the first time, a three-pit mine plan, based on the Marathon, Leprechaun and Berry deposits, with increased mineral reserves, an extended mine life and a higher gold production profile.

The study proposes the concurrent openpit mining of the deposits.

Average gold production is estimated at 195 000 oz/y over a 14.3-year mine life.

Other aspects of the mine design, such as the site layout, basic mill flowsheet, mill expansion strategy, thickened tailings deposition strategy, 400-person camp and low-cost site power through the NL Hydro power grid, remain as previously conceived in the April 2021 feasibility study.

Potential Job Creation
There will be full-time direct employment of 405 people during peak construction and 522 during operations.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $634-million and an internal rate of return of 22%, with a payback of 2.8 years.

Capital Expenditure
C$744-million.

Planned Start/End Date
The first gold pour is scheduled for the second quarter of 2025.

Latest Developments
Equinox Gold has started processing ore at its Valentine gold mine, with first gold expected within the next month.

The mine is expected to ramp up to nameplate capacity during the second quarter of 2026, producing between 175 000 oz/y and 200 000 oz/y of gold for the first 12 years of its 14-year reserve life.

Valentine boasts proven and probable mineral reserves of 2.7-million ounces grading 1.62 g/t gold, exclusive of measured and indicated mineral resources of 1.3-million ounces grading 1.45 g/t gold, and an inferred mineral resource of 1.1-million ounces grading 1.65 g/t gold.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Calibre Mining Corp, tel +1 604 628 1012 or email calibre@calibremining.com.