Summary

Mine Type	Open Pit
Status	Active
Commodities	Gold Silver
Mining Method	Truck & Shovel / Loader
Production Start	...
Mine Life	...
Snapshot	Pavón Mine is a part of La Libertad Complex. The Pavón open pit mine is subdivided into three zones: Pavón Norte, Pavón Central and Pavón Sur. Pavon Central achieved commercial production in January 2023. As of 2024, Pavón Central Phase 2 is an idle open pit mine. Ore from Pavón Central Phase 2 will be transported to the Libertad process plant, a distance of approximately 300 km by road. Pavon Central Phase 2 is scheduled to start delivering ore in 2025. A similar operating strategy is contemplated for Pavón Sur, beginning in 2026. The LOM ore production contributions from the two mines is expected to occur from 2026 through 2028.

Deposit type

• Epithermal
• Vein / narrow vein
• Breccia pipe / Stockwork

Summary:

The Pavón district covers an area of approximately 32 km2 within the central highlands of Nicaragua. Gold mineralization occurs within a sequence of andesitic and rhyodacitic volcanic rocks as low sulfidation epithermal style veins, breccias and related stockwork vein arrays that are controlled by a regional scale system of steeply dipping northerly and northwesterly trending faults.

The epithermal gold-silver deposits at La Libertad and Pavón can be assigned to the low sulphidation subclass of deposits while the gold-silver-base metal vein systems at the EBP belong to the intermediate sulfidation sub-class of deposits.

All the major veins identified on the Pavón concessions are hosted by intermediate to felsic rocks within the Matagalpa Group sequence. Rhyolite tuffs and flows overlying the sequence appear to be syn- to post-mineral and have been mapped regionally as part of the Lower Coyol Group.

Gold-silver mineralization at Pavón is hosted within quartz veins, and stockwork veinlets, and quartz vein breccia with textures and alteration assemblages typical of formation in a low sulphidation epithermal environment. Many of the veins display multiple stages of quartz deposition and both tectonic to hydrothermal brecciation. Brecciated veins are more common than massive fissure veins in the Pavón area.

Pavon North
The Pavon North (“PVN”) deposit comprises an NNW trending system of vein breccias which has been traced at the surface for 2.5 km along strike. The PVN trend comprises multiple sub-parallel veins, vein splays and link vein structures between the principal NNW trending structures. During 2022, Calibre completed 7,058 m (57 drill holes) of drill testing, and resource step-out drilling around the current mineral resource, its strike and dip projections and the neighboring Candida vein splay. With the completion of 2022 drilling campaign at Pavon North and the surrounding structures, results demonstrate the limits of the economic mineralization have been delineated laterally, along the strike, and at depth, the company has no plan for further exploration at the mine.

Pavon Central and Pavon South
The Pavon Central (“PVC”) vein system is located approximately 1 km southwest of PVN and shares similar structural controls and mineralization characteristics with it. Vein hosted gold-silver mineralization has been traced along strike for 1.3 km and drill tested to a depth of 200 m below surface. During 2022 Calibre completed 2,670 m (14 drill holes) of resource step-out. Drilling highlights for the 2022 program includes 5.3 m with 4.53 g/t Au in drillhole PVC-22- 102. The results of this drilling have been incorporated into updated mineral resource and reserve estimates for the planned mine.

The Pavon South (“PVS”) zone is located immediately west of the southern end of the PVC vein trend. It consists of a series of sub-parallel NNW trending veins that have been mapped for at least 1.2 km along strike. During the first half of 2022 Calibre completed 3,276 m (22 drill holes) of resource step-out drilling at PVS. A limited amount of exploration drilling has identified a high-grade zone of near surface gold mineralization that appears to diminish with depth below 100m from surface.

Adularia is an important vein component of the Pavón Norte, Pavón Central, and Pavón Sur deposits. It occurs as millimetre wide growth rims with banded massive, granular, or chalcedonic quartz, and locally as radiating crystals extending up to 1.0 cm into the quartz bands. Examination of drill logs shows a general correlation of gold with total quartz volume percent and adularia percent.

Sulphides within the quartz veins are rare. Pyrite occurs within grey silica/quartz that forms the late stage hydrothermal breccia matrix, which is generally the last vein event within the major structures. Trace amounts of base metal sulphide have been observed within select holes.

Mining Methods

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Comminution

Crushers and Mills

Processing

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Commodity Production

Operational metrics

Metrics	2024	2023	2022	2021
Ore tonnes mined	....	....	....	....
Tonnes milled	....	....	....	....

Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Mar 27, 2025
.......................	.......................		Mar 28, 2025
.......................	.......................		Mar 28, 2025

Employees	Contractors	Total Workforce	Year
......	......	......	2022