Mr. Grant Hendrickson reports

MAKARA MINING PROVIDES UPDATE ON EXPENDITURE OBLIGATIONS

Further to its news releases of Dec. 9, 2022, and Jan. 27, 2023, Makara Mining Corp. has received notice from the optionor of the Rude Creek property that the mineral property option agreement dated May 11, 2020, will terminate unless the company remedies its default before March 3, 2023. Due to its inability to raise exploration financing in 2022, the company continues to be in default of its expenditure obligations of at least $1-million on the Rude Creek property (which was due by Sept. 30, 2022).

The company remains in contact with the optionor and is considering alternative financing sources to negotiate a possible extension to the option agreement.

About Makara Mining Corp.

Makara Mining is a mineral exploration company focused on the acquisition, exploration and development of gold properties. The company is based in Vancouver, B.C., and holds options over the Rude Creek property and Idaho Creek property located in the Yukon.

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