Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES OPERATIONAL UPDATE ON RECOVERIES

Mako Mining Corp. has provided the following operational and corporate updates.

On July 20, 2022 the Company announced Q2 2022 production results showing recoveries of 74.5%, below the 86% recoveries announced in connection with its metallurgical testing from 2019 (see press release dated December 13, 2019). Beginning August 10, 2022 several mill improvements were implemented to improve metal recovery. Since this date, recoveries have been averaging 85.9%. The operational data for the quarter to date and for the portion of the quarter after improvements were implemented are set out in the table below:

*Preliminary results based on information obtained through September 30th, 2022

The improvements implemented are listed below:

Through selective mining procedures and blending protocols, the amount of preg-robbing material going through the mill was significantly reduced. The hanging wall and foot wall appears to have a much higher preg-robbing potential than the vein and weathered lithologies and our selective mining procedures were able to separate this material effectively

The mill throughput was reduced from 544 tpd in July to 449 tpd in September in order to increase the leach retention time

The lower mill throughput also resulted in a grind size improvement from 77.2% passing 75 microns to 79.1% passing 75 microns

The measured free cyanide in the grinding circuit fell from 14.1 ppm to 2.1 ppm through improved operational procedures. The lower cyanide levels in the grinding circuit contributed to reduced losses through preg-robbing

The inventory of carbon in the CIL circuit was increased from 25 to 34 tonnes

Further improvements anticipated in the coming months include:

Resuming operation of the pre-leach thickener which will allow for a higher slurry density in the CIL, allowing for an increased throughput rate without sacrificing leach retention time

Replacement of worn-out carbon retention screens to improve carbon loading efficiencies

Akiba Leisman, CEO of Mako states that "the transition to carbonaceous fresh material from the oxide zone that we were mining in 2021 was a significant challenge for us to overcome. Nonetheless, our team's quick and diligent response through a series of testing and improvements allowed us to get back to 85.9% recoveries since August 10 th. We expect our recoveries to remain around this level in the future. It is worth mentioning that even with the diminution in recoveries experienced from March to early August 2022, San Albino generated US$7.5 million in Mine Operating Cash Flow1 (see press release dated August 16 th, 2022) for Q2 2022, which allowed us to invest US$2.7 million in growth exploration and repay US$1.7 million in principal for the quarter to Wexford and Sailfish, albeit this was a lower principal repayment rate than would have been the case had recoveries been as expected."

Qualified Person

John Rust, a metallurgical engineer, and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Rust is a senior metallurgist and a consultant to the Company.

Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally. Mako's primary objective is to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package.

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