Mr. Akiba Leisman reports

MAKO MINING PROVIDES Q1 2023 FINANCIAL RESULTS

Mako Mining Corp. has provided financial results for the three months ended March 31, 2023, which is the seventh full quarter of financial results since declaring commercial production on July 1, 2021, at its San Albino gold mine in northern Nicaragua. For detailed Q1 2023 operating results, please see the company's press release dated May 12, 2023. All dollar amounts referred to herein are expressed in United States dollars unless otherwise stated.

Q1 2023 highlights

Financial:

• $15.9-million in revenue;
• $7.6-million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization);
• $8.3-million in mine operating cash flow (mine OCF);
• $1.4-million in net income after $3.7-million of depreciation, depletion and amortization and $700,000 in exploration expenses;
• $793 cash costs (dollars/ounce sold);
• $852 total cash costs (dollars/oz sold);
• $1,410 all-in sustaining costs (AISC) (dollars/oz sold) which includes the largest and final full quarter of deferred stripping cost ($436/oz sold) to access the high-grade portion of the West pit (phase 3);
• Three monthly repayment instalments totalling $1.1-million were made on the Sailfish loan during Q1 2023.

Growth:

• $700,000 in exploration and evaluation expenses ($300,000 in areas surrounding San Albino and $400,000 at Las Conchitas). Exploration expense was lower than previous quarters as the company has entered the resource estimation phase at Las Conchitas while preparing a discovery drilling program at La Segoviana which began in Q2 2023.

Subsequent to March 31, 2023:

• On April 5, 2023, and on May 3, 2023, the company delivered 16,328 and 16,552 oz of silver in lieu of $400,000 and $400,000 cash, respectively.
• On May 12, 2023, the company granted 540,000 stock options to certain directors, officers, employees and consultants of the company. Each stock option is exercisable at a price of $2.13 (Canadian) for one common share in the company for a period of five years, vesting in four equal instalments over a period of three years, with the first 25 per cent vesting on the date of grant. The company also granted 38,829 restricted share units (RSUs) to officers of the company. Each RSU will vest 50 per cent on the grant date, 25 per cent on the sixth-month anniversary of the grant date and 25 per cent on the second anniversary. Once vested, each RSU is exercisable into one common share entitling the holder to receive the common share for no additional consideration.
• On May 25, 2023, the maturity date of the Wexford loan was extended from March 31, 2024, to March 31, 2025.
• On May 25, 2023, the company entered into a silver stream agreement with Sailfish, whereby Sailfish will advance $6-million for the delivery of 13,500 ounces of silver, produced at the San Albino mine, per month for a period of 24 months. Sailfish also has the option to purchase all remaining future silver production from all of the company's concession for an additional $1-million.

Akiba Leisman, chief executive officer, states: "Q1 2023 was the seventh full quarter of financial results since declaring commercial production at San Albino. Adjusted EBITDA of approximately $7.6-million (Q1 2022: $7.8-million) was relatively consistent year-over-year despite selling 859 ounces less than Q1 2022, as the company was transitioning to high-grade phase 3 mining of the West pit, which commenced at the end of April, 2023. Cash costs of $793/oz sold (Q1 2022 $797/oz sold) and total cash costs of $852/oz sold (Q1 2022: $862/oz sold) were also consistent year-over-year despite inflationary trends in the industry. AISC was higher at $1,410/oz sold (Q1 2022: $1,104/oz sold) as Q1 2023 was the last full quarter of accelerated waste development to access the high-grade portion of the West pit phase 3. Deferred stripping costs were $432/oz sold (Q1 2022: $42/oz sold), which will be coming down significantly now that high-grade phase 3 mining has commenced. We are also excited that we are nearing completion of our maiden resource estimate at Las Conchitas, and that we have begun discovery drilling at La Segoviana, with initial results expected to be disclosed this week."

Impact of deferred stripping on AISC

Since Q1 2022, the company has been investing in accelerated waste development to access the high-grade portion of phase 3 of the West pit, which commenced at the end of April, 2023. The impact per quarter on AISC has increased from $42/oz in Q1 2022 to $436/oz in Q1 2023 as a higher percentage of mining was allocated to waste development. The impact of deferred stripping cost on AISC will be substantially lower now that the high-grade extraction of phase 3 has commenced.

For complete details, please refer to the financial statements and the associated management discussion and analysis for the 12 months ended March 31, 2023, available on SEDAR or on the company's website.

About Mako Mining Corp.

Mako Mining 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 finance exploration of prospective targets on its district-scale land package.

We seek Safe Harbor.