Mr. Akiba Leisman reports

MAKO MINING INTERSECTS 30.45 G/T AU OVER 4.5M (ESTIMATED TRUE WIDTH) AT LAS CONCHITAS, 13M FROM SURFACE; ANNOUNCES COMMENCEMENT OF LAS CONCHITAS PROCESSING

Mako Mining Corp. has commenced Las Conchitas material processing, and has released results from the reverse circulation (RC) infill drilling completed at Las Conchitas, located immediately south of the company's San Albino gold mine, which is currently in commercial production.

In the 2023 drilling campaign, 211 RC holes have been completed totalling approximately 8,000 metres. One of the main objectives of the near-surface, infill drilling campaign is to gain a higher level of confidence of the geometry of the mineralization within six areas of interest where the company has received a permit to process material through the San Albino plant (see press release of June 19, 2023). The second objective is to test possible extensions of the high-grade mineralized blocks and mineralization trends identified in the 2022 drilling campaign. The company has received assay results from 82 drill holes from two areas located in the northern portion of Las Conchitas (LC-N) from the San Pablo and Mina Francisco zones.

Mining of mineralized material began at LC-N early in July as a part of a metallurgical program to optimize the blend of the mill feed, and processing material originating from LC-N has begun. The company has been processing material exclusively from the San Albino area, leading to run-of-mine diluted vein percentages of mill feed of approximately 35 per cent instead of the normal 50-per-cent threshold. Material from Las Conchitas will allow the company to continue producing at the 50-per-cent threshold as soon as mining at Las Conchitas ramps up. The company is finalizing its maiden resource at Las Conchitas and has begun mining from an interim five-year open-pit mine plan, which will be further refined after the Las Conchitas resource is published later this quarter.

The southern portion of Las Conchitas (LC-S) contains the best known mineralization at Las Conchitas. Results from LC-S will be released in August after assays are received from the laboratory.

Highlights:

• Approximately 8,000 m of infill RC drilling has been completed in addition to over 78,000 m of diamond drilling at Las Conchitas.
• Exceptional highlights include:
  • Mina Francisco area:
    • 30.45 grams per tonne gold and 17.6 g/t silver over five m (4.5 m ETW (estimated true width));
    • 31.74 g/t Au and 14.1 g/t Ag over four m (3.3 m ETW);
  • San Pablo area:
    • 21.47 g/t Au and 17.1 g/t Ag over two m (ETW);
    • Newly intersected higher-grade zones demonstrate potential to enhance the model and mineral resource estimate (MRE) which is expected in Q3 2023.

Akiba Leisman, chief executive officer of Mako, states: "The commencement of Las Conchitas material processing is an extremely important milestone for the company. Recently, the mill has been processing a smaller percentage of high-grade diluted vein material than the planned 50-per-cent threshold. As Las Conchitas ramps up, this will quickly revert to normal. The grades we have at LC-N, including multiple, relatively wide, near-surface intercepts of over 30 grams per tonne, confirm that Las Conchitas is a high-grade open-pit mine, with the potential for a significant high-grade underground resource expected to be published this quarter. LC-N was chosen as our first mining area due to its proximity to infrastructure; however, the LC-S area is qualitatively better. Results from LC-S will be made available over the next few weeks as results are received from the laboratory."

The infill drill holes targeted shallow-dipping, close-to-surface, high-grade gold mineralization. Drill hole spacing is approximately 15 metres and depths ranged from 10 to 50 metres. Most of the drill holes were vertical and targeted to intersect the mineralization at near true thickness.

At the Mina Francisco area, several drill holes were designed to intersect the down-dip extension of a high-grade block previously identified in the 2022 drilling campaign. Drill hole LC23-RC65 intersected 30.45 g/t Au and 17.6 g/t Ag over five m (4.5 m ETW) and LC23-RC59 intersected 31.74 g/t Au and 14.1 g/t Ag over four m (3.3 m ETW), at 31 m and 75 m down dip, respectively, from the projected surface exposure, confirming the high-grade gold mineralization is open to the northwest.

Drilling of the San Pablo area was also intended to improve the delineation of the shallow vein geometry. Results from drilling are consistent with expectations. An angled drill hole, LC22-RC08, intersected an interval of 21.47 g/t Au and 17.1 g/t Ag over two m (ETW), 29 m vertically from surface. Vertical drill hole LC22-RC07, collared at the same drill pad, intersected 15.50 g/t Au and 10.9 g/t Ag over one m (0.9 m ETW), which confirmed significant down-dip continuity of 45 m from the surface exposure.

Based on the results of the 2023 infill drill program, a revised geologic model will be generated and incorporated into a new, updated resource block model and the company's mining engineers will use them to optimize the mine plan and development schedule.

Qualified person

John M. Kowalchuk, PGeo, a geologist and qualified person (as defined under National Instrument 43-101), has read and approved the technical information contained in this press release. Mr. Kowalchuk is a senior geologist and a consultant to the company.

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.