Mr. Akiba Leisman reports

MAKO MINING INTERSECTS 12.09 G/T AU OVER 11.5 M (ESTIMATED TRUE WIDTH) AT LAS CONCHITAS SOUTH, 15 M FROM SURFACE

Mako Mining Corp. has released additional 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.

Highlights:

• Completed 230 RC drill holes, totalling approximately 9,000 metres;
• Exceptional highlights include:
  • Bayacun area:
    • 12.09 grams per tonne gold and 23.5 g/t silver over 14.0 m (11.5 m estimated true width), including:
      • 15.60 g/t Au and 24.9 g/t Ag over 4.0 m (3.5 m ETW);
      • 31.10 g/t Au and 63.7 g/t Ag over 3.0 m (2.3 m ETW).
  • El Limon area:
    • 18.48 g/t Au and 43.8 g/t Ag over 3.0 m (2.6 m ETW).
  • Mango area:
    • 15.6 g/t Au and 24.6 g/t Ag over 2.0 m (1.5 m ETW);
    • Newly intersected wider zones demonstrate potential to enhance the model and mineral resource estimate (MRE), which is expected in the third quarter of 2023.

Akiba Leisman, chief executive officer of Mako, stated: "Las Conchitas South was always known as the best part of Las Conchitas, and these exceptional grades and thicknesses attest to that. The company first started mining and processing material from Las Conchitas North based on its proximity to the plant and waste storage facilities. Haul road access to Las Conchitas South is nearing completion, and we expect to begin mining this area as part of an initial five-year open-pit mine plan over the coming months."

Drilling in 2023 targeted multiple shallow-dipping, close-to-surface, gold-bearing quartz veins. The veins appear to be related to compressional tectonics and were subjected to later faulting and folding, which accounts for local stacking of veins (thrust duplication), resulting in considerably wider blocks. Drill hole spacing is approximately 15 metres, and depths range from 10 metres to 50 metres. Most of the drill holes were vertical and targeted to intersect the mineralization at near true thickness.

In the Bayacun area, several drill holes were designed to intersect and confirm a high-grade block previously identified in the 2019-to-2022 drilling campaign. Drill hole LC23-RC136 intersected a wide, shallow zone at 15 m from surface, which returned 12.09 g/t Au and 23.5 g/t Ag over 14.0 m (11.5 m ETW), including two high-grade intervals, 15.60 g/t Au and 24.9 g/t Ag over 4.0 m (3.5 m ETW) as well as 31.10 g/t Au and 63.7 g/t Ag over 3.0 m (2.3 m ETW), respectively. Previous diamond drilling in proximity to this drill hole intersected multiple high-grade and significantly wider-than-average intervals, including LC20-277, which intersected 22.26 g/t Au and 44.6 g/t Ag over 4.3 m ETW within a wider mineralized zone of 16.1 m ETW (see press release dated Aug. 31, 2020).

Drilling in the El Limon and Mango area was designed to improve the understanding of the vein geometry and to confirm mineralization trends identified in the previous drilling campaign. At El Limon, drill hole LC23-RC92 intersected 18.48 g/t Au and 43.8 g/t Ag over 3.0 m (2.6 m ETW), 15 m southwest (by strike) from hole LC19-70, which intersected 376.49 g/t Au over one m at 36 m from surface (see press release dated May 6, 2019).

In the Mango area, drill hole LC23-RC108 intersected 15.6 g/t Au and 24.6 g/t Ag over 2.0 m (1.5 m ETW), targeting a high-grade zone intersected 28 m down dip of drill hole LC19-72, which encountered 36.55 g/t Au and 47.8 g/t Ag over 1.7 m (see press release dated May 21, 2019).

To date, 230 RC holes have been completed, totalling approximately 9,000 metres (see an attached table), in the Las Conchitas area. Most of the drilling was conducted at the most-advanced, southern part of Las Conchitas. Four of the six areas of interest where the company has received a permit to process material through the San Albino plant (see press release dated June 19, 2023) are situated within the LC-S area. The company intends to start mining and processing mineralized material at LC-S, as a part of a metallurgical program, later this quarter.

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 it 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.