Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES IMPROVEMENTS IN OPERATING PERFORMANCE

Mako Mining Corp. has provided the following update.

Since late February and prior to receiving Las Conchitas permits (see press release dated June 19), the company was affected by processing a higher proportion of lower-grade stockpiled material -- this affected both the blended head grade and plant metallurgical recovery. Initial permits for Las Conchitas were received in June and Las Conchitas material started to be processed in late July. After a two-week ramp-up period, the company has resumed its original processing plan of producing 50 per cent high-grade diluted vein material with 50 per cent lower-grade stockpile material, which resulted in substantial improvements in head grades and recoveries. Since Aug. 14, 2023, the company registered head grades of eight grams per tonne (g/t) gold (Au) and recoveries averaging 81.4 per cent. Month-to-date, head grades have been 8.9 g/t with recoveries averaging 85.9 per cent (see the table entitled "Preliminary production stats").

Akiba Leisman, chief executive officer of Mako, states that: "Now that the initial permits for Las Conchitas are in place, since Aug. 14, the company has been processing planned rates of 50 per cent diluted vein material with 50 per cent lower-grade stockpile material, up from the 35-per-cent/65-per-cent ratio the company was processing from late February through early August. Head grades, recoveries and gold sales are all materially higher, which will have a substantial positive impact to cash flow and profitability."

Qualified person

John Rust, a metallurgical engineer and qualified person (as defined under National Instrument 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.

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.

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