Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES RECORD AU PRODUCTION IN SEPTEMBER

Mako Mining Corp. has provided the following update.

After the company resumed its original processing plan of producing 50 per cent high-grade diluted vein material mixed with 50 per cent lower-grade stockpile material, which resulted in substantial improvements in head grades and recoveries (see press release dated Sept. 20, 2023), Mako has recorded outstanding production results, reaching a record 3,817 gold ounces recovered in September. A comprehensive quarterly production update will be released later this month.

Head grades averaged 8.4 grams per tonne gold with recoveries of 85.5 per cent during September. Mako expects this trend to continue as the company accesses the higher-grade zones at Las Conchitas while maintaining an optimal blend to the plant.

On Aug. 23, the company increased its Wexford loan by $2-million (U.S.) to ensure there was enough working capital during the ramp-up at Las Conchitas. Since then, the company has repaid approximately $1-million (U.S.) in principal while increasing its cash and bullion from $1.8-million (U.S.) at the end of Q2 2023 to approximately $4.7-million (U.S.) as of today.

Akiba Leisman, chief executive officer of Mako, stated: "Operating improvements, resulting from permits to begin mining Las Conchitas in parallel with San Albino, have significantly improved free cash flow generation from the mine. This allows the company to rapidly repay debt while investing heavily in exploration. A maiden resource for Las Conchitas is very nearly complete, which will allow the company to be operating at these levels for years to come."

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 the exploration of prospective targets on its district-scale land package.

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