Mr. Akiba Leisman reports

MAKO MINING PROVIDES Q3 2023 FINANCIAL RESULTS

Mako Mining Corp. has provided financial results for the three months ended Sept. 30, 2023, which is the ninth full quarter of financial results since declaring commercial production on July 1, 2021, at its San Albino gold mine in northern Nicaragua. All dollar amounts referred to herein are expressed in United States dollars unless otherwise stated.

The financial results for the quarter reflect a temporary delay in a third-party refining contract which led to 2,234 ounces of gold being delivered but not sold until the third week of October. Therefore, Revenues, Adjusted EBITDA, Mine Operating Cash Flow and Net Income were commensurately lower, and Cash Costs, Total Cash Costs and AISC were commensurately higher. This effect will reverse in its entirety during Q4.

Q3 2023 Highlights

Financial

• $10.7 million in Revenue
• $3.0 million in Adjusted EBITDA (1)
• $4.0 million in Mine Operating Cash Flow ("Mine OCF") (1) (3)
• $1.5 million Net Loss after $2.4 million of depreciation, depletion and amortization and $1.2 million in exploration expenses
• $979 Cash Costs ($/oz sold) (1) (2)
• $1,063 Total Cash Costs ($/oz sold) (1) (2)
• $1,370 All-In Sustaining Costs ("AISC") ($/oz sold) (1) (2)
• Drawdown of $2.0 million from Wexford Loan
• Three monthly repayment installments totaling $1.0 million were made on the Sailfish Loan during Q3 2023. On September 8, 2023, the Sailfish Loan was fully repaid
• Delivered 13,500 oz of silver ($0.4 million) on the Sailfish Silver Loan in Q3 2023

Growth

$1.2 million in exploration and evaluation expenses ($0.5 million in areas surrounding San Albino and approximately $0.7 million at Las Conchitas).

Subsequent to September 30th, 2023

• Delivered 4 payments, including 2 which were deferred in Q3, of 13,500 oz of silver on the Sailfish Silver Loan ($1.2 million)Sold 5,587 ounces of gold ($10.4 million) in October 2023
• On October 16, 2023, the Company granted 975,000 restricted share units ("RSU") and 275,000 deferred share units ("DSU"). The RSUs vest annually over three years commencing on October 13, 2024On November 2, 2023, the Company commenced a normal course issuer bid ("NCIB") whereby the Company intends to purchase up to a maximum of 3,290,929 common shares in the capital of the Company. All common shares acquired by the Company under the NCIB will be subsequently cancelled. Purchases under the NCIB will end no later than November 6, 2024

Akiba Leisman, Chief Executive Officer, states that "since August 14th, the mine and plant have been operating at or above designed levels. October marked the second month in a row of record gold ounces recovered, and 5,587 ounces of gold sold, which included the sales of finished gold held in inventory at quarter end due to a third-party refinery issue. This issue led to higher reported costs and lower reported Adjusted EBITDA and Mine OCF, but this effect will completely reverse in Q4. Q4 is shaping up to be a record for gold ounces recovered, gold ounces sold, Adjusted EBITDA, Mine OCF and Net Income, with record low Cash Costs, Total Cash Costs and AISC. The cash flow coming from the mine is enabling us to invest in exploration and rapidly repay debt, while we aggressively repurchase shares through our newly instituted NCIB."

For complete details, please refer to the financial statements and the associated management discussion and analysis for the twelve months ended September 30th, 2023, available on SEDAR (www.sedar.com) or on the Company's website (www.makominingcorp.com).

About Mako

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

We seek Safe Harbor.