Mr. Akiba Leisman reports

MAKO MINING IS ON TRACK FOR RECORD GOLD SALES IN Q4 2023 WITH SIGNIFICANTLY IMPROVED BALANCE SHEET

Mako Mining Corp. has provided the following update:

After the company resumed its original processing plan (see press release dated Oct. 11, 2023), Mako has recorded outstanding production results. Since the beginning of Q4 2023, Mako has sold in excess of 10,000 ounces of gold, which includes 7,964 oz of Au recovered in October and November and the 2,234 oz of Au delivered but not sold in Q3 2023 (see press release dated Nov. 14, 2023).

Mill head grades have been exceptionally high during the quarter averaging 8.41 grams per tonne Au at 86.6-per-cent recoveries. December is continuing this trend which will lead to a record quarter in both gold ounces recovered and gold ounces sold. A comprehensive quarterly production update will be released later in January, 2024.

Since the beginning of Q4 2023, the company has repaid $1.6-million (U.S.) to Sailfish and $3-million (U.S.) to Wexford, while reducing its accounts payable by approximately $4-million (U.S.) and increasing its cash balance by over $1-million (U.S.), while financing an aggressive exploration program. The company expects to fully repay the remaining $1.86-million (U.S.) of principal owed to Wexford by year-end. In addition, the company has repurchased 242,600 shares of stock at an average price of $2.06 since the announcement of the normal course issuer bid program in November (see press release dated Nov. 2, 2023).

Akiba Leisman, chief executive officer of Mako, states: "The amount of cash flow coming from the mine in just the first two months of the quarter is extraordinary. The company is on track for record gold sales and gold ounces recovered, which has significantly strengthened its balance sheet. This is setting up the company to invest in a very large internally funded exploration program for 2024 while returning a significant amount of capital to shareholders."

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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