Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES RECORD Q4 2023 PRODUCTION RESULTS

Mako Mining Corp. has provided fourth quarter 2023 (Q4 2023) production results from its San Albino gold mine in northern Nicaragua, which is the 10th full quarter of production results since declaring commercial production on July 1, 2021. Audited financial results for Q4 and full-year 2023, including detailed reporting of Mako's operating costs, are expected to be released in April, 2024.

Q4 2023 production and financial highlights:

• 52,398 tonnes mined containing 14,060 ounces of gold at a blended grade of 8.35 grams per tonne gold and 12,650 ounces of silver at a grade of 7.51 grams per tonne silver:
  • 20,469 tonnes mined containing 9,538 oz Au at 14.49 g/t Au and 8,162 oz Ag at 12.40 g/t Ag from diluted vein material;
  • 31,929 tonnes mined containing 4,521 oz Au at 4.40 g/t Au and 4,488 oz Ag at 4.37 g/t Ag from historical dump and other mineralized material above cut-off grade (historical dump and other);
  • 22.8:1 strip ratio.
• 51,745 tonnes milled containing 13,673 oz Au at a blended grade of 8.22 g/t Au and 12,766 oz Ag at 7.67 g/t Ag:
  • 36 per cent and 64 per cent from diluted vein and historical dump and other, respectively;
  • 582 tonnes per day (tpd) milled at 97-per-cent availability;
  • Recoveries of 84.6 per cent for gold in Q4 2023;
• 135,261 tonnes in stockpile containing 10,775 oz Au at a blended grade of 2.48 g/t Au;
• 11,567 oz gold equivalent recovered and 13,481 oz AuEq sold during the quarter which includes the sale of finished goods inventory that was held over from Q3 2023;
• $7.1-million (U.S.) principal repayment to Wexford and Sailfish during Q4 2023, eliminating the remaining Wexford principal;
• Approximately $4-million (U.S.) payable reduction in Q4 2023;
• Approximately $5-million (U.S.) royalties and taxes in Q4 2023;
• Approximately $800,000 (U.S.) increase in cash balance in Q4 2023;
• $600,000 in share repurchase equating to 286,000 shares at an average price of $2.15.

Akiba Leisman, chief executive officer of Mako, states: "Q4 2023 was a record quarter operationally and financially. A record 11,567 ounces were recovered, and a record 13,481 ounces were sold, which included the sale of finished goods inventory that was held over from Q3 2023 due to a temporary third party refining issue. When we report financials in April, Q4 cash cost, total cost and AISC will be by far our lowest costs per ounce since declaring commercial production in July, 2021, and will be amongst the lowest reported globally. Seven million one hundred thousand dollars (U.S.) of principal was repaid during the quarter, which has eliminated the remaining Wexford principal balance. Payables were reduced by approximately $4-million (U.S.), while the company continues to invest aggressively in exploration. A further $600,000 was spent repurchasing shares, all while increasing our cash balance, which highlights the per-ounce cash flow generation of the mine."

Mining

The mine averaged 570 tpd of diluted vein and historical dump and other material in Q4 2023 with a strip ratio of 22.8:1 which included prestripping of the Southwest pit within San Albino, and the commencement of the bulk sample of Bayacun within Las Conchitas -- South. The current stockpile is 136,402 tonnes containing 10,880 oz Au at 2.48 g/t Au. The average grade of the diluted vein was 14.49 g/t Au during the quarter.

The total production of diluted vein material in Q4 2023 was produced from five different zones, 37 per cent of the total ounces were mined from Mina Francisco pit, 33 per cent from West pit, 16 per cent from San Pablo pit, 10 per cent from Southwest pit and 3 per cent from phase 1 in the Bayacun pit. Mako expects to produce the high-grade diluted vein material from Bayacun, El Limon and the phase 3 pushback at the West pit for the first quarter of 2024.

Milling

All components of the 500 tpd gravity and carbon-in-leach processing plant have been fully operational since the beginning of May, 2021. During Q4 2023, the plant throughput rate was 582 tpd with a plant availability of 97 per cent. The plant processed 36 per cent diluted vein material and 64 per cent historical dump and other material to achieve a blended feed grade of 8.22 g/t Au. The gold recovery improved from 77.4 per cent in Q3 to 84.6 per cent in Q4 due to higher gold grades, and a reduction in the preg-robbing potential of the mill feed once material from Las Conchitas was available. The plant availability of 97 per cent and the recovered gold ounces of 11,567 achieved in Q4 represent quarterly records for the San Albino processing facility.

Beginning in the second half of Q3, tonnage from test pits from Las Conchitas began producing mill feed. The percentage of Las Conchitas in the overall mill feed increased from 14.6 per cent in Q3 to 57.5 per cent in Q4. To date, the recovery of Las Conchitas material has met or exceeded the recovery from San Albino material.

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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