Mr. Akiba Leisman reports

MAKO ANNOUNCES SETTLEMENT AND RELEASE AGREEMENT WITH GR SILVER

Mako Mining Corp. has entered into an agreement with GR Silver Mines Ltd. and its subsidiary companies to settle all outstanding reclamation and rehabilitation obligations of Mako, among other obligations and liabilities, under the terms of the share purchase agreement dated as of Jan. 29, 2021, and indemnity agreement dated March 31, 2021, related to the sale of Mako's Mexican operations to GR Silver in March, 2021 (see Mako's press release dated April 1, 2021).

Pursuant to the terms of the settlement and release agreement, in consideration for the payment by Mako to GR Silver of a total of $960,000 (U.S.), satisfied by payment of $500,000 (U.S.) cash and the issuance and delivery to GR Silver of 296,710 common shares of Mako at a deemed price of $2.1007 per share, all currently existing and future undertakings, covenants, obligations and indemnities of Mako and any of the GR Silver parties under the terms of the 2021 sale agreements have been terminated and released in full and are of no further force or effect.

Akiba Leisman, chief executive officer, states: "The completion of this settlement and release agreement along with the record cash flow generated last quarter significantly strengthened Mako's balance sheet. Additionally, this eliminates a contingent environmental liability while freeing up management time and focus. Since 2021, this liability has been marked on our balance sheet between $800,000 (U.S.) and $1.05-million (U.S.), according to our reclamation budget and plans. All of these balance sheet endeavours were prerequisites for the company prior to engaging in internal and external growth opportunities."

The issuance of Mako shares to GR Silver in connection with the settlement and release agreement is subject to approval by the TSX Venture Exchange, and all shares issued will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.

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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