Mr. Akiba Leisman reports

MAKO MINING INTERSECTS 13.43 G/T AU AND 36.8 G/T AG OVER 9 M (ESTIMATED TRUE WIDTH) AT LAS CONCHITAS, 57M FROM SURFACE, OUTSIDE OF CURRENT MINERAL RESOURCE ESTIMATE

Mako Mining Corp. has provided an update of results from the continuing reverse circulation (RC) drill program at Mako's newest mining area, Las Conchitas, located immediately south of the company's San Albino gold mine, which is currently in commercial production.

Since the most recent mineral resource estimate (MRE) at the San Albino project was defined (see press release of Dec. 6, 2023), Mako has completed 9,951 metres in 176 reverse circulation (RC) drill holes of the resource expansion drill program. The results reported in this release are from the southern portion of Las Conchitas, which hosts gold mineralization in three principal zones: El Limon, Mango and Bayacun. The main objectives of the near-surface, extension and confirmation drilling campaign were to gain a higher level of confidence of the grade and geometry of gold mineralization within six areas of interest where the company has received a permit to process material through the San Albino plant (Las Conchitas permit; see press release of June 19, 2023) and to identify gold mineralization for potential resource expansion beyond the company's current MRE.

Highlights

Results of 12 RC drill holes, completed in 2024, in the southern portion of Las Conchitas (LC-S), together with prior results drilled since the MRE, support the potential to expand the high-grade, gold mineralization within the currently defined open pits as well as potential extensions outside of the current MRE. The Mango intercept below is one of the widest mineralized, shallow, high-grade intervals reported to date:

• 13.43 grams per tonne gold and 36.8 grams per tonne silver over 9.0 metres (estimated true width) -- Mango vein;
• 9.65 grams per tonne gold and 11.8 grams per tonne silver over 2.0 metres (estimated true width) -- El Limon vein;
• 7.30 grams per tonne gold and 14.9 grams per tonne silver over 1.0 metre (estimated true width) -- Mango 2 vein.

Akiba Leisman, chief executive officer of Mako, stated: "This is another spectacular result from our exploration team. This exceptionally wide and high-grade intercept outside of our current MRE is another clear example of the expansion potential of our current resource. We have been mining this area at Las Conchitas since last November. Therefore, this result will likely be turned into cash flow over the course of the next two years through normal mining operations. When we began mining the San Albino project over four years ago, the intent was to use the cash flow generated from the plant to reinvest in exploration without the need for any outside capital beyond what it would take to commission the mine. The company has not raised equity since July of 2020, nor has it required any net capital since the commissioning of the plant. Now that the company has significant cash flow, with a pristine balance sheet, and hundreds of exploration targets across our 188-square-kilometre land package, we will be taking advantage of the new bull market in gold to grow our company significantly."

To date, the 2024 drilling has been successful in identifying potential extensions of the El Limon and Mango mineralized structures. The key objectives of this year's drilling program at the mine are to demonstrate extensions of high-grade zones beyond and outside the current MRE. Drill hole LC24-RC282 (see attached table) intersected one of the widest, high-grade zones reported to date, which is also located outside of the current MRE. The 9.0-metre interval (estimated true width) assayed 13.43 grams per tonne gold and 36.8 grams per tonne silver, starting at 57 metres from surface.

This drill hole is situated between two drill holes approximately 40 metres apart along strike, which also intersected high-grade intervals. Drill hole LC22-475, situated approximately 30 metres southwest by strike from LC24-RC282, intersected the same high-grade zone of 10.98 grams per tonne gold and 27.0 grams per tonne silver over 2.0 metres (1.7 metres estimated true width), including 20.80 grams per tonne gold and 49.9 grams per tonne silver over 1.0 metre, 33 metres from surface (see press release dated Sept. 8, 2022). Drill hole LC19-101, collared 11 metres northeast along strike from LC24-RC282 (see press release dated Aug. 19, 2019), intersected two mineralized zones of 4.62 grams per tonne gold and 12.0 grams per tonne silver over 2.1 metres and 19.55 grams per tonne gold and 40.6 grams per tonne silver over 1.2 metres. All three drill holes mentioned herein intersected the zone outside of the current resource model, confirm the potential for resource expansion beyond the company's current MRE, and have the potential to extend the current resource base and mine life. The company's exploration team continues to advance drilling in the area with a goal of identifying further extensions of this mineralized zone. The company's mining team has already begun plans to expand the pit in this area.

At the El Limon zone, drill hole LC24-RC276 intersected at 42.0 metres vertical depth, the 2.0-metre-wide (estimated true width) interval containing 9.65 grams per tonne gold and 11.8 grams per tonne silver, confirming a 31-metre southwest strike extension of high-grade mineralization, intersected by drill hole LC22-467, which assayed 37.02 grams per tonne gold and 54.4 grams per tonne silver over 2.30 metres (2.0 metres estimated true width) at a vertical depth 52.0 metres (see press release dated July 28, 2022). Both drill holes intersected the zone outside of the current resource model and confirm potential resource expansion beyond the company's current MRE.

In addition, recent drilling targeted mineralization in the Mango zone. This postresource drilling supports the potential for additional high-grade, low-strip-ratio mineral resources. Highlights of the Mango drilling include drill hole LC24-RC283, which intersected the Mango 2 zone, grading 7.30 grams per tonne gold and 14.9 grams per tonne silver over 1.0 metre (estimated true width) at 97 metres vertical depth and outside the current open-pit resource in the MRE. This high-grade intercept represents a 68.5-metre downdip extension from drill hole LC20-149, which reported 5.17 grams per tonne gold and 8.3 grams per tonne silver over 0.6 metre (estimated true width) (see press release dated Aug. 18, 2021) and a 106-metre downdip extension of drill hole LC20-148, which intersected a mineralized interval of 20.94 grams per tonne gold and 6.13 grams per tonne silver over 2.3 metres 73 metres from surface (see press release dated March 11, 2020).

Sampling, assaying, quality assurance/quality control and data verification

All RC holes were drilled dry (above the water table) and no water or other fluids were injected into the hole. RC drill samples were collected every one metre using a centre-return hammer and samples were obtained from a Gilson chip splitter, which is cleaned using compressed air after each sample. Samples were bagged and labelled at the drill site under a geologist's supervision and are logged on site by a geologist, who visually selects potential mineralized intervals for fire assay. The mineralized intervals including three to five samples above and below the selected interval are continuously sampled and shipped to the Bureau Veritas (BV) lab in Managua, respecting the best chain-of-custody practices. Pulps are sent by Bureau Veritas to its laboratory in Vancouver under its chain of custody for analysis. Gold was analyzed by standard fire assay fusion with a 30-gram aliquot and AAS finish. Samples returning over 10.0 grams per tonne gold are analyzed utilizing standard fire assay/gravimetric method. The company follows industry standards in its quality assurance/quality control procedures. Control samples consisting of duplicates, standards and blanks were inserted into the sample stream at a minimum ratio of one control sample per every 10 samples. Analytical results of control samples confirmed reliability of the assay data.

Qualified person

John M. Kowalchuk, PGeo, a geologist and qualified person (as defined under National Instrument 43-101) has read and approved the technical information contained in this press release. Mr. Kowalchuk is a senior geologist and a consultant to the company.

About Mako Mining Corp.

Mako 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.

We seek Safe Harbor.