Mr. Akiba Leisman reports

MAKO MINING COMPLETES SETTLEMENT WITH GR SILVER AND WEXFORD LOAN EXTENSION

Mako Mining Corp., further to its news release dated Feb. 15, 2024, and following receipt of the required approval of the TSX Venture Exchange, has now closed its debt settlement transaction in the amount of $960,000 (U.S.) with GR Silver Mines Ltd. by way of cash payment in the amount of $500,000 (U.S.) and the issuance of 296,710 shares of Mako Mining at a deemed price of $2.1007 ($460,000 (U.S.), $623,300). The shares will be subject to a four-month regulatory hold period from the date of issuance.

The company also announces that it has entered into a further amendment to the loan agreement dated Feb. 20, 2020 (as amended from time to time, the existing loan agreement, and, as further amended by the loan amendment agreement, the loan agreement), between the company, Wexford Capital LP, as agent for the lenders, and each of Wexford Catalyst Trading Ltd., Wexford Spectrum Trading Ltd., Wexford Focused Trading Ltd. and Debello Trading Ltd. (collectively, the lenders), pursuant to which Wexford and the lenders have agreed to extend the maturity date of the loan by four years, from March 31, 2025, to March 31, 2029, to allow the company more time to repay the accrued and unpaid interest (including deferred amounts), interest on unpaid interest and cash bonus interest owing under the loan agreement, which, as of March 26, 2024, totalled $6,369,937.64 (U.S.) in the aggregate. The entirety of the principal amount of the loans advanced under the loan agreement was repaid prior to the date hereof and only the accrued interest (including deferred amounts), interest on unpaid interest and cash bonus interest remains payable thereunder.

Akiba Leisman, chief executive officer of Mako, states: "The removal of the contingent liability, which we first announced in February, and the maturity extension of the Wexford accrued interest until 2029, are key balance sheet initiatives that will enable the company to jointly focus on the operations of San Albino and the development of Eagle Mountain once the Goldsource Mines acquisition is complete."

Funds managed by Wexford beneficially own an aggregate of 36,554,323 common shares of the company, representing approximately 55.35 per cent of the company's issued and outstanding common shares and, accordingly, Wexford and the lenders are related parties of the company. The entering into of this loan amendment agreement has been determined to constitute a related-party transaction under Multilateral Instrument 61-101. Pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101, the company is exempt from obtaining a formal valuation and minority approval of the company's shareholders for the loan amendment agreement on the basis that the company's common shares trade on the TSX Venture Exchange, in accordance with section 5.5(b) and the loan amendment is a loan transaction with a related party that meets the criteria as set out in section 5.7(1)(f) of MI 61-101.

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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