Mr. Akiba Leisman reports

MAKO MINING REPORTS FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS, INCLUDING Q4 EPS OF US$0.145 /SHARE AND Q4 GOLD SALES OF 13,481 OZ AT $817/OZ AISC

Mako Mining Corp. has provided financial results for the three months ended Dec. 31, 2023 (Q4 2023) and the third full year of financial results since declaring commercial production on July 1, 2021, at its San Albino gold mine in northern Nicaragua. All dollar amounts referred to herein are expressed in United States dollars unless otherwise stated.

The company's financial results for Q4 2023 reflect record gold sales of $26.5-million, which generated $16.8-million in mine operating cash flow, and $9.5-million in net income. Revenues, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and mine operating cash flow were all at record levels. The company reported 14.5 cents in earnings per share (EPS) during the quarter, while selling 13,481 ounces (oz) of gold at $817 all-in sustaining cost (AISC) (cost per ounce sold).

Q4 2023 highlights:

• Financial:
  • $26.5-million in revenue;
  • $15.3-million in adjusted EBITDA;
  • $16.8-million in mine operating cash flow (OCF);
  • $9.5-million net income;
  • $695 cash costs (cost/oz sold);
  • $817 all-in sustaining costs (cost/oz sold);
  • Debt repayment of $6.9-million.
• Growth:
  • $1-million in exploration and evaluation expenses ($200,000 in areas surrounding San Albino and approximately $800,000 at Las Conchitas).

Akiba Leisman, chief executive officer, states that: "Q4 2023 was a record quarter on every significant financial and operating metric, including a record for gold ounces recovered, gold ounces sold, adjusted EBITDA, mine OCF and net income, with record low cash costs and AISC. The cash flow coming from the mine is enabling us to invest in exploration while we strengthen our balance sheet in anticipation of the announced acquisition of Goldsource Mines later this quarter."

For complete details, please refer to the financial statements, and the associated management's discussion and analysis for the 12 months ended Dec. 31, 2023, available on SEDAR+ or on the company's website.

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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