Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES Q1 2024 PRODUCTION RESULTS

Mako Mining Corp. has provided first quarter 2024 (Q1 2024) production results from its San Albino gold mine in northern Nicaragua, which is the 11th full quarter of production results since declaring commercial production on July 1, 2021.

Q1 2024 production and financial highlights:

• Record 67,961 tonnes mined containing 13,965 ounces of gold (oz Au) at a blended grade of 6.39 grams per tonne gold (g/t Au) and 15,718 ounces of silver (oz Ag) at a grade of 7.19 grams per tonne silver (g/t Ag):
• • 25,374 tonnes mined containing 9,664 oz Au at 11.85 g/t Au and 9,919 oz Ag at 12.16 g/t Ag from diluted vein material;
  • 42,587 tonnes mined containing 4,301 oz Au at 3.14 g/t Au and 5,799 oz Ag at 4.24 g/t Ag from historical dump and other mineralized material above cut-off grade (historical dump plus other);
  • 22.7:1 strip ratio.
• 52,478 tonnes milled containing 12,266 oz Au at a blended grade of 7.27 g/t Au and 14,071 oz Ag at 8.34 g/t Ag:
  • 36 per cent and 64 per cent from diluted vein and historical dump and other, respectively;
  • 606 tonnes per day (tpd) milled at 96-per-cent availability;
  • Recoveries of 80.6 per cent for gold in Q1 2024.
• 150,744 tonnes in stockpile containing 12,465 oz Au at a blended grade of 2.57 g/t Au;
• 10,070 oz gold equivalent (AuEq) recovered and 9,332 oz AuEq sold during the quarter;
• Delivered 40,500 oz of silver on the Sailfish Silver loan for a total of $900,000 (U.S.) during Q1 2024;
• Entered into an environmental settlement and release agreement with GR Silver comprising $500,000 (U.S.) and the issuance of 296,710 common shares of Mako;
• $2.8-million in share repurchases equating to one million shares at an average price of $2.80 so far in 2024;
• Approximately $3-million (U.S.) increase in cash balance in Q1 2024 versus Q4 2023.

Akiba Leisman, chief executive officer of Mako, states: "Q1 2024 was another highly profitable quarter for the company, with recovered gold equivalent of over 10,000 ounces at industry-leading AISC [all-in sustaining cost]. The mine reported quarterly record throughput rates, which was achieved as we positively reconcile to the resource model, bringing in significantly more tonnes of mineralized material to the mine plan. Exploration is ramping up at site, the NCIB has been accelerated and cash is building on the balance sheet as we prepare to close the Goldsource Mines acquisition later this quarter."

Mining

The mine averaged 747 tpd of diluted vein and historical dump plus other material in Q1 2024, which was by far the highest mining rate of mineralized material in the company's history. This record came in a large part from a significant positive reconciliation of mineralized tonnes to the resource model. The strip ratio was 22.7:1 which included prestripping of the Southwest pit within San Albino, and the commencement of the bulk sample of El Limon within Las Conchitas -- South. The current stockpile is 150,743 tonnes containing 12,474 oz Au at 2.57 g/t Au. The average grade of the diluted vein was 11.85 g/t Au containing 9,664 oz Au.

The total production of diluted vein material in Q1 2024 came from three different zones; 39 per cent of the total ounces were mined from the West pit (San Albino), 19 per cent from the Southwest pit (San Albino) and 41 per cent from phase 1 in the Bayacun pit (Las Conchitas). In Q2 2024, an important part of the production will also come from phase 1 of the El Limon pit (Las Conchitas).

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 Q1 2024, the plant throughput rate was 606 tpd with a plant availability of 96 per cent. The plant processed 36 per cent diluted vein material and 64 per cent historical dump plus other material to achieve a blended feed grade of 7.27 g/t Au. The gold recovery was lower at 80.6 per cent in Q1 compared with 84.6 per cent in Q4 due to lower gold grades, and higher preg-robbing potential of the mill feed. This was due to differences in the upper portion of the Las Conchitas vein morphology as compared with San Albino, which led to higher amounts of peripheral, low-grade, preg-robbing material being included in the diluted vein. In addition, very little oxide material was processed, as the production predominantly came from relatively deeper material. In the latter half of Q2, a substantial portion of the mill feed will come from oxide material at El Limon, which should incrementally improve recoveries. The plant availability was 96 per cent with 10,070 ounces of gold equivalent recovered.

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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