Mr. Akiba Leisman reports

MAKO MINING ACQUIRES ELEVATION GOLD MINING DEBT AND PROVIDES CORPORATE UPDATE

Mako Mining Corp. has acquired, for $1.8-million (U.S.) in cash, approximately $49.5-million (U.S.) in indebtedness owing by Elevation Gold Mining Corp. and affiliated companies to Maverix Metals Inc., a subsidiary of Triple Flag Precious Metals Corp., the secured creditor of Elevation under its Companies' Creditors Arrangement Act (CCAA) proceedings before the Supreme Court of British Columbia. Mako completed the acquisition of the debt and all related security pursuant to the terms of an assignment and assumption agreement executed on July 2, 2025. The debt is owing pursuant to the terms of various promissory notes, a loan agreement, a streaming agreement and related guarantees, deeds, and security agreements, which transaction documents and all rights and obligations thereunder have now been assigned to and assumed by Mako. The monitor under Elevation's CCAA proceedings will now facilitate any distributions to Mako as the principal secured creditor in place of Maverix, with expectations for distributions to be materially less than the amount of the debt.

Furthermore, to the extent that Mako is successful in the litigation with the two remaining royalty holders who own a net smelter return (NSR) royalty on the Moss gold mine of 3 per cent and 1 per cente, respectively (see news release dated Dec. 31, 2024), the up-to-$1.5-million-(U.S.) contingent liability associated with the royalty status determination will no longer need to be paid to the Elevation creditors by Mako or its subsidiary, Golden Vertex Corp.

Akiba Leisman, chief executive officer of Mako, states: "Purchasing the remainder of the senior secured claims is a tactical investment for Mako, which, in addition to be an attractively priced investment, will consolidate control of our litigation with the two remaining royalty holders in the Arizona Chapter 15 bankruptcy process for Moss. In addition, we are announcing our intent to list on the Nasdaq, while making a change to the board, which will help us navigate that process. I want to personally thank John Pontius, who has been a member of the board of Mako and its predecessors since 2015, and welcome Asheef Lalani, a shareholder of Mako, who will provide invaluable oversight to the company."

Nasdaq listing

The company is advancing a listing application to apply to list its common shares on the Nasdaq in the coming months; however, there can be no assurance that the company will receive listing approval from the Nasdaq to complete such listing. Mako believes that listing on the Nasdaq will provide the company with, among other things, access to a broader investor audience, increased sources of potential capital, improved trading liquidity in Mako's common shares, increased research coverage from U.S. investment banks and potentially provide the opportunity for broader index inclusion.

Board changes

The company also announces that Mr. Pontius will step down from the company's board and the board has appointed Mr. Lalani to the board, effective July 2, 2025.

Mr. Lalani is a certified financial analyst and a chartered accountant, and holds a bachelor of mathematics (honours) in math accountancy and a master of accounting from the University of Waterloo. Mr. Lalani is currently chief investment officer at Canadian-based family office Berczy Park Capital and a director at Sailfish Royalty Corp., and has previously held various positions in Toronto and New York at UBS Securities, and was previously a senior audit associate at PricewaterhouseCoopers LLP.

RSU (restricted share unit) grant

Additionally, the company announces that the board has approved the grant of an aggregate of 6,500 RSUs to the company's chairman, Eric Fier, with having a grant date of July 4, 2025, and a restrict period ending on July 4, 2026.

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 and offers district-scale exploration potential. Mako also owns the Moss mine in Arizona, an open-pit gold mine in northwestern Arizona. Mako also holds a 100-pepr-cent interest in the PEA-stage (preliminary economic assessment) Eagle Mountain project in Guyana, South America. Eagle Mountain is the subject of engineering, environmental and mine permitting activity.

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