Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES Q4 2025 PRODUCTION RESULTS GENERATING RECORD GOLD REVENUE OF APPROXIMATELY US$ 50 MILLION, YEAR END CASH BALANCE OF US$ 78.1 MILLION AND FULL REPAYMENT OF DEBT

Mako Mining Corp. has provided fourth quarter 2025 production results for the company's San Albino gold mine in northern Nicaragua and the Moss mine in Arizona. It has also provided an update on the Eagle Mountain gold project in Guyana. Certain amounts shown in this news release may not total to exact amounts due to rounding differences. All amounts expressed in U.S. dollars unless otherwise noted.

Q4 2025 San Albino operational highlights:

• 57,577 tonnes mined, containing 12,906 ounces of gold at an average grade of 6.97 grams per tonne Au and 13,003 ounces of silver at 7.02 g/t Ag:
  • 34,600 tonnes mined from diluted vein material containing 10,740 ounces of gold at 9.65 g/t Au and 10,636 ounces of silver at 9.56 g/t Ag;
  • 22,977 tonnes mined from historical dump and other mineralized material above cut-off grade containing 2,166 ounces of gold at 2.93 g/t Au and 2,368 ounces of silver at 3.20 g/t Ag;
  • 38.9:1 strip ratio;
• 54,076 tonnes milled containing 11,767 ounces of gold and 12,039 ounces of silver grading 6.77 g/t Au and 6.92 g/t Ag:
  • 52 per cent and 48 per cent from diluted vein and historical dump and other, respectively;
  • 598 tonnes per day milled at 98-per-cent availability;
  • Mill recovery of 82.3 per cent for gold;
• At quarter-end, the stockpile was estimated at 127,755 tonnes at an average grade of 2.76 g/t Au for contained Au of 11,328 ounces.

Q4 2025 Mako financial highlights:

• Mako total gold sales of 11,604 ounces of gold for total revenue of $50-million in Q4 2025:
  • San Albino Mine sales of 9,307 ounces of gold at $4,340 per ounce;
  • Moss mine sales of 2,297 ounces of gold as part of initial ramp-up of Moss at $4,202 per ounce;
• Repayment of $6.5-million in debt;
• Equity raise of $37.7-million (net of costs and commissions);
• Cash balance and trade receivables of $78.1-million as of Dec. 31, 2025.

Akiba Leisman, chief executive officer of Mako, state: "Q4 2025 was a very strong finish to the year after completing a scheduled weak Q3 2025. Gold sales were 11,604 ounces at a record average gold price of $4,313 per ounce, generating $50-million in revenue for the quarter, which was nearly 30 per cent higher than our previous quarterly revenue record. After raising $37.7-million in equity and repaying the remaining $6.5-million in debt, cash and trade receivables increased to $78.1-million from $28.4-million in Q3 2025. Net of equity issuance and debt repayment, this implies a quarterly cash increase of $18.5-million despite having significant exploration programs at all four of our assets. Moss is ramping up to steady-state production, expected late this quarter, and permitting activities are rapidly advancing at Eagle Mountain, with full operating permits expected late this year. During the quarter, the company has taken operating control of the Mount Hamilton project in Nevada. Preconstruction activities have commenced, with full construction expected to begin in early Q2 2026."

Mining at San Albino

In Q4 2025, the mine extracted a total of 57,577 tonnes of ore and generated approximately 2.2 million tonnes of waste, resulting in a strip ratio of 38.9. Mine production was primarily sourced from the El Limon and Bayacun areas, which accounted for 23 per cent and 49 per cent of total mined tonnes, respectively. The average head grade for the quarter was 6.97 g/t Au and 7.02 g/t Ag.

During Q4 2025, the team also continued advancing engineering and geotechnical activities in support of the planned underground mining development.

Milling at San Albino

During Q4 2025, the plant throughput rate averaged 599 tonnes per day, 19 per cent above nameplate capacity. Mill availability remained high at 98 per cent, which compares favorably with industry averages. The mill head grade averaged 6.77 g/t Au, comprising 52 per cent diluted vein material and 48 per cent historical dump plus other material. A total of 9,621 ounces of gold were recovered during the quarter at a mill recovery of 81.8 per cent.

Moss mine

During Q4 2025, mining operations at the Moss mine continued to improve throughout the quarter. The company added key leadership and technical support personnel, enabling crushing operations to transition to 24-hour coverage and supporting higher throughput and more efficient utilization of the crushing and processing infrastructure. Gold ounces placed on the heap-leach pad and recovered through heap leaching increased month over month, reflecting improving operational stability and processing performance. The company remains focused on maintaining this momentum across mining, crushing and processing activities as operations progress toward sustained, steady-state production.

Eagle Mountain gold project

The 2025 work program included engineering and environmental activities, such as geotechnical drilling, hydrology/hydrogeology, environmental geochemistry, cultural heritage and community surveys, noise/air and biodiversity surveys, as well as siting studies to both confirm mine design parameters and generate baseline environmental data for an environmental impact assessment (EIA). In line with prior guidance, the company anticipates the submission of the EIA to the Guyana Environmental Protection Agency (EPA) in Q1 2026.

In Q4 2025, work activities were focused on advancing social baseline studies. On Oct. 3, Oct. 4 and Oct. 7, the company, together with Environmental Resources Management Ltd. (ERM), Mako's lead consultant for the EIA process, conducted a series of stakeholder and community engagement meetings in the communities within the Eagle Mountain project's area of influence. These meetings were observed by the EPA. Input from these meetings has helped guide the terms of reference of the EIA and informed both the impacts and planned mitigation measures. The environmental impact assessment represents the culmination of years of comprehensive data collection, analysis and studies, formally consolidated into a regulatory submission. Its filing will mark a major milestone in the advancement of the project.

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 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-per-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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