Mr. Akiba Leisman reports

MAKO MINING INTERSECTS 26.98 G/T AU OVER 6.8 M ESTIMATED TRUE WIDTH AT LAS CONCHITAS, EXTENDING AN AREA FULLY PERMITTED FOR MINING TO OVER 450 M OF STRIKE

Mako Mining Corp. has released additional exploration results from the continuing reverse circulation (RC) and diamond drilling program at Mako's newest mining area at its San Albino project, Las Conchitas, located immediately south of the company's San Albino gold mine in northern Nicaragua.

The objectives of this drilling program are twofold:

1. To test extensions of high-grade gold mineralization directly adjacent to current and future mining phases, but outside of the pit limits defined by the company's 2023 mineral resource estimate for the San Albino project (see press release dated June 13, 2024);
2. To test additional high-grade mineralization, as a part of the company's regional drill program on its 224-square-kilometre district-scale, underexplored land package.

The drill results reported in this release are from the Candelaria zone located within the Las Conchitas South (LC-S) area. Drilling targeted the southwestern extension of gold mineralization proximal to the existing Limon-Mango-Bayacun (LMB) pit. This area is fully permitted for mining and drilling has demonstrated gold mineralization that extends beyond the current pit limits defined by the MRE (mineral resource estimate). The company's objective is to define additional mineral resources to support expansion of the San Albino operation and extend the mine life.

Key observations

• Drilling conducted within a permitted mine area;
• High-grade mineralization defined proximal to existing pits and mine infrastructure;
• Near-surface gold mineralization with width and grade of intercepts that compare favourably with existing mining areas at San Albino;
• Strong gold grade and structural continuity, which support potential for pit expansion;
• Drilling confirms mineralization is open along strike and at depth.

Drilling highlights:

• 26.98 grams per tonne gold and 48.4 grams per tonne silver over 7.0 metres (6.8 metres estimated true width (ETW));
• 21.79 g/t Au and 23.0 g/t Ag over 5.0 m (4.0 m ETW);
• 17.89 g/t Au and 31.6 g/t Ag over 2.0 m (1.5 m ETW);
• 29.18 g/t Au and 39.8 g/t Ag over 5.1 m (ETW).

Akiba Leisman, chief executive officer of Mako stated: "These drill results at the San Albino project are among the most significant over the past six years of mining. We intersected multiple 100-gram-metre intercepts over 450 metres of continuous strike, including those being mined on the northeastern side of the Candelaria fault. The current LMB pit remains open at depth; therefore, if these results are proven economical, they have the potential to make the current LMB pit significantly larger. Located in a permitted area, we plan to begin development to the southwest of the Candelaria fault once rainy season ends in Q4 2026."

The drilling campaign at the Candelaria zone within the LC-S area has increased the footprint of gold mineralization from the LMB pit to the southwest. Current drilling has extended mineralization over 450 metres along strike and remains open to the southwest and downdip to the northwest.

Drill hole LC26-RC1091 intersected a wide, high-grade vein of 21.79 g/t Au and 23.0 g/t Ag over 5.0 m (4.0 m ETW), 34 m from surface. This intercept is located 67.6 m from the 2023 MRE final pit (see table below) and continues to support the expansion of high-grade gold mineralization outside the pit limits defined by the MRE. This drill hole was designed to extend the mineralization defined by hole LC20-214, which intersected 7.01 g/t Au and 11.4 g/t Ag over 5.7 m (3.1 m ETW) (see press release dated June 15, 2020).

In conjunction with the exploration program, the company completed eight geotechnical drill holes within the same area to optimize possible future pit design and to ensure pit-slope stability. LC26-GEOTEC-07 intersected 29.18 g/t Au and 39.8 g/t Ag over 5.1 m (ETW), 31.5 m from surface. This drill hole confirmed a 21.0 m strike extension from LC26-RC1091 described above.

LC26-RC1094 intersected 17.89 g/t Au and 31.6 g/t Ag over 2.0 m (1.5 m ETW), 82 m from surface and 61.2 m downdip from drill hole LC26-GEOTEC-07 described above and 141.1 m from the final MRE pit limit. This drill hole confirms downdip continuity and extends well below the limits of the current resource model.

Drill hole LC26-RC1110 intersected 26.98 g/t Au and 48.4 g/t Ag over 7.0 m (6.8 m ETW), 90.3 m below surface and 188 m from the MRE final pit limit. This intersect confirms 450 m of high-grade mineralization along strike and remains open, showing potential for further expansions to the southwest.

Sampling, assaying, quality assurance/quality control and data verification

Drill core was continuously sampled from inception to termination of the entire drill hole. Sample intervals were typically one metre. Drill core diameter was HQ (6.35 centimetres). Geologic and geotechnical data were captured into a digital database, core was photographed, then one-half split of the core was collected for analysis and one-half was retained in the core library. Drill core samples were kept in a secured logging and storage facility until such time that they were delivered to the Managua facilities of the independent Bureau Veritas laboratory and pulps were sent to the independent Bureau Veritas laboratory in Vancouver for analysis. All RC (reverse circulation) holes were drilled dry (that is, above the water table and no water or other fluids were injected into the hole). RC drill samples were collected every one metre using a centre-return hammer and samples were obtained from a Gilson chip splitter, which is cleaned using compressed air after each sample. Samples were bagged and labelled at the drill site under a geologist's supervision and are logged on site by a geologist, who visually selects potential mineralized intervals for fire assay. The mineralized interval(s) including three to five samples above and below the selected interval are continuously sampled and shipped to the Bureau Veritas lab in Managua, respecting the best chain-of-custody practices. Pulps are sent by Bureau Veritas to its laboratory in Vancouver under its chain of custody for analysis. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, AAS finish. Samples returning over 10.0 g/t gold are analyzed utilizing standard fire assay-gravimetric method. The company follows industry standards in its quality assurance and quality control procedures. Control samples consisting of duplicates, standards and blanks were inserted into the sample stream at a minimum ratio of one control sample per every 10 samples. Analytical results of control samples confirmed reliability of the assay data.

Qualified person

Brian Ray, MSc, PGeo, a geologist and qualified person (as defined under National Instrument 43-101) has read and approved the technical information contained in this press release. Mr. Ray is an independent 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 and offers district-scale exploration potential. Mako also owns two assets in the United States: the Moss mine in Arizona, an open-pit gold mine in northwestern Arizona, and the Mount Hamilton project, a permitted heap-leach project in Nevada. 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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