Mr. Akiba Leisman reports

MAKO MINING ANNOUNCES Q2 2026 PRODUCTION RESULTS WITH RECORD GOLD SOLD OF 14,610 AU OZ., REVENUES OF ~US$63 MILLION AND CASH AND SECURITIES BALANCE OF US$112 MILLION

Mako Mining Corp. has provided its second quarter (Q2) 2026 production results for the company's San Albino gold mine in northern Nicaragua and the Moss mine in Arizona, and a corporate update on its Mt. Hamilton and Eagle Mountain gold projects. Certain figures in this news release may not sum precisely due to rounding. Unless otherwise indicated, all amounts are expressed in U.S. dollars.

Q2 2026 San Albino operational highlights:

• 48,890 tonnes mined, containing 12,390 ounces (oz) of gold (Au) at an average grade of 7.88 grams per tonne (g/t) Au and 11,289 oz of silver (Ag) at 7.18 g/t Ag:
  • 29,142 tonnes mined from diluted vein material containing 10,237 oz Au at 10.93 g/t Au and 9,270 oz Ag at 9.89 g/t Ag;
  • 19,747 tonnes mined from historical dump and other mineralized material above cut-off grade (historical dump plus other) containing 2,153 oz Au at 3.39 g/t Au and 2,019 oz Ag at 3.18 g/t Ag;
  • 35.9:1 strip ratio;
• 53,120 tonnes milled containing 12,874 oz Au and 11,714 oz Ag grading 7.54 g/t Au and 6.86 g/t Ag, respectively:
  • 53 per cent and 47 per cent from diluted vein, and historical dump and other, respectively;
  • 599 tonnes per day (tpd) milled at 97 per cent availability;
  • Mill recovery of 80.7 per cent for gold;
• At quarter-end, the stockpile was estimated at 120,119 tonnes at an average grade of 2.62 g/t Au for contained Au of 10,105 oz.

Q2 2026 Mako financial highlights:

• Mako total gold sales of 14,610 oz Au for total revenue of approximately $63.0-million in Q2 2026:
  • San Albino mine sales of 10,612 oz Au at $4,156 (1) per ounce;
  • Moss mine sales of 3,998 oz Au at $4,321 per ounce;
• Delivered 1,141 oz Au in connection with gold stream related to the purchase of the Mt. Hamilton project;
• Cash, securities and trade receivables of $112-million as of June 30, 2026.

(1) Gold price before Sailfish adjustments. For the purpose of calculating revenue, payments to Sailfish are deducted from the average realized price gold.

Akiba Leisman, chief executive officer of Mako, states: "Q2 2026 was another record quarter of production for the company, with gold production increasing sequentially from our last record quarter in Q1 2026. The San Albino mine continues to perform well and the Moss mine continues to ramp up as planned. Total cash, gold-linked securities and trade receivables now stand at $112-million (U.S.), an increase of $15-million (U.S.) from the previous quarter, a significant accomplishment given the amount of capital being invested in exploration at both mines and the investments being made to advance our two development projects. This is the first quarter the company has reinvested a significant amount of cash (approximately $40-million (U.S.)) in gold-linked securities, taking advantage of lower gold prices. Lastly, it was an important event that we received the Eureka concession immediately to the west of San Albino, adding an additional 30 square kilometres of some of the area's most highly prospective ground to our land package. We have been in discussions to acquire this concession for well over a decade and this is the first time in history that the concessions immediately surrounding the historic San Albino mine have been fully consolidated."

San Albino granted Eureka concession

Mako Mining's wholly owned Nicaraguan subsidiary, Nicoz Resources S.A., has successfully finalized the definitive legal registration and acquisition of the Eureka mineral concession, located in the department of Nueva Segovia, Nicaragua. The Eureka concession encompasses approximately 3,000 hectares of highly prospective terrain immediately to the west of the San Albino-Murra and El Jicaro concessions, expanding Mako's total land package to 254 square kilometres. This acquisition secures exclusive, long-term exploration and exploitation rights over ground immediately adjacent to the company's operating San Albino and Las Conchitas mining areas.

Mt. Hamilton project

In Q2 2026, the Mt. Hamilton project continued predevelopment activities. Six full-time employees were added to the staff, including accounting, procurement, environmental and operations personnel. The project also added seven pieces of heavy equipment to the on-site fleet, including motor graders, dozers, water trucks and excavators to support on-site predevelopment activities.

A condemnation drilling program is expected to be completed by August to finalize engineering decisions regarding the placement of the three-stage crusher and conveyance system. Once complete, full-scale construction can commence.

Eagle Mountain gold project

On March 25, 2026, the company filed the environmental and social impact assessment (ESIA) for the Eagle Mountain project with the Guyana Environmental Protection Agency (EPA). The ESIA incorporates results of baseline studies for environmental, social, cultural, engineering and project design layouts with expected impacts and mitigation measures. The filing of the ESIA initiated a 60-day public comment period. In Q2 2026, this process included disclosure meetings in communities proximal to the Eagle Mountain project and in the capital, Georgetown. Comments received during the public comment period will be addressed in the final ESIA document. The company anticipates filing the final ESIA in the second half of 2026 following which the EPA is expected to make a determination on ESIA approval and then the environmental authorization (permit) for the project. The engineering program for 2026 includes a continuation of geotechnical drilling using the company-owned drill rig.

The geotechnical program continued into early Q2 2026, prior to the start of the wet season, with a focus on drilling in areas of the pit walls for mine design optimization. In Q2 2026, five geotechnical holes were completed for 258 metres (m). The balance of the geotechnical holes is planned for the Q3 (third quarter) 2026 dry season. Together with a contractor rig, the 2026 drill program also includes an estimated 5,000 m of infill and metallurgical-focused drilling. Infill drilling is focused on the Eagle Mountain and Salbora deposits. The metallurgical drilling program using large-diameter drill core is designed to generate sample for follow-up testwork with a focus on the deeper fresh rock mineralization. During Q2 2026, the company completed seven infill drill holes totalling 474 m and 11 metallurgical-focused drill holes totalling 771 m.

Non-GAAP (generally accepted accounting principles) measures

The company has included certain non-GAAP financial measures and non-GAAP ratios in this news release such as average realized gold price per ounce sold. These non-GAAP measures are intended to provide additional information, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS (international financial reporting standards). In the gold mining industry, these are commonly used performance measures and ratios, but do not have any standardized meaning prescribed under IFRS and therefore may not be comparable with other issuers. The company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the company's underlying performance of its core operations and its ability to generate cash flow.

Average realized gold price per ounce sold is calculated by dividing total gold revenue by the total gold ounces sold into the spot market before deductions from Sailfish.

Qualified person

John Rust, a metallurgical engineer and qualified person (as defined under NI 43-101), has read and approved the technical information contained in this news 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 two assets in the United States: the Moss mine in Arizona, an open-pit gold mine in northwestern Arizona; and the Mt. Hamilton project, a 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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