Mako Mining Announces Q1 2024 Production Results
LEGAL*57291589.1
1
595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
Suite 700 - 838 West Hastings St.
Vancouver, BC - V6C 0A6
IR: (647) 203-8793
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
April 22nd, 2024
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Q1 2024 Production Results
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
first quarter 2024 (“Q1 2024”) production results from its San Albino gold mine (“San Albino”) in northern
Nicaragua, which is the eleventh 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”)
o 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
o 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 cutoff grade (“historical dump
+ other”)
o 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
o 36% and 64% from diluted vein and historical dump and other, respectively
o 606 tonnes per day (“tpd”) milled at 96% availability
o Recoveries of 80.6% 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 Au Equiv. recovered and 9,332 oz Au. Equiv. sold during the quarter
• Delivered 40,500 oz of silver on the Sailfish Silver Loan for a total of US$ 0.9 million during
Q1 2024
• Entered into an environmental settlement and release agreement with GR Silver comprising
US$0.5 million and the issuance of 296,710 common shares of Mako
• C$ 2.8 million in share repurchases equating to 1 million shares at an average price of C$
2.80 so far in 2024
• Aprox. US$ 3.0 million increase in cash balance in Q1 2024 vs. Q4 2023
Akiba Leisman, Chief Executive Officer of Mako states that, “Q1 2024 was another highly profitable quarter
for the Company, with recovered gold equivalent of over 10,000 ounces at industry leading AISC. The
LEGAL*57291589.1
2
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 accel erated, and cash is building on the balance sheet as we
prepare to close the Goldsource Mines acquisition later this quarter.”
Table 1 – Production Results
* Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
**For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price.
(1) Equiv. Gold ounces are calculated by: Silver Rec. or Silver Sold (oz) / Avg. Realized Price of Gold (US$/oz) / Avg. Reali zed Price of Silver
(US$/oz)
Units Q2 2023 Q3 2023 Q4 2023 Q1 2024
Mined
Diluted Vein
Tonnes t 21,490 26,982 20,469 25,374
Gold Grade g/t 9.18 10.55 14.49 11.85
Silver Grade g/t 12.70 12.92 12.40 12.16
Contained Gold oz 6,344 9,153 9,538 9,664
Contained Silver oz 8,778 11,209 8,162 9,919
Historical Dump + Other*
Tonnes t 19,666 20,749 31,929 42,587
Gold Grade g/t 2.74 2.84 4.40 3.14
Silver Grade g/t 5.47 4.08 4.37 4.24
Contained Gold oz 1,735 1,894 4,521 4,301
Contained Silver oz 3,460 2,722 4,488 5,799
Waste
Tonnes t 1,526,980 1,106,412 1,195,161 1,544,405
Strip Ratio Total 37.1 23.2 22.8 22.7
Milled
Diluted Vein % 37% 44% 36% 36%
Historical Dump + Other* % 63% 56% 64% 64%
Tonnes t 54,284 51,578 51,745 52,478
Gold Grade g/t 5.25 6.63 8.22 7.27
Siver Grade g/t 8.09 8.91 7.67 8.34
Contained Gold oz 9,157 10,997 13,673 12,266
Contained Silver oz 14,125 14,782 12,766 14,071
Mill Availability % 95% 94% 97% 96%
Average Tonnes per Day t/day 627 598 582 606
Recovered
Gold Recovery % 71.8% 77.4% 84.6% 80.6%
Gold Recovered oz 6,563 8,506 11,567 9,937
Gold Equiv. Recovered (1) oz 6,653 8,601 11,646 10,070
Gold Sold oz 6,726 5,767 13,481 9,267
Gold Equiv. Sold (1) oz 6,801 5,859 13,576 9,332
Avg. Realized Price Gold ** US$/oz 1,978 1,930 1,973 2,089
Avg. Realized Price Silver US$/oz 25 23 19 24
w:o
LEGAL*57291589.1
3
Table 2 – Quarter End Stockpile Statistics
** Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
Mining
The mine averaged 747 tpd of diluted vein and historical dump + 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 pre-stripping 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 3 different zones ; 39% of the total
ounces were mined from the West Pit (San Albino), 19% from the Southwest Pit (San Albino), and 41%
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%. The plant processed 36% diluted vein material and 64% historical dump + other material
to achieve a blended feed grade of 7.27 g/t Au. The gold recovery was lower at 80.6 % in Q1 compared to
84.6% 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 to 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 materia l 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% with 10,070
ounces of gold equivalent recovered.
Units Q2 2023 Q3 2023 Q4 2023 Q1 2024
Historical Dump + Other**
Tonnes t 138,454 134,608 136,402 150,743
Gold Grade g/t 2.32 2.40 2.48 2.57
Contained Gold oz 10,339 10,389 10,880 12,474
Total
Tonnes t 138,454 134,608 136,402 150,743
Gold Grade g/t 2.32 2.40 2.48 2.57
Contained Gold oz 10,339 10,389 10,880 12,474
LEGAL*57291589.1
4
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 press release. Mr. Rust is a senior metallurgist and a
consultant to the Company.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. 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 fund exploration of prospective targets on its district-scale land package.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 917-558-
5289, E -mail: [email protected] or visit our website at www.makominingcorp.com and
SEDAR www.sedarplus.ca.
Forward-Looking Information: Statements contained herein, other than historical fact, may be considered “forward-
looking information” within the meaning of applicable securities laws. The forward -looking information contained
herein is based on the Company’s plans and certain expectations and assumptions, including that Q1, 2024 detailed
operating costs and financial results will be available by the end of this month; the additional optimizations noted may
improve recoveries further; and that the Company can operate San Albino profitably in order to fund exploration of
prospective targets on its district-scale land package. Such forward-looking information is subject to a variety of risks
and uncertainties which could cause actual events or results to differ materially from those reflected in the forward -
looking information, including, without limitation ; that the Company`s debt repayments and payables, royalties and
taxes and cash balance are preliminary in nature and have not been audited by a third party; that the Company is
not successful in operating San Albino profitably and/or funding its exploration of prospectus targets on its district -
scale land package; political risks and uncertainties involving the Company’s exploration properties; the inherent
uncertainty of cost estimates and the potential for unexpected costs and expense; commo dity price fluctuations and
other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at www.sedarplus.ca.
Such information contained herein represents management’s best judgment as of the date hereof, based on
information currently available and is included for the purposes of providing investors with the Company’s
expectations regarding the Company’s Q1 2024 production results at San Albino gold project, and may not be
appropriate for other purposes. Mako does not undertake to update any forward -looking information, except in
accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.