Mako Mining Announces Q1 2025 Production Results Generating Record Gold Revenue of US$31.5 million
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 21st, 2025
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Q1 2025 Production Results Generating Record Gold Revenue
of US$31.5 million
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
first quarter 2025 (“Q1 2025”) production results for the Company’s San Albino gold mine (“San Albino”)
in northern Nicaragua and 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.
Q1 2025 San Albino Operational Highlights
• 48,813 tonnes mined, containing 11,495 ounces (“oz”) of gold (“Au”) at an average grade of
7.32 grams per tonne (“g/t”) Au and 12,036 oz of silver (“Ag”) at 7.67 g/t Ag
o 29,163 tonnes mined from diluted vein material containing 9,620 oz Au at 10.26 g/t Au and 9,777
oz Ag at 10.43 g/t Ag
o 19,650 tonnes mined from historical dump and other mineralized material above cutoff grade
(“historical dump + other”) containing 1,875 oz Au at 2.97 g/t Au and 2,259 oz Ag at 3.58 g/t
Ag
o 46.6:1 strip ratio
• 53,551 tonnes milled containing 12,228 oz Au and 12,740 oz Ag grading 7.10 g/t Au and 7.40
g/t Ag.
o 52% and 48% from diluted vein and historical dump and other, respectively
o 608 tonnes per day (“tpd”) milled at 97.8% availability
o Mill recovery of 85.3% for gold
• At quarter end, the stockpile was estimated at 126,248 tonnes at an average grade of 2. 61
g/t Au for contained Au of 10,587 oz
Q1 2025 Mako Financial Highlights
• Mako total gold sales of 10,817 oz Au for total revenue of $31.5 million in Q1 2025
o San Albino Mine sales of 9,881 oz at $2,898 per ounce
o Moss Mine sales of 936 oz Au from residual leaching activities at $2,997 per ounce (this
doesn’t include 605 oz Au sold in 2025 prior to the acquisition of Moss Mine)
• Delivered 40,500 oz of silver as part of Sailfish Silver loan for a total of $1.3 million in Q1
2025
• Interest payment of $0.3 million to Wexford under the Wexford loan
• Tax payment of $4.0 million in cash which was already accrued in Q4 2024
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• $1.5 million release of collateral at Moss Mine expected later this month from Trisura
Guarantee Insurance Company
• $1.0 million expected this month from the Sailfish Silver Option exercise
• Cash Balance of approximately $14.2 million as of April 14th, 2025, after $6.5 million payment
made for the acquisition of the Moss Mine (See press release dated March 27th, 2025)
Akiba Leisman, Chief Executive Officer of Mako states that “Production in Q1 2025 was strong, with gold
sales of 10,817 ounces (similar to Q4 2024), generating a record of US$31.5 million in revenue due to
higher realized gold prices. The acquisition of the Moss Mine was completed at the very end of the quarter,
with 936 gold ounces sold from the residual leach operations in the few days that Mako owned the mine
during Q1 2025. Record high gold prices are having a significantly positive effect on the Company, which
allowed Mako to reinvest in exploration in Nicaragua, rapidly advance the Eagle Mountain project in
Guyana and acquire the Moss Mine in Arizona, all while increasing cash on the balance sheet to be used
for the eventual construction of the Eagle Mountain project next year.”
Table 1 – Operating Results for San Albino
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* Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
**For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price Gold.
(1) Strip Ratio calculation does not include waste material that is capitalized
(2) Equivalent Gold ounces are calculated by: Silver recovered. or Silver sold (oz) / Avg. Realized Price Gold ($/oz) / Avg. Realized Price Silver
($/oz)
Units Q2 2024 Q3 2024 Q4 2024 Q1 2025
Mined
Diluted Vein
Tonnes t 24,365 6,781 24,819 29,163
Gold Grade g/t 14.25 12.72 14.81 10.26
Silver Grade g/t 19.00 12.02 13.06 10.43
Contained Gold oz 11,160 2,774 11,818 9,620
Contained Silver oz 14,885 2,620 10,419 9,777
Historical Dump + Other*
Tonnes t 35,185 22,968 21,913 19,650
Gold Grade g/t 3.27 3.57 3.97 2.97
Silver Grade g/t 5.38 3.98 3.87 3.58
Contained Gold oz 3,695 2,640 2,799 1,875
Contained Silver oz 6,085 2,937 2,728 2,259
Waste
Tonnes t 2,049,795 758,401 1,287,997 2,272,474
Phase 2 - Capitalized Waste t 0.0 1,286,632 614,119 0
Strip Ratio (1) w:o 34.4 29.4 27.6 46.6
Milled
Diluted Vein % 39% 14% 49% 52%
Historical Dump + Other* % 61% 86% 51% 48%
Tonnes t 52,681 51,865 51,242 53,551
Gold Grade g/t 8.79 4.20 8.60 7.10
Silver Grade g/t 11.78 5.08 8.17 7.40
Contained Gold oz 14,888 7,002 14,175 12,228
Contained Silver oz 19,953 8,479 13,453 12,740
Mill Availability % 97% 96% 97% 98%
Average Tonnes per Day t/day 598 584 576 608
Recovered
Gold Recovery % 82.0% 73.4% 85.0% 85.3%
Gold Recovered oz 12,206 5,142 12,053 10,436
Gold Equiv. Recovered (2) oz 12,388 5,210 12,182 10,553
Gold Sold oz 12,313 6,532 10,803 9,881
Gold Equiv. Sold (2) oz 12,484 6,641 10,873 10,021
Avg. Realized Price Gold ** US$/oz 2,349 2,470 2,670 2,898
Avg. Realized Price Silver US$/oz 28 29 31 32
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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 at San Albino
The mine produced an average of 542 tonnes per day of diluted vein and historical dump + other material
in Q1 2025. The strip ratio averaged 46.6:1, which included accelerated waste development of the Bayacun
and Limon-Mango Pit with the goal of improving the mining sequence and increasing access to higher gold
grades in the second and third quarter of 2025.
In Q1 2025, diluted vein material was sourced from three different veins: Las Conchitas South (El Limon-
Mango 20%, Las Dolores 24%) and Las Conchitas Central (Cruz Grande 56%). In Q2 2025, production is
also expected from the high-grade Bayacun and Intermediate veins located in Las Conchitas South and
Las Conchitas Central, respectively.
Milling at San Albino
During Q1 2025, the plant throughput rate averaged 608 tpd, 22% above nameplate capacity. Mill
availability remained high at 98% which compares favorably with industry averages. The mill head grade
averaged 7.10 g/t Au, comprised of 52% diluted vein material and 48% historical dump + other material. A
total of 10,436 ounces of gold were recovered during the quarter at a mill recovery of 85.3%.
Eagle Mountain Gold Project
Consistent with the 2024 work program at the Eagle Mountain Project, the Q1 2025 work program included
engineering and environmental activities to confirm mine design parameters and to generate the data and
studies required to complete an Environmental Impact Statement (“EIS”) for submission to the Guyana
Environmental Protection Agency (“EPA”). The Company is targeting H2 2025 for the submission of the
EIS.
Phase 2 activities, which commenced in January 2025, comprised geotechnical drilling and testing of the
saprolite and underlying fresh rock to facilitate infrastructure siting studies and site hydrogeological drilling
to generate data for both pit optimization and water resource management studies. Q1 2025 activities also
included environmental geochemical testing of water, soils, and rock for which analyses are ongoing. In
March 2025, the Company officially initiated the regulatory permitting process in Gu yana through the
submission of Environmental Application and Project Summary documents to the Guyana EPA.
Units Q2 2024 Q3 2024 Q4 2024 Q1 2025
Historical Dump + Other**
Tonnes t 157,612 135,496 130,987 126,248
Gold Grade g/t 2.45 2.49 2.69 2.61
Contained Gold oz 12,436 10,849 11,327 10,587
Total
Tonnes t 157,612 135,496 130,987 126,248
Gold Grade g/t 2.45 2.49 2.69 2.61
Contained Gold oz 12,436 10,849 11,327 10,587
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On behalf of the Board,
Akiba Leisman
Chief Executive Officer
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.
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 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% interest
in the PEA -stage Eagle Mountain Project in Guyana, South America. Eagle Mountain is the subject of
engineering, environmental and mine permitting activity.
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 expectations and assumptions as of the date such stateme nts forward looking statements include that: all
associated capital expenditures required to restart mining operations at Moss mine will be funded out of a small fraction of the
Company’s cash generation from Q1 2025; expectations stated regarding Q2 and Q 3 2025 production at San Albino, expected
timing for the submission of the EIS to the Guyana EPA . 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 production results in Q2 and Q3 2025 will not meet expectations; that the EIS will not be submitted
on the timeline expected; uncertainty related to mining exploration prope rties; political risks and uncertainties involving the
Company’s mineral properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense;
commodity 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 Q 1 2025 production and operating results at San Albino gold project, financial highlights for Q1 2025
and current corporate updates, 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.