Mako Mining Announces Q3 2024 Operational Results for the San Albino Mine and Update on the Eagle Mountain Gold Project
(1) Strip Ratio calculation does not include the Phase II – Waste Capitalization
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TSX-V: MKO | OTCQX: MAKOF
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IR: (647) 203-8793
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
October 22nd, 2024
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Q3 2024 Operational Results for the San Albino Mine and
Update on the Eagle Mountain Gold Project
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
third quarter 2024 (“Q3 2024”) production results for the Company’s San Albino gold mine (“San Albino”)
in northern Nicaragua as well as an update on its Eagle Mountain gold project in Guyana, South America.
Certain amounts shown in this news release may not total to exact amounts due to rounding differences.
Q3 2024 Operational Highlights
• 29,749 tonnes mined containing 5,414 ounces (“oz”) of gold (“Au”) at an average grade of
5.66 grams per tonne (“g/t”) Au and 5,557 oz of silver (“Ag”) at 5.81 g/t Ag
o 6,781 tonnes mined containing 2,774 oz Au at 12.72 g/t Au and 2,620 oz Ag at 12.02 g/t Ag
from diluted vein material
o 22,968 tonnes mined containing 2,640 oz Au at 3.57 g/t Au and 2,937 oz Ag at 3.98 g/t Ag
from historical dump and other mineralized material above cutoff grade (“historical dump
+ other”)
o 29.4:1 strip ratio (1)
• 51,865 tonnes milled containing 7,002 oz Au at an average grade of 4.20 g/t Au and 8,479 oz
Ag at 5.08 g/t Ag
o 14% and 86% from diluted vein and historical dump and other, respectively
o 584 tonnes per day (“tpd”) milled at 96% availability
o Mill recovery of 73.4% for gold
• At quarter end, the stockpile was estimated at 135,496 tonnes at an average grade of 2.49
g/t Au for contained Au of 10,849 oz
• 5,142 oz Au recovered and 6,532 oz Au sold during the quarter
• Delivered 40,500 oz of silver as part of the Sailfish Silver Loan for a total of US$ 1.2 million
in Q3 2024
Akiba Leisman, Chief Executive Officer of Mako states that, “after the receipt of the Las Conchitas EIA in
early July, the Company needed to accelerate a substantial amount of waste pre-stripping activities during
Q3 in order to access consistent amounts of higher-grade diluted vein material from the mine. This
stemmed from a decision the Company made at the end of 2022 to bifurcate the permits at Las Conchitas
into 1) an initial bulk sample permit over s ix small mining zones; and 2) a final full -scale EIA permit over
the entirety of the Las Conchitas area. This bifurcation allowed the Company to defer millions of dollars of
surface acquisitions that have since been completed with cash flow generated from the mine. Because of
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the delay in the EIA permit, production for the quarter was relatively low, with 5,142 oz Au recovered and
6,532 oz Au sold during Q3 2024. Beginning in September, consistent access to diluted vein material was
achieved. Production in Q4 2024 back to normal rates, with over 2, 100 ounces of gold recovered in the
first 19 days of the quarter.”
Table 1 – Operating 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) Strip Ratio calculation does not include the Phase II – Waste Capitalization
(2) Equiv. Gold ounces are calculated by: Silver Rec. or Silver Sold (oz) / Avg. Realized Price of Gold (US$/oz) / Avg. Realize d Price of Silver
(US$/oz)
Units Q4 2023 Q1 2024 Q2 2024 Q3 2024
Mined
Diluted Vein
Tonnes t 20,469 25,374 24,365 6,781
Gold Grade g/t 14.49 11.85 14.25 12.72
Silver Grade g/t 12.40 12.16 19.00 12.02
Contained Gold oz 9,538 9,664 11,160 2,774
Contained Silver oz 8,162 9,919 14,885 2,620
Historical Dump + Other*
Tonnes t 31,929 42,587 35,185 22,968
Gold Grade g/t 4.40 3.14 3.27 3.57
Silver Grade g/t 4.37 4.24 5.38 3.98
Contained Gold oz 4,521 4,301 3,695 2,640
Contained Silver oz 4,488 5,799 6,085 2,937
Waste
Tonnes t 1,195,161 1,544,405 2,049,795 758,401
Phase 2 - Capitalized Waste t 0.0 0.0 0.0 1,286,632
Strip Ratio (1) w:o 22.8 22.7 34.4 29.4
Milled
Diluted Vein % 36% 36% 39% 14%
Historical Dump + Other* % 64% 64% 61% 86%
Tonnes t 51,745 52,478 52,681 51,865
Gold Grade g/t 8.22 7.27 8.79 4.20
Silver Grade g/t 7.67 8.34 11.78 5.08
Contained Gold oz 13,673 12,266 14,888 7,002
Contained Silver oz 12,766 14,071 19,953 8,479
Mill Availability % 97% 96% 97% 96%
Average Tonnes per Day t/day 582 606 598 584
Recovered
Gold Recovery % 84.6% 80.6% 82.0% 73.4%
Gold Recovered oz 11,567 9,875 12,206 5,142
Gold Equiv. Recovered (2) oz 11,646 10,007 12,388 5,210
Gold Sold oz 13,481 9,267 12,313 6,532
Gold Equiv. Sold (2) oz 13,576 9,332 12,484 6,641
Avg. Realized Price Gold ** US$/oz 1,973 2,089 2,349 2,470
Avg. Realized Price Silver US$/oz 19 24 28 29
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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.
Table 3 – Mill Performance October 2024
Mining
The mine produced an average of 323 tonnes per day of diluted vein and historical dump + other material
in Q3 2024. After the receipt of the Environmental Impact Assessment (“EIA”) for the Las Conchitas area
in early July, six months behind the original forecast, the Company was able to commence waste stripping
outside the smaller area that was permitted for the initial bulk sample. In Q3 2024, 1,286,632 tonnes of
waste material were mined outside the bulk sample area. This pre-stripping of the broader Las Conchitas
area was originally scheduled to be completed between January and June of this year. Due to the delay,
total diluted vein production in Q3 was approximately one fourth of average rates. The Company began to
access more consistent volumes of diluted vein material in the middle of September, and production was
fully back to normal in the beginning of Q4 (see Table 3).
The total production of diluted vein material in the quarter came from four different zones within the San
Albino and Las Conchitas areas : 59% of the total ounces were mined from Limon Vein (Las Conchitas
South), 34% from Mango Vein (Las Conchitas South), 6% from Southwest Pit (San Albino Deposit), and
1% from Phase 1 in Cruz Grande Vein (Las Conchitas Intermedia te). The average grade of the diluted
vein was 12.72 g/t Au containing 2,774 oz Au.
At quarter end, the stockpile was estimated at 135,496 tonnes containing 10,849 oz Au at 2.49 g/t Au.
Units Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Historical Dump + Other**
Tonnes t 134,608 136,402 150,743 157,612 135,496
Gold Grade g/t 2.40 2.48 2.57 2.45 2.49
Contained Gold oz 10,389 10,880 12,474 12,436 10,849
Total
Tonnes t 134,608 136,402 150,743 157,612 135,496
Gold Grade g/t 2.40 2.48 2.57 2.45 2.49
Contained Gold oz 10,389 10,880 12,474 12,436 10,849
Mill Data from Oct 1st - Oct 19th
Diluted Vein % 57%
Historical Dump + Other* % 43%
Milled Tonnes t 10,211
Tpd t 537
Gold Grade gr/t 7.72
C ontained Gold Oz. 2,536
Gold Recovery % 84%
Gold Recovered Oz. 2,129
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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 Q3 2024, the plant throughput rate averaged 584 tpd, above the
nameplate capacity of 500 tpd. The mill head grade averaged 4.20 g/t comprised of 14% diluted vein
material and 86% historical dump + other material . This was below the normal 2:3 ratio due to the EIA
permit delay mentioned above. The mill recovery averaged 73.4% for gold, resulting in 5,142 ounces of
gold recovered in Q3. Since the beginning of October, consistent with the increased proportion of higher-
grade diluted vein material, mill head grades and recoveries have reverted to normal, averaging 7.72 g/t
Au and 84%, respectively. Gold production has also increased, with 2,129 gold ounces recovered during
the first 19 days of Q4.
Mill availability remained high at 96% for the second consecutive quarter. The YTD plant availability of
97% compares favorably with plant availability rates achieved throughout the industry.
Eagle Mountain Gold Project
On September 30th, 2024, the Guyana Geology and Mines Commission (“GGMC”), approved the renewal
of the Eagle Mountain Prospecting License (“PL”). Pursuant to the Guyana Mining Act, the term of
prospecting licenses is three years with two rights of extension of one year each, for a total of five years.
Stronghold Guyana, Mako’s subsidiary in Guyana, was granted two other renewals in 2013 and 2019. The
PL provides the Company with the exclusive right to explore the PL area for gold, valuable minerals, and
base metals. The PL also provides Mako the exclusive right to apply for a mining license application over
the PL area. This timeline assumes that further environmental, social, and technical studies and filings
advance according to plan.
Through 2024, the Company’s activities at Eagle Mountain have focused on engineering and
environmental work, including tailings and waste dump siting studies, geotechnical drilling, hydrogeology
and hydrology, and environmental geochemistry. These activities are predominantly geared to put the
Company in a position to apply for an environmental permit and a mining license application in the second
half of 2025, consistent with Mako’s plan to accelerate the development plan for Eagle Mountain.
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
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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. The Company also owns
100% of the gold project Eagle Mountain in Guyana, South America.
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 Q3, 2024 detailed
operating costs and financial results will be available in November; 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 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; 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 Q3 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.