Mako Mining Announces Q4 2025 Production Results Generating Record Gold Revenue of Approximately US$ 50 million, Year End Cash Balance of US$ 78.1 million and Full Repayment of Debt
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
January 13th, 2026
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Q4 2025 Production Results Generating Record Gold Revenue
of Approximately US$ 50 million, Year End Cash Balance of US$ 78.1 million and Full
Repayment of Debt
VANCOUVER, BC / January 13, 2026 / Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako”
or the “ Company”) is pleased to provide fourth quarter 2025 (“Q4 2025”) production results for the
Company’s San Albino gold mine (“San Albino”) in northern Nicaragua, the Moss Mine in Arizona 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.
Q4 2025 San Albino Operational Highlights
• 57,577 tonnes mined, containing 12,906 ounces (“oz”) of gold (“Au”) at an average grade of
6.97 grams per tonne (“g/t”) Au and 13,003 oz of silver (“Ag”) at 7.02 g/t Ag
o 34,600 tonnes mined from diluted vein material containing 10,740 oz Au at 9.65 g/t Au and
10,636 oz Ag at 9.56 g/t Ag
o 22,977 tonnes mined from historical dump and other mineralized material above cutoff grade
(“historical dump + other”) containing 2,166 oz Au at 2.93 g/t Au and 2,368 oz Ag at 3.20 g/t
Ag
o 38.9:1 strip ratio (1)
• 54,076 tonnes milled containing 11,767 oz Au and 12,039 oz Ag grading 6.77 g/t Au and 6.92
g/t Ag
o 52% and 48% from diluted vein and historical dump and other, respectively
o 598 tonnes per day (“tpd”) milled at 98% availability
o Mill recovery of 82.3% for gold
• At quarter end, the stockpile was estimated at 127,755 tonnes at an average grade of 2. 76
g/t Au for contained Au of 11,328 oz
Q4 2025 Mako Financial Highlights
• Mako total gold sales of 11,604 oz Au for total revenue of $50.0 million in Q4 2025
o San Albino Mine sales of 9,307 oz Au at $4,340 per ounce
o Moss Mine sales of 2,297 oz Au as part of initial ramp up of Moss at $4,202 per ounce
• Repayment of $6.5 million in Debt
• Equity Raise of $37.7 million (net of costs and commissions)
• Cash Balance and trade receivables of $78.1 million as of December 31st, 2025
LEGAL*57291589.1
2
Akiba Leisman, Chief Executive Officer of Mako states that “Q4 2025 was a very strong finish to the
year after completing a scheduled weak Q3 2025. Gold sales were 11,604 ounces at a record average
gold price of $4,313 per ounce, generating US$50.0 million in revenue for the quarter, which was nearly
30% higher than our previous quarterly revenue record . After raising US$37.7 million in equity and
repaying the remaining US$6.5 million in debt, cash and trade receivables increased to US$78.1 million
from US$28.4 million in Q3 2025. Net of equity issuance and debt repayment, this implies a quarterly
cash increase of US$18.5 million despite having significant exploration programs at all four of our
assets. Moss is ramping u p to steady state production, expected late this quarter, and permitting
activities are rapidly advancing at Eagle Mountain, with full operating permits expected late this year.
During the quarter, the Company has taken operating control of the Mt . Hamilton project in Nevada.
Preconstruction activities have commenced, with full construction expected to begin in early Q2 2026.”
LEGAL*57291589.1
3
Table 1 – Operating Results for San Albino
* Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
**For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price Gold.
(1) Strip Ratio calculation does not include waste material that is capitalized
(2) Equivalent Gold ounces are calculated by: Silver recovered. or Silver sold (oz) / Avg. Realized Price Gold ($/oz) / Avg. Realized Price Silver
($/oz)
Units Q1 2025 Q2 2025 Q3 2025 Q4 2025
Mined
Diluted Vein
Tonnes t 29,163 25,022 20,854 34,600
Gold Grade g/t 10.26 9.92 8.43 9.65
Silver Grade g/t 10.43 10.97 8.14 9.56
Contained Gold oz 9,620 7,981 5,654 10,740
Contained Silver oz 9,777 8,829 5,459 10,636
Historical Dump + Other*
Tonnes t 19,650 29,332 28,057 22,977
Gold Grade g/t 2.97 3.11 2.92 2.93
Silver Grade g/t 3.58 3.88 3.18 3.20
Contained Gold oz 1,875 2,930 2,636 2,166
Contained Silver oz 2,259 3,662 2,872 2,368
Waste
Tonnes t 2,272,474 2,081,322 2,500,885 2,241,182
Phase 2 - Capitalized Waste t 0 177,544 0 0
Strip Ratio (1) w:o 46.6 38.3 51.1 38.9
Milled
Diluted Vein % 52% 41% 36% 53%
Historical Dump + Other* % 48% 59% 64% 45%
Tonnes t 53,551 52,705 52,554 54,076
Gold Grade g/t 7.10 6.58 5.00 6.77
Silver Grade g/t 7.40 7.58 5.36 6.92
Contained Gold oz 12,228 11,153 8,454 11,767
Contained Silver oz 12,740 12,847 9,061 12,039
Mill Availability % 98% 97% 97% 98%
Average Tonnes per Day t/day 608 595 591 599
Recovered
Gold Recovery % 85.3% 80.3% 81.4% 81.8%
Siver Recovery % 83.8% 79.9% 79.8% 78.4%
Gold Recovered oz 10,436 8,961 6,879 9,621
Gold Equiv. Recovered (2) oz 10,553 9,063 6,961 9,745
Silver Recovered oz 10,677 10,269 7,226 9,442
Gold Sold oz 9,881 10,104 6,918 9,307
Gold Equiv. Sold (2) oz 10,021 10,194 7,024 9,394
Silver Credits oz 12,684 9,018 9,329 6,660
Avg. Realized Price Gold ** US$/oz 2,898 3,323 3,452 4,340
Avg. Realized Price Silver US$/oz 32 33 39 57
LEGAL*57291589.1
4
Table 2 – San Albino 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
In Q4 2025, the mine extracted a total of 57,577 tonnes of ore and generated approximately 2.2 million
tonnes of waste, resulting in a strip ratio of 38.9. Mine production was primarily sourced from the El Limón
and Bayacun areas, which accounted for 23% and 49% of total mined tonnes, respectively. The average
head grade for the quarter was 6.97 g/t Au and 7.02 g/t Ag.
During Q4 2025, the team also continued advancing engineering and geotechnical activities in support of
the planned underground mining development.
Milling at San Albino
During Q 4 2025, the plant throughput rate averaged 59 9 tpd, 19% above nameplate capacity. Mill
availability remained high at 98% which compares favorably with industry averages. The mill head grade
averaged 6.77 g/t Au, comprised of 52% diluted vein material and 48% historical dump + other material. A
total of 9,621 ounces of gold were recovered during the quarter at a mill recovery of 81.8%.
Moss Mine
During Q4 2025, mining operations at the Moss Mine continued to improve throughout the quarter. The
company added key leadership and technical support personnel, enabling crushing operations to transition
to 24-hour coverage and supporting higher throughpu t and more efficient utilization of the crushing and
processing infrastructure. Gold ounces placed on the heap leach pad and recovered through heap leaching
increased month over month, reflecting improving operational stability and processing performance. The
Company remains focused on maintaining this momentum across mining, crushing, and processing
activities as operations progress toward sustained, steady-state production.
Eagle Mountain Gold Project
The 2025 work program included engineering and environmental activities, such as geotechnical drilling,
hydrology/hydrogeology, environmental geochemistry, cultural heritage and community surveys, noise/air
and biodiversity surveys, as well as siting studies to both confirm mine design parameters and to generate
baseline environmental data for an Environmental Impact Assessment (“EIA”). In line with prior guidance,
the Company anticipates the submission of the EIA to the Guyana Environmental Protection Agen cy
(“EPA”) in Q1 2026.
In Q4 2025, work activities were focused on advancing social baseline studies. On October 3, 4, and 7,
the Company together with Environmental Resources Management Ltd. (ERM), Mako’s lead consultant
Units Q1 2025 Q2 2025 Q3 2025 Q4 2025
Historical Dump + Other**
Tonnes t 126,248 127,897 124,254 127,755
Gold Grade g/t 2.61 2.52 2.55 2.76
Contained Gold oz 10,587 10,352 10,188 11,328
LEGAL*57291589.1
5
for the EIA process, conducted a series of stakeholder and community engagement meetings in the
communities within the Eagle Mountain Project’s area of influence. These meetings were observed by the
EPA. Input from these meetings has helped guide the terms of reference of the EIA and informed both the
impacts and planned mitigation measures. The Environmental Impact Assessment represents the
culmination of years of comprehensive data collection, analysis, and studies, formally consolidated into a
regulatory submission. Its filing will mark a major milestone in the advancement of the Project.
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 statements forward looking statements include that :
expectations stated regarding Q4 2025 and Q1 2026 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 Q4 2025 and Q1 2026 will not meet expectations; that the EIS will not be submitted on the timeline expected;
uncertainty related to mining exploration properties; 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 Q4
2025 production and operating results at San Albino gold project, financial highlights for Q4 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.
LEGAL*57291589.1
6
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.