Mako Mining Announces US$17.2 Million Exploration Program Funded Through Cash Flow; Intersects 43.73 g/t Gold Over 1.2m (Estimated True Width) Over 100m Outside Current Resource; and Provides Corporate Update

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595 Burrard Street, Suite 2833

Vancouver, BC V7X 1K8

Tel: (604) 646-1580

www.makominingcorp.com

TSX-V: MKO | OTCQB: MAKOF

March 9, 2022

TSX-V: MKO; OTCQX: MAKOF

Mako Mining Announces US$17.2 Million Exploration Program Funded Through Cash

Flow; Intersects 43.73 g/t Gold Over 1.2m (Estimated True Width) Over 100m Outside

Current Resource; and Provides Corporate Update

Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased

to report additional results from its recent expansion drilling program at its San Albino Mine in

Northern Nica ragua (see press release dated February 2, 2022). The Company has also

approved a US$17.2 million exploration program which is expected to be funded through

operating cashflow from the mine, and has announced the appointment of a new Vice President

of Corporate Development.

San Albino Exploration Results

Results from the recent drill campaign targeting the northerly extension of the West pit at San

Albino have confirmed mineralization and indicate the potential for pit expansion along strike and

downdip (see drill plan below). An updated 3D geological model is currently being compiled which

will be used to run a new pit optimization incorporating the recent assay data. The West pit is

presently being mined along with the smaller Central pit, which contains the Arras and Naranjo

veins.

Highlights of the Recent Drilling

⬧ 43.73 g/t Au and 24.5 g/t Ag over 2.00m, 1.2m estimated true width (ETW)

⬧ 31.27 g/t Au and 26.5 g/t Ag over 4.50m, 3.6m ETW

⬧ 11.18 g/t Au and 13.3 g/t Ag over 3.55m, 2.0m ETW

Highlights of the program are drill holes SA21 -560 and SA21 -555, which both successfully

confirmed the down dip continuity of the high -grade mineralization. Drill hole SA21 -560

intersected a mineralized interval of 43.73 g/t Au and 24.5 g/t Ag over 2.00m (1.20m ETW), 96m

from the surface and approximately 101m down dip from the current pit limit (see table and cross

section below). Drill hole SA21-555 intersected an interval of 11.18 g/t Au and 13.3 g/t Ag over

3.55m (2.2m ETW), 85m from surface and approximately 50m down dip from the current pit limit.

Mineralization remains open along strike and down dip.

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Drill hole SA21-550 tested a high -grade zone previously identified by several drill holes. SA21 -

550 intersected an interval of 31.27 g/t Au and 26.5 g/t Ag over 4.50m (3.6m ETW), 61m from the

surface.

Akiba Leisman, CEO of Mako states that “yet again, we are receiving fantastic drilling results from

the San Albino mine which will likely significantly increase the mineable resource of the San Albino

open pit. The announcement of a $17.2 million exploration program, the vast majority of which is

focused on early and mid-stage exploration, and all funded through cash flow, demonstrates how

the profitability of the San Albino mine can fund all of the Company’s growth objectives. Lastly,

we welcome Paolo Durand as the new Vice President of Corporate Development after having

served as a consultant to the Company for the past six months. He has been a valuable member

of the team, and we congratulate him on his appointment.”

2022 Exploration Program

Highlights

⬧ US $17.2 million budget

⬧ 110,080m drilling planned with 9 drill rigs

o 75,080m diamond drilling with 7 drill rigs

o 35,000m Reverse Circulation (“RC”) drilling with 2 drill rigs

⬧ Deliverables:

o Define additional sources of production for the San Albino mill

o Secure mining permits for new areas of production

o Complete a maiden resource estimate on Las Conchitas

o Make at least 2 significantly new regional discoveries

o Demonstrate that the Corona de Oro Gold Belt is an emerging orogenic gold camp

The Company is aggressively exploring its 100% owned, 188 km2 land package and has multiple

projects ranging from resource definition to early -stage exploration and prospecting within the

emerging "Corona de Oro" (Golden Crown) Gold Belt.

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The "Corona de Oro" Gold Belt is a northwesterly trending, 5 -10 km wide belt of metamorphic

rocks with stacked, low angle, gold bearing quartz veins interpreted to be "orogenic" gold veins.

The belt spans the entirety of the Company’s land package in Northern Nicaragua which extends

over 28 km in a northeasterly direction. The area is relatively un -explored using modern

exploration techniques.

Mako's large land package puts the Company in a unique position in the industry, giving it the

ability to organically generate new exploration targets. The Company is advancing a pipeline of

projects on its 100% owned land package that range through the 4 stages of exploration, with the

ultimate objective of delivering minable mineral resources to the San Albino mill. (see map)

Over the past 9 years the Company has completed p rospecting over approximately 80% of its

188 km 2 land package and has identified several hundred occurrences of gold bearing quartz

veins (gold > 1 g/t). Outcrops in the area are rare and nearly all the gold occurrences were

exposed in historical workings. The first phase of exploration is prospecting, in which anomalous

areas are identified through regional mapping and sampling of prospects and historical workings.

Over 900 historical adits, prospect pits and mine dumps have been identified to date and are

ready to be advanced to the next phase of exploration.

Potrerillos and La Segoviana, two newly acquired concessions, are early-stage exploration

targets that the Company is planning to advance to a drilling stage through use of detailed

mapping, trenching and soil sampling. Nearly 19% of the 2022 drilling budget is dedicated to

early-stage exploration. Approximately 21,000m of drilling are planned on these two concessions.

Arras, San Albino North, Las Conchitas North and Las Conchitas Central are mid-stage

exploration projects which include initial drill testing and subsequent follow-up drill programs with

the objective of making a new economic discovery and determin ing the extents of

mineralization. Approximately 56% of the 2022 drilling budget is dedicated to mid -stage

exploration on these 4 project areas with approximately 62,000m of drilling planned.

West Pit, SW Pit and Las Conchitas South areas are considered to be advanced-stage

exploration projects where the Company plans to delineate mineral resources through drilling

and complet ing accompanying studies, such as metallurgy, rock mechanics, hydrology,

environmental, socio-economic studies, among others. with the objective of bringing one or more

of these projects into production. Approximately 25% of the 2022 drilling budget is dedicated to

advanced-stage exploration on these 3 project areas , and the company plans to complete a

maiden mineral resource estimate in 2022 and initiate the mine permitting process. Approximately

27,000m of drilling are planned on these three project areas.

West Pit, San Albino Deposit – Advanced-Stage Exploration – Near Mine

The Company recently completed an expansional and infill drilling program at the West Pit. The

objectives of the 2021-2022 drilling program were to determine the continuity of the mineralized

zone and to expand the current open pit mineral resources down dip and along strike at the West

Pit, which is currently be ing mined. Highlights of the program are drill holes SA21-560, which

intersected a mineralized interval of 43.73 g/t Au and 24.5 g/t Ag over 2.00m (1.20m ETW) (see

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table below), and SA21 -552, which intersected an interval of 22.20 g/t Au and 23.1 g/t Ag over

3.80m (3.30m ETW) (see press release dated February 2, 2022). Both drill holes tested down dip

potential below currently defined mineral resources at the northwest end of the West Pit.

Southwest (SW) Pit – Advanced-Stage Exploration – Near Mine

The SW pit is situated within the permitted pit at the south end of the San Albino Deposit. Previous

drilling has defined a limited, shallow mineral resource and identified a deeper, high -grade

mineralized zone. Highlights of the previous drilling are drill holes SA20 -443 which intersected

62.04 g/t Au and 28.55 g/t Ag over 2m (1.5m ETW), 15m from surface (see press release dated

March 16, 2021) and SA21 -536 which targeted a lower zone and intersected 31.70 g/t Au and

39.2 g/t Ag over 2.40 m (1.55m ETW) 64m from surface (see press release dated February 02,

2022). The objective of the drilling within th is area is to extend the known mineralization and to

delineate new mineralization within the current permitted pit boundary. Currently, the company is

drilling this area with two drill rigs, targeting both the upper and lower mineralized zones.

Arras – Mid-Stage Exploration - Near Mine

Exploration conducted by the Company to date has identified the potential to define additional

shallow, high-grade mineralization in the Arras area. The Company is planning to complete a RC

drilling campaign to quickly identify new, near-surface drill targets near the operating mine.

San Albino North – Mid-Stage Exploration

The San Albino North target lies immediately to the north of the San Albino Gold Deposit

straddling two concessions, the San Albino-Murra and Potrerillos concessions. Prospecting over

the area identified two main drill targets; the Cerro Piedra Negra and El Callejon prospects. The

Cerro Piedra Negra is situated approximately 380m north of San Albino which is c omprised of

two collapsed adits, ten hillside cuts and several small pits and adits and appears to be following

a vein over a distance of 1,300m. The El Callejon prospect is situated northwest of the Cerro

Piedra Negra prospect. The Company plans to complete a RC drilling program north of the San

Albino Mine area with the goal of defining new near -surface targets, followed by core drilling

targeting deeper mineralization on both prospects.

Las Conchitas

The Las Conchitas area covers approximately 3.75 km2 and is situated immediately to the south

of the San Albino Deposit and immediately to the north of the historical El Golfo Mine located

within the Company’s El Jicaro Concession. The Las Conchitas area, thus far, has been

subdivided into three primary areas: Las Conchitas North (“LC-North”), Las Conchitas Central

(“LC-Central”) and Las Conchitas South (“LC -South”). Each of these areas are compris ed of

multiple subparallel, northeast -southwest striking and gently dipping mineralized veins. The

current drill program at Las Conchitas has been ongoing with two diamond drill rigs. The Company

plans to complete a maiden mineral resource and initiate the mine permitting process in 2022.

Las Conchitas South – Advanced-Stage Exploration

The LC-South area has seen the most exploration outside of the San Albino area and is currently

the most advanced exploration target. To date , 3,528 m of trenching and 35,520 m of diamond

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drilling have been completed in the LC -South area. LC -South is comprised of four mineralized

zones; Las Dolores, Bayacun, Mango and El Limon. The mineralized zones consist of multiple

parallel quartz veins, wit h a similar minerology and morphology to San Albino, trending in a

northeast-southwest direction, with a shallow northwest dip.

Highlights of drilling at the LC-South are as follows:

⬧ LC20-277 grading 22.26 g/t Au and 44.6 g/t Ag over 4.50m (4.30m ETW) (see press release

dated August 31, 2020)

⬧ LC20-246 40.52 g/t Au and 67.3 g/t Ag over 4.30m (2.10m ETW) (see press release dated

June 22, 2020)

⬧ LC11-01 intersected 62.96 g/t Au and 61.7 g/t Ag over 3.0m (see press release dated February

22, 2012)

⬧ LC19-70 intersected 376.49 g/t Au and 103.0 g/t Ag over 1m (see press release dated May 06,

2019)

Las Conchitas North – Mid-Stage Exploration

Initial drilling in 2018 has identified two mineralized areas; the San Pablo and Intermediate areas,

containing highly mineralized quartz veins similar in nature to those found at San Albino.

Highlights of drilling:

⬧ INT11-03 intersected 28.45 g/t Au and 53.7 g/t Ag over 5.0m (see press release dated

September 11, 2013)

⬧ INT18-19 intersected 16.65 g/t Au and 12.1 g/t Ag over 5.0m (see press release dated

November 28, 2018)

⬧ SP18-03 intersected 4.13 g/t Au and 3.8 g/t Ag over 6.0m (see press release dated November

28, 2018)

Las Conchitas Central – Mid-Stage Exploration

Two mineralized veins have been identified in the area. Previously, limited exploration work has

confirmed the Company’s structural model, where parallel veins, with an overall northeast –

southwest trend, occur within highly strained zones.

Highlights of drilling: Cruz Grande Zone: (see press release dated January 18, 2019).

⬧ CG18-24 intersected 23.63 g/t Au and 25.1 g/t Ag over 5.65m

⬧ CG18-25 intersected 11.31 g/t Au and 12.21 g/t Ag over 4.15m

⬧ CG18-28 intersected 10.17 g/t Au and 18.2 g/t Ag over 2.3m

⬧ MB18-38 intersected 17.61 g/t Au and 31.2 g/t Ag over 1.8m

Potrerillos Concession – Early-Stage Exploration

The reconnaissance exploration program completed by Mako to date covers the entire

concession, which comprises numerous historical workings that exploited shallow dipping, high -

grade gold veins. Approximately 6.7 km of potential strike length has been ident ified along a

northeast striking mineralized trend that runs for approximately 9.5 km between San Albino and

several prospects along the Potrerillos and San Albino-Murra concessions. The Company intends

to complete a soil survey focusing on generating addi tional exploration targets and

comprehensive structural/geological mapping, which are anticipated to be drilled tested, in due

course.

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La Segoviana Concession – Early-Stage Exploration

Initial mapping and sampling of exposed mineralized veins, local mine dumps and underground

workings at the La Segoviana Concession ha ve confirmed the existence of high -grade gold

mineralization over a significant strike potential at four prospects including, La Reforma, El

Silencio, San Luis-Caballo and Minas America.

Corporate Update

Appointment of Vice President, Corporate Development

The Company has appointed Paolo Durand as Vice President, Corporate Development. Mr.

Durand has more than 12 years of combined Banking, Financial Control & Budgeting , and

Business Development expertise in the mining sector. He previously served as Corporate Head

of Cost & Budget with Minsur SA (a major Peruvian producer of tin and precious metals), Business

Development Manager with Minera Volcan as well as a Senior Equity Research Analys t with

Credicorp Capital. Paolo received a double degree in Economics (B.A) and Corporate Financial

Management (B.B.A) at St. Mary’s University, TX as well as a MBA from HEC, Paris.

The Board has approved a grant of stock options to Mr. Durand in the total amount of 700,000

options, to be priced based on the 5 -day volume weighted average price of the Company’s

common shares on the TSX Venture Exchange ending on the fifth trading day following this news

release, or March 16, 2022. The options shall vest as to 25% immediately, and 25% on each of

the next 3 anniversaries, and shall expire on March 9, 2027.

Table 1: Assay Results Reported in This Press Release

Area Drill hole From

(m) To (m) Width

(m)

Au

(g/t)

Ag

(g/t) Interval ETW

(m)

West

Pit

SA21-550*

53.90 54.80 0.90 32.30 21.00

31.27 g/t Au and 26.5 g/t Ag over 4.50 m 3.6

54.80 55.50 0.70 0.28 1.50

55.50 56.30 0.80 0.06 1.40

56.30 56.80 0.50 10.80 8.20

56.80 57.70 0.90 116.80 104.00

57.70 58.40 0.70 1.28 0.60

SA21-551 Anomalous values

SA21-553

59.50 60.00 0.50 9.05 9.9 10.03 g/t Au and 8.4 g/t Ag over 1.00 m 0.9

60.00 60.50 0.50 11.00 6.9

SA21-554 58.60 59.50 0.90 1.76 2.9 1.76 g/t Au and 2.9 g/t Ag over 0.90 m 0.9

SA21-555*

93.80 94.60 0.80 42.10 28.0

11.18 g/t Au and 13.3 g/t Ag over 3.55 m 2.0

94.60 95.55 0.95 0.35 2.1

95.55 96.55 1.00 0.19 0.8

96.55 97.35 0.80 6.85 27.5

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SA21-556 70.40 70.90 0.50 18.50 110.0 18.50 g/t Au and 110.0 g/t Ag over 0.50 m 0.5

SA21-557

90.50 91.00 0.50 2.00 0.5 2.00 g/t Au and 0.5 g/t Ag over 0.50 m 0.4

93.00 93.70 0.70 27.60 16.4 27.60 g/t Au and 16.4 g/t Ag over 0.70 m 0.5

SA21-558 to

SA21-559 Anomalous values

SA21-560

29.00 30.00 1.00 4.57 17.1 4.57 g/t Au and 17.1 g/t Ag over 1.00 m 0.9

115.30 115.70 0.40 1.64 2.5

43.73 g/t Au and 24.5 g/t Ag over 2.00 m 1.2

115.70 116.40 0.70 19.80 16.4

116.40 116.80 0.40 0.50 1.6

116.80 117.30 0.50 145.50 71.7

SA21-561 Pending

SA21-562 Anomalous values

SA21-563 48.50 48.90 0.40 3.79 13.9 3.79 g/t Au and 13.9 g/t Ag over 0.40 m 0.4

SA21-564

37.00 37.50 0.50 9.94 22.7 9.94 g/t Au and 22.7 g/t Ag over 0.50 m 0.4

39.00 39.80 0.80 21.50 94.0

13.88 g/t Au and 48.9 g/t Ag over 1.70 m 1.7 39.80 40.30 0.50 3.42 4.2

40.30 40.70 0.40 11.70 14.6

SA21-565 51.60 52.10 0.50 13.40 80.3 13.40 g/t Au and 80.30 g/t Ag over 0.50 m 0.4

SA21-566

44.70 45.40 0.70 3.93 19.0

2.22 g/t Au and 14.4 g/t Ag over 1.90 m 1.5 45.40 45.90 0.50 0.85 10.5

45.90 46.60 0.70 1.49 12.6

SA22-567 50.50 51.50 1.00 7.00 11.6 7.00 g/t Au and 11.6 g/t Ag over 1.00 m 1.0

SA22-568 No significant results

SA22-569 Anomalous values

SA22-570

17.30 18.00 0.70 37.30 83.0

24.46 g/t Au and 65.6 g/t Ag over 1.50 m 1.4 18.00 18.50 0.50 0.05 2.0

18.50 18.80 0.30 35.20 131.0

SA22-571 Pending

SA22-572

23.40 24.00 0.60 16.20 46 16.20 g/t Au and 46.0 g/t Ag over 0.60 m 0.5

26.70 27.20 0.50 3.40 8.3 3.40 g/t Au and 8.3 g/t Ag over 0.50 m 0.5

SA22-573

56.50 57.60 1.10 1.02 4.0 1.02 g/t Au and 4.0 g/t Ag over 1.10 m 1.1

111.10 111.70 0.60 22.20 37.5 14.89 g/t Au and 23.5 g/t Ag over 1.60 m 1.5

111.70 112.70 1.00 10.50 15.1

SA22-574

103.00 104.00 1.00 23.70 12.5 12.72 g/t Au and 7.4 g/t Ag over 2.00 m 1.5

104.00 105.00 1.00 1.74 2.2

SW Pit

SA21-538 Pending

SA21-539 Anomalous values

SA21-540

86.50 86.90 0.40 4.53 35.90

1.88 g/t Au and 9.9 g/t Ag over 2.50 m 1.6

86.90 87.40 0.50 0.13 2.50

87.40 87.90 0.50 0.81 9.50

87.90 88.50 0.60 1.90 3.60

88.50 89.00 0.50 2.58 4.70

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SA21-541

86.60 87.30 0.70 1.32 1.20

3.98 g/t Au and 7.9 g/t Ag over 4.10 m 3.5

87.30 87.80 0.50 7.30 14.70

87.80 88.20 0.40 8.60 30.40

88.20 88.80 0.60 0.08 2.00

88.80 89.50 0.70 2.59 4.60

89.50 90.00 0.50 0.14 4.10

90.00 90.70 0.70 9.10 7.90

SA21-542

44.00 44.40 0.40 3.56 21.3 3.56 g/t Au and 21.3 g/t Ag over 0.40 m 0.3

102.50 103.00 0.50 6.04 8.9 6.04 g/t Au and 8.9 g/t Ag over 0.50 m 0.4

SA21-543

2.50 3.50 1.00 1.01 0.6 1.01 g/t Au and 0.6 g/t Ag over 1.00 m 1.0

94.00 94.60 0.60 1.53 6.3 1.53 g/t Au and 6.3 g/t Ag over 0.60 m 0.6

109.90 111.00 1.10 8.00 49.4 13.51 g/t Au and 36.1 g/t Ag over 1.90 m 1.8

111.00 111.80 0.80 21.10 17.7

SA21-544 to

SA22-546 Pending

SA22-547

73.80 74.30 0.50 9.69 43.5 8.90 g/t Au and 28.4 g/t Ag over 1.30 m 0.9

74.30 75.10 0.80 8.40 18.9

SA22-548 to

SA22-549

Pending

SA22-600 to

SA22-606

Pending

Note: *Intervals contain samples with internal dilution over 1m, as the samples were interpreted as a part of the same zone