Mako Mining Intersects 18.34 g/t Au over 4.2 m Estimated True Width, 48 m Below Surface, Extending El Golfo Strike Length to 630 m and Announces Receipt of Underground Mining Permit at Las Conchitas
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
January 6th, 2026
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Intersects 18.34 g/t Au over 4.2 m Estimated True Width, 48 m Below
Surface, Extending El Golfo Strike Length to 630 m and Announces Receipt of
Underground Mining Permit at Las Conchitas
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “ Company”) is pleased to report
additional results from the 2025 reverse circulation (“RC”) and diamond drill program at the El Golfo area,
located immediately south of the Company’s 100%-owned Las Conchitas and San Albino gold deposits
and mining operations in Nicaragua (Figure 1).
In 2025, the Company completed 137 drill holes totalling 17,885 m. The objective of the most recent drilling
was to further define the high-grade mineralization and to test for extensions of mineralization in areas that
had not been previously drill-tested and/or disturbed by historical or more recent small-scale mining.
Recent drilling confirms the structural continuity of multiple, subparallel gold-bearing quartz veins in an area
at least 630 m along strike and 305 m down-dip, or approximately 170 m from surface (see Figures 1 and
2).
Drill Highlights:
• EJ25-24: 18.34 g/t Au and 22.9 g/t Ag over 4.4 m (4.2 m ETW)
• EJ25-18: 37.20 g/t Au and 42.1 g/t Ag over 1.3 m (1.2 m ETW)
• EJ25-17: 74.90 g/t Au and 182.0 g/t Ag over 1.0 m (0.9 m ETW)
• EJ25-54: 45.70 g/t Au and 41.5 g/t Ag over 0.95 m (0.9 m ETW)
Akiba Leisman, CEO of Mako states: “El Golfo is shaping up to be a significant new discovery. High grades
over widths similar to or greater than what we have been mining to the north since 2020 are prevalent. El
Golfo, located 1km to the southwest of Las Conchitas contains lithologies that are essentially identical to
what we have been mining at San Albino and Las Conchitas for the last six years. El Golfo has now been
extended to 630 meters of strike and 30 5 meters of dip, and remains open in all directions. Furthermore,
the receipt of underground mining permits at Las Conchitas will allow us to begin the development of two
underground adits, with the ability to mine 150 -250 tonnes per day for the next 6 years in addition to our
open pit mining operations.”
The recent drilling confirms the geological model for the El Golfo mineralization which represents the
southwest extension of mineralized structures found at the Las Conchitas deposit . The El Golfo target is
located within the Company’s El Jicaro concession approximately 1 km to the southwest of Las Conchitas
2
(see Figure 1). This model consists of multiple subparallel gold bearing quartz veins with a northeast -
southwest strike and a gentle northwest dip. The veins are hosted by broadly uniform host rocks, consisting
of deformed carbonaceous schists. Both the host rocks and mineralization style at El Golfo are very similar
to those being mined by the Company at the San Albino and Las Conchitas deposits. Further drilling is
planned to confirm the grade and distribution of mineralization.
Diamond drill hole EJ25 -18 intersected two high-grade intervals close to surface (see Table), including
19.60 g/t Au and 42.6 g/t Ag over 0.5 m starting 9.4 m from surface; and 37.20 g/t Au and 42.1 g/t Ag over
1.3 m (1.2 m ETW) 36 m below the surface. This drill hole confirms structural and grade continuity of the
mineralized zone over 41 m down-dip of the high-grade mineralization intersected in RC drill hole EJ25-
RC54, which graded 27.86 g/t Au and 2.1 g/t Ag over 4.0 m (ETW) (see Press Release dated August 14,
2025).
Diamond drill hole EJ25 -24 intersected three mineralized zone s. The first interval, 1.0 m below surface,
intersected 12.60 g/t Au and 15.4 g/t Ag over 0.7 m (0.5 m ETW), confirming a 45 m southwest strike
extension of the zone intersected in diamond drill hole EJ25-22 which graded 6.45 g/t Au and 7.1 g/t Ag
over 6.0 m (5.8 m ETW), 1.5 m below the surface. The second interval, 26.0 m from surface, intersected
12.50 g/t Au and 2.4 g/t Ag over 0.45 m (0.4 m ETW), represents a 65 m southwest strike extension from
diamond drill hole EJ25-18, described above. The third high-grade interval, 18.34 g/t Au and 22.9 g/t Ag
over 4.40 m (4.2 m ETW), was intersected 48 m below a pit excavated by artisanal miners. This drill hole
successfully tested the potential for additional mineralized structure s below previously identified
mineralization. Additional drilling is required to test the full potential of this mineralized structure.
Diamond drill hole EJ25-17 (Figure 1 and 2), w as designed to further test the high-grade mineralization
mentioned above, this hole intersected 74.90 g/t Au and 182.0 g/t Ag over 1.0 m (0.9 m ETW), 71.5 m from
surface, confirming a 42 m southwest strike extension of the mineralization intersected by EJ25-24.
Diamond drill hole EJ25-54, collared within an area that had not been previously drill -tested, intersected
45.70 g/t Au and 41.5 g/t Ag over 0. 95 m (0.9 m ETW), extending mineralization 550 m southwest along
strike from a wide zone of high-grade mineralization intersected by the drill hole EJ25 -RC53 (see Press
Release dated May 21, 2025 ). EJ25-RC53 intersected 39.15 g/t Au and 27.8 g/t Ag over 8.0 m (5.9 m
ETW), 19.2 m below surface (Figure 2). Mineralization at El Golfo remains open along strike, beyond the
currently known mineralization.
Las Conchitas Underground Mining Permit
At the end of 2025, the Company received from the Ministry of Environment and Natural Resources of
Nicaragua (MARENA) a modification to the environmental permit for mining at the Las Conchitas deposit,
located within the San Albino–Murra Concession, Nicaragua.
In addition to the previously authorized open-pit mining activities, the modified permit allows the Company
to conduct underground mining through two adits, with planned production of approximately 150 –250
tonnes per day over a six-year period.
3
Table - Assay Results of RC* and Diamond Drill Holes** Reported in This Press Release
Vein Drill
Hole
From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t) Interval
Pavona 2 EJ25-RC90
118.00 119.00 1.00 8.95 8.4
7.03 g/t Au and 12.0 g/t Ag over 2.00 m
119.00 120.00 1.00 5.10 15.5
Upper Pavona
EJ25-RC91
28.00 29.00 1.00 1.89 2.5 1.89 g/t Au and 2.5 g/t Ag over 1.00 m
127.00 128.00 1.00 3.46 12.1
16.38 g/t Au and 19.1 g/t Ag over 2.00 m
Pavona 3 128.00 129.00 1.00 29.30 26.0
Upper Pavona EJ25-RC92 12.00 13.00 1.00 2.03 7.9 2.03 g/t Au and 7.9 g/t Ag over 1.00 m
Pavona EJ25-RC94
66.00 67.00 1.00 9.00 34.3 9.00 g/t Au and 34.3 g/t Ag over 1.00 m
70.00 71.00 1.00 2.04 3.2 2.04 g/t Au and 3.2 g/t Ag over 1.00 m
Pavona
EJ25-RC95
61.00 62.00 1.00 2.59 5.4 2.59 g/t Au and 5.4 g/t Ag over 1.00 m
Pavona 3
117.00 118.00 1.00 9.70 5.1
11.60 g/t Au and 7.7 g/t Ag over 2.00 m
118.00 119.00 1.00 13.50 10.2
Potosi 2
EJ25-11
59.00 59.70 0.70 25.60 6.6 25.60 g/t Au and 6.6 g/t Ag over 0.70 m
Upper Pavona 99.00 99.60 0.60 1.14 7.4 1.14 g/t Au and 7.4 g/t Ag over 0.60 m
Pavona EJ25-15 37.00 37.50 0.50 1.85 5.3 1.85 g/t Au and 5.3 g/t Ag over 0.50 m
Pavona 3 EJ25-17 71.50 72.50 1.00 74.90 182.0 74.90 g/t Au and 182.0 g/t Ag over 1.00 m
Upper Pavona
EJ25-18
9.35 9.85 0.50 19.60 42.6 19.60 g/t Au and 42.6 g/t Ag over 0.50 m
Pavona 36.50 37.80 1.30 37.20 42.1 37.20 g/t Au and 42.1 g/t Ag over 1.30 m
Upper Pavona
EJ25-19
6.45 7.50 1.05 8.27 7.3
5.36 g/t Au and 4.8 g/t Ag over 1.75 m
7.50 8.20 0.70 1.00 1.0
Pavona 32.50 33.65 1.15 3.16 20.2 3.16 g/t Au and 20.2 g/t Ag over 1.15 m
Pavona EJ25-21 2.00 3.00 1.00 1.01 2.2 1.01 g/t Au and 2.2 g/t Ag over 1.00 m
Upper Pavona
EJ25-22
1.50 3.00 1.50 1.44 4.6
6.45 g/t Au and 7.1 g/t Ag over 6.00 m
3.00 3.90 0.90 5.31 10.2
3.90 4.70 0.80 13.60 13.3
4.70 5.70 1.00 5.69 5.2
5.70 6.50 0.80 16.50 12.2
6.50 7.50 1.00 2.02 1.0
Pavona 17.50 18.50 1.00 1.50 10.0 1.50 g/t Au and 10.0 g/t Ag over 1.00 m
Upper Pavona
EJ25-24
1.00 1.70 0.70 12.60 15.4 12.60 g/t Au and 15.4 g/t Ag over 0.70 m
Pavona 33.50 33.95 0.45 12.50 2.4 12.50 g/t Au and 2.4 g/t Ag over 0.45 m
Pavona 3
81.80 83.00 1.20 31.40 19.9
18.34 g/t Au and 22.9 g/t Ag over 4.40 m
83.00 83.70 0.70 0.18 4.4
83.70 84.20 0.50 7.74 13.8
84.20 84.50 0.30 0.34 2.2
84.50 85.20 0.70 2.49 17.7
85.20 85.85 0.65 55.10 81.7
85.85 86.20 0.35 3.88 1.5
Pavona 2 EJ25-25
76.50 77.00 0.50 1.73 0.2 1.73 g/t Au and 0.2 g/t Ag over 0.50 m
78.50 79.10 0.60 4.94 7.3 4.94 g/t Au and 7.3 g/t Ag over 0.60 m
4
Pavona 4 EJ25-26 127.85 128.50 0.65 2.00 1.3 2.00 g/t Au and 1.3 g/t Ag over 0.65 m
Pavona
EJ25-27
0.00 0.40 0.40 1.67 1.3
3.96 g/t Au and 1.2 g/t Ag over 1.00 m
0.40 1.00 0.60 5.48 1.2
Pavona 3 48.40 49.50 1.10 7.34 11.9 7.34 g/t Au and 11.9 g/t Ag over 1.10 m
(Pavona) EJ25-30 1.00 1.70 0.70 5.73 6.8 Waste Dump
Pavona 3 EJ25-32 46.00 47.00 1.00 17.60 9.5 17.60 g/t Au and 9.5 g/t Ag over 1.00 m
Pavona 3 EJ25-33 40.35 40.90 0.55 33.80 68.3 33.80 g/t Au and 68.3 g/t Ag over 0.55 m
Pavona 3 EJ25-34 42.40 43.00 0.60 1.02 17.0 1.02 g/t Au and 17.0 g/t Ag over 0.60 m
Pavona 2 EJ25-35 64.90 65.50 0.60 2.84 17.2 2.84 g/t Au and 17.2 g/t Ag over 0.60 m
Pavona
EJ25-36
31.50 32.10 0.60 1.71 25.5 1.71 g/t Au and 25.5 g/t Ag over 0.60 m
Pavona 2 64.80 65.60 0.80 57.20 57.2 57.20 g/t Au and 57.2 g/t Ag over 0.80 m
Pavona 3 99.00 100.00 1.00 2.28 0.4 2.28 g/t Au and 0.4 g/t Ag over 1.00 m
Pavona 2 EJ25-37 40.50 40.85 0.35 15.50 29.3 7.49 g/t Au and 14.2 g/t Ag over 0.80 m
Pavona EJ25-39 106.80 107.40 0.60 1.03 0.5 5.00 g/t Au and 42.9 g/t Ag over 1.20 m
Pavona
EJ25-40
0.00 0.80 0.80 1.61 10.1
1.33 g/t Au and 10.9 g/t Ag over 1.80 m
0.80 1.80 1.00 1.10 11.6
Pavona 3 104.70 106.00 1.30 1.39 1.3 1.39 g/t Au and 1.3 g/t Ag over 1.30 m
Pavona 3 EJ25-43 72.50 73.20 0.70 26.90 23.2 26.90 g/t Au and 23.2 g/t Ag over 0.70 m
Pavona 2
EJ25-46
42.50 43.50 1.00 8.71 2.9 8.71 g/t Au and 2.9 g/t Ag over 1.00 m
Pavona 4 117.40 118.00 0.60 2.44 1.4 2.44 g/t Au and 1.4 g/t Ag over 0.60 m
Pavona 3 EJ25-47 79.00 80.00 1.00 1.29 0.6 1.29 g/t Au and 0.6 g/t Ag over 1.00 m
Pavona 2 EJ25-54 24.50 25.45 0.95 45.70 41.5 45.70 g/t Au and 41.5 g/t Ag over 0.95 m
Pavona 2 EJ25-55
29.15 30.00 0.85 3.70 5.5 3.70 g/t Au and 5.5 g/t Ag over 0.85 m
31.90 32.40 0.50 6.66 48.6 6.66 g/t Au and 48.6 g/t Ag over 0.50 m
Upper Pavona 2 EJ25-C001 92.30 93.00 0.70 1.35 3.5 1.35 g/t Au and 3.5 g/t Ag over 0.70 m
Potosi 2
EJ25-C002
56.00 56.50 0.50 13.40 21.7 13.40 g/t Au and 21.7 g/t Ag over 0.50 m
Upper Pavona 96.50 97.50 1.00 7.72 4.8 7.72 g/t Au and 4.8 g/t Ag over 1.00 m
Upper Pavona EJ25-C003 101.00 101.50 0.50 22.20 6.7 22.2 g/t Au and 6.7 g/t Ag over 0.50 m
Potosi 2 EJ25-C004
49.50 50.00 0.50 1.17 4.0
23.69 g/t Au and 29.2 g/t Ag over 1.00 m
50.00 50.50 0.50 46.20 54.3
Potosi 2
EJ25-C006
61.10 61.80 0.70 4.93 10.1 4.93 g/t Au and 10.1 g/t Ag over 0.70 m
Pavona 125.50 126.00 0.50 4.12 25.8 4.12 g/t Au and 25.8 g/t Ag over 0.50 m
Potosi 2
EJ25-C007
64.40 65.00 0.60 1.21 2.6 1.21 g/t Au and 2.6 g/t Ag over 0.60 m
Pavona 116.50 117.00 0.50 1.37 1.2 1.37 g/t Au and 1.2 g/t Ag over 0.50 m
Upper Pavona EJ25-C008
79.80 80.50 0.70 1.87 16.0
1.84 g/t Au and 11.4 g/t Ag over 1.70 m
80.50 81.50 1.00 1.82 8.2
Pavona
EJ25-C011
113.10 114.10 1.00 2.88 12.2 2.88 g/t Au and 12.2 g/t Ag over 1.00 m
Pavona 2
135.10 135.70 0.60 9.30 29.2
5.13 g/t Au and 17.0 g/t Ag over 1.30 m
135.70 136.40 0.70 1.56 6.6
Pavona
EJ25-C012
117.20 117.70 0.50 28.20 8.8 28.20 g/t Au and 8.8 g/t Ag over 0.50 m
Pavona 2 134.50 135.00 0.50 6.51 11.7 6.51 g/t Au and 11.7 g/t Ag over 0.50 m
Pavona EJ25-C013 106.50 107.05 0.55 2.28 7.2 2.28 g/t Au and 7.2 g/t Ag over 0.55 m
Pavona 3 EJ25-C020 141.50 142.00 0.50 2.41 1.8 2.41 g/t Au and 1.8 g/t Ag over 0.50 m
5
Upper Pavona EJ25-C021 59.10 60.40 1.30 2.91 12.2 2.91 g/t Au and 12.2 g/t Ag over 1.30 m
Pavona EJ25-C016 105.00 106.00 1.00 1.24 4.5 1.24 g/t Au and 4.5 g/t Ag over 1.00 m
Pavona 2 EJ25-C017 161.70 162.30 0.60 8.64 18.6 8.64 g/t Au and 18.6 g/t Ag over 0.60 m
Pavona 2
EJ25-C018
135.00 135.50 0.50 1.80 29.0 1.80 g/t Au and 29.0 g/t Ag over 0.50 m
Pavona 3 145.50 146.00 0.50 1.14 0.5 1.14 g/t Au and 0.5 g/t Ag over 0.50 m
Pavona 2 EJ25-C022 88.90 89.60 0.70 6.37 14.6 6.37 g/t Au and 14.6 g/t Ag over 0.70 m
Pavona EJ25-C023 74.50 75.50 1.00 17.60 24.8 17.60 g/t Au and 24.8 g/t Ag over 1.00 m
*RC drill holes are denoted by “RC” prior to the drill hole name.
**Diamond only holes do not have a prefix prior to the drill hole number. Combination holes of RC & Diamond are
denoted by “C” prior to the drill hole number.
Note: The mineralized intervals shown in both tables above utilize a 1.0 g/t gold cut -off grade with not more than 1.0
m of internal dilution. Widths are reported as drill lengths. Estimated True Width is estimated from interpreted sections.
In addition to the drill holes presented in the tables above, the following drill holes returned only anomalous values:
EJ25-RC89, EJ25 -RC93, EJ25 -16, EJ25 -20, EJ25 -23, EJ25 -28, EJ25 -31, EJ25 -41, EJ25 -42, EJ25 -44, EJ25 -45,
EJ25-49 , EJ25-C005, EJ25-C009, EJ25-C010, EJ25-C014, EJ25-C015 and EJ25-C019. In addition to the drill holes
presented in the tables above the following drill holes returned no significant values: EJ25 -29.
6
Figure 1. Drill Plan view showing the location of drill holes presented in this release, and the
interpreted surface projections of the veins at El Golfo
7
Figure 2. Longitudinal Section
Sampling, Assaying, QA/QC and Data Verification
Drill core was continuously sampled from inception to termination of the entire drill hole. Sample intervals
were typically one meter. Drill core diameter was HQ (6.35 centimeters). Geologic and geotechnical data
was captured into a digital database, core was photographed, then one-half split of the core was collected
for analysis and one-half was retained in the core library. Drill core samples were kept in a secured logging
and storage facility until such time that they were delivered to the Managua facilities of Bureau Veritas and
pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis . All reverse circulation (RC)
holes were drilled dry i.e above the water table and no water or other fluids were injected into the hole. RC
drill samples were collected every 1 meter using a center-return hammer and samples were obtained from
a Gilson chip splitter which is cleaned using compressed air after each sample. Samples were bagged and
labeled at the drill site under a geologist’s supervision and are logged on site by a geologist who visually
selects potential mineralized intervals for fire assay. The mineralized interval(s) including 3 -5 samples
above and below, the selected interval are continuously sampled and shipped to the Bureau Veritas Lab
(BV) in Managua, respecting the best chain of custody practices. Pulps are sent by Bureau Veritas to their
laboratory in Vancouver under their chain of custody for analysis. Gold was analyzed by standard fire assay
8
fusion, 30 gr aliquot, AAS finish. Samples returning over 10.0 g/t gold are analyzed utilizing standard Fire
Assay-Gravimetric method. The Company follows industry standards in its QA&QC procedures. Control
samples consisting of duplicates, standards and blanks were inserted into the sample stream at a minimum
ratio of 1 control sample per every 10 samples. Analytical results of control samples confirmed reliability of
the assay data.
Qualified Person
Brian Ray, M.Sc., P.Geo, a geologist and qualified person (as defined under NI 43 -101) has read and
approved the technical information contained in this press release. Mr. Ray is 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 pri mary 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, E-mail:
[email protected], phone: (917) 558-5289 or visit our website at www.makominingcorp.com
and SEDARPLUS www.sedarplus.ca.
Forward-Looking Information : Some of the statements contained herein may be considered “forward -looking
information” within the meaning of applicable securities laws. Forward-looking information can be identified by words
such as, without limitation, “estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may" or
"should" or variations thereon or comparable terminology. The forward -looking information contained herein reflects
the Company’s current beliefs and expectations, based on management’s reasonab le assumptions, and includes,
without limitation, that the Company high -grade production will generate significant cash flows for the foreseeable
future. Mako’s primary objective to operate San Albino profitably and 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, changes in the Company’s exploration and development plans and growth parameters
and its ability to fund its growth to reach its expected new production numbers; unanticipated costs; the October 24
measures having impacts on business operations not current expected, or new sanctions being imposed by the U.S.
Treasury Department or other government entity in Nicaragua in the future; and other risks and uncertainties as
disclosed in the Company’s public disclosure filings on SEDAR at www.seda rplus.ca. Such information contained
herein represents management’s best judgment as of the date hereof, based on information currently available. 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.