MKO.V · 2024-10-16 12:00:00

Mako Mining Intersects 22.88 g/t Au over 4.6 m (Estimated True Width) at Las Conchitas

Drill Results

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

October 16th, 2024

TSX-V: MKO; OTCQX: MAKOF

Mako Mining Intersects 22.88 g/t Au over 4.6 m (Estimated True Width) at Las Conchitas

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

pleased to provide additional exploration results from the 2024 reverse circulation (“RC”) drill program at

Mako’s newest mining area, Las Conchitas, located immediately south of the Company’s San Albino gold

mine in northern Nicaragua.

The main objective of the RC drill program is to test for new extensions of high-grade gold veins outside

of the limits defined by the Company’s 2023 mineral resource estimate (“MRE”) for the San Albino Project

(see press release dated December 6th, 2023).

The drill results reported in this release are from multiple subparallel, northeast -southwest striking and

gently dipping gold-bearing veins from three principal areas within Los Conchitas: (1) Las Conchitas North

(“LC-N”); (2) Las Conchitas Central (“LC-C”); and (3) Las Conchitas South (“LC-S”) (see Figure below).

Drilling Highlights

Las Conchitas South (LC-S)

• Mango Vein

o 22.88 grams per tonne (“g/t”) gold (“Au”) and 47.2 g/t silver (“Ag”) over 5.0 m (4.6 m

Estimated True Width (“ETW”))

• Las Dolores Vein

o 12.30 g/t Au and 4.8 g/t Ag over 1.0 m (0.7 m ETW)

Las Conchitas Central (LC-C)

• Cruz Grande Vein

o 39.64 g/t Au and 83.7 g/t Ag over 2.0 m (2.0 m ETW)

o 26.47 g/t Au and 26.5 g/t Ag over 2.0 m (1.8 m ETW)

Las Conchitas North (LC-N)

• Intermediate Vein

o 24.60 g/t Au and 83.2 g/t Ag over 1.0 m (1.0 m ETW)

• San Pablo Vein

o 13.10 g/t Au and 28.4 g/t Ag over 1.0 m (0.8 m ETW)

• Mina Francisco Vein

o 15.10 g/t Au and 18.8 g/t Ag over 1.0 m (0.9 m ETW)

Akiba Leisman, CEO of Mako states: ”After receiving the full Environmental Impact Assessment approval

for Las Conchitas in early July, the Company is no longer constrained on where it can mine at Las

Conchitas. Therefore, the focus of our exploration has been on expanding the Las Conchitas resource in

areas we previously did not have mining access to, and deeper material, which will be part of our high -

grade underground resource. We aim to begin extracting underground material along with open pit

material over the course of the next year. These results, and previous exploration results, are

demonstrating the growth potential at San Albino, which to date has only drill-tested a small percentage of

our current mineral concessions.”

Las Conchitas South (LC-S)

Recent drilling at the Mango area within LC-S intersected a wide, high-grade gold vein 61 m below the pit

limit defined by the current MRE. Drill hole LC24-RC492 intersected 22.88 g/t Au and 47.2 g/t Ag over 5.0

m (4.6 m ETW), 85 m from surface. This drill hole confirmed a 48 m down-dip extension from LC24-RC310,

which intersected 9.83 g/t Au and 20.4 g/t Ag over 4 .0 m (ETW) at a vertical depth of 69 m (see press

release dated July 10, 2024). Drilling in this area continues to support the expansion of high -grade gold

mineralization outside the pit limits defined by the current MRE.

In the Las Dolores area, t he key objective of the 2024 drilling program has been to t est extensions of

shallow, high -grade mineralized zones beyond the current MRE pit limits. Drill hole LC24 -RC531

intersected 12.30 g/t Au and 4.8 g/t Ag over 1.0 m (0.7 m ETW), 30 m below surface and 22 m below the

pit limit defined by the MRE . These results for Las Dolores are consistent with those from previous

releases, including drill hole LC24-RC459 which intersected 16.83 g/t Au and 26.4 g/t Ag over 6.0 m (4.7

m ETW), 17 m below surface confirming a 16 m southwest strike extension of the mineralization intersected

by LC24-RC458 of 30.85 g/t Au and 34.0 g/t Ag over 2.0 m (1.8 m ETW), 11 m below surface (see press

releases dated August 28th, 2024 and July 29th, 2024).

Las Conchitas Central (LC-C)

Drilling near the Cruz Grande area was designed to test the continuity of shallow gold mineralization, which

was defined in the MRE with sparse data from trench samples. Confirmation of this data has been positive

and mining has commenced in this area.

Drill hole LC24 -RC594 intersected 39.64 g/t Au and 83.7 g/t Ag over 2.0 m (2.0 m ETW), 12 m below

surface. LC24-RC594 confirmed a 14 m down-dip extension of the gold vein exposed in previous trenching

(EXP18-CG-04) which yielded 6.45 g/t Au and 3.7 g/t Ag over 1.0 m (see press releases dated December

5th, 2018).

Drill hole LC24 -RC586 intersected 26.47 g/t Au and 26.5 g/t Ag over 2.0 m (1.8 m ETW), 21 m below

surface and confirmed a 24 m up-dip extension of the gold vein intersected by diamond drill hole LC22 -

800 which intersected 16.92 g/t Au and 29.5 g/t Ag over 2.1 m (2.0 m ETW) at a vertical distance of 37 m

(see press release dated July 28, 2022). LC24-RC586 also intersected another gold vein (see table below)

at 8 m from surface grading 7.77 g/t Au and 16.8 g/t Ag over 4.0 m (3.5 m ETW).

Las Conchitas North (LC-N)

Drilling at the Intermediate area within LC -N was designed to test a previously identified high -grade

mineralized zone outside the MRE pit limits.

LC24-RC626, situated between two pits defined in the MRE, intersected 24.6 g/t Au and 83.2 g/t Ag over

1.0 m (1.0 m ETW), 38 m below surface. This drill hole confirms structural continuity of the vein and

demonstrates a 20 m down-dip extension from LC24-RC505 (see press release dated July 29, 2024) which

intersected 25.01 g/t Au and 76.2 g/t Ag over 2.0 m (1.3 m ETW) at 28 m below surface. In addition, the

same drill hole, LC24 -RC626, intersected the Mina Francisco vein (see table below), 21 m below the

surface, grading 3.03 g/t Au and 15.2 g/t Ag over 2.0 m (1.3 m ETW).

These results for the Intermediate and Mina Francisco areas (see Figure below) further support the

potential to merge the two MRE pits and increase open-pittable material.

Two drill holes, reported in this press release, LC24 -RC398 and LC24 -RC623, successfully tested the

down-dip extension of two high-grade gold veins, San Pablo and Mina Francisco, both exposed in two pits

within the current MRE. Drill hole LC24-RC398 intersected 13.10 g/t Au and 28.4 g/t Ag over 1.0 m (0.8 m

ETW), 76 m below surface and 88 m down-dip outside the current San Pablo pit. Drill hole LC24-RC623

intersected 15.10 g/t Au and 18.8 g/t Ag over 1.0 m (0.9 m ETW), 33 m below surface. This drill hole

extends the high-grade gold vein 55 m down-dip, outside the current MRE pit limit.

Table - Assay Results Reported in This Press Release

Vein/Zone RC Drill Hole From

(m)

Width

(m)

(g/t)

(g/t) Interval

LC24-RC395 69 70 1.00 2.97 3.8 2.97 g/t Au and 3.8 g/t Ag over 1.00 m

LC24-RC397 35 36 1.00 2.71 2.4 2.71 g/t Au and 2.4 g/t Ag over 1.00 m

LC24-RC398 76 77 1.00 13.10 28.4 13.10 g/t Au and 28.4 g/t Ag over 1.00 m

97 98 1.00 5.34 9.2

98 99 1.00 11.50 25.1

LC24-RC600 84 85 1.00 2.67 9.4 2.67 g/t Au and 9.4 g/t Ag over 1.00 m

94 95 1.00 5.64 11.5

95 96 1.00 9.81 30.3

18 19 1.00 1.10 1.4

19 20 1.00 1.25 3.1

LC24-RC547 18 19 1.00 7.57 14.7 7.57 g/t Au and 14.7 g/t Ag over 1.00 m

19 20 1.00 1.27 6.6

20 21 1.00 1.34 2.7

36 37 1.00 17.20 25.0

37 38 1.00 0.21 0.8

38 39 1.00 1.79 0.6

Intermediate LC24-RC549 37 38 1.00 4.79 3.7 4.79 g/t Au and 3.7 g/t Ag over 1.00 m

Mina Francisco LC24-RC550 37 38 1.00 1.38 6.4 1.38 g/t Au and 6.4 g/t Ag over 1.00 m

LC24-RC551 59 60 1.00 8.37 10.3 8.37 g/t Au and 10.3 g/t Ag over 1.00 m

LC24-RC554 55 56 1.00 1.53 2.1 1.53 g/t Au and 2.1 g/t Ag over 1.00 m

Intermediate

San Pablo

Intermediate

LC24-RC579

Mina Francisco

LC24-RC543

LC24-RC548

6.40 g/t Au and 8.8 g/t Ag over 3.00 m

1.31 g/t Au and 4.7 g/t Ag over 2.00 m

LC24-RC546

8.42 g/t Au and 17.2 g/t Ag over 2.00 m

7.72 g/t Au and 20.9 g/t Ag over 2.00 m

1.18 g/t Au and 2.3 g/t Ag over 2.00 m

15 16 1.00 7.30 15.3

16 17 1.00 0.08 1.1

17 18 1.00 1.48 5.5

LC24-RC558 18 19 1.00 6.96 14.6 6.96 g/t Au and 14.6 g/t Ag over 1.00 m

LC24-RC559 26 27 1.00 7.50 16.3 7.50 g/t Au and 16.3 g/t Ag over 1.00 m

LC24-RC561 70 71 1.00 3.60 5.5 3.60 g/t Au and 5.5 g/t Ag over 1.00 m

83 84 1.00 1.85 3.7

84 85 1.00 4.53 8.0

37 38 1.00 1.70 4.9

38 39 1.00 0.09 2.3

39 40 1.00 1.53 4.8

40 41 1.00 12.70 16.0

41 42 1.00 8.39 18.8

LC24-RC567 33 34 1.00 1.36 1.8 1.36 g/t Au and 1.8 g/t Ag over 1.00 m

Mina Francisco LC24-RC623 41 42 1.00 15.10 18.8 15.10 g/t Au and 18.8 g/t Ag over 1.00 m

Intermediate LC24-RC625 25 26 1.00 6.55 16.4 6.55 g/t Au and 16.4 g/t Ag over 1.00 m

27 28 1.00 4.60 16.4

28 29 1.00 1.46 13.9

Intermediate 48 49 1.00 24.60 83.2 24.6 g/t Au and 83.2 g/t Ag over 1.00 m

55 56 1.00 9.55 19.8

56 57 1.00 3.88 7.2

61 62 1.00 1.82 3.6 1.82 g/t Au and 3.6 g/t Ag over 1.00 m

65 66 1.00 11.40 12.2

66 67 1.00 2.33 1.6

67 68 1.00 3.90 1.1

1 2 1.00 6.04 4.1 6.04 g/t Au and 4.1 g/t Ag over 1.00 m

4 5 1.00 19.20 43.3

5 6 1.00 12.80 8.8

Cruz Grande 12 13 1.00 4.34 35.8 4.34 g/t Au and 35.8 g/t Ag over 1.00 m

8 9 1.00 3.33 3.6

9 10 1.00 11.50 14.1

10 11 1.00 3.94 11.3

11 12 1.00 12.30 38.0

21 22 1.00 4.34 8.5

22 23 1.00 48.60 44.5

26 27 1.00 1.24 1.1 1.24 g/t Au and 1.1 g/t Ag over 1.00 m

23 24 1.00 8.53 33.4

24 25 1.00 2.36 2.4

25 26 1.00 13.20 20.3

26 27 1.00 4.50 9.4

25 26 1.00 4.36 7.2

26 27 1.00 35.70 28.3

25 26 1.00 4.87 5.9

26 27 1.00 23.20 26.5

Cruz Grande

Upper Cruz Grande

Cruz Grande

Intermediate

Mina Francisco

LC24-RC589

20.03 g/t Au and 17.8 g/t Ag over 2.00 m

14.04 g/t Au and 16.2 g/t Ag over 2.00 m

3.19 g/t Au and 5.9 g/t Ag over 2.00 m

LC24-RC588

LC24-RC586

Mina Francisco

LC24-RC585

LC24-RC562

LC24-RC566

LC24-RC583

LC24-RC584

LC24-RC587

4.88 g/t Au and 9.4 g/t Ag over 5.00 m

LC24-RC626

LC24-RC557

16.00 g/t Au and 26.1 g/t Ag over 2.00 m

3.03 g/t Au and 15.2 g/t Ag over 2.00 m

7.15 g/t Au and 16.4 g/t Ag over 4.00 m

6.71 g/t Au and 13.5 g/t Ag over 2.00 m

26.47 g/t Au and 26.5 g/t Ag over 2.00 m

5.88 g/t Au and 5.0 g/t Ag over 3.00 m

7.77 g/t Au and 16.8 g/t Ag over 4.00 m

2.95 g/t Au and 7.3 g/t Ag over 3.00 m

Note: The mineralized intervals shown 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 hole lengths. True width is estimated to be between 70% and 100% of the downhole width. In addition

to the drill holes presented in the table above, the following drill holes returned only anomalous values: LC24 -RC394, LC24-

RC396, LC24 -RC399, LC24 -RC555, LC24 -RC556, LC24 -RC576, LC24 -RC577, LC24 -RC596, LC24 -RC598, LC24 -RC489,

LC24-RC490, LC24-RC494, LC24-RC530, LC24-RC533, LC24-RC537, LC24-RC538, LC24-RC571 and LC24-RC573. In addition

to the drill holes presented in the table above, the following drill holes returned no significant values: LC24-RC544, LC24-RC545,

LC24-RC552, LC24-RC564, LC24-RC565, LC24-RC578, LC24-RC624, LC24-RC592, LC24-RC495, LC24-RC496, LC24-RC498,

LC24-RC534 to LC24-RC536, LC24-RC539, LC24-RC540, LC24-RC570, LC24-RC572, LC24-RC574 and LC24-RC575..

Cruz Grande LC24-RC590 24 25 1.00 7.57 14.5 7.57 g/t Au and 14.5 g/t Ag over 1.00 m

23 24 1.00 1.59 5.7

24 25 1.00 5.12 32.9

25 26 1.00 3.20 9.4

26 27 1.00 5.48 16.0

27 28 1.00 6.69 20.3

28 29 1.00 1.00 2.2

19 20 1.00 6.77 29.5

20 21 1.00 11.20 15.3

23 24 1.00 6.19 6.4 6.19 g/t Au and 6.4 g/t Ag over 1.00 m

26 27 1.00 1.90 4.9 1.90 g/t Au and 4.9 g/t Ag over 1.00 m

21 22 1.00 76.30 157.0

22 23 1.00 2.97 10.3

9 10 1.00 2.14 2.3

10 11 1.00 6.55 20.3

Cruz Grande 18 19 1.00 1.24 2.0 1.24 g/t Au and 2.0 g/t Ag over 1.00 m

Upper Cruz Grande LC24-RC597 13 14 1.00 1.88 3.0 1.88 g/t Au and 3.0 g/t Ag over 1.00 m

Cruz Grande LC24-RC599 29 30 1.00 1.34 4.4 1.34 g/t Au and 4.4 g/t Ag over 1.00 m

Upper Cruz Grande LC24-RC661 12 13 1.00 1.62 1.9 1.62 g/t Au and 1.9 g/t Ag over 1.00 m

Cruz Grande LC24-RC662 30 31 1.00 6.00 10.4 6.00 g/t Au and 10.4 g/t Ag over 1.00 m

Upper Cruz Grande 29 30 1.00 2.52 0.5 2.52 g/t Au and 0.5 g/t Ag over 1.00 m

Cruz Grande 39 40 1.00 39.10 11.2 39.10 g/t Au and 11.2 g/t Ag over 1.00 m

61 62 1.00 1.81 11.1

62 63 1.00 2.20 12.8

63 64 1.00 7.49 1.9

64 65 1.00 1.12 0.9

El Limon LC24-RC491 49 50 1.00 5.20 3.0 5.20 g/t Au and 3.0 g/t Ag over 1.00 m

90 91 1.00 35.90 65.9

91 92 1.00 29.60 66.3

92 93 1.00 14.80 40.7

93 94 1.00 31.40 56.5

94 95 1.00 2.70 6.7

97 98 1.00 1.01 1.5 1.01 g/t Au and 1.5 g/t Ag over 1.00 m

26 27 1.00 12.70 8.3

27 28 1.00 1.54 2.5

Las Dolores LC24-RC531 34 35 1.00 12.30 4.8 12.30 g/t Au and 4.8 g/t Ag over 1.00 m

36 37 1.00 4.64 8.1

37 38 1.00 1.08 6.4Las Dolores

Las Dolores

Mango

Cruz Grande

Upper Cruz Grande

Cruz Grande

Upper Cruz Grande

El Limon

LC24-RC492 22.88 g/t Au and 47.2 g/t Ag over 5.00 m

LC24-RC532 2.86 g/t Au and 7.3 g/t Ag over 2.00 m

LC24-RC526 7.12 g/t Au and 5.4 g/t Ag over 2.00 m

LC24-RC488 3.15 g/t Au and 6.7 g/t Ag over 4.00 m

LC24-RC591

LC24-RC593

LC24-RC594

LC24-RC663

LC24-RC595

39.64 g/t Au and 83.7 g/t Ag over 2.00 m

4.34 g/t Au and 11.3 g/t Ag over 2.00 m

3.84 g/t Au and 14.4 g/t Ag over 6.00 m

8.99 g/t Au and 22.4 g/t Ag over 2.00 m

Figure - Drill Hole Plan for Las Conchitas

Sampling, Assaying, QA/QC and Data Verification

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 ea ch

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 intervals 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 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 primary 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 is expected to positively reconcile to the published mineral resource with

additional drilling at Las Conchitas; 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 record 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 SED AR at www.sedar plus.com. 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.

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