MKO.V · 2024-07-29 12:00:00

Mako Mining Intersects 23.84 g/t Au and 12.1 g/t Ag over 4.2m (Estimated True Width) and 36.88 g/t Au and 53.2 g/t Ag over 4.0m (ETW) 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

July 29th, 2024

TSX-V: MKO; OTCQX: MAKOF

Mako Mining Intersects 23.84 g/t Au and 12.1 g/t Ag over 4.2m (Estimated True Width) and

36.88 g/t Au and 53.2 g/t Ag over 4.0m (ETW) at Las Conchitas

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

additional exploration results from the ongoing reverse circulation (RC ) drill program at Mako’s newest

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

Las Conchitas contains numerous mineralized structures over a 1,700 m by 800 m area, which has been

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

Las Conchitas South (“LC-S”). Each area features multiple subparallel, northeast-southwest striking and

gently dipping mineralized veins.

The main objective of this drill campaign is to test for possible extensions of the high-grade mineralization

trends beyond the limits of the Company’s most recent mineral resource estimate (“MRE”) at the San

Albino Project (see press release of December 6th, 2023). The results reported in this release are from four

principal veins within LC-S: El Limon, Mango, Bayacun and Las Dolores, and the Intermediate vein located

within the LC-N area.

Drilling Highlights

• El Limon

o 23.84 g rams per tonne (“g /t”) gold (“Au”) and 12.1 g/t silver (“ Ag”) over 6.0m – (4.2m

Estimated True Width – ETW)

▪ Including 124.20 g/t Au and 41.6 g/t Ag over 1.0m – (0.7m ETW)

• Bayacun

o 36.88 g/t Au and 53.2 g/t Ag over 4.0m – (4.0m ETW)

o 10.28 g/t Au and 42.1 g/t Ag over 3.0m – (3.0m ETW)

• Las Dolores

o 28.38 g/t Au and 13.6 g/t Ag over 2.0m – (2.0m ETW)

o 30.85 g/t Au and 34.0 g/t Ag over 2.0m – (1.8m ETW)

• Intermediate

o 39.30 g/t Au and 66.0 g/t Ag over 1.0m – (0.7m ETW)

o 25.01 g/t Au and 76.2 g/t Ag over 2.0m – (1.3m ETW)

o 10.37 g/t Au and 14.2 g/t Ag over 3.0 m - (2.3m ETW)

Akiba Leisman, CEO of Mako states, “these exceptional results across multiple zones at Las Conchitas

are showing high grade potential over hundreds of meters of strike. Now that the RC program has ramped

up, averaging over 1,000 meters of drilling per week, we will be reporting results on a more frequent basis.

In addition to testing the numerous zones at Las Conchitas, including LC -N, LC-C and LC -S, later this

year, we will also be testing several regional exploration targets across our 188 square kilometer land

package that have never been drilled before”.

Las Conchitas South: El Limon

Drilling in the southern portion of Las Conchitas (“LC-S”), together with prior results drilled since the MRE,

supports the potential to expand the high -grade gold mineralization outside of the pits defined by the

current MRE. Drilling results are highlighted by hole LC24-RC371, located in the El Limon zone, which

intersected 23.84 g/t Au and 12.1 g/t Ag over 6m (4.2m ETW), including 124.20 g/t Au and 41.6 g/t Ag over

1m (0.7m ETW), at a vertical depth of 33m (see table below). This interval is located approximately 3.7m

below the pit limit defined by the current MRE (see Figure 2) and is located approximately 47m up-dip of

a previously announced drill hole, LC2 2-467 which intersected 37.02 g/t Au and 54.4 g/t Ag over 2.30m

(2.0m ETW) at a vertical depth of 52m (see press release dated July 28th, 2022).

Las Conchitas South: Bayacun

The key objective of this year’s drill program at Bayacun is to verify structural continuity and demonstrate

extensions of high-grade blocks within the current MRE. Drill hole LC24-RC476, which is the highest grade

x thickness interval reported in this press release , intersected 36.88 g/t Au and 53.2 g/t Ag over 4.00m

(ETW) at 9.2m below surface . This hole confirms a 10m southwest strike extension of the high-grade

mineralization previously encountered in drill hole LC20-220 which intersected 93.30 g/t Au and 61.4 g/t

Ag over 0.9m (0.8m ETW) (see press release dated June 15th, 2020).

Drill hole LC24-RC479 intersected 10.28 g/t Au and 42.1 g/t Ag over 3.00m (ETW), 33m below surface

and confirmed high-grade mineralization 16m southwest along strike from drill hole LC24-RC476 described

above.

Las Conchitas South: Las Dolores

The main objective of the 2024 drilling program at the Las Dolores area is to test for extensions of shallow,

high-grade zones outside the current MRE limits. Drill holes LC24-RC436 intersected 28.38 g/t Au and

13.6 g/t Ag over 2.00m (ETW) at 9.8m below surface, and LC24-RC458 intersected 30.85 g/t Au and 34.0

g/t Ag over 2.00m (1.8m ETW) at 11.4m below surface.

Both drill holes mentioned above, intersected high-grade zones and confirm additional mineralized material

outside the current MRE pit limits, and are located approximately 95m and 68m northeast of the pit defined

by the current MRE (see Figure 1).

Las Conchitas North: Intermediate

Drilling at the Intermediate zone, located within the LC-N area, is designed to test previously identified

high-grade mineralization outside the current MRE pit limits.

LC24-RC500 intersected 39.30 g/t Au and 66.0 g/t Ag over 1.00m (0.7m ETW) at 53m below surface. This

interval is 28.0m to the SW of a previously drilled high-grade interval in INT18-19, which intersected 16.65

g/t Au and 12.1 g/t Ag over 1.20m (see press release dated January 18th, 2019).

Drill hole LC24-RC505 intersected 25.01 g/t Au and 76.2 g/t Ag over 2.00m (1.3m ETW) at 28m below

surface and was drilled to test the northeast strike extension of high-grade mineralization. Drill hole LC24-

RC507 intersected 10.37 g/t Au and 14.2 g/t Ag over 3.00m (2.3m ETW) at 64m below surface, testing the

dip extension of the same mineralized zone.

Table - Assay Results Reported in This Press Release

Zone RC Drill Hole From

(m)

Width

(m) Au (g/t) Ag (g/t) Interval

LC24-RC334 37 38 1 5.86 3.4 5.86 g/t Au and 3.4 g/t Ag over 1.00 m

LC24-RC428 20 21 1 1.10 2.5 1.10 g/t Au and 2.5 g/t g/t Ag over 1.00 m

LC24-RC430 25 26 1 1.03 1.0 1.03 g/t Au and 1.0 g/t g/t Ag over 1.00 m

31 32 1 7.12 14.3

32 33 1 1.14 1.7

33 34 1 2.14 2.3

LC24-RC434 12 13 1 1.85 1.4 1.85 g/t Au and 1.4 g/t Ag over 1.00 m

9 10 1 2.76 4.9

10 11 1 54.00 22.2

17 18 1 1.04 1.3 1.04 g/t Au and 1.3 g/t Ag over 1.00 m

LC24-RC438 35 36 1 1.02 1.6 1.02 g/t Au and 1.6 g/t Ag over 1.00 m

LC24-RC443 36 37 1 1.27 0.2 1.27 g/t Au and 0.2 g/t Ag over 1.00 m

81 82 1 5.86 2.7

82 83 1 0.41 1.0

83 84 1 1.40 1.5

LC24-RC447 32 33 1 1.53 0.6 1.53 g/t Au and 0.6 g/t Ag over 1.00 m

16 17 1 33.70 31.0

17 18 1 28.00 37.0

61 62 1 1.17 1.0

62 63 1 2.57 2.4

LC24-RC464 69 70 1 13.20 22.5 13.20 g/t Au and 22.5 g/t Ag over 1.00 m

83 84 1 1.03 2.4

84 85 1 0.12 0.9

85 86 1 1.02 4.0

86 87 1 7.14 9.6

71 72 1 7.90 19.9

72 73 1 2.26 4.9

LC24-RC366 62 63 1 3.10 5.0 3.10 g/t Au and 5.0 g/t Ag over 1.00 m

LC24-RC368 48 49 1 7.25 11.1 7.25 g/t Au and 11.1 g/t Ag over 1.00 m

51 52 1 1.95 3.0

52 53 1 6.33 14.8

53 54 1 4.41 25.6

55 56 1 1.57 4.5

56 57 1 124.20 41.6

57 58 1 7.90 17.7

58 59 1 6.23 4.8

59 60 1 0.52 1.6

60 61 1 2.63 2.5

36 37 1 1.86 2.5

37 38 1 14.60 23.4

38 39 1 4.94 5.3

78 79 1 1.04 1.6

79 80 1 5.84 8.0

36 37 1 2.84 5.5

37 38 1 4.76 2.4

45 46 1 10.30 23.3

46 47 1 2.19 6.3

LC24-RC376 64 65 1 1.11 2.3 1.11 g/t Au and 2.3 g/t Ag over 1.00 m

87 88 1 2.67 10.7 2.67 g/t Au and 10.7 g/t Ag over 1.00 m

92 93 1 1.21 0.4 1.21 g/t Au and 0.4 g/t Ag over 1.00 m

Las Dolores

El Limon

LC24-RC463 1.87 g/t Au and 1.7 g/t Ag over 2.00 m

LC24-RC465 2.33 g/t Au and 4.2 g/t Ag over 4.00 m

LC24-RC466 5.08 g/t Au and 12.4 g/t Ag over 2.00 m

LC24-RC431 3.47 g/t Au and 6.1 g/t Ag over 3.00 m

LC24-RC436 28.38 g/t Au and 13.6 g/t Ag over 2.00 m

LC24-RC444 2.56 g/t Au and 1.7 g/t Ag over 3.00 m

LC24-RC458 30.85 g/t Au and 34.0 g/t Ag over 2.00 m

4.23 g/t Au and 14.5 g/t Ag over 3.00 m

23.84 g/t Au and 12.1 g/t Ag over 6.00 m

7.13 g/t Au and 10.4 g/t Ag over 3.00 m

3.44 g/t Au and 4.8 g/t Ag over 2.00 m

3.80 g/t Au and 4.0 g/t Ag over 2.00 m

6.25 g/t Au and 14.8 g/t Ag over 2.00 m

LC24-RC370

LC24-RC373

LC24-RC374

LC24-RC371

LC24-RC372

LC24-RC480

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 -RC417, LC24-

RC426, LC24 -RC427, LC24 -RC432, LC24 -RC435, LC24 -RC439 to LC24 -RC442, LC24 -RC448, LC24 -RC460, LC24 -RC467,

LC24-RC469, LC24-RC353, LC24-RC360, LC24-RC367, LC24-RC375, LC24-RC470, LC24-RC473, LC24-RC474, LC24-RC509

and LC24-RC510. In addition to the drill holes presented in the table above, the following drill holes returned no significant values:

LC24-RC414 to LC24 -RC416, LC24 -RC418, LC24 -RC419, LC24 -RC429, LC24 -RC433, LC24 -RC437, LC24 -RC445, LC24 -

RC446, LC24 -RC449 to LC24 -RC457, LC24 -RC461, LC24 -RC462, LC24 -RC468, LC24 -RC369, LC24 -RC377, LC24 -RC393,

LC24-RC378, LC24-RC380, LC24-RC472, LC24-RC475, LC24-RC478, LC24-RC501, LC24-RC508 and LC24-RC511.

58 59 1 10.20 8.5

59 60 1 2.13 2.3

LC24-RC471 12 13 1 23.80 26.8 23.80 g/t Au and 26.8 g/t Ag over 1.00 m

12 13 1 12.00 38.3

13 14 1 63.90 84.6

14 15 1 60.00 74.8

15 16 1 11.60 15.0

LC24-RC477 43 44 1 2.62 3.5 2.62 g/t Au and 3.5 g/t Ag over 1.00 m

27 28 1 26.70 107.0

28 29 1 1.85 9.1

29 30 1 2.30 10.1

LC24-RC500 53 54 1 39.30 66.0 39.30 g/t Au and 66.0 g/t Ag over 1.00 m

LC24-RC502 38 39 1 1.27 2.2 1.27 g/t Au and 2.2 g/t Ag over 1.00 m

23 24 1 7.43 9.6 7.43 g/t Au and 9.6 g/t Ag over 1.00 m

36 37 1 2.95 20.1 2.95 g/t Au and 20.1 g/t Ag over 1.00 m

LC24-RC504 22 23 1 3.93 21.6 3.93 g/t Au and 21.6 g/t Ag over 1.00 m

28 29 1 48.30 148.0

29 30 1 1.72 4.4

LC24-RC506 35 36 1 2.18 7.8 2.18 g/t Au and 7.8 g/t Ag over 1.00 m

64 65 1 1.39 8.2

65 66 1 0.04 0.4

66 67 1 29.70 34.0

LC24-RC512 72 73 1 9.55 6.8 9.55 g/t Au and 6.8 g/t Ag over 1.00 m

Mango-2 LC24-RC356 61 62 1 1.08 0.5 1.08 g/t Au and 0.5 g/t Ag over 1.00 m

Mango-1 LC24-RC368 100 101 1 8.62 9.8 8.62 g/t Au and 9.8 g/t Ag over 1.00 m

LC24-RC503

Bayacun

Intermediate 25.01 g/t Au and 76.2 g/t Ag over 2.00 m

10.37 g/t Au and 14.2 g/t Ag over 3.00 m

LC24-RC379

LC24-RC476

LC24-RC507

LC24-RC505

6.16 g/t Au and 5.4 g/t Ag over 2.00 m

36.88 g/t Au and 53.2 g/t Ag over 4.00 m

LC24-RC479 10.28 g/t Au and 42.1 g/t Ag over 3.00 m

Figure 1. Drill Hole Plan Las Conchitas

Figure 2. El Limon-Bayacun Schematic Cross Section

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 spli tter 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 m ineralized

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 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

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