Mako Mining Provides Q1 2022 Production Results
LEGAL*55828338.1
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
April 27, 2022
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Provides Q1 2022 Production Results
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “ Company”) is pleased to provide
first quarter 2022 (“Q1 2022”) production results from its San Albino gold mine (“San Albino”) in northern
Nicaragua, which is the third full quarter of production results since declaring commercial production on
July 1, 2021. Financial results for Q1 2022, including detailed reporting of our operating costs, are expected
along with our Q1 2022 Financial results in May.
Q1 2022 Production Highlights
• 49,780 tonnes mined containing 11,577 ounces of gold (“oz Au”) at a blended grade of 7.23
grams per tonne gold (“g/t Au”)
o 17,400 tonnes mined containing 8,723 oz Au from diluted vein material at 15.59 g/t Au
o 32,380 tonnes mined contain ing 2,854 oz Au from historical dump and other mineralized
material above cutoff grade (“historical dump + other”) at 2.74 g/t Au
o 17.9:1 strip ratio for Phase 1
o 30.5:1 strip ratio overall (including Phase 2 accelerated waste development)
• 46,869 tonnes milled containing 10,843 oz Au at a blended grade of 7.20 g/t Au
o 48% and 52% from diluted vein and HW/FW, respectively
o 596 tonnes per day (“tpd”) milled at 87% availability
o 85.6% gold recoveries (majority of material processed was fresh material)
• 148,050 tonnes in stockpile containing 11,269 oz Au at a blended grade of 2.37 g/t Au
• 9,280 oz Au recovered and 9,580 oz Au sold at an average realized price of US$ 1,870 per
ounce
Akiba Leisman, Chief Executive Officer of Mako states that, “ this quarter was the third full quarter of
commercial production at San Albino . The mine is performing well, where the diluted vein material
continues to positively reconcile to the resource model in grade and ounces, and mill throughput has been
running at above nameplate capacity of 500 tonnes per day, including all availability factors . The mi ll
averaged 596 tonnes per day for the quarter at 87% availability , which is a 22% improvement over the
previous quarter including mill availability (46,869 tonnes milled in Q1 2022 vs. 38,313 tonnes milled in Q4
2021). Replenishment of spare parts and minor adjustments to the plant improve d mill availability and
throughput for the first quarter of 2022 , and we expect to be running at or above nameplate capacity for
the foreseeable future. Now that the mill is processing mainly fresh material instead of the oxide material
from last year, recoveries were running at 85.6% , which is i nline with the 86% metallurgical recoveries
predicted in our December 2019 metallurgical update (see press release dated December 13, 2019). The
plant is going through a series of optimizations, expected to be completed in Q2 2022, and we are optimistic
that minor improvements in recoveries can be made thereafter. 9,580 ounces were sold and operating
LEGAL*55828338.1
2
cash flow fro m the mine remains robust, with exploration expenditures increasing, waste development
accelerating ahead of the rainy season, payables fully normalized from elevated levels during ramp -up,
and over US$4 million of principal being repaid since the end of Q4 2021 (over US$7 million of principal
since the end of Q3 2021).”
Table 1 – Production Results
* Includes historical dump, hanging wall, foot wall, historical muck and all other non-vein mineralized material above cutoff grade
**For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price
Units Q3 2021 Q4 2021 Q1 2022
Mined
Diluted Vein
Tonnes t 14,329 17,500 17,400
Gold Grade g/t 15.80 16.94 15.59
Contained Gold oz 7,278 9,530 8,723
Historical Dump + Other*
Tonnes t 36,881 26,660 32,380
Gold Grade g/t 2.72 3.17 2.74
Contained Gold oz 3,220 2,720 2,854
Waste
Tonnes t 794,791 776,539 1,516,510
Strip Ratio Phase 1 15.5 17.6 17.9
Strip Ratio Total N.A N.A 30.5
Milled
Diluted Vein % 56% 51% 48%
Historical Dump + Other* % 44% 49% 52%
Tonnes t 33,441 38,313 46,869
Gold Grade g/t 8.25 9.01 7.20
Contained Gold oz 8,873 11,102 10,843
Mill Availability % 85% 82% 87%
Average Tonnes per Day t/day 429 507 596
Recovered
Recoveries % 92.9% 92.7% 85.6%
Gold Recovered oz 8,239 10,291 9,280
Gold Sold oz 8,280 9,588 9,580
Average Realized Price** US$/oz 1,783 1,797 1,870
w:o
LEGAL*55828338.1
3
Table 2 – Mining by phases Q1 2022
Table 3 – Quarter End Stockpile Statistics
* Includes stockpiles of mineralized material at the crusher.
** Includes historical dump, hanging wall, foot wall, historical muck and all other non-vein mineralized material above cutoff grade.
Mining
The mine averaged 553 tpd of diluted vein material and historical dump + other in Q1 2021 with a strip
ratio of 17.9 from the main West Pit, and 30.5x inclusive of the Central Pit (Arras Zone) and West Pit Phase
2 waste development (see Table 1). The stockpile is now 148,050 tonnes and is comprised of 2,959 tonnes
of diluted vein material at 7.95 g/t Au and 145,091 tonnes of historical dump + other at 2.25 g/t Au for a
total of 11,269 oz Au (see Table 3).
Since the end of March, most of the diluted vein material has been coming from 79% Porcelana Zone and
21% Arras Zone, which is being blended with historical dump + other at the mill. The Porcelana Zone,
which has the highest grade -thickness profile encountered at San Albino, is expected to make up the
majority of the diluted vein tonnes for the foreseeable future.
At the beginning of Q1, the pre -strip for phase 2 West Pit development commenced, and the mining
contractor was instructed to accelerate waste development prior to the start of rainy season in May. The
strip ratio just for the Phase 1 Pit was 17.9x and including the accelerated waste development it was 30.5x.
Units West Pit
Phase 1
West Pit
Phase 2
Arras
Zone Total
Ore Tonnes t 39,180 0 10,600 49,780
Au Grade g/t 7.82 N.A 5.07 7.23
Au Ounces oz 9,851 0 1,726 11,577
Waste Tonnes t 699,646 498,925 317,939 1,516,510
Strip Ratio w:t 17.9x N.A 30.0x 30.5x
Units Q3 2021 Q4 2021 Q1 2022
Diluted Vein*
Tonnes t 3,545 6,510 2,959
Gold Grade g/t 11.86 13.62 7.95
Contained Gold oz 1,352 2,850 756
Historical Dump + Other**
Tonnes t 125,486 132,092 145,091
Gold Grade g/t 2.38 2.35 2.25
Contained Gold oz 9,608 9,982 10,513
Total
Tonnes t 129,031 138,602 148,050
Gold Grade g/t 2.64 2.88 2.37
Contained Gold oz 10,960 12,832 11,269
LEGAL*55828338.1
4
Milling
All components of the 500 tpd gravity and carbon -in-leach processing plant have been fully operational
since the beginning of May 2021. During Q1, 2022, the plant has been averaging 596 tpd at 87% availability
(see Table 1). In the first quarter of 2022 the plant processed 47% diluted vein material and 53% historical
dump + other to achieve an average blended grade of 7.20 g/t Au and recovering an average of 85.6%
(see Table 1).
The first quarter of 2022 saw the mill operate at a throughput rate significantly higher than previous
quarters. This was due primarily to improved operational performance. The recovery was lower than
previous quarters due to the much higher amount of fresh feed which contains a higher amount of organic
carbon. Further mill optimization efforts , which include optimizing grind size and lowering cyanide
concentrations from the recycled plant water , are planned in the months ahead to more effectively treat
the increased quantity of fresh ore feeding the mill.
An additional carbon stripping vessel is being fabricated to increase stripping capacity in the elution circuit,
which is expected to be operational in Q3 2022. Wood and other debris from historical mining has impacted
the operating time of the existing carbon stripping circuit. Procedures implemented in the mine have been
effective in addressing some of the problems from debris from historic mining but an additional stripping
vessel is expected to fully debottleneck this part of the plant.
All of the above mentioned improvements to the processing plant have helped the plant achieve processing
rates of an average of 596 tpd in Q1 2022, with over 9,500 ounces of gold sold for the second consecutive
quarter (see Table 1).
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.
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.
LEGAL*55828338.1
5
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-
7059, E -mail: [email protected] or visit our website at www.makominingcorp.com and
SEDAR www.sedar.com.
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 certain expectations and assumptions, including that Q1, 2022 detailed
operating costs and financial results will be available in May 2022; that the replenishment of spare parts and minor
adjustments to the plant are expected to further improve mill availability for the first quarter of 2022 and beyond; that
we expect to be running at or above nameplate capacity for the foreseeable future; that p lant optimizations are
expected to be completed in Q2 2022, and that we are optimistic that minor improvements in recoveries can be made
thereafter; the Porcelana Zone is expected to make up the majority of the diluted vein tonnes for the foreseeable
future; now that the gravity circuit is operating continuously it is expected to improve recoveries and reduce
processing costs of the high -grade mineralization coming from the Porcelana Zone; the additional carbon stripping
vessel is expected to increase strip ping capacity in the elution circuit and be operational in Q2 2022; ;and that the
Company can operate San Albino profitably in order to 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, the risk that the expected improvements noted will not be completed in the timeframes expected and/or will
lead to the improvements expected;that theCompany’s not successful in operating San Albino profitably and/or fund
its exploration of prospectus targets on its district -scale land package; political risks and uncertainties involving the
Company’s exploration 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 publi c
disclosure filings on SEDAR at www.sedar.com. 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 production results at San Albino gold project,
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.
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.