Mako Mining Provides Q4 2022 Production Results with Record Gold Sales of 9,956 oz and Total Silver Recovered of 16,268 oz
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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 18th, 2023
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Provides Q4 2022 Production Results with Record Gold Sales of 9,956 oz
and Total Silver Recovered of 16,268 oz
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
fourth quarter 2022 (“Q4 2022”) production results from its San Albino gold mine (“San Albino”) in northern
Nicaragua, which is the sixth full quarter of production results since declaring commercial production on
July 1, 2021. Financial results for Q4 2022, including detailed reporting of our operating costs, are expected
to be released in April.
Q4 2022 Production Highlights
• 50,893 tonnes mined containing 9,990 ounces of gold (“oz Au”) at a blended grade of 6.11
grams per tonne gold (“g/t Au”) and 16,692 ounces of silver (“oz Ag”) at a grade of 10.20
grams per tonne silver (“g/t Ag”)
o 23,103 tonnes mined containing 7,543 oz Au at 10.15 g/t Au and 10,768 oz Ag at 14.50 g/t
Ag from diluted vein material
o 27,790 tonnes mined containing 2,447 oz Au at 2.74 g/t Au and 5,924 oz Ag at 6.63 g/t Ag
from historical dump and other mineralized material above cutoff grade (“historical dump
+ other”)
o 28.8:1 strip ratio overall which includes accelerated waste development of the West and the
Central Pit (“Arras Zone”)
• 49,204 tonnes milled containing 11,937 oz Au at a blended grade of 7.55 g/t Au and 18,408
oz Ag at 11.64 g/t Ag
o 57% and 43% from diluted vein and historical dump and other, respectively
o 563 tonnes per day (“tpd”) milled at 95% availability
o Recoveries of 82.8% and 69.9% for gold and silver, respectively, in Q4 2022
• 146,560 tonnes in stockpile containing 10,554 oz Au at a blended grade of 2.24 g/t Au
• 9,882 oz Au and 16,268 oz Ag recovered
• 9,956 oz Au and 9,955 oz Ag sold
Akiba Leisman, Chief Executive Officer of Mako states that, “Q4 2022 was a strong quarter with record
gold sales and record silver recovered. The metallurgical challenges we experienced in Q2 and Q3 2022
are now firmly behind us, and the Company intends to continue optimizing the plant, with the expectation
that it will be operating consistently at 600 tonnes per day (“tpd”) later in Q1 202 3. Throughput reached
600 tpd 14 times during the quarter, which clearly demonstrates the capability of running 20% above the
plant’s original 500 tpd nameplate capacity. Operating cash flow was robust at an average realized price
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of $1726 per ounce, where we will report AISC substantially below that of Q3 2022. Now that the gold
price is 10% higher than what was realized in Q4 2022, our balance sheet will accelerate its strengthening,
even after budgeting nearly $10 million of exploration expenditures for 2023.”
Table 1 – Production Results
* Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
**For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price.
Units Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022
Mined
Diluted Vein
Tonnes t 17,400 22,560 21,655 23,103 84,718
Gold Grade g/t 15.59 12.85 11.44 10.15 12.32
Silver Grade g/t 22.76 19.29 16.55 14.50 17.99
Contained Gold oz 8,723 9,324 7,962 7,543 33,552
Contained Silver oz 12,731 13,988 11,520 10,768 49,007
Historical Dump + Other*
Tonnes t 32,380 24,660 30,429 27,790 115,259
Gold Grade g/t 2.74 2.65 2.63 2.74 2.69
Silver Grade g/t 7.53 5.79 6.35 6.63 6.63
Contained Gold oz 2,854 2,097 2,569 2,447 9,967
Contained Silver oz 7,840 4,593 6,217 5,924 24,574
Waste
Tonnes t 1,516,510 1,249,926 1,190,243 1,467,739 5,424,417
Strip Ratio Total 30.5 26.5 22.9 28.8 27.1
Milled
Diluted Vein % 48% 47% 56% 57% 52%
Historical Dump + Other* % 52% 53% 44% 43% 48%
Tonnes t 46,869 49,332 44,452 49,204 189,857
Gold Grade g/t 7.20 7.30 7.82 7.55 7.46
Siver Grade g/t 11.95 12.85 17.58 14.70 15.21
Contained Gold oz 10,849 11,582 11,172 11,937 45,529
Contained Silver oz 18,011 20,374 25,122 23,260 92,841
Mill Availability % 87% 92% 94% 95% 92%
Average Tonnes per Day t/day 596 589 512 563 563
Recovered
Gold Recovery % 85.6% 74.5% 77.0% 82.8% 79.9%
Siver Recovery % 49.0% 47.6% 59.5% 69.9% 57.3%
Gold Recovered oz 9,280 8,630 8,598 9,882 36,390
Silver Recovered oz 8,827 9,699 14,951 16,268 49,744
Gold Sold oz 9,580 9,027 8,328 9,956 36,891
Silver Credits US$ 000 6,025 12,714 12,399 9,955 41,093
Avg. Realized Price Gold US$/oz 1,870 1,866 1,724 1,726 1,797
Avg. Realized Price Silver US$/oz 25 21 20 22 21
w:o
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Table 2 – Quarter End Stockpile Statistics
* Includes stockpiles of mineralized material at the crusher.
** Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
Mining
The mine averaged 553 tpd of diluted vein and historical dump + other material in Q4 2022 with a strip
ratio of 28.8 which included accelerated waste development of the West and the Central Pit . The current
stockpile is 146,548 tonnes containing 10,292 oz Au at 2.18 g/t Au.
The average grade of the diluted vein was 10.15 g/t Au during the quarter. A combination of geological
mapping, additional lab testing, and new procedures implemented by our mine geologist have all
contributed to improved mining selectivity, which limits the amount of pre g-robbing material being fed to
the plant , thereby enhancing recoveries. New blending processes allowed the mill to maintain high
throughput without sacrificing recovery.
Lastly, initial development for a second waste dump began during the quarter with an initial capacity of 6
million tonnes (“Mt”) which can eventually be expanded to 23 Mt.
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 Q4, 2022, the plant has been averaging 563 tpd at 95% availability
(see Table 1). In Q4 2022 the plant processed 57% diluted vein material and 43% historical dump + other
material to achieve an average blended grade of 7.55 g/t Au and 14.70 silver. The recovery for the quarter
was 82.8% for gold and 69.9% for silver for the quarter. (See Table 1)
The gold recovery improvement from 77.0% in the third quarter to 82.8% in the fourth quarter was a result
of the processing improvements implemented during the third quarter. A second carbon striping vessel
was commissioned during the fourth quarter. The second vessel allows for more efficient carbon stripping
and will result in reduced precious metal in the carbon circuit inventory . The retention screens in the CIL
Units Q1 2022 Q2 2022 Q3 2022 Q4 2022
Diluted Vein*
Tonnes t 2,959 4,061 224 0
Gold Grade g/t 7.95 11.81 8.01 0.00
Contained Gold oz 756 1,543 58 0
Historical Dump + Other**
Tonnes t 145,091 135,340 144,401 146,560
Gold Grade g/t 2.25 2.72 2.64 2.24
Contained Gold oz 10,513 11,842 12,236 10,554
Total
Tonnes t 148,050 139,401 144,624 146,560
Gold Grade g/t 2.37 2.99 2.64 2.24
Contained Gold oz 11,269 13,385 12,293 10,554
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tanks were replaced with new screens during December. The new screens will improve the CIL tank profile,
resulting in reduced metal concentrations in the tails solutions, which will improve overall circuit recovery.
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 pr imary 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, 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 Q4, 2022 detailed
operating costs and financial results will be available in March 2023; the additional optimizations noted may improve
recoveries further; 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 o f risks and
uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking
information, including, without limitation; that the Company is not successful in operating San Albino profitably and/or
funding 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 fo r
unexpected costs and expense; commodity price fluctuations and other risks and uncertainties as disclosed in the
Company’s public 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 Q4 2022 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.