Mako Mining Reports Proven and Probable Mineral Reserves of 598 Koz Au and 6.30 Moz Ag Grading 0.327 g/t Au and 3.45 g/t Ag in 56.8 M Tonnes at the Moss Mine in Arizona, Supporting a Post-Tax NPV 5% of US$254 Million and a 15-Year Mine Life at US$3,500/oz
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July 7th, 2026
NASDAQ: MAKO; TSX-V: MKO
Mako Mining Reports Proven and Probable Mineral Reserves of 598 Koz Au and 6.30 Moz
Ag Grading 0.327 g/t Au and 3.45 g/t Ag in 56.8 M Tonnes at the Moss Mine in Arizona,
Supporting a Post-Tax NPV 5% of US$254 Million and a 15-Year Mine Life at US$3,500/oz
Au and US$50/oz Ag
Mako Mining Corp. (NASDAQ: MAKO; TSX-V: MKO) (“Mako” or the “Company”) is pleased to announce
a mineral reserve estimate and updated project economics for the Moss Mine located in Arizona, USA (the
“Moss Mine” or “Moss”), prepared in accordance with National Instrument 43-101, Standards of Disclosure
for Mineral Projects (“NI 43-101”) with an effective date of June 30th, 2026. An updated technical report for
Moss will be filed in accordance with NI 43-101 under the Company’s SEDAR+ profile at www.sedarplus.ca
within 45 days of this news release.
Mineral Reserve Highlights:
• Total Proven and Probable Mineral Reserves of 597,744 oz gold (“Au”) and 6. 30 Moz silver (“Ag”)
contained within 56.8 million tonnes (“Mt”) grading 0.327 grams per tonne (“g/t”) Au and 3.45 g/t Ag.
• Mineral reserves have been estimated using metal prices of US$3,500/oz gold and US$50/oz silver
and are based on the mining and processing methods currently in use at Moss-conventional open pit
mining using truck-and-shovel method and processing by crushing, heap leaching and Merrill-Crowe
recovery.
Project Economics Highlights:
• After-tax net present value discounted at 5% of US$254 million (“M”) at the base-case gold price of
US$3,500/oz and silver price of US$50/oz.
• 442,904 ounces of recovered gold and 2.1 million ounces of recovered silver expected over a 15 -
year life of mine (“LOM”) assuming recoveries of 75% and 33% for Au and Ag, respectively. Projected
average annual production of 30.9k oz Au (2026-2039) with peak production of 46.1 koz Au estimated
in 2031.
• Average heap leach grade of 0.3 27 g/t Au and 3.45 g/t Ag with associated strip ratio of 1.3:1
(waste:ore).
• No initial capital required. LOM sustaining capital expenditures estimated at US$86 million, a ll
expected to be funded out of cash flow.
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Mineral Reserve Estimate
The Moss Mine contains Proven and Probable Mineral Reserves of 56.8 million tonnes (62.6 million short
tons) grading 0.327 g/t gold and 3.45 g/t silver, containing 597,744 ounces of gold and 6.30 million ounces
of silver (Table 2). The mineral reserve estimate was prepared in accordance with NI 43-101 and the 2014
CIM Definition Standards following the application of all applicable Modifying Factors. The Proven and
Probable Mineral Reserves provide the basis for a 15-year mine plan and the updated project economics
presented in this news release. Mineral reserve tonnages and grades are reported in metric units, with the
corresponding imperial units presented in Table 3.
Table 1: Moss Mine After Tax NPV @ 5% (in US$ millions)
Akiba Leisman, CEO of Mako states : “the Moss mineral reserve declaration and updated project
economics is an important milestone for Mako. While the Company began mining operations at San Albino
over 6 years ago, and mining at Moss 12 months ago, these are the first mineral reserves the Company
has declared. Going forward, this will unlock opportunities to lower our cost of capital, as the Company’s
lack of mineral reserves has previously been a constraint. Mako acquired Moss in March of 2025 for a net
purchase price of approximately US$2 million. Multiples of the acquisition price have already been returned
to the Company through cash flow, and management believes that the economics reported today, based
on real operating economics from the mine, reflect one of the highest return on invested capital acquisitions
made during this commodity cycle. Over the course of this quarter, Mako will announce additional
opportunities to lower the cost of its capital so that we can continue to make highly accretive acquisitions
in the future.”
254 3,000 3,250 3,500 4,000 4,250 4,500 5,000
40 125 185 243 358 415 472 587
45 131 190 248 363 421 478 592
50 137 196 254 369 426 483 598
55 142 202 259 374 432 489 603
60 148 207 265 380 437 494 609
65 154 213 270 385 443 500 614
70 159 218 276 391 448 505 620
75 165 224 281 396 453 511 625
80 171 229 287 402 459 516 631
Base Case Scenario
Spot
Gold Prices (US$/oz.)
Silver Price (US$/oz.)
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Table 2: Mineral Reserve Estimate – Metric units (Effective date June 30th, 2026)
Table 3: Mineral Reserve Estimate Summary – Imperial units (Effective date June 30th, 2026)
Notes for Tables 2 & 3:
1. Mineral Reserves have been estimated in accordance with the 2014 CIM Definition Standards for Mineral Resources and
Mineral Reserves, as adopted by the Canadian Securities Administrators in National Instrument 43 -101 Standards of
Disclosure for Mineral Projects.
2. The Mineral Reserve estimate was prepared by Mohsin Hashmi P.Eng., a Qualified Person as defined by National
Instrument 43-101, with an effective date of June 30th, 2026.
3. The Mineral Reserve estimate is based on the Mineral Resource estimate with an effective date of December 18, 2025,
after the application of all relevant Modifying Factors, including mining, metallurgical, economic, processing, infrastructure,
environmental, legal, social, and governmental considerations.
4. Mineral Reserves are reported using a cut-off grade of 0.14 g/t Au, which was determined using the economic assumptions
applied to the Mineral Reserve estimate, including metal prices, metallurgical recoveries, operating costs and processing
assumptions.
5. Mineral Reserves are reported within the mine design and are based on the mine plan and economic assumptions
applicable as of the effective date of the estimate.
6. Mineral Reserve tonnage and grade estimates are reported on a diluted basis where applicable. Contained metal has been
calculated from tonnage and grade and is reported prior to metallurgical recovery unless otherwise stated.
7. Mineral Reserve tonnages and contained metal have been rounded to reflect the precision of the estimate. Totals may not
sum exactly due to rounding.
8. Mineral Reserves are reported exclusive of Mineral Resources.
9. Mineral Reserves have been estimated using metal prices of US$3,500/oz gold and US$50/oz silver.
10. The Mineral Reserve estimate assumes average life -of-mine metallurgical recoveries of approximately 75% for gold and
33% for silver.
11. Mineral Reserves are based on conventional open pit mining using truck-and-shovel methods.
12. Mineral Reserves assume processing by crushing, heap leaching and Merrill-Crowe recovery.
13. Mineral Reserves reflect mining depletion to Jan 1, 2026.
14. Tonnages are estimated using variable bulk densities assigned according to lithology, alteration and oxidation state.
Proven 11,364,523 0.326 119,134 4.02 1,468,191
Probable 45,464,774 0.327 478,610 3.30 4,828,202
Proven + Probable 56,829,297 0.327 597,744 3.45 6,296,299
Tonnes
(Mt)Category Gold
(g/t)
Gold
(oz)
Silver
(g/t)
Silver
(oz)
Proven 12,527,239 0.0095 119,134 0.1172 1,468,191
Probable 50,116,320 0.0096 478,610 0.0963 4,828,202
Proven + Probable 62,643,559 0.0095 597,744 0.1005 6,296,299
Silver
(g/t)
Silver
(oz)Category Tonnes
(Mt)
Gold
(g/t)
Gold
(oz)
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The following tables show the previously released mineral resources estimate:
Table 4: Mineral Resource Estimate Summary - Metric units (Effective date December 18th, 2025)
Table 5: Mineral Resource Estimate Summary - Imperial units (Effective date December 18th,
2025)
Notes for Tables 4 & 5:
• Numbers have been rounded to reflect the precision of a Mineral Resource Estimate. Totals may vary due to rounding.
• Mineral Resource Estimates conform to NI 43 -101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice
Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
• AuEq is calculated using a silver -to-gold ratio of 194.6:1, derived from assumed metal prices (US$2,500/oz Au and US$29.20/oz Ag) and
assumed metallurgical recoveries (75% for Au) and 33% for Ag).
• Mineral Resources are constrained within an optimized open-pit shell using a 0.17 g/t AuEq cut-off grade. Pit optimization assumptions include
US$2,500/oz gold, US$29.20/oz silver, 75% gold recovery, and 33% silver recovery.
• Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred
Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred
Resources as Indicated or Measured Resources, however, it is reasonably expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
• The Company is not aware of any environmental, permitting, legal, title, taxation, socio -economic, marketing or political factors that might
materially affect these Mineral Resource Estimates.
Updated Project Economics
The Mineral Reserve forms the basis of a discounted cash flow model prepared using the reserve mine
plan and the economic assumptions summarized below.
Economic Assumptions
Cutoff AuEq
oz/ton AuEq (koz)
Measured 0.005 10,527 0.0113 0.0106 0.1330 119 112 1,400
Indicated 0.005 52,383 0.0107 0.0102 0.1031 560 534 5,401
Measured + Indicated 0.005 62,910 0.0108 0.0103 0.1081 679 646 6,801
Inferred 0.005 13,587 0.0092 0.009 0.0427 125 122 580
Category k tons AuEq opt Au opt Ag opt Au (koz) Ag (koz)
Cutoff AuEq
g/t AuEq (koz)
Measured 0.17 9,550 0.39 0.36 4.56 119 112 1,400
Indicated 0.17 47,521 0.37 0.35 3.53 560 534 5,401
Measured + Indicated 0.17 57,071 0.37 0.35 3.71 679 646 6,801
Inferred 0.17 12,326 0.32 0.31 1.46 125 122 580
Ag (koz)Category k tonnes AuEq g/t Au g/t Ag g/t Au (koz)
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Production Profile and Reserve Development Strategy
The table below provides a summary of production over the estimated 15-year LOM;
Production summary table
The Mineral Reserve mine plan reflects a staged development profile. Current mining activities are focused
on the initial phases of the Reynolds and Central pits, which contain lower than average grades relative to
the 15 year LOM plan. Pre-stripping activities have commenced at the East and North pits with LOM
average grades expected by January 2027.
The mine plan incorporates a phased expansion of mining and processing capacity designed to maximize
the value of the Mineral Reserve. After final 2026 plant debottlenecking exercises are complete, the plant
is expected to produce approximately 3.3 million tonnes per year ( 3.5 million short tons per year) from
2027 to 2030 , corresponding to a nominal processing capacity of approximately 8,200 tonnes per day
(9,000 short tons per day). A second planned expansion increases nominal processing capacity to
Metric Imperial
Operation Costs
Mining Insitu $/t 3.50 3.18
Mining Fills $/t 2.10 1.91
Processing $/ore t 6.40 5.81
G&A $/ore t 0.85 0.77
Refinery services and logistics $/ore t 0.31 0.28
Gold Price Base Case $/oz 3,500 3,500
Silver Price Base Case $/oz 50 50
Royalties % 4% 4%
Gold Recovery % 75.0% 75.0%
Silver Recovery % 33.0% 33.0%
Mine Dilution % 2.0% 2.0%
Category Value
Mine Life 15 years
Average annual recovered Au 30,928 oz
Peak recovered Au 46,137 oz
Total recovered Au 442,904 oz
Average annual recovered Ag 143,408 oz
Total recovered Ag 2,081,565 oz
Average ore throughput 12,049 tons/d
Peak ore throughput 14,000 tons/d
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approximately 12,700 tonnes per day (14,000 short tons per day) beginning in 2031, with this capacity
maintained through most of the remaining LOM.
A key driver of the improved production profile is the scheduled transition to mining the East Pit. Early
production is sourced predominantly from the Reynolds and Central pits, where mineral reserve grades
generally range from approximately 0.27 to 0.31 g/t Au (0.008 to 0.009 oz/short ton Au). East Pit Phase 1
contributes higher-grade ore for processing, averaging approximately 0.48 g/t Au (0.014 oz/short ton Au),
with localized mineral reserve grades of up to approximately 0.65 g/t Au (0.019 oz/short ton Au). The
introduction of this higher -grade material improves the average processing feed grade during the middle
years of the LOM and supports increased gold production.
The higher mineral reserve grades in the East Pit reflect differences in the style and distribution of gold
mineralization recognized in the current geological model. Mineralization east of the north -northwest-
trending Canyon Fault is interpreted to be hosted predominantly w ithin well-developed epithermal quartz
vein systems characterized by greater vein continuity and higher gold grades. In contrast, mineralization
west of the Canyon Fault, which includes the Reynolds and Central pits, is hosted primarily within broad
zones of diffuse, fine -grained quartz stockwork and veinlets that generally exhibit lower average gold
grades. These contrasting mineralization styles result in a higher average reserve grade within the East
Pit and are an important factor underlying the improved production profile as mining progresses eastward.
The combined effects of increased processing capacity and higher reserve grades are reflected in the
recovered gold production profile. Annual recovered gold production increases from approximately 18,000
to 24,000 ounces during the initial years of production to approximately 33,600 ounces in 2030 as higher-
grade East Pit ore contributes a higher proportion of plant feed. Following the expansion to approximately
12,700 tonnes per day (14,000 short tons per day), annual recovered gold production increases to
approximately 47,100 ounces in 2031 and remains robust throughout the balance of the LOM, generally
ranging between 27,000 and 43,000 recovered ounces per year. Over the LOM, the Mineral Reserve is
expected to produce approximately 442,904 recovered ounces of gold.
The increase in recovered gold production is supported by both improved mineral reserve grades and
increased processing throughput. While annual contained gold varies with the mining sequence and
mineral reserve grade, recovered gold production reflects th e application of the metallurgical recovery
assumptions incorporated into the mineral reserve estimate and therefore provides the appropriate basis
for evaluating expected operating performance.
Exploration Upside
Beyond the current mineral reserve, the project hosts additional Inferred Mineral Resources, representing
a meaningful near-term exploration opportunity. Importantly, exploration to date has been concentrated
along the Moss and Ruth vein systems, which occupy only a small portion of Mako's approximately 16,900-
hectare (41,760 -acre) land package. The vast majority of the property remains untested despite th e
presence of numerous prospective structural and geochemical targets identified through surface
prospecting. To accelerate target generation, the Company is currently completing a property -wide
hyperspectral survey that will help prioritize drill targets across the broader concession package,
underscoring the significant exploration potential beyond the known deposits.
Note: Inferred Mineral Resources are considered too speculative geologically to have economic considerations
applied that would enable them to be categorized as Mineral Reserves, and there is no certainty that Inferred Mineral
Resources will be converted to Measured or Indicated Resources or Mineral Reserves.
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Corporate Update
A royalty litigation settlement has been reached with Patriot Gold Corp. (“Patriot”) with respect to its 3%
royalty interest on Moss. Mako has paid all accrued royalties to Patriot since Moss was acquired by an
affiliate of Mako on December 31st, 2024 and will pay Patriot an additional US$1.55 million of the remaining
~US$3.7 million controlled by the bankruptcy monitor pending approval by the Arizona Court. All royalties
due to Patriot have been accrued since Mako and affiliates acquired Moss, and management believes the
remaining collateral held by the bankruptcy monitor, which Mako has a priority interest in, will be in excess
of its current carrying value on Mako’s balance sheet. Mako was unsuccessful in discharging this royalty
last year (see press release dated November 20th, 2025) and is glad that this matter is resolved. Litigation
with affiliates of Royal Gold Inc. continues with respect to their (up to 1%) royalty on a portion of the Moss
property.
Qualified Persons
The Mineral Reserve Estimate contained in this news release has been prepared by Mohsin Hashmi,
P.Eng. Richard Gowans, P.Eng is responsible for metallurgy, recovery methods and process plant
operating costs. Christopher Keech, P.Geo. is responsible for dri lling, sampling and the mineral resource
estimate. Mohsin Hashmi, P.Eng. is responsible for the mining methods and capital and operating costs
related to the open pit mining. Garth Luikko, P.Eng. is responsible for the economic analysis. William Lewis,
P.Geo., is responsible for the property description, geology, environment and permitting aspects. All of the
aforementioned persons are considered “Qualified Persons” for the purposes of NI 43 -101 and have
reviewed and approved the scientific and technical disclosure contained in this news release.
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 and offers district-scale exploration potential. Mako also owns
two assets in the US: the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona and the
Mt. Hamilton Project, a heap leach project in Nevada. Mako also holds a 100% interest in the PEA-stage
Eagle Mountain Project in Guyana, South America. Eagle Mountain is the subject of engineering,
environmental and mine permitting activity.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 917-558-
5289, E -mail: [email protected] or visit our website at www.makominingcorp.com and
SEDAR www.sedarplus.ca.
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Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
This news release has been prepared in accordance with the requirements of Canadian NI 43 -101 and the Canadian Institute of
Mining, Metallurgy and Petroleum guidelines, which differ from the requirements of U.S. securities laws. NI 43 -101 is a rule
developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Canadian public disclosure standards, including NI 43 -101, differ from the requirements of the U.S. Securities and Exchange
Commission (“SEC”), and information concerning mineralization, deposits, mineral reserve and mineral resource information
contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. The requirements of
NI 43-101 for identification of “reserves” are not the same as those of the SEC, and may not qualify as “reserves” under SEC
standards. U.S. investors are cautioned not to assume that any part of an “indicated mineral resource” will ever be converted into
a “reserve”. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred
mineral resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Accordingly,
information concerning mineral deposits set forth herein may not be comparable with information made public by companies that
report in accordance with U.S. standards.
Non-IFRS Financial Measures
Mako has included certain forward-looking non-IFRS financial measures in this news release, such as development capital
expenditures and sustaining capital expenditures, which are not measures recognized under IFRS and do not have a standardized
meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other
companies. Each of these measures used are intended to provide additional information to the user and should not be considered
in isolation or as a substitute for measures prepared in accordance with IFRS. Non -IFRS financial measures used in this news
release and common to the gold mining industry are defined below.
Development capital expenditures: represents the spending at new projects and/or expenditures at an existing operation that
is undertaken with the intention to increase production levels or increase the mine life.
Sustaining capital expenditures: are expenditures incurred during a production phase to sustain and maintain the existing assets
so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining
capital expenditures include expenditure for assets to retain their existing productive capacity as well as to enhance performance
and reliability of the operations.
Forward-Looking Information: Statements contained herein, other than historical fact, 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 and current beliefs
and expectations, based on management’s reasonable assumptions. Such forward-looking information includes, without limitation,
the timing for completion and filing of the updated technical report for the Moss Mine, the assumptions related to the Minera l
Resource Estimate, projected economics for the Moss Mine, and the Company’s development plans and strategies with respect
to the Moss Mine stated herein , expected announcement of future capital reduction opportunities , expected exploration upside,
and the outstanding Moss Mine royalty litigation with Royal Gold Inc . 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, unexpected impediments to the completion and filing of the updated technical report
within the timeframe stated , risks relating to the exploration and development of mineral properties, including but not limited to
adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; health, safety
and environmental risks a nd hazards to which the Company’s operations are subject; access to financing; increases in costs of
labour and other consumables; availability of workforce and equipment; risks relating to the acquisition, holding and renewal of
title to mineral property rights and permits; changes to the mining legislative and regulatory regimes; limitations on insurance
coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti -corruption laws; cost overruns;
competition in the precious metals mining industry; fluctuations in gold and silver prices; potential legal disputes; potential labour
disputes; risks related to labour and employment relations; risks related to third-party contractor arrangements; the impact of global
financial, economic and political conditions, global liquidity, interest rat es, inflation and other factors on the Company’s results of
operations; force majeure events, and other risks and uncertainties as disclosed in the Company’s Annual Information Form filed
on SEDAR+ at www.sedarplus.ca and annual report on Form 40 -F filed on EDGAR at www.sec.gov. Any forward -looking
information contained herein represents management’s best judgment as of the date hereof and is provide d for the purposes of
assisting investors in understanding the Company’s development plans for the Moss Mine based on the current Mineral Reserve