Mako Mining — Capital/Financing Update 2024

Jan 19, 2024

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Suite 700 - 838 West Hastings St. Vancouver, BC - V6C 0A6 IR: (647) 203-8793 www.makominingcorp.com TSX-V: MKO | OTCQX: MAKOF

January 19[th] , 2024 TSX-V: MKO; OTCQX: MAKOF

Mako Mining Announces Graduation To Tier 1 Status on the TSX Venture Exchange

Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to announce that it has been approved for graduation to Tier 1 issuer status by the TSX Venture Exchange (“TSXV”). Therefore, effective at market open, Tuesday, January 23[rd] , 2024, the Company's Tier classification will change from Tier 2 to Tier 1.

The TSXV classifies issuers into different tiers based on certain standards including historical financial performance, stage of development and financial resources. Tier 1 is TSXV’s premier tier and is reserved for the TSXV’s most advanced issuers with the most significant financial resources.

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, Telephone: 203-8627059, E-mail: aleisman@makominingcorp.com or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.

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 reasonable assumptions, and includes, without limitation; that Mako’s Tier 1 issuer status will take effect as of January 23, 2024, and that Mako’s primary objective to operate San Albino profitably and fund exploration of prospective targets in Nicaragua. Such forwardlooking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ

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materially from those reflected in the forward-looking information, including, without limitation, changes in the Company’s exploration and development plans and growth parameters; unanticipated costs; the October 24, 2022 sanction measures imposed by the US Treasury Department having impacts on business operations not currently expected, or new sanctions being imposed in Nicaragua by the U.S. Treasury Department or other government entity in the future; and other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR+ at www.sedarplus.ca. 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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