Mako Mining — Investor Presentation 2024

Jun 14, 2024

Creating a Diversified Gold Producer With a Platform for Growth Transaction Presentation | June 2024

TSX-V: MKO | OTCQX: MAKOF

Disclaimer

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The presentation supersedes the Transaction Presentation dated March 2024

Forward Looking Information

This document contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this document includes: expected timing and completion of the acquisition by Mako Mining Corp. (“Mako” or the “Company”) of Goldsource Mines Inc. (“Goldsource”), the strengths, characteristics and expected benefits and synergies of the Transaction; receipt of court approval; approval of the Transaction by Goldsource (the “Transaction”) securityholders at the special meeting of Goldsource securityholders (the “Goldsource Meeting”), obtaining TSXV final approvals, the anticipated timing of the Goldsource Meeting and the related management information circular, the expected delisting of Goldsource shares from the TSXV, the composition of the post-Transaction Mako board and management team; pro forma capitalization; the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays; expectations regarding mineral resources, results of Goldsource preliminary economic assessment; expectations regarding financial strength, cash flow generation, trading liquidity, and capital markets profile; expectations regarding future exploration and development, budgets and growth potential for Mako’s and Goldsource’s operations; availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable in the Transaction; and the companies’ assessments of, and expectations for, future business activities and operating performance. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances, including information in this document regarding the Transaction, contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the companies’ expectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this document is based on the companies’ opinions, estimates and assumptions in light of their experience and perception of historical trends, current conditions and expected future developments, their assumptions regarding the Transaction (including, but not limited to, their ability to close the Transaction on the terms contemplated, and to derive the anticipated benefits therefrom), as well as other factors that they currently believe are appropriate and reasonable in the circumstances. The forward-looking information contained in this document is also based upon a number of assumptions, including the companies’ ability to obtain the required securityholder, court and regulatory approvals in a timely matter, if at all; their ability to satisfy the terms and conditions precedent of the Arrangement Agreement in order to consummate the Transaction; assumptions in respect of current and future market conditions and the execution of the companies’ business strategies, that operations in Mako’s and Goldsource’s properties will continue without interruption, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to, failure to receive the required securityholder, court, regulatory and other approvals necessary to effect the Transaction; the potential for a third party to make a superior proposal to the Transaction; that Mako and its shareholders will not realize the anticipated benefits following the completion of the Transaction; that the Goldsource Meeting will not occur within the anticipated timeframe; and those set forth under the caption “Risk and Uncertainties” in Mako’s management’s discussion and analysis for the year ended on December 31[st] , 2024, Goldsource’s management’s discussion and analysis for the Goldsource circular dated May 9[th] , 2024, as amended, in respect of the Transaction, and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca.

Although the companies have attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this document represents the companies’ expectations as of the date of this document and is subject to change after such date. Mako and Goldsource each disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this document is expressly qualified by the foregoing cautionary statements.

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Disclaimer

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Scientific and Technical Information

All scientific and technical information relating to the San Albino Project contained in this presentation is derived from the technical report with an effective date of October 11[th] , 2023, as amended on June 10[th] , 2024 and titled “Amended Technical Report and Estimate of Mineral Resources for the San Albino Project Comprised of the San Albino and Las Conchitas Deposits, Nueva Segovia, Nicaragua” (the “Mako Technical Report”) prepared by Steven Ristorcelli, C.P.G., Peter Ronning, P. Eng., Matthew Gray, C.P.G., Thomas Dyer, P.E., Brian Ray, P. Geo., and John Rust, Registered Member, SME. The information contained herein with respect to the San Albino Project is subject to all of the assumptions, qualifications and procedures set out in the Mako Technical Report and reference should be made to the full text of the Mako Technical Report, which is available under Mako’s profile at www.sedarplus.ca.

Mako has not defined mineral reserves at its property and did not base its production decision in July 2021 on a Feasibility Study of mineral reserves demonstrating economic and technical viability for the project. As such, the project is at high risk of economic or technical failure.

The scientific and technical information in respect of Mako in this presentation has been reviewed, verified and approved by Mr. John Rust, SME, who serves as Mako’s qualified person, as defined in National Instrument 43101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and no limitations were imposed on the verification process. Mr. Rust is not independent of Mako as he is an employee of Mako.

All scientific and technical information relating to the Eagle Mountain Project contained in this presentation is derived from the technical report dated March 1, 2024 with an effective date of January 16, 2024 titled “Preliminary Economic Assessment for the Eagle Mountain Gold Project, Guyana” (the “Goldsource Technical Report”) prepared by Nigel Fung, P. Eng., Leon McGarry, B.Sc., P.Geo., Antoine Berton, Soutex, P.Eng., and Rolf Schmitt, P.Geo. The information contained herein with respect to the Eagle Mountain Project is subject to all of the assumptions, qualifications and procedures set out in the Goldsource Technical Report and reference should be made to the full text of the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca.

The scientific and technical information in respect of Goldsource in this presentation has been reviewed, verified and approved by Mr. Eric Fier, CPG, who serves as Goldsource’s qualified person, as defined in NI 43-101, and no limitations were imposed on the verification process. Mr. Fier is not independent of Goldsource as he is the Executive Chairman of Goldsource.

Mineral Exploration and Inferred Mineral Resources

Goldsource is a mineral exploration focused company and the Eagle Mountain Project is in the mineral exploration stage only. The degree of risk increases substantially where an issuer’s properties are in the mineral exploration stage as opposed to the development or operational stage. Confidence in an inferred mineral resource estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability sufficient for public disclosure, except in certain limited circumstances set out in NI 43-101. There is no assurance that mineral resources will be converted into mineral reserves. The preliminary economic assessment in the Goldsource Technical Report is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Third Party Information

This presentation includes market and industry data obtained from various publicly available sources and other sources believed by Mako and Goldsource to be true. Although Mako and Goldsource believe it to be reliable, the companies have not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. Mako and Goldsource do not make any representation as to the accuracy of such information. Some numbers in this presentation may not be exact or add consistently due to rounding.

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Disclaimer

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Non-IFRS and other Performance Measures

Mako discloses certain non-IFRS financial measures and ratios on its website from time to time, such as EBITDA (IFRS: operating income), adjusted EBITDA (IFRS: operating income), cash cost per ounce sold (IFRS: cost of sales), total cash cost per ounce sold (IFRS: cost of sales), Development Capex (IFRS: Cash Flow from Investing Activities) and all-in sustaining costs (“AISC”) per ounce sold (IFRS: cost of sales), which are common performance measures in the mining industry, but are not recognized measures under IFRS and therefore may not be comparable to those presented by other companies.

In addition to conventional measures prepared in accordance with IFRS, investors often use such non-IFRS financial measures to evaluate Mako’s underlying performance of its core operations and its ability to generate cash flow. Accordingly, the inclusion of such measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. "EBITDA” represents earnings before interest (including non-cash accretion of financial obligation and lease obligations), income taxes and depreciation, depletion and amortization.

“Adjusted EBITDA” represents EBITDA, adjusted to exclude exploration activities, share-based compensation and change in provision for reclamation and rehabilitation.

“Cash costs per ounce sold” is calculated by deducting revenues from silver sales and dividing the sum of mining, milling and mine site administration cost.

• “Total cash costs per ounce sold” is calculated by deducting revenues from silver sales from production cash costs and production taxes and royalties and dividing the sum by the number of gold ounces sold. Production cash costs include mining, milling, mine site security and mine site administration costs.

“Sustaining Capital” represents expenditures incurred during a production phase to sustain and maintain the existing assets so they can achieve constant expected levels of production from which Mako 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.

“AISC per ounce sold” includes total cash costs (as defined above) and adds the sum of G&A, sustaining capital and certain exploration and evaluation (“E&E”) costs, sustaining lease payments, provision for environmental fees, if applicable, and rehabilitation costs paid, all divided by the number of ounces sold. As this measure seeks to reflect the full cost of gold production from current operations, capital and E&E costs related to expansion or growth projects are not included in the calculation of AISC per ounce. Additionally, certain other cash expenditures, including income and other tax payments, financing costs and debt repayments, are not included in AISC per ounce.

“Initial Capital” represents the sum of Development Capex Phase 1 + Development Capex Phase 2 of the project

“Free Cash Flow” includes revenues net of operating costs, royalties, capital expenditures and cash taxes

Readers should refer to the latest Managements’ Discussion and Analysis as well as other publicly available disclosure under the Company’s profile on SEDAR+ at www.sedarplus.ca, for more detailed information regarding non-IFRS measures used.

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Disclaimer

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Description	Total Cost	Unit Cost	Unit Cost	Unit Cost
	(US$ M)	(US$/t) milled	(US$/oz	produced)
Mining (1)(2)	201.5	2.40/t mined	202
		7.40
Processing (1)(2)	448.5	16.33	450
Rehandle	3.5	0.13	4
G&A	122.5	4.50	123
Other	7.5	0.55	8
Rent	0.8	0.03	1
Contractor Mobilization	2.0	0.07	2
Total Operating Costs	786.4	28.88	789
Treatment & Refining Charges	7.8	0.28	8
Royalties	146.7	5.39	147
Total Cash Costs(5)	940.8	34.55	943
Sustaining Capex (3)(5)	133.4	5.08	134
All-In Sustaining Cost (AISC) (4)(5)	1,074.2	39.64	1,077

Notes:

• 1) The unit mining and processing costs for saprolite are estimated at US$2.10/tonne mined and US$11.10/tonne milled, respectively.

• 2) The unit mining and processing costs for fresh and transition rock are estimated at US$2.75/tonne mined and US$21.00/tonne milled, respectively.

• 3) Sustaining capital costs excludes closure costs.

• 4) Site-level AISC include total cash costs and sustaining capital costs.

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Mako: Low-Cost Gold Producer with Strong Free Cash Flow[(1)] and Growth

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Geographic Diversification & Enhanced Operational Profile

• Combination of Mako’s high grade production base with a lowcapital intensity project

• Consolidated company has exposure to unique and miningfriendly jurisdictions with meaningful exploration upside

Addition of Project to Strong Operational Base

• Shallow open pit will leverage Mako’s construction and logistics teams; driven by a phased development plan

• Eagle Mountain brings an expected 15-year mine life with an after-tax IRR of 57% and after-tax NPV5% of US$292M at the base-case gold price assumption of US$1,850/oz[(2)]

Geological Similarities Leverages Recent Mine Building Experience

• Both San Albino and Eagle Mountain benefit from shallow dipping orebodies, allowing for streamlined extraction processes and maximized resource recovery

Strong Financial Position & Robust Cash Flow Generation

• Mako’s cash flow and access to capital will reduce financial risk to develop Eagle Mountain

• Anticipated continued free-cash flow[(1)] generation at San Albino will be utilized to accelerate development at Eagle Mountain

Expanded Capital Markets Presence & Institutional Shareholder Base

• Combined company is expected to have improved capital markets profile, research coverage and liquidity

• Strong institutional shareholder support for the combined company

Management Team & Board of Directors with Proven History of Value Creation

  - Pro forma management team has a long history of operating in both Nicaragua and Guyana, including exploration success, mine construction, operational efficiency and robust community engagement

• Plant flow sheet for Eagle Mountain is nearly identical to the plant that Mako designed, engineered and successfully built, reducing executional risk

• (1) This is a non-IFRS financial measure. See “Non-IFRS and Other Performance Measures” on Slide 4.

• (2) The preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information see the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 3.“ Gold prices used in the base scenario of US$1,850/oz.

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Transaction Summary

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Proposed Transaction

• Acquisition of 100% of the shares of Goldsource by Mako pursuant to a Plan of Arrangement

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Consideration

Implied Premiums

• 0.2200 of a Mako common share for each Goldsource common share

• • Implied equity value of approximately C$33.3M to Goldsource

• • 40.9% premium to Goldsource’s closing price on March 25[th] ,2024

• 52.1% premium to Goldsource’s 20-day VWAP as of March 25[th] , 2024

Pro Forma Ownership Approvals Bridge Financing

• 83% controlled by existing Mako shareholders

• 17% controlled by existing Goldsource shareholders

• Approval of Goldsource securityholders at a Goldsource Meeting

• Each of the directors and officers of Goldsource holding 4.5% of Goldsource shares and 67.8% of Goldsource options agreed to vote their Goldsource securities in favour of the Transaction pursuant to their voting support agreements with Mako

• • Court and regulatory approvals, including TSXV approval, and the satisfaction of other customary closing conditions

• Wexford has provided a bridge financing of C$2M into Goldsource

• Use of proceeds is to fund anticipated activities of Goldsource between the date of announcement and the closing of the Transaction

• The loan bears interest at 12% per annum and shall mature on March 26, 2025 at 105% of par value (unless the transaction is completed, in which case it will mature at par), plus accrued interest

• Mako CEO Akiba Leisman to remain CEO

• Goldsource CEO Steve Parsons to be named President

• Resulting board of directors to be comprised of 5 Mako nominees and 2 Goldsource nominees

• Transaction is expected to close in Q3 2024

• Termination fee of C$1.35M payable by Mako or Goldsource to the other under certain circumstances

Management & Board Timing & Termination

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Pro Forma Capitalization

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• ➢ Goldsource shareholders to be issued 0.2200 Mako shares for each Goldsource

share owned

  - ➢ Goldsource shareholders to be issued 13.2 M Mako shares

• ➢ Pro forma ownership of 83% for current Mako shareholders and 17% for current Goldsource shareholders

• ➢ Mako to leverage its strong balance sheet and anticipated free cash flow[(1)]

• generation for the further development and advancement of Eagle Mountain

• ➢ Strong institutional, management/insider and notable shareholder support with >50% of Mako shares held by identifiable parties

Capital Structure

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|||||
|---|---|---|---|
|Share Price|[(2)]|C$|$3.47|
|Basic Shares Outstanding|M|79.5|
|Options|M|4.9|
|Warrants|M|0.8|
|Market Cap|US$M|$201.2M|
|Cash|[(3)]|US$M|$6.8M|
|Debt|[(3)(4)]|US$M|$11.6M|
|Enterprise Value|US$M|$206.0M|

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• (1) This is a non-IFRS financial measure. See “Non-IFRS and Other Performance Measures” on Slide 4

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Goldsource
17%
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Mako
83%
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Pro Forma
Retail &
Other Management [(3)]
4%
42%
Institutional
54%
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• (2) Share Price as of June 4[th] , 2024

• (3) According to Financial Statements as of March 31[st] , 2024. CAD/USD: 1.37

• (4) Debt consists of Mako’s 175,500 ounces of silver payable to Sailfish and US$6.4M accrued interest payable to Wexford as well as Goldsource’s Bridge Loan of C$ 2.0M

• (5) Pro forma insider ownership as last reported

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Mako’s Consistent Objective Path for Sustainable Growth

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2024
Expanded
Production &
Permitting
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2023
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Mineral Resource Growth & PEA Eagle Mountain

• ➢ Obtain Full Permit at Las Conchitas

• ➢ Studies and Engineering aiming to prepare Underground Mining in Q4 2024

• ➢ Budget of US$6.3M in Exploration

  • ➢ 47,050m RC and 14,440m DD for 2024

• ➢ 207,281 tonnes milled at a blended grade of 6.59 g/t Au in 2023

• ➢ Tailings and Power trade-offs studies

• ➢ Environmental Management Plan

• ➢ Sold 34,695 oz of Au at 79.6% recovery in 2023 ➢ Sold 13,481 oz of Au in Q4 2023 for US$1,945 /oz

• ➢ Completed Eagle Mountain Project PEA

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2025
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Underground & 1 [st]
Milestones Eagle
Mountain Project
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• ➢ Start Underground Mining at San Albino (Q1 2025) to complement Las Conchitas Open Pit Production

• ➢ Exploration Programs to generate additional targets

• ➢ Submission on Mining License Application

• ➢ Environmental Impact Assessment Studies for Eagle Mountain

• ➢ Project Construction Financing (Phase 1)

• ➢ Receipt of Mining License (Late ‘25 early ‘26)

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2026
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Advanced Explo. & 1[st] Production at Eagle Mountain

• ➢ Identify new exploration targets

• ➢ Move targets to mid and/or advanced stage exploration

• ➢ Evaluate expansion potential to 1,000tpd

• ➢ Phase 1 : First Production

• ➢ Phase 2 : Fresh rock Feasibility Study

Legend

➢ San Albino

➢ Eagle Mountain

• ➢ Incorporated maiden Mineral Resource from Las Conchitas into the mine plan in Q3 2023

• ➢ Commenced Mining at Las Conchitas in Q4 2023

• ➢ Ramped up production to +550tpd

• ➢ Prioritized and Identified drill targets on 14 new prospects

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Pro Forma Management Team & Board of Directors

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Akiba Leisman

CEO (Director)

Akiba was Executive Chairman and Interim CEO of Marlin Gold Mining Ltd., leading the Company through the spinout of Sailfish Royalty Corp. and the acquisition of Marlin by Golden Reign Resources Ltd. to form Mako. He also serves as the Executive Chairman and a Director of Sailfish and as a consultant at Wexford Capital LP. Akiba has an MBA from New York University, and a B.S. in Chemical Engineering from Carnegie Mellon University

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Steve Parsons

President

Steve is the current CEO of Goldsource. He is a capital markets professional, senior executive and operations engineer focused on precious metals. Senior Equity Analyst at National Bank Financial and Wellington West Capital Markets. Served as SVP Investor Relations at senior gold miner and as operations engineer at various mines in Canada and internationally

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Paolo Durand

VP Corporate Development

Paolo has over 12 years of Banking, Financial Control & Budgeting, and Business Development expertise in the mining sector. He previously served as Corporate Head of Cost & Budget with Minsur SA, and Business Development Manager with Minera Volcan. Paolo received a double degree in Economics (B.A) and Corporate Financial Management (B.B.A) at St. Mary’s University, TX as well as an MBA from HEC, Paris

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Jesse Muñoz

COO

Jesse has over 35 years of experience working in the domestic and international mining sector. His successful career has included construction and start-up in both surface and underground mine facilities. He has experience in conventional milling, heap leaching, agglomeration, crushing, refining, and both carbon adsorption and Merrill-Crowe recovery systems. He also has experience in negotiating property acquisitions and developmental strategies in Latin American countries

Board of Directors

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Eric Fier Akiba Paul John Mario John Goldsource
Leisman Jacobi Hick Caron Pontius Nominee
Non-Executive
Chairman Director Director Director Director Director Director
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Consultants

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Rael Lipson
Special Advisor to the
Board
Ioannis Tsitos
Special Advisor
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Pro Forma Asset Overview Diversified Gold Producer With a Platform for Growth

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San Albino Gold Mine

• ➢ Nicaraguan district-scale over 188 km[2] land package

• ➢ Operating, high-grade mine

• ➢ Fully permitted up to 1,000 tpd

• ➢ Open at depth and along strike

• ➢ 207,281 tonnes milled with 34,695 oz gold sold in 2023

• ➢ TTM Mine cash flow of US$25.9M

• ➢ Sold 13,481 oz of Au for total revenue of

• ~US$26M in Q4 2023

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Nicaragua

• ➢ Pro-mining government

• ➢ Gold is the largest export[(1)]

• ➢ 25-year exploration and exploitation concessions

• ➢ Skilled labour available

• ➢ Safe environment to operate

• ➢ Modern infrastructure (paved roads, water and power)

• ➢ Limited modern gold exploration

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Eagle Mountain Project

• ➢ Located in Guyana

• ➢ Large scale, near surface mineral resource with 1.2Moz Au Indicated @ 1.18 g/t Au and 582Koz Au Inferred @ 0.98 g/t Au[(3)]

• ➢ Existing infrastructure nearby

• ➢ Mining-friendly government initiatives in place

• ➢ Low cost and low capex intensity

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Guyana

• ➢ Mining-friendly permitting process

• ➢ Emerging as one of the most attractive South American mining jurisdictions[(2)]

• ➢ Tax exemptions and supportive government initiatives create a very attractive fiscal regime

• ➢ Strong history of mining – mining, oil & gas

• ➢ Recent oil discovery is having a tremendous impact on GDP per capita (US$10k in 2020 to an est. of US$69k in 2028)[(2)]

• (1) https://www.sec.sieca.int/

• (2) Fraser Institute statistics and S&P Global Market Intelligence (Feb 2024). Guyana Bureau of Statistics

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(3) For additional information see the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 3.

Similarities Between San Albino & Eagle Mountain[(1)(2)]

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Orebodies

• ➢ Shallow, low angle dip, with good continuity in relatively unexplored district with excellent upside potential

• ➢ San Albino – Outcrops, 20-30° dip, up to 270m defined down dip, >1 oz Au samples encountered over 28km along strike length, numerous historical & current workings, less than 10% of district explored

• ➢ Eagle Mountain deposit – Outcrops, sub-horizontal zones, over 600m defined down dip, large district with numerous historical & workings

Scalable

• ➢ Both deposits are scalable with low initial CAPEX

• ➢ San Albino – Initial 500 tpd mill, permitted for up to 1,000 tpd mill

• ➢ Eagle Mountain – Initial 30% of resource in free digging saprolite, mineralization continues into fresh rock

Mining Method

• ➢ Both Deposits have similarities in mining method

• ➢ Amenable to open-pit mining methods

• ➢ Require detailed grade control

• ➢ Require “adaptable” engineering & workforce

Similarities Create Opportunity

• ➢ The similarities between Eagle Mountain and San Albino offer a unique opportunity for the Mako team to leverage their experience at San Albino to efficiently maximize value at Eagle Mountain

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Mineralization at Eagle Mountain
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Mineralization at San Albino

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(1) Please see "Scientific and Technical Information" and "Mineral Exploration and Inferred Mineral Resources" on Slide 3.

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(2) Please refer to Slide 35 for full current mineral resource estimate for the San Albino Project and refer to each of the Mako Technical Report and Goldsource Technical Report available under Mako’s and Goldsource’s profile, respectively at www.sedarplus.ca.

Eagle Mountain: Near Term Production with Long Mine Life PEA Stage Shallow Open Pit Asset Driven By A Phased Development Plan[(1)]

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Robust Project Economics(2)
US$292M After-tax NPV5% & 57% IRR
Large Gold Mineral Resource
Near-term Production
~1.2Moz Au Indicated @1.18 g/t Au
Expected Production begins ‘26-27
and 582koz Au Inferred @0.98 g/t Au
Underexplored Opportunity Long Mine Life
TRSB18-002 (Trench)
123 metres grading 1.92 g/t gold Potential to Expand Mineral Resource Anticipated 15-year LOM
Strong Production Scale
Skilled Team
Anticipated 66.5koz Au per annum for
Record of successful development
15 years
Low Cost & Low Capital Intensity Strong Infrastructure Projects
Phase 1 AISC of US$829/oz [(3)] & 2.1x Government road & power upgrades
NPV/Capex [(4)] scheduled
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• (1) See the Goldsource Technical Report available under Goldsource's profile at www.sedarplus.com.

• (2) The preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information see the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 3. Gold prices of $1,850/Oz in the base scenario.

• (3) This is a non-IFRS performance measure. See “Non-IFRS and Other Performance Measures” on Slide 4.

• (4) Ratio calculated using Initial Development Capex[(3), ] which is a Non-IFRS measure

13

Leveraging Mako’s Strength at Eagle Mountain Utilizing Mako’s Technical and Financial Strength to Advance & Grow Eagle Mountain

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Mako’s Proven Ability to Deliver at San Albino

Cash-Generating Operation

• 2019 - 2020 2021 - 2022 2023 2024+ • Mine construction

• Current operating • Continued production • Preparation for completed during

• team takes control of & cash flow underground mining pandemic with only generation

• Current operating team takes control of Mako

• completed during pandemic with only minor delays

• Further acquisitions

• • Mineral Resource at & land package Las Conchitas consolidation

• Mine construction begins

• Aggressive debt repayment begins

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US$
Mine Operating Cash Flow last 12 months
26.6M
US$
Debt Repayment Q1 2024
1.3M
1.59M Shares Repurchased since Q4 2023
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Poised to Continue Executing a Similar
Development at Eagle Mountain
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Continued Investment in Exploration

• 2011 - 2022 2023 2024 2025 - 2027+ • Submission and

• Project Acquired from IamGold • Engineering approval Mining studies: Tailings License

• US$25M+ spent on and Power tradeExploration • Tradeoff Studies offs studies • Environmental Mgmt Plan & EIAPlan & EIA

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US$6.3M Exploration Budget for 2024
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• Project Acquired from IamGold

• studies: Tailings License Meters Planned at and Power trade- 17k • San Albino

• offs studies Environmental Mgmt Plan & EIAPlan & EIA

• • Environmental Management Plan • Phase 1 Construction & Production 44k+ Meters of Regional & Underground (Phase 1) Exploration Drilling • Phase 2 Study

• US$25M+ spent on Exploration

• Mineral Resource of 1.2M oz Ind. @1.18 g/t & 582k Inf @ 0.98 g/t (1)

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14

(1) For additional information see the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 3.

Guyana: The Next Great Mining Jurisdiction Guyana Highlights

• ➢ Mining-friendly permitting process specifically designed to promote new mining projects

• ➢ Emerging as one of the most attractive South American mining jurisdictions

• ➢ Government support for mining combined with a favorable permitting regime enables tangible opportunities for accelerated permitting timelines. In-country mining pedigree.

• ➢ Strong history of mining: mining, oil & gas represented ~62% of GDP in 2022

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Goldsource’ s Eagle
Mountain Project
5 3 1
2
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• ➢ Growth of foreign mining investments accelerating in recent years

Fraser Institute’s Best Practices Mineral Potential Index[(1)]

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Brazil Guyana
62.83 59.43 Argentina Chile
49.54 46.68 Bolivia41.17 Mexico40.1 Ecuador40.09 Peru Colombia
33.84 32.97
GDP Per Capita (US$ 000s) [(2)] $69
$50 [$57]
$33 [$40]
$20 [$25]
$3 $3 $4 [$4] [$5] [$5] [$5] [$6] [$6] [$6] [$6] [$7 $10$12]
2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028
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Top foreign-owned gold deposits[(3)]

• 1 Reunion (RGD): Oko West. 4.3M oz Au @2.05 g/t Indicated and 1.6M oz Au @2.59 g/t Inferred

• 2 Omai (OMG): Wenot Deposit 834k oz Au @ 1.48 g/t Indicated and 1.6M Au @ 1.99 g/t Inferred

• 3 G2 Goldfields (GTWO): OMZ Deposit 686 Koz Au @9.03 g/t Indicated and 495 Koz Au @6.38 g/t Inferred

• 4 Aris Mining (ARIS): Toroparu project 2.0M oz Au @1.45 g/t Measured and 3.4M oz Au @1.46 g/t Indicated

(1) Fraser Institute statistics.

15

(2) S&P Global Market Intelligence (Feb 2024). Guyana Bureau of Statistics. (3) Information extracted from each of the Company’s corporate websites.

Eagle Mountain Asset Overview

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• ➢ 100% interest in the Eagle Mountain Prospecting License (“PL”) covers an area of 5,000 hectares[(1)]

• ➢ Located 230 km SW of Georgetown, with highway access to the commercial airport in Mahdia, 7km from site

• ➢ 45km SW of the historic Omai gold mine, which produced est. 4M oz of gold from 1993-2005

• ➢ Significant government support with infrastructure projects, including road upgrades power and a favorable permitting regime

CATEGORY	OXIDATION TYPE CUT-OFF GRADE (g/t) TONNES (Mt) GOLD GRADE (g/t) GOLD OUNCES
INDICATED(3)	Saprolite 0.3 12.5 1.04 417,000
	Fresh 0.5 18.7 1.28 766,000
	Total 31.1 1.18 1,183,000
INFERRED(3)	Saprolite 0.3 6.1 0.71 139,000
	Fresh 0.5 12.3 1.12 443,000
	Total 18.4 0.98 582,000

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Eagle Mountain
Gold Project
Eagle
Mountain
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Pangean Reconstruction (120Ma) [(2)]
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Government Investment in Infrastructure Construction

• ➢ Upgrade of 121km of gravel road to asphaltic concrete

• ➢ To improve transport efficiency, climate resilience and road safety

• ➢ Grant from the UK Caribbean Infrastructure Fund (UKCIF) and Caribbean Development Bank (CDB)

(1) Within the PL there are third-party small-scale claims that pre-date the Property. Licensed (or recommended for license) small-scale claims total ~123 hectares and are located outside the mineral resource outline. Additionally, within the PL there is a third-party medium scale permit (referred to as Bishops Growler).

16

(2) Source: Modified from Frimmel (2014).

(3) See Goldsource’s Technical Report available under Goldsource’s profile at www.sedarplus.ca.

Eagle Mountain Phased Development

Phase 1 – Saprolite-Only Mineralization (4.5 yrs)

• ➢ 5,000 tpd of saprolite at cut-off grade of 0.3 g/t

• ➢ Avg. annual gold production of ~68k oz/year for 4.5 yrs

• ➢ Development capex of US$95.6M[(1)] with short payback of 18 months

Phase 2 – Blend of Fresh/Trans & Saprolite (10.5 yrs )

• ➢ 5,000 tpd with blend of fresh/trans rock and saprolite

• ➢ Avg. annual gold production of ~66k oz/year for 10.5 yrs

• ➢ Development capex of US$46.6M[(1)] (crushing, grinding, power)

• ➢ Production scale for Phase 2 set to maximize the utility of the Phase 1

• processing infrastructure (i.e. minimize requirements for additional capex).

• ➢ Timing of the transition to Phase 2 was set based on projections for FCF (to recover the Phase 1 development capex and generate significant surplus cash to fund Phase 2)

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Refer to Goldsource news release dated January 16, 2024 and the Goldsource Technical Report available under Goldsource’s profile at www.sedarplus.ca. (1) This is a non-IFRS performance measure. See “Non-IFRS and Other Performance Measures” on Slide 4.

17

Eagle Mountain Project Geology[(1)]

Eagle Mountain Deposit

• ➢ Series of tabular, shallow, dip-slope shear zones

• developed within a granodioritic host rock. Covers an area of ~ 2.5km by 1.5km

• ➢ At least three discrete zones of alteration and

• mineralization. Zone 1 is shallowest and outcrops at

surface across much of the deposit

Salbora Deposit

• ➢ Series of N to NW-trending, steeply-dipping structures

• within basaltic host rocks

• ➢ Shear zones and breccia bodies coalesce into a broader

• zone of brecciation that forms near-surface up to 100m thick and ~200m by 200m in area

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Porphyry
Hill
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(1) See the Goldsource Technical Report available under Goldsource’s profile at www.sedarplus.ca.

18

Eagle Mountain Deposit (MRE Area).... Intrusion Related Sub-Horizontal Zones in Granodiorite[(1)]

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• ➢ Sub-horizontal mineralized zones starting at surface

• ➢ Shallow, west-dipping thrust faults in granodiorite range from

Schematic of Mineralized Zones at Eagle Mountain Deposit

• narrow mylonite zones to broader zones of pervasive

• deformation and fracturing

• ➢ Eagle thrust fault zones are affected by silicification and chloritic alteration with disseminated pyrite and associated gold mineralization

• ➢ Eagle mineralization is not strictly localized in thrusts but is broadly disseminated around these structures, very often the

• highest grades are found within or close to the main thrust

• zone, where there is intense silicification and chloritic

• alteration, and a high density of small fractures containing chlorite and pyrite

• ➢ Bleaching, potassic alteration and epidote are also locally noted and proximal to mineralization

Approximately 30% of Gold Ounces (Indicated + Inferred) within Saprolite layer

Very narrow Sapro-Rock transition zone (approx. <1m)

(1) See the Goldsource Technical Report available under Goldsource’s profile at www.sedarplus.ca.

19

Nicaragua: A Burgeoning Mining Jurisdiction Nicaragua Highlights

• ➢ Pro-mining government underpinned by modern

• mining law

• ➢ Gold is the largest export (accounts for 35% of Nicaragua’s total exports)[(1)]

• ➢ 25-year exploration and exploitation concessions

• ➢ Skilled labor available

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Top 3 foreign-owned operating gold mines[(1)]

• 1 Calibre (CXB): El Limon Mine: 639 Koz Au @5.89 g/t Probable Mineral Reserves and 1.3M oz Au @3.05 g/t Indicated

• 2 Calibre (CXB): La Libertad Mine: 487 Koz @4.39 g/t Probable Mineral Reserves and 602 Koz @4.18 g/t Indicated

• 3 Mineros (MSA): Luna Roja Deposit: 1.6M oz Au @2.45 g/t Indicated and 500 Koz Au @2.33 g/t Inferred

• ➢ Reasonable tax regime: 30% corporate tax and 3% royalty

• ➢ Safe environment to operate

• ➢ Modern infrastructure (paved roads, water and power)

• ➢ Repatriation of capital and profits allowed

• ➢ Limited modern gold exploration

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Mako’s concessions are located in
Nueva Segovia
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(1) https://www.sec.sieca.int/ (2) Information extracted from each of the Company’s corporate websites.

20

San Albino Asset Overview

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Historic Mine District

• ➢ Mining began in the district in the late 18[th] century

• ➢ Last commercial operation was in 1926

• ➢ Mine shut down due to the onset of the Nicaraguan Civil War (1926-1927)

• ➢ Only sporadic artisanal mining has occurred since 1927

In production at +550 tpd fully permitted up to 1,000 tpd

• ➢ SanAlbino is a high-margin gold mine with a Measured and Indicated mineral resource (open pit) grade of 10.64 g/t Au[(1)]

• ➢ Our strategy is to operate a low-cost, cornerstone operation at SanAlbino (an area that only represents ~2% of our landholdings) and to grow organically through exploration on our 100% owned land package

• ➢ Cash flow from San Albino is expected to fund exploration on the district-scale Nicaraguan land package of ~188 km[2]

Strong Development Path

• Profitably operating at +550 tpd

• Mine Cash Flow (US$25.9M in TTM)

• Fully permitted for up to 1,000 tpd

Significant Upside Potential

• Open at depth and along strike

• Satellite deposit Las Conchitas currently in production

• Regional targets up to 21km away with high-grade gold samples collected

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(1) Please refer to Slide 35 for full current mineral resource estimate and also refer to the Mako Technical Report available under Mako’s SEDAR profile at www.sedarplus.ca.

21

San Albino Meters of Drilling by Year[(1)]

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45,000
Drilling - Regional
Las Conchitas Resource
San Albino Las Conchitas Other/New Discovery Underground (+33,530m)
Drilling
40,000
35,000
Drilling San Albino
30,000 San Albino Project (+17,720m)
San Albino resource update
25,000 metallurgical and
condemnation New Las Conchitas
First modern drill drilling management New Mine
20,000 program Focused on
commences Permitting
Cutoff for San & Resource Est.
15,000 Albino 2015 PEA
San Albino 2015
10,000
PEA published
5,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E
New
Discovery Scoping Study Dormant Growth
Management
(+10, 200m)
Drilling for Underground Dev.
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(1) Includes all diamond and reverse circulation drilling for exploration, resource delineation, metallurgy, geotechnical and condemnation.

22

San Albino District-Scale Potential Emerging High-Grade Gold District Potential

• ➢ The "Corona de Oro" (Golden Crown) Gold Belt is a 5-10km wide belt of orogenic gold bearing

• veins

• ➢ Orogenic gold deposits are significant for the following reasons:

  • ➢ Orogenic deposits account for approximately 1/3 of the world’s gold production

  • ➢ They tend to form in clusters, it is common to find a series of deposits at regular kilometer

    • scale spacing

• ➢ Mako is the first company to develop a modern mine in this belt and to recognize the regional

• potential of this exciting area

• ➢ Prospecting over Mako's 188km[2] land package has identified several hundred occurrences of

• gold bearing quartz veins (gold > 1 g/t)

• ➢ At least 10 stacked gold veins have been identified to date over a small portion of the property

• that has been drill tested

• ➢ Over the past 10 years, the Company has established relationships with the local landowners

• and has been systematically acquiring what it is believed to be the most prospective ground

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23

Corona de Oro Gold Belt Projected Long Section with Drill Results

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Q4 2023
LC22-524
0.9m @ 51.8 g/t Au
LC19-72
1.5m @ 21.8 g/t Au3.1m @ 60.7 g/t AuSA19-155 1.9m @ 25.2 g/t AuAR11-24 1.0m @ 15.1 g/t AuAR12-65 6.0m @ 4.13 g/t AuSP18-03 2.0m @ 33.4 g/t AuTunnel Mina Francisco 1.2m @ 15.6 g/t AuINT18-19 5.6m @ 23.6 g/t AuCG18-24 1.7m @ 36.6 g/t Au1.4m @ 3.0 g/t Au1.5m @5.6 g/t Au 1.6m @ 84.6 g/t AuLC20-181 1.0m @ 19.0 g/t AuEJ15-TR-03
1.2m @ 10.42 g/t Au LC20-246
SA12-49 SA19-145 AR19-115 CNB21-01 INT 13-10 INT13-03 MB 18-38 LC19-70 2.8m @ 6.5 g/t Au EJ15-TR-05
1.5m @ 54.5 g/t Au 1.3m @ 73.2 g/t Au 6.5m @ 24.2 g/t Au 3.5m @ 11.0 g/t Au 2.4m @ 12.5 g/t Au 4.0m @ 35.5 g/t Au 1.8m @ 17.6 g/t Au 1.0m @ 376.5 g/t Au 4.3m @ 40.5 g/t Au 1.0m @ 17.0 g/t Au
LC19-124
LC22-502 0.8m @ 8.68 g/t Au LC11-01 LC20-247
0.5m @ 27.6 g/t Au 0.7m @ 26.8 g/t Au 3.0m @ 62.7 g/t Au 4.5m @ 16.9 g/t Au
San Albino Project – Current NI-43-101 Mineral Resources [(1)]
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(1) Please refer to Slide 35 for full current mineral resource estimate and also refer to the Mako Technical Report available under Mako’s SEDAR profile at www.sedarplus.ca.

24

Corona de Oro Gold Belt

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Pipeline of projects to support continuing exploration

• ➢ The Company has the unique opportunity to generate and advance new projects organically on its wholly owned,188km[2] land package and is aggressively advancing projects through the pipeline

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25

Mako’s Value Generation Trajectory

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Selected Drilling Results in the past 15 months (See Press Releases on www.makominngcorp.com for full details)

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March 13, 2024: 13.43 g/t Au
Milestones under new Management (since August 2019) and 36.8 g/t Ag over 9m
(ETW) at Las Conchitas. 57
meters from surface (“Mfs”)
✓ Mine construction in the midst of COVID pandemic Jan 24, 2023: 51.78 g/t Au
over 3.9m (ETW) at Las
Conchitas. 62 Mfs
Construction completed with commercial production declared effective July 1, 2021
✓
(announced July 13, 2021) [(1)] Sep 6, 2023: 23.47 g/t Au over
9.5m (ETW) at Las Conchitas. 15
Mfs
✓ Obtained bulk sample permit and started production in Las Conchitas in Q3 2023
04
Aug 2, 2023: 12.09 g/t Au Over
11.5m (ETW) at Las Conchitas
Repaid US$7.1M of principal to Wexford and Sailfish in Q4 2023 and repurchased 385k South. 15 Mfs
✓
shares as part of the NCIB program since Q3 2023
Jul 27, 2023: 30.45 g/t Au over
4.5m (ETW) at Las Conchitas, 13
✓ Completed ~151,000 of RC and DD drilling from 2019 to 2023 (vs. ~8,000 in 2014-2018 Mfs
period)
May 30, 2023: 41.99 g/t Au and
28.70 g/t Ag over 1.4 m (ETW), 34
✓ Published a NI 43-101 mineral resource at Las Conchitas (released Q4 2023) Mfs. 17km from San Albino mine
Jan 24, 2023: 33.91g/t Gold over
1.7m ETW) at Las Conchitas Central,
✓ Graduation to Tier 1 Status on the TSX Venture Exchange 12.73 g/t Au over 4.2m ETW at Las
Conchitas South
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26

(1) See “Scientific and Technical Information” on Slide 3

Thank You

Contact

Suite 700 - 838 West Hastings St. Vancouver, BC - V6C 0A6 IR: +51 944 951 401

IR: pdurand@makominingcorp.com General: info@makominingcorp.com

makominingcorp.com

27

Appendix - Eagle Mountain PEA Summary[(1)]

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2024 PEA Summary Results

After-Tax NPV & IRR Sensitivity Analysis

Assumptions Gold Price (US$/oz) $1,850 Discount Rate (%) 5% Project Parameters Total Ore Mined (Mt) 84.0 Mill Throughput (Mt/yr) 1.825 Mine Life (years) 15 LOM Avg. Grade (g/t Au) 1.26 LOM Avg. Recovery (%) 90.7% Total Production (k oz Au) 997 LOM Avg. Annual Production (k oz Au) 66.5 Operating Costs OP MiningCost (US$/t mined) $2.16 ProcessingCost (US$/tprocessed) $16.47 G&A Cost (US$/tprocessed) $4.50 Site and Support Services (US$/t mined) $0.24 Rehandle (US$/tprocessed) $0.13 Total Operating Cost(1) (US$/tprocessed) $28.90 Capital Costs Initial Capital(3) (US$M) $142 SustainingCapital(3) (US$M) $133 After-Tax NPV (5%) (US$M) $292 After-Tax IRR(%) (%) 57%			Case	Case	Case	Case
			NPV5% US$M	NPV8% US$M	IRR %	Payback Period(2) (months)
	Au Price (US$/oz)	1,650	199	156	45%	21
		1,750	246	194	51%	19
		1,850	292	232	57%	18
		1,950	339	269	63%	17
		2,050	385	307	69%	16

(1) The preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. For additional information see the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 3.“ Gold prices in Base Case Scenario of US$1,850/oz.

• (2) Payback period for Phase 1.

• (3) This is a non-IFRS performance measure. See “Non-IFRS and Other Performance Measures” on Slide 4.

28

Appendix - Eagle Mountain January 2024 PEA Sensitivity[(1)]

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			Units	US$1,850/oz (Base Case)	US$1,850/oz (Base Case)	US$1,850/oz (Base Case)	US$1,850/oz (Base Case)	US$2,055/oz (spot)(2)	US$2,055/oz (spot)(2)	US$2,055/oz (spot)(2)
				Pre-Tax		After-Tax		Pre-Tax		After-Tax
	IRR(3)		%	75%		57%		91%		69%
	Payback Period(4)		Months	16		18		14		16
	NPV0% (3)		US$ M	605		443		793		585
	NPV5% (3)		US$ M	406		292		532		388
	NPV8% (3)		US$ M	326		232		428		309
	Notes:
	Gold Price	NPV5%			NPV8%		IRR		Payback Period
	US$/oz	US$ M			US$ M		%		Months
	1,650	199			156		45%		21
	1,750	246			194		51%		19
	1,850	292			232		57%		18
	1,950	339			269		63%		17
	2,050	385			307		69%		16

• (1) The preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. For additional information see the Goldsource Technical Report, which is available under Goldsource’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 3 and “Non-IFRS and other performance measures” on Slide 4

• (2) Spot gold prices on January 15, 2024.

• (3) After-tax NPV and IRR estimates exclude existing in-country tax loss pools totaling C$37M, which can be applied against taxes payable. NPV is calculated as of the commencement of construction and excludes all pre-construction costs. (4) Payback period for Phase 1 development capex.

29

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Pit Constrained MRE - US$1,600/oz Au Price
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MRE April 2022[(1)] Sensitivity Analysis (Gold Price)

Eagle Mountain

Looking North View Point Plunge: -6[o ] Azimuth: 008[o]

Salbora Toucan-Powis

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11
Pit Constrained MRE - US$1,800/oz Au Price
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30

(1) See Goldsource’s Technical Report available under Goldsource’s profile at www.sedarplus.ca.

PEA – Life-of-Mine Profile Projected Figures and Production Profile[(1)]

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250 Phase 1 - Saprolite Phase 2 - Fresh Rock/Trans + Saprolite Blend 600 Phase 1 - Saprolite Phase 2 - Fresh Rock/Trans + Saprolite Blend
120,000 2,000
200
400
105,000 1,750
150
90,000 1,500
200
100
75,000 1,250
50 0
60,000 1,000
- 45,000 750
Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 -200
30,000 500
(50)
-400
15,000 250
(100)
Phase 1 Phase 2 Pit
Dvp Capex Dvp Capex Pushback - -
(150) -600 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15
Revenue, net of refining costs Operating Costs, including royalty
(2) (2) Gold Production (saprolite) Gold Production (fresh rock/trans)
Development capex Sustaining capex (2) (2)
(2) Cash Costs US$/oz AISC US$/oz
Cumulative After-Tax Free Cash Flow
(2)
Cash Costs and AISC (US$/oz)
Gold Production (oz)
Annual Revenue (Opex & Capex) (US$ M)
Cumulative After-Tax Free Cash Flow (US$ M)
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(1) Refer to Goldsource news release dated January 16[th] , 2024 and the Goldsource Technical Report available under Goldsource’s profile at www.sedarplus.ca. (2) This is a non-IFRS performance measure. See “Non-IFRS and Other Performance Measures” on Slide 4.

31

Eagle Mountain Deposit - April 2022 MRE Sub-Horizontal Zones Starting at Surface[(1)]

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Eagle Mountain Deposit Oxidation Domains (looking South-East)

Eagle Mountain Deposit Resource Category (looking South-East)

April 2022 MRE Update

Indicated Res. Extends from surface to max depth of 150m Average depth of 35m 75% of Indicated Resource within 50m of surface

(1) Refer to Goldsource news release dated April 7[th] , 2022 and the Goldsource Technical Report available under Goldsource’s profile at www.sedarplus.ca.

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Eagle Mountain Deposit - April 2022 MRE 2024 PEA Conceptual Life-of-Mine Plan

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CLASSIFICATION	April 2022 MRE	April 2022 MRE	2024 PEA Conceptual LOM Plan	2024 PEA Conceptual LOM Plan	Net Conversion of Tonnes
	Mt	In-situ grade (gpt Au)	Mt	Mill head grades (gpt Au)	%
Indicated
Saprolite and Trans	12.5	1.04	11.3	1.08	90%
Fresh Rock	18.7	1.28	8.7	1.58	47%
All Indicated	31.1	1.18	20.0	1.30	64%
Inferred
Saprolite and Trans	6.1	0.71	3.1	0.92	51%
Fresh Rock	12.3	1.12	4.1	1.32	33%
All Inferred	18.4	0.98	7.2	1.15	39%

Notes:

• 1) Numbers have been rounded to reflect the precision of a MRE and PEA Conceptual Plan. Totals may vary due to rounding.

• 2) Phase 1 saprolite-only mill feed grades, as presented in PEA Highlights, reflects a sub-set of the 2024 LOM saprolite resources. The balance of the saprolite tonnes is processed in Phase 2, blended with fresh and transition.

• 3) For the 2024 PEA Conceptual Plan, transition Indicated and Inferred resources were grouped with fresh rock resources and mined/processed in Phase 2. The April 2022 MRE had grouped the transition material with the saprolite resources.

• 4) For the April 2022 MRE notes, refer to Table 8 in the news release dated April 7, 2022 and to report titled “Eagle Mountain Gold Project, Potaro – Siparuni Region Guyana, NI 43-101 Technical Report” dated May 24, 2022, with an effective date of April 5, 2022.

(1) Refer to Goldsource news release dated April 7[th] , 2022 and the Goldsource Technical Report available under Goldsource’s profile at www.sedarplus.ca.

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Appendix – Eagle Mountain Other Maps and Photos

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St Elizabeth
Mahdia – St.
Elizabeth
Paleochannel
(north of Eagle
Mtn)
Mahdia Valley
Eagle Mtn
Breakfast Creek and
Konawaruk River
Salbora
Mahdia – Tiger
Eagle Mountain Creek Paleochannel
Deposit (northeast of Eagle
Mtn)
Minnehaha
River
Wineaperu
Mowasi
Minnehaha Creek
Mahdia – Tiger Creek
Mine
(northeast of Eagle
Mtn)
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Mako’s Total Mineral Resource Estimate[(1)]

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All veins in San Albino Deposit: Open Pit, Underground, and Dump Resources

All veins in Las Conchitas Deposit: Open Pit, Underground, and Dump Resources

All veins in San Albino Project: Open Pit, Underground, and Dump Resources

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Open Pit and Underground and Dumps Open Pit and Underground and Dumps Open Pit and Underground and Dumps
All Measured All Indicated All Measured
Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag
variable 47,200 9.88 15,000 17.8 27,000 variable 371,300 11.5 137,300 13.3 158,300 variable 47,200 9.88 15,000 17.8 27,000
All Indicated All Inferred All Indicated
Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag
variable 251,600 12.1 97,900 21.0 169,700 variable 142,500 10.56 48,400 13.8 63,400 variable 622,900 11.74 235,200 16.4 328,000
Note: Variable cutoffs are 1.5g Au/t for open pit and 4.0g Au/t for underground
All Measured and Indicated All Measured and Indicated
Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag
variable 298,800 11.75 112,900 20.5 196,700 variable 670,100 11.61 250,200 16.5 355,000
All Inferred All Inferred
Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag
variable 240,800 10.53 81,500 15.4 119,200 variable 383,300 10.54 129,900 14.8 182,600
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Note: Variable cutoffs are 1.5g Au/t for open pit and 4.0g Au/t for underground

Note: Variable cutoffs are 1.5g Au/t for open pit and 4.0g Au/t for underground

(1) The effective date of the Mineral Resource Estimates is October 11[th] , 2023. Please refer to Mako’s Technical Report available under Mako’s profile at www.sedarplus.ca.

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