Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide the following update:

After the Company resumed its original processing plan of producing 50% high grade diluted vein material mixed with 50% lower grade stockpile material, which resulted in substantial improvements in head grades and recoveries (see Press Release dated Sep 20th, 2023), Mako has recorded outstanding production results, reaching a record 3,817 Au Oz recovered in September. A comprehensive quarterly production update will be released later this month.

Head grades averaged 8.4 g/t Au with recoveries of 85.5% during September. We expect this trend to continue as the Company accesses the higher-grade zones at Las Conchitas while maintaining an optimal blend to the plant.

On August 23rd, the Company increased its Wexford Loan by US$2M to ensure there was enough working capital during the ramp-up at Las Conchitas. Since then, the Company has repaid approximately US$1.0M in principal1 while increasing its cash and bullion from US$1.8M at the end of Q2 2023 to approximately US$ 4.7M as of today.

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