Mako Mining Provides Q4 and 2021 Year End Financial Results - Q4 Gold Sales of 9,588 Oz at $831/oz AISC(1)

• $16.6 million in Revenue
• $8.9 million in Adjusted EBITDA⁽¹⁾
• $9.4 million in Mine Operating Cash Flow ("Mine OCF") ^{(1) (3)}
• $3.2 million in Net Income
• $589 Cash Costs ($/oz sold) ^{(1) (2)}
• $670 Total Cash Costs ($/oz sold) ^{(1) (2)}
• $831 All-In Sustaining Costs ("AISC") ($/oz sold) ^{(1) (2)}
• $3.1 million of principal repayments during Q4

• $1.7 million in exploration and evaluation expenses ($1.2 million at San Albino and $0.5 million at Las Conchitas)

• On February 18th and March 18th, 2022, the Company completed the purchase of 1 million common shares of the Company under its normal course issuer bid for total consideration of $0.28 million (C$0.36 million)
• Four monthly repayment installments totaling $1.5 million were made on the Sailfish Loan
• Principal Repayment of $2.5 million made on the Wexford Loan
• Total principal repayment of $7.1 million since the beginning of Q4 2021 to Wexford and Sailfish

Akiba Leisman, Chief Executive Officer, states that, "Q4 2021 was the second full quarter of financial results since declaring commercial production at San Albino at our initial 500 tonnes per day mine and processing plant. Where 9,588 ounces were sold at $589/oz Cash Costs and $831/oz AISC. The processing plant was operating at 507 tonnes per day at 82% availability (83% of nameplate capacity), as we increased personnel hiring/training and replenished our inventory of spare parts. The Company generated nearly $9 million in Adjusted EBITDA, which excludes $1.7 million in exploration expenditures incurred in the quarter. As a result, over $7 million of principal has been repaid since the beginning of Q4 2021, including $4 million repaid on outstanding loans subsequent to year end. In addition, the expanded $17.2 million exploration program announced in March 2022 is being funded out of cash flow. These extraordinary financial results from our relatively small scale mine will allow us to fund our growth with the ultimate objective of doubling capacity to 1,000 tonnes per day by next year."

For complete details, please refer to the Consolidated Financial Statements for the year ended December 31, 2021 and the associated Management Discussion and Analysis for the three months and year ended December 31, 2021, available on SEDAR (www.sedar.com) or on the Company's website (www.makominingcorp.com).

The Company has included certain non-GAAP financial measures and non-GAAP ratios in this press release such as EBITDA, Adjusted EBITDA, Mine Operating Cash Flow cash cost per ounce sold, total cash cost per ounce sold, AISC per ounce sold. These non-GAAP measures are 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. In the gold mining industry, these are commonly used performance measures and ratios, but do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's underlying performance of its core operations and its ability to generate cash flow.

"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.

"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.

"Mine OCF" represents operating cash flow, excluding Nicaraguan taxes and royalties, changes in non-cash working capital and exploration expenses.

On behalf of the Board,

Akiba Leisman
Chief Executive Officer

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.

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, based on the financial results, the Company intends to fund its growth with the ultimate objective of doubling capacity to 1,000 tonnes per day by next year and Mako's primary objective to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package.. Such 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, changes in the Company's exploration and development plans and growth parameters and its ability to fund its growth to reach its stated target capacity; unanticipated costs; 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 information regarding the Company's Q4 production results and its plans and expectations for its San Albino mine, 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.

SOURCE Mako Mining Corp.



Contact
Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, E-mail: aleisman@makominingcorp.com or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.