The objectives of this drilling program are two fold:

To test extensions of high-grade gold mineralization directly adjacent to current and future mining phases, but outside of the pit limits defined by the Company's 2023 mineral resource estimate (the "MRE") for the San Albino Project (see press release dated June 13th, 2024); and

To test additional high-grade mineralization, as a part of the Company's regional drill program on its 224 km2 district-scale, underexplored land package.

The drill results reported in this release are from the Candelaria zone located within the Las Conchitas South (LC-S) area. Drilling targeted the southwest extension of gold mineralization proximal to the existing Limon-Mango-Bayacun ("LMB") pit. This area is fully permitted for mining and drilling has demonstrated gold mineralization that extends beyond the current pit limits defined by the MRE. The Company's objective is to define additional mineral resources to support expansion of the San Albino operation and extend the mine life.

Key Observations

Drilling conducted within a permitted mine area

High-grade mineralization defined proximal to existing pits and mine infrastructure

Near-surface gold mineralization with width and grade of intercepts that compare favorably to existing mining areas at San Albino

Strong gold grade and structural continuity which support potential for pit expansion

Drilling confirms mineralization is open along strike and at depth

Drilling Highlights

26.98 grams per tonne ("g/t") gold ("Au") and 48.4 g/t silver ("Ag") over 7.0 m (6.8 m Estimated True Width ("ETW"))

21.79 g/t Au and 23.0 g/t Ag over 5.0 m (4.0 m ETW)

17.89 g/t Au and 31.6 g/t Ag over 2.0 m (1.5 m ETW)

29.18 g/t Au and 39.8 g/t Ag over 5.1 m (ETW)

Akiba Leisman, CEO of Mako states that "these drill results at the San Albino Project are among the most significant over the past six years of mining. We intersected multiple 100 gram-meter intercepts over 450 meters of continuous strike, including those being mined on the northeast side of the Candelaria fault. The current LMB pit remains open at depth, therefore if these results are proven economical, they have the potential to make the current LMB pit significantly larger. Located in a permitted area, we plan to begin development to the southwest of the Candelaria fault once rainy season ends in Q4 2026."

The drilling campaign at the Candelaria zone within the LC-S area has increased the footprint of gold mineralization from the LMB pit to the southwest. Current drilling has extended mineralization over 450 m along strike and remains open to the southwest and down dip to the northwest.

Drill hole LC26-RC1091 intersected a wide, high-grade vein of 21.79 g/t Au and 23.0 g/t Ag over 5.0 m (4.0 m ETW), 34 m from surface. This intercept is located 67.6 m from the 2023 MRE Final Pit (see Table & Figures below) and continues to support the expansion of high-grade gold mineralization outside the pit limits defined by the MRE. This drill hole was designed to extend the mineralization defined by hole LC20-214 which intersected 7.01 g/t Au and 11.4 g/t Ag over 5.7 m (3.1 m ETW) (see press release dated June 15, 2020).

In conjunction with the exploration program, the Company completed eight geotechnical drill holes within the same area to optimize possible future pit design and to ensure pit slope stability. LC26-GEOTEC-07 intersected 29.18 g/t Au and 39.8 g/t Ag over 5.1 m (ETW), 31.5 m from surface. This drill hole confirmed a 21.0 m strike extension from LC26-RC1091 described above.

LC26-RC1094 intersected 17.89 g/t Au and 31.6 g/t Ag over 2.0 m (1.5 m ETW), 82 m from surface and 61.2 m down-dip from drill hole LC26-GEOTEC-07 described above and 141.1 m from the final MRE pit limit. This drill hole confirms down dip continuity and extends well below the limits of the current resource model.

Drill hole LC26-RC1110 intersected 26.98 g/t Au and 48.4 g/t Ag over 7.0 m (6.8 m ETW), 90.3 m below surface and 188 m from the MRE final pit limit. This intersect confirms 450 m of high-grade mineralization along strike and remains open, showing potential for further expansions to the southwest.