Mako Mining Announces Q1 2024 Production Results

VANCOUVER, BC / ACCESSWIRE / April 22, 2024 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) ("Mako" or the "Company") is pleased to provide first quarter 2024 ("Q1 2024") production results from its San Albino gold mine ("San Albino") in northern Nicaragua, which is the eleventh full quarter of production results since declaring commercial production on July 1, 2021.

Q1 2024 Production and Financial Highlights

• Record 67,961 tonnes mined containing 13,965 ounces of gold ("oz Au") at a blended grade of 6.39 grams per tonne gold ("g/t Au") and 15,718 ounces of silver ("oz Ag") at a grade of 7.19 grams per tonne silver ("g/t Ag")
  • 25,374 tonnes mined containing 9,664 oz Au at 11.85 g/t Au and 9,919 oz Ag at 12.16 g/t Ag from diluted vein material
  • 42,587 tonnes mined containing 4,301 oz Au at 3.14 g/t Au and 5,799 oz Ag at 4.24 g/t Ag from historical dump and other mineralized material above cutoff grade ("historical dump + other")
  • 22.7:1 strip ratio
• 52,478 tonnes milled containing 12,266 oz Au at a blended grade of 7.27 g/t Au and 14,071 oz Ag at 8.34 g/t Ag
  • 36% and 64% from diluted vein and historical dump and other, respectively
  • 606 tonnes per day ("tpd") milled at 96% availability
  • Recoveries of 80.6% for gold in Q1 2024
• 150,744 tonnes in stockpile containing 12,465 oz Au at a blended grade of 2.57 g/t Au
• 10,070 oz Au Equiv. recovered and 9,332 oz Au. Equiv. sold during the quarter
• Delivered 40,500 oz of silver on the Sailfish Silver Loan for a total of US$ 0.9 million during Q1 2024
• Entered into an environmental settlement and release agreement with GR Silver comprising US$0.5 million and the issuance of 296,710 common shares of Mako
• C$ 2.8 million in share repurchases equating to 1 million shares at an average price of C$ 2.80 so far in 2024
• Aprox. US$ 3.0 million increase in cash balance in Q1 2024 vs. Q4 2023

Akiba Leisman, Chief Executive Officer of Mako states that, "Q1 2024 was another highly profitable quarter for the Company, with recovered gold equivalent of over 10,000 ounces at industry leading AISC. The mine reported quarterly record throughput rates, which was achieved as we positively reconcile to the resource model, bringing in significantly more tonnes of mineralized material to the mine plan. Exploration is ramping up at site, the NCIB has been accelerated, and cash is building on the balance sheet as we prepare to close the Goldsource Mines acquisition later this quarter."

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