Analogies for Mako Mining (MAKO):

• A smaller-scale Barrick Gold, focused on gold production in Nicaragua.
• Like a Newmont for Central American gold mining.

• Gold: Mako Mining primarily produces gold from its mining operations.

Mako Mining Corp. (MAKO) is a gold mining company that operates the San Albino gold mine in Nicaragua. As a producer of a commodity (gold), the company typically sells its gold doré or refined gold into the global market.

Due to the nature of commodity sales, Mako Mining does not typically have "major customers" in the traditional sense of a concentrated revenue stream from specific, publicly disclosed entities. Their customers are generally a diverse group of participants in the global gold market, including:

• Gold refiners
• Bullion banks and other financial institutions involved in precious metals trading
• Commodity trading firms

These buyers operate within a liquid and highly diversified market, and Mako Mining's sales are not concentrated with a few key buyers that are publicly identified as major customers.

Akiba Leisman, Chief Executive Officer

Akiba Leisman serves as the CEO and a Director of Mako Mining Corp., a position he assumed in March 2019. Prior to Mako, he was the Executive Chairman and Interim CEO of Marlin Gold Mining Ltd., where he oversaw the spinout of Sailfish Royalty Corp. and the acquisition of Marlin by Golden Reign Resources Ltd. to form Mako. He co-founded Sailfish Royalty Corp. in 2014 and continues to serve as its Executive Chairman and a Director. Mr. Leisman has also served as President, CEO, and Director of Mako US Corp. and CEO of Goldsource Mines, Inc. His background includes working as a consultant at Wexford Capital LP and as a Senior Analyst at Red Kite Capital Management. Having worked at Wexford Capital LP for nine years and managing several of their portfolio companies, he has a pattern of managing companies backed by private equity firms, as Wexford Capital is a significant shareholder of Mako Mining.

Ezequiel Sirotinsky, Chief Financial Officer & Corporate Secretary

Ezequiel Sirotinsky is the Chief Financial Officer and Corporate Secretary of Mako Mining Corp., appointed effective June 25, 2024. He is a Chartered Professional Accountant with over 25 years of senior-level experience in the mining industry, working across Argentina, Colombia, Nicaragua, and Panama. Mr. Sirotinsky's career includes senior positions with various gold and silver producers such as Calibre Mining, AngloGold Ashanti, and Silver Standard Resources, as well as other mid-tier and junior mining companies. His expertise encompasses IFRS and regulatory financial reporting, treasury management, corporate financing, budgeting and forecasting, tax planning, compliance, and auditing.

Jesse Muñoz, Chief Operating Officer

Jesse Muñoz serves as the Chief Operating Officer of Mako Mining Corp., bringing over 35 years of experience in the domestic and international mining sector. His extensive career includes successful construction and start-up of both surface and underground mine facilities. Mr. Muñoz's diverse background is primarily focused on the processing side of operations, with 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.

Steve Parsons, President

Steve Parsons is the President of Mako Mining Corp. He is a mining and finance professional with over 25 years of experience in mine operations and capital markets. Before joining Mako, Mr. Parsons held positions as CEO of Goldsource Mines, Senior Vice President of Yamana Gold, and Director of Equity Research at National Bank Financial. He also served as a senior analyst at various mining-focused sell-side firms in Canada. Mr. Parsons holds a Bachelor of Applied Science in Mining and Mineral Engineering from Queen's University.

Frank Powell, VP of Exploration

Frank Powell is the VP of Exploration for Mako Mining Corp. He possesses over 39 years of global exploration experience, including 23 years in senior management roles with major and junior gold exploration and mining companies such as Placer Dome, Oro Gold Ltd, and Mako Mining Corp. Mr. Powell's career spans from grass-roots exploration to feasibility studies, where he has successfully led teams in the acquisition, discovery, quantification, and optimization of gold and platinum resources at various projects worldwide.

Key Risks to Mako Mining

1. Jurisdictional and Political Risks: Mako Mining operates primarily in Nicaragua, with additional projects in Guyana and Arizona. The company is exposed to political risks, including potential changes in regulatory frameworks, taxation, or overall political conditions in its operating jurisdictions. This also includes the risk of government expropriation or nationalization of mining operations and the impact of any measures or sanctions imposed by government entities in Nicaragua.
2. Gold Price Volatility: As a gold mining company, Mako Mining's financial performance is significantly influenced by fluctuations in the price of gold. A sustained decline in gold prices could lead to compressed margins, reduced cash flow, and overall adverse impacts on the company's financial results.
3. Operational Risks and Exploration Uncertainty: Mining operations are inherently complex and subject to various disruptions. Mako Mining faces risks associated with potential economic or technical failures at its projects, the possibility of unexpected costs and expenses, and the inherent uncertainty that exploration efforts will translate into economically viable deposits. Specific operational challenges cited include rising costs and declining grades at core operations, as well as identified material weaknesses in internal control over financial reporting.

Expected Drivers of Future Revenue Growth for Mako Mining (MAKO)

1. Increased Production from the San Albino Mine: Mako Mining's San Albino gold mine in Nicaragua has the capacity to double its processing throughput from 500 tonnes per day (tpd) to 1,000 tpd with minimal capital investment, following a permit amendment received in August 2020. Operating the plant at increased capacity can lead to higher gold production and, consequently, increased revenue.
2. Ramp-up and Steady-State Production at the Moss Mine: The Moss Mine in Arizona, acquired by Mako Mining, is in the process of ramping up to steady-state production, which is expected by early 2026. This mine is projected to add significant gold ounces to Mako's overall production profile as it reaches full operational capacity, contributing to revenue growth.
3. Development and Commencement of Production at the Mt. Hamilton Project: Mako Mining recently acquired the Mt. Hamilton gold-silver project in Nevada, USA. Pre-construction activities have begun, with full construction anticipated to commence in early Q2 2026. This fully permitted open-pit heap leach project is expected to become a new source of gold and silver production, thereby driving future revenue.
4. Advancement Towards Production at the Eagle Mountain Gold Project: The Eagle Mountain Gold Project in Guyana is progressing through its permitting phase, with full operating permits expected by late 2026. Construction is slated for 2026, with production targeted for the second half of 2027. The development of this project represents a significant long-term growth driver through future gold production.

Share Repurchases

• Mako Mining announced a Normal Course Issuer Bid (NCIB) on December 3, 2025, to repurchase up to 4,350,450 common shares, representing 5% of its issued and outstanding shares, with the program expiring by December 7, 2026.
• For the trailing twelve months (TTM) ended September 2025, the company's Repurchase of Stock amounted to -$1.4 million.

Share Issuance

• On October 28, 2025, Mako Mining completed a brokered private placement, raising gross proceeds of $28.8 million (C$40.3 million).
• Concurrently, a non-brokered private placement with private investment funds managed by Wexford Capital LP generated gross proceeds of $10.7 million (C$15.0 million) on the same date.
• The company's annual additional paid-in capital increased from $12.1 million in December 2022 to $16.3 million in December 2024, reaching $16.0 million by September 2025.

Outbound Investments

• In 2025, Mako Mining acquired the Mt. Hamilton gold project through a $40 million gold stream.
• The company acquired the Eagle Mountain project by acquiring Goldsource Mines in July 2024, and also the Moss Mine in Arizona in late 2024.

Capital Expenditures

• Capital expenditures for the trailing twelve months ended September 2025 totaled -$14.94 million.
• In the 12 months prior to March 2026, capital expenditures were -$20.98 million.
• The company anticipates funding future exploration in Nicaragua, development activities at the Mt. Hamilton Project in Nevada, and ongoing engineering for the Eagle Mountain Project in Guyana using projected free cash flow from its San Albino and Moss Mines.