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Fully Funded Gold Production Growth in the Americas with Tungsten Optionality Zurich | November 2025 TSX-V: MKO | OTCQX: MAKOF Mt. Hamilton, NV US Eagle Mountain Project, Guyana San Albino Mine, Nicaragua Moss Mine, AZ US
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 2 Forward Looking Information This document contains “forward-looking information” and “financial outlook” within the meaning of applicable Canadian securities laws. Statements containing forward-looking information are not historical facts but instead represent the C ompany’s expectations, estimates and projections regarding possible future events or circumstances. Forward-looking information may be identified by the use of forward- looking terminology such as “plans”, “targets”, “expects”, “is expected”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this document includes: expectations regarding mineral resources and expansion thereof; expectations regarding future production; the results of the preliminary economic assessment at Eagle Mountain and related studies, licensing, permitting, construction and first production; expectations regarding financial strength, free cash flow generation, trading liquidity, and capital markets profile; expectations regarding future exploration and development, budgets and growth potential for Mako’s operations; expectations relating to life of mine; expectations regarding the timing of achieving certain exploration, development, and production milestones; expectations regarding production volumes; expectations regarding the actions of governments and regulators, including permitting decisions and investments in infrastructure; and the Company’s assessments of, and expectations for, future business activities and operating performance. The forward-looking information included in this document is based on the Company’s opinions, estimates and assumptions as of the date hereof in light of its experience and perception of historical trends, current conditions and expected future developments, and other factors that it currently believes are appropriate and reasonable in the circumstances. The forward-looking information contained in this document is also based upon a number of assumptions, assumptions in respect of current and future market conditions and the execution of the Company’s business strategy, that operations at Mako’s properties will continue without interruption, regulatory and permitting conditions, the availability of financing of the company’s acquisitions and other activities, the company’s ability to reach exploration, development, and production milestones; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward- looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to: the fact that the Eagle Mountain preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized; financing, capitalization and liquidity risks; mineral exploitation and exploration program cost estimates; the nature and impact of drill results and future exploration; regulatory risks relating to mineral tenure, permitting, environmental protection, taxation, and royalties; volatility of currency exchange rates, metal prices and metal production; other risks normally incident to the acquisition, exploration, development and operation of mining properties; and those set forth under the heading “Risk and Uncertainties” in Mako’s management’s discussion and analysis for the three and nine months ended June 31, 2025, and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca. Although the company has attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this document represents the company’s expectations as of the date of this document and is subject to change after such date. Mako Mining Corp. (“Mako”) disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this document is expressly qualified by the foregoing cautionary statements.
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF ➢ Sold 34,695 oz of Au at 79.6% recovery in 2023 ➢ Incorporated maiden Mineral Resource from Las Conchitas into the mine plan in Q3 2023 ➢ Commenced mining at Las Conchitas in Q4 2023 ➢ Mill throughput averaging +550tpd at 95% availability ➢ Prioritized and identified drill targets at 14 new prospects 2023 ➢ Sold 39 Koz of Au and generated revenues of US$92M in 2024 ➢ Full Production Permit received for Las Conchitas ➢ Initial Underground (“UG”) Studies ➢ Exploration: 56,334m reverse circulation (“RC”) and 1,436 diamond drilling (“DD”) in 2024 ➢ Tailings and Power trade-off studies ➢ Commenced environmental permitting process with agencies ➢ Goldsource completed Eagle Mountain Project PEA 2024 Acquired Assets & Expanded ProductionMineral Resource Growth & New Mine Area: Las Conchitas 2025 (1) Underground & Advance Engineering Eagle Mountain ➢ Generated US$67.3M in Revenues and US$18.2M in Net Income in 1H 2025 ➢ Undergoing UG engineering and resource studies at San Albino. Additional UG production to complement Las Conchitas Production ➢ US$11.2M Exploration Program in 2025. 67,253m RC and 7,280 DD (Infill + UG + Regional) ➢ Environmental Impact Assessment studies for Eagle Mountain Project ➢ Residual Leaching ongoing at Moss (Q1 2025) ➢ Trial mining and plant debottlenecking (Q2 2025) ➢ Review mine and plant ramp up (H2 2025 and beyond) 2026–2027 (1) Ramp up to 3 producing mines ➢ Evaluate expansion potential to 1,000tpd ➢ Predevelopment, ramp up and initial production of UG expected Q1 2026 ➢ Target for mining license application ➢ Receive environmental permit and mining license (2026) ➢ Project construction (2) ➢ Target for First Production (2027) (2) ➢ Expand mineral resources at Moss Mine (regional and infill exploration) Legend • San Albino • Eagle Mountain • Moss Mine Focused on Profitability with Mineral Resource and Production Growth M&A: Goldsource Acquisition on July 3rd, 2024 3 1) Please refer to Forward Looking Information on Slide 2 2) The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized M&A: Moss Mine Acquisition on March 26th, 2025 M&A: Mako Intent to Acquire Mt. Hamilton Project Sep 30th, 2025
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Experienced & Highly-Qualified Management & Operating Team Profitable Cash-generating Assets with Potential to Expand 2 Expected High Return Projects Under Development (3) Untapped Geological Potential ➢ Proven mine builders and operators with track record of delivering ➢ In house mine construction team with decades of experience building in the Americas. Built 3 Au Mines in Latin America since 2011(2) ➢ Built San Albino mine under very challenging circumstances (COVID and two hurricanes) ➢ Focused on the development of Eagle Mountain Project in Guyana ➢ Self-funded organic growth ➢ US$55.7M (4) Adjusted EBITDA in the last 12 months (“TTM”) ➢ Revenues of US$111.9M TTM ➢ US$11.7M of exploration approved for 2025 ➢ Currently no debt. Return of capital to shareholders through share repurchase program (“NCIB”). US$2.9M in share repurchases in TTM ➢ Completed the acquisition of producing asset: Moss Mine on March 26th, 2025 ➢ Eagle Mountain Project in Guyana, South America ➢ 2024 activities include tailings and power trade-off studies, initiation of mine permitting process ➢ PEA published on Jan 16th, 2024. Highlights potential for production of +60k oz/year Au (3) ➢ Announced Intent to Acquire Permitted Gold Project Mt. Hamilton for ~US$40.0M on Sep 30th, 2025 ➢ Optionality to Develop a Tungsten Project ➢ Burgeoning gold district in Nicaragua ➢ Over 28km of orogenic style gold mineralization identified along strike within ~188km2 land package ➢ Untapped Potential in Guyana ➢ Current shallow drilling discoveries, mineralization at depth not substantially explored ➢ Potential in Mahdia district (License covering ~47km2) ➢ 165km2 of Underexplored Ground in Western Arizona ➢ New Prospective Ground in Nevada through acquisition of Mt. Hamilton Investment Highlights(1) 1) Please refer to “Scientific and Technical Information” and “ Mineral Exploration and Inferred Mineral Resources” on Slide 39 and “Forward Looking information” on Slide 2 2) The three mines include Santa Elena (Sonora, Mexico) in 2011, El Gallo Phase I (Sinaloa, Mexico) in 2013 and La Trinidad (Sin aloa, Mexico) in 2014. Santa Elena and El Gallo Phase I were developed under PCM and EPCM contracts by Sonoran Resources LLC, wh ere Jesse Muñoz, the Company’s current COO, served as President 3) The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information see the Eagle Mountain Technical Report, which is available under Mako’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 48 4) Refers to a non- IFRS financial measure within the meaning of NI 52-112 for which the closest IFRS measure is operating income. Refer to the information under the heading “Non-IFRS Measures” on slides 37-38 5) Please refer to the Mako Technical Report available under Mako`s profile at www.sedarplus.ca. See also “Mineral Exploration and Inferred Mineral Resources” on Slide 48 4
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CORPORATE PRESENTATION 2021 5 CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 48% 4% 3% 45% 5 Others Mako’s Capital Structure Share Price C$ 7. 07 52-week high-low C$ 2.72 – 8.62 Shares Outstanding (1) 87.1M Market Cap. (2) US$ 436M Cash (3) US$ 60.3M Debt No Debt Options (4) 2.1M (~C$3.69 avg., strike, Nov ‘25 - Apr ‘30 expires. 1.1M RSUs and 0.46M DSUs) Stock Performance 1) Shares outstanding as of Nov 4th,2025 2) Market cap shown in US$ as of Nov 4th, 2025 at an exchange rate of 0.71 CAD/USD 3) Estimated cash and receivables balance as of Nov 4th, 2025 4) Options balance as June 30, 2025 (see Q2 2025 Financial Statements at www.sedarplus.ca) 5) https://money.tmx.com/quote/MKO Main Shareholders Source: TMX (5) LOI to Acquire Goldsource (March 3rd, 2024) Mako Completed Acquisition of Goldsource (July 3rd, 2024) Mako Completed Acquisition of Moss Mine (March 26th, 2025) Moss Mine Acquisition LOI (Dec 31st, 2024) Private Placement (October 16th, 2025)
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6 Experienced and Highly-Qualified Management and Operating Team
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Jesse Muñoz COO Jesse has over 35 years of experience working in the domestic and international mining sector. His successful career has included construction and start-up in both surface and underground mine facilities. He has 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. Paolo Durand VP Corporate Development Paolo has over 13 years of banking, financial planning, cost control & budgeting and business development expertise in the mining sector. He previously served in polymetallic and precious metals mines in Perú including Minsur SA, Minera Volcan and Sierra Metals Inc. Paolo received a double degree in Economics (B.A) and Corporate Financial Management (B.B.A) at St. Mary’s University in Texas as well as an MBA from HEC in Paris. Management Team Akiba Leisman CEO (Director) Akiba was Executive Chairman and Interim CEO of Marlin Gold Mining Ltd., leading the company through the spinout of Sailfish Royalty Corp. and the acquisition of Marlin by Golden Reign Resources Ltd. to form Mako. He also serves as the Executive Chairman and a Director of Sailfish and as a consultant at Wexford Capital LP. Akiba has an MBA from New York University, and a B.S. in Chemical Engineering from Carnegie Mellon University. Frank Powell VP of Exploration Frank Powell has over 39 years of exploration experience with both major and junior gold exploration/mining companies such as Placer Dome, Oro Gold Ltd, Mako Mining Corp. Frank’s career spans the sector from grass- roots to feasibility studies where he has led teams in the acquisition, discovery, quantification and optimization of gold and platinum resources including: Las Cristinas, Venezuela; South Deeps, South Africa; Getchell Gold Mine, Nevada USA; La Trinidad, Mexico; Sedibelo Platinum, South Africa and San Albino, Nicaragua. Frank holds a B.Sc. Geological Engineering at Colorado School of Mines. Ezequiel Sirotinksky CFO Ezequiel is a professional in accounting and finance with over 25 years of senior level experience in the mining industry, working in Argentina, Colombia and Central America (Nicaragua and Panama). Prior to joining Mako, Ezequiel has held several senior positions with gold and silver producers such as Calibre Mining, AngloGold Ashanti, Silver Standard Resources and other mid-tier and junior mining companies. He received a CPA degree from the University of Buenos Aires (Argentina) and a postgraduate diploma in human resources management from the School of Business of the University of Cape Town (South Africa). 7 Steve Parsons President Steve is a mining and finance professional with over 25 years in mine operations and capital markets. Prior to Mako, Steve was the CEO of Goldsource Mines, SVP of Yamana Gold, and Director Equity Research at National Bank Financial and senior analyst at various mining-focused sell- side firms in Canada. Steve holds a Bachelor of Applied Science in Mining and Mineral Engineering from Queen’s University. Steve is a member of Association of Professional Engineers of Ontario.
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Board of Directors Eric Fier Non- Executive Chairman Mr. Fier is a Certified Professional Geologist (USA) and Engineer (Canada) with over 35 years of experience in the international mining industry, including with exploration, acquisition, development and production of numerous mining projects in Guyana, Chile, Brazil, Central America, Mexico and Peru. He has in-depth knowledge of project evaluation and management, reserve estimation and economic analysis, construction, and operations management. Mr. Fier served as Chief Executive Officer and Director of SilverCrest Metals, Inc. until Coeur’s acquisition of SilverCrest in February 2025. He previously worked as Chief Geologist with Pegasus Gold Corp., Senior Engineer & Manager with Newmont Mining Corp. and Project Manager with Eldorado Gold Corp. He is currently a Non-Executive Chairman of Mako Mining Corp. and previously served as Executive Chairman of GoldsourceMines, Inc. Paul Jacobi Director Paul joined Wexford in 1996 and focuses on Wexford’s private equity energy investments. From 1995-96, Paul worked for Moody’s Investors Services as an analyst covering the investment banking and asset management industries. From 1993-95, he was employed by Kidder Peabody & Co. as a senior financial analyst in the investment banking group. From 1988-93, Paul worked for KPMG Peat Marwick as an audit manager in the financial services practice. He holds a BS in accounting from Villanova University and is a Certified Public Accountant. John Hick Director Mr. Hick has more than 44 years experience working in the mining sector, and has served as an executive, an independent director, and in some cases the Non-executive Chairman or Lead Director, of a numerous listed mining companies,. He has also held senior management and/or director positions in numerous other publicly listed companies. Mr. Hick holds a B.A. from the University of Toronto, an LL.B from the University of Ottawa and was called to the Bar of Ontario in 1978. Laurie Gaborit Director Laurie Gaborit has over 30 years of combined work experience in mineral exploration, investor relations and corporate communications. She is currently IR Advisor for Cygnus Metals. Prior she held the position of VP Investor Relations at Dore Copper and Detour Gold Corporation. As a key member of Detour Gold's management team, she participated in the company's initial public offering in 2007 and its transformation from exploration company to intermediate gold producer within a seven-year period, during which time Detour Gold's market capitalization increased from $120 million to over $3 billion. Ms. Gaborit holds a Bachelor of Science in geology (Hons.). In 2019, she was the recipient of the CIRI Belle Mulligan Award for Leadership in Investor Relations. Asheef Lalani Director Asheef Lalani as an independent director to the board of Sailfish Royalty Corp. Mr. Lalani graduated from the University of Waterloo with a Bachelor of Mathematics and Masters of Accounting, earned the CA/CPA designation in 2002 and is a CFA charterholder since 2003. Asheef first started his career with PricewaterhouseCoopers in 1998 and went on to become a portfolio manager at UBS Securities. Currently, Mr. Lalani is the Chief Investment Officer at Berczy Park Capital – a private family office in Toronto, Canada. Mario Caron Director Mr. Mario Caron is a mining executive with over 40 years of wide- ranging experience in the mining industry in senior executive and board positions. He has international experience in both underground and open pit operations. Mr. Caron is currently Chairman of Falco Resources Ltd. He also worked as an advisor for Alloycorp Mining Inc and CEO and Director of New Millenium Iron Corp. From November 2011 to July 2013, he served as Chief Executive Officer and a director of Aldridge Minerals Inc., developing a polymetallic Volcanogenic massive sulfide deposit in Turkey. Previously, Mr. Caron served as Chief Executive Officer and a director of Axmin Inc., a company with a gold project in Central African Republic, and Tiberon Minerals Ltd., a developer of a tungsten/fluorspar mine in Vietnam. Mr. Caron is a member of the Québec Order of Engineers and the Association of Professional Engineers of Ontario. 8 Akiba Leisman Director (See Management Slide for full description)
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Oct 16, 2024: 22.88 g/t Au over 4.6m (ETW) and 39.64 g/t Au over 2.0 m (ETW) at Las Conchitas Aug 28, 2024: 82.55 g/t Au over 2.0m (ETW) and 16.83 g/t Au over 4.7 m (ETW) at Las Conchitas Jul 10, 2024: 37.80 g/t Au and 50.0 g/t Ag over 2.8m (ETW) at Las Conchitas. 16 meters from surface (“Mfs”) Mar 13, 2024: 13.43 g/t Au and 36.8 g/t Ag over 9m (ETW) at Las Conchitas. 57 Mfs May 14, 2025: 117.98 g/t Au over 1.7m (ETW) and 14.76 g/t Au over 3.0 m (ETW) at Las Conchitas May 21, 2025: 39.15 g/t Au over 5.9m (ETW) 19.2m below Surface at El Golfo Selected Drilling Results in the past 18 months (For full details see Press Releases on www.makominingcorp.com) Mako’s Value Generation Trajectory Under New Management Aug 14, 2025: 27.86 g/t Au over 4.1m (ETW) 20.0 m below Surface at El Golfo & 197.8 g/t over 0.7 m ETW, 345 m down dip from Discovery Hole (4) (1) See “Scientific and Technical Information” on Slide 39 (2) For the Period 2022 to Q32024. Equivalent of 2.3M Shares. FX used 0.74 $/CAD (3) Please refer to the Eagle Mountain Technical Report Available under Mako`s profile at www. sedarplus.ca. See also Mineral Exp loration and Inferred Resources on Slide 39 (4) See Press Release Dated May 21. 2025 Milestones under new Management (since August 2019) Mine construction in the midst of COVID pandemic Construction completed with commercial production declared effective July 1, 2021 (announced July 13, 2021) (1) Completed ~209,000m of RC and DD drilling from 2019 to 2024 Published a NI 43-101 mineral resource at Las Conchitas (released Q4 2023) Graduation to Tier 1 Status on the TSX Venture Exchange (Q4 2023) Paid off 100% of Debt Obligations. Share Repurchase Programs (“NCIB”) for total of US$5.3M (2) Fully permitted Las Conchitas - second mining area at San Albino Transaction with Goldsource Mines - Added the Eagle Mountain Project to our portfolio (1.2Moz Au Indicated @1.18 g/t Au and 582koz Au Inferred @0.98 g/t Au) (3) Completed Acquisition of Moss Mine in Arizona on March 26th, 2025 Announced Intent to Acquire Mt. Hamilton Gold Project in Nevada on Sep. 30th, 2025 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 9 ✓ ✓
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10 San Albino Mine in Nicaragua: Cash-Generating Operation with Potential to Expand
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF ➢ Pro-mining government underpinned by modern mining law ➢ Gold is the largest export (accounts for 35% of Nicaragua’s total exports)(1) ➢ 25-year exploration and exploitation concessions ➢ Skilled labor available ➢ Favorable tax regime: 30% corporate tax and 3% royalty ➢ Safe environment to operate ➢ Modern infrastructure (paved roads, water and power) ➢ Repatriation of capital and profits allowed ➢ Limited modern gold exploration Mako’s concessions are located in Nueva Segovia Nicaragua: A Burgeoning Mining Jurisdiction Nicaragua Highlights (1) https://www.sec.sieca.int/. Please refer to “Third Party Information” on slide 39 (2) Information extracted from each company’s corporate websites. Please refer to “Third Party Information” on Slide 39 Top 3 foreign-owned operating gold mines(2) Calibre (CXB): El Limon Mine: 102 Koz Au @5.15 g/t Probable Mineral Reserves and 1.1M oz Au @2.71 g/t Indicated Calibre (CXB): La Libertad Mine: 631Koz @4.77 g/t M&I and 726 Koz @3.57 g/t Inferred Mineros (MSA): Hemco Panama 116Koz Au @ 4.08 g/t Reserves, 195K oz Au @ 3.61 g/t M&I and 310 Koz Au @ 4.37 Inferred 1 2 3 11
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 12 San Albino Gold Mine (1) Historic Mine District ➢ Mining began in the district in the late 18 th century ➢ Last commercial operation was in 1926 ➢ Mine shut down due to the onset of the Nicaraguan Civil War (1926-1927) ➢ Only sporadic artisanal mining has occurred since 1927 ➢ Profitably operating at +550tpd ➢ Produced 35.9K Oz of Au in TTM ➢ Fully permitted for up to 1,000tpd ➢ Open at depth and along strike ➢ Second mining area Las Conchitas currently in production ➢ Regional targets up to 21km away from the mine with high-grade gold samples collected In production at +550tpd and permitted up to 1,000tpd ➢ San Albino is profitable mine with a Measured and Indicated mineral resource (open pit) grade of 10.64 g/t Au (2) ➢ Our strategy is to operate a low-cost, cornerstone operation at San Albino (an area that only represents ~2% of our landholdings) and to grow organically through exploration on our 100% owned land package ➢ Cash flow from San Albino is expected to fund exploration on the district-scale Nicaraguan land package of ~188km 2 1) Please refer to “Forward Looking Information” on Slide 2 2) Please refer to Slides 37-38 for full current mineral resource estimates and also refer to the San Albino Technical Report avail able under the Company’s SEDAR+ profile at www.sedarplus.ca Upside Potential Production Growth Potential
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 1) Refers to a Non-IFRS financial measure within the meaning of NI 52-112. Refer to information under the heading “Non-IFRS Measures” on Slides 37-38 5) Includes Repayment Silver Loan, Wexford Loan, Wexford Bridge Loan related to Goldsource Acquisition, other lease payments and a release of US$1.5 million from Trisura Guarantee insurance Company held as collateral for various environmental bonds held at the Moss Mine 13 Cash Generation Cash Reconciliation TTM (Q3 2024 – Q2 2025) ➢ Generated US$56.8M of Mine Operating Cash Flows (“Mine OCF”) (1) (2) with a realized gold price of US$ 2,915/oz Au ➢ Invested US$6.2M in exploration program at San Albino and engineering studies at Eagle Mountain with funds generated from operations ➢ Reinvested US$15.9M in Mining Interest, plant and purchase of equipment for San Albino
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 14 Financial Summary Mako Mining Corp. 1) Refers to a Non-IFRS financial measure within the meaning of NI 52 -112. Refer to information under the heading “Non -IFRS Financial Measures” on Slides 37-38 Highlights TTM (Q3 2024 – Q2 2025) ➢ US$111.9 million in Revenue in TTM ➢ US$55.7 million in Adjusted EBITDA (1) ➢ US$1,284 Cash Costs ($/oz sold) (1) ➢ US$1,633 All-In Sustaining Costs (“AISC”) ($/oz sold) (1) US$ 000 Cash Costs ($/oz sold) (1) 1,509 1,284 AISC ($/oz sold) (1) 1,668 1,633 Mine Operating Cashflow (in $000's) (1) 16,887 56,830 Revenues (in $000's) 38,715 111,904 EBITDA (in $000's) (1) 18,665 48,564 Adjusted EBITDA (in $000's) (1) 21,305 55,715 Net Income (in $000's) 9,424 23,277 TTMQ2 2025
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15 Moss Mine: Producing Mine in Attractive Jurisdiction
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF ➢ Top 10 jurisdiction in the world for investment in the last 5 years (1) ➢ Active district with an operating mine and multiple active exploration programs ➢ Favorable policy environment and taxation ➢ Excellent infrastructure and easily accessible with paved highways and gravel roads ➢ Rich in variety of metals including copper, gold, silver and uranium ➢ High availability of labor and skills ➢ State with the second highest mining exports in the US(2) Arizona: Top Tier Jurisdiction in the US Highlights (1) Fraser Institute Annual Survery: Annual Survey of Mining Companies, 2023 (2) Arizona Mining Institute: Stats & Facts - Arizona Mining Association - Membership Advocacy for the Mining Industry (3) Information extracted from each company’s corporate websites Minera Alamos: Copperstone Project 16
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Producing asset generating cash flow (1) ➢ Commercial production in Sept 2018 Moss Mine Asset Overview 1) Au Eq. calculated using long-term price estimates of US$1,700/oz Au and US$18.50/oz Ag Existing site infrastructure and (partial) workforce ➢ Power transmission line; administrative and support offices in place ➢ Recent leach pad expansion completed with multiple years of capacity ➢ Availability of personnel ➢ New mining contract being requisitioned Mineral Resource Expansion Potential ➢ Exploration opportunities adjacent to and at depth below current mining operations - M&I defined over 1.5 km of known 6.2 km strike length, Inferred resource extends further ➢ Numerous identified near-mine exploration targets permitted for drilling (Reynolds Pit) 100% owned (patented and unpatented claims) ➢ 165km2 in Arizona, 1.5 hours south of Las Vegas, Nevada ➢ Arizona is ranked within the top 10 for mining jurisdictions for investment based on the 2023 Fraser Institute Annual Survey 17
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Moss Mine Property Overview (1) 18 Heap Leach Gold Production ➢ Contract mining/crushing ➢ 3-stage crush, capacity of 10,400 metric tons per day ➢ New 3A-Ph2 leach pad (US$9.5M) Existing site infrastructure ➢ 100% water secured. In 2022, two production water wells constructed, enhancing on-site water production capabilities to meet all our operational needs. ➢ Connected to regional electrical grid (generator for backup) Property ➢ Fully permitted for current plan of operations for patented claims (black outline) and more recently for unpatented claims within permitted Mine Development Outline (see figure) ➢ Reynolds pit permitted. ➢ Pit expansion under review, including movement of crushing facilities with Environmental Impact Study (“EIS”) Exploration ➢ 83 RC holes totaling 15,449 m have been completed into 3 different near-mine priority targets, all within permitted areas (Reynolds Pit, Mordor, ROM Pad Ramp)
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19 Eagle Mountain Gold Project: Resource Scale with Phased Development Plan
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF (1) Fraser Institute statistics (2) S&P Global Market Intelligence (Feb 2024). Guyana Bureau of Statistics (3) Information extracted from each company’s corporate websites ➢ Mining-friendly permitting process ➢ Emerging as one of the most attractive South American mining jurisdictions (1) ➢ Government support for mining combined with a favorable permitting regime enables tangible opportunities for accelerated permitting timelines. In-country mining pedigree ➢ Strong history of mining: mining, oil & gas represented ~62% of GDP in 2022 (1) ➢ Growth of foreign mining investments accelerating in recent years Brazil 62.83 Guyana 59.43 Argentina 49.54 Chile 46.68 Bolivia 41.17 Mexico 40.1 Ecuador 40.09 Peru 33.84 Colombia 32.97 $3 $3 $4 $4 $5 $5 $5 $6 $6 $6 $6 $7 $10 $12 $20 $25 $33 $40 $50 $57 $69 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Eagle Mountain Project Fraser Institute’s Best Practices Mineral Potential Index(1) GDP Per Capita (US$000s)(2) 1 2 35 Guyana: The Next Great Mining Jurisdiction Guyana Highlights G Mining Ventures (GMIN): Oko West. 4.2M oz Au @2.05 g/t Indicated and 1.6M oz Au @2.48 g/t Inferred Omai (OMG): Wenot Deposit 2,121k oz Au @ 2.07 g/t Indicated and 4,382K oz Au @ 1.95 g/t Inferred G2 Goldfields (GTWO): OMZ Deposit 1.5M oz Au @3.4 g/t Indicated and 1.6M oz Au @2.48 g/t Inferred Aris Mining (ARIS): Toroparu project 2.0M oz Au @1.45 g/t Measured and 3.4M oz Au @1.46 g/t Indicated 1 2 3 4 20 Foreign-owned gold deposits(3)
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF TRSB18-002 (Trench) 123 metres grading 1.92 g/t gold PEA - Robust Project Economics(1)(2) US$292M After-tax NPV5% & 57% IRR at US$ 1,850/oz gold Skilled Team Record of successful development Strong Infrastructure Projects Government road & power upgrades scheduled Large Gold Mineral Resource ~1.2Moz Au Indicated @1.18 g/t Au and 582koz Au Inferred @0.98 g/t Au (1) Near-term Production Expected Production begins ~2027 Underexplored Opportunity Potential to Expand Mineral Resource Strong Production Scale Anticipated 66.5koz Au per annum for 15 years Low Cost & Low Capital Intensity Phase 1 AISC of US$829/oz(3) & 2.1x NPV/Capex(4) Long Mine Life Anticipated 15-year LOM Eagle Mountain: PEA-Stage Development Project Phased Development Plan to Scale Into Capex and Execution (1) (1) For additional information see the Eagle Mountain Technical Report, which is available under Mako's profile at www.sedarplus.ca. See also “Mineral Exploration and Inferred Mineral Resources” on Slide 48 (2) The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information see the Eagle Mountain Technical Report, which is available under Mako's profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 48. Gold prices of $1,850/Oz in the base scenario (3) This is a non-IFRS Financial measure. See “Non-IFRS and Other Performance Measures” on Slides 37 -38 (4) Ratio calculated using Initial Development Capex (3), which is a Non-IFRS measure for which closest IFRS measure is Cash Flow from Investing Activities 21
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF ➢ Distinctly shallow. 75% of Indicated Mineral Resource within 50 m of surface ➢ Soft-rock saprolite (35% of Indicated Mineral Resource) opportunities for phased development and lower capex intensity ➢ Low capex intensity, shallow mineralization and phased development plan drive robust after-tax IRR and NPV (March 2024 PEA) (4) Government Investment in Infrastructure Construction ➢ Upgrade of 121km of gravel road to asphaltic concrete ➢ To improve transport efficiency, climate resilience and road safety ➢ Grant from the UK Caribbean Infrastructure Fund (UKCIF) and Caribbean Development Bank (CDB) Eagle Mountain Pangean Reconstruction (120Ma) (2) Eagle Mountain Gold Project (1) CATEGORY OXIDATION TYPE CUT-OFF GRADE (g/t) TONNES (Mt) GOLD GRADE (g/t) GOLD OUNCES INDICATED(3) Saprolite 0.3 12.5 1.04 417,000 Fresh 0.5 18.7 1.28 766,000 Total 31.1 1.18 1,183,000 INFERRED(3) Saprolite 0.3 6.1 0.71 139,000 Fresh 0.5 12.3 1.12 443,000 Total 18.4 0.98 582,000 Eagle Mountain Asset Overview (1) Within the PL there are third-party small-scale claims that pre-date the Property Licensed (or recommended for license) small-scale claims total ~123 hectares and are located outside the mineral resource outline. Additionally, within the PL there is a third-party medium scale permit (referred to as Bishops Growler) (2) Source: Modified from Frimmel (2014). Please refer to “Third Party Information” on Slide 39 (3) For additional information see the Eagle Mountain Technical Report which is available under Mako's profile at www.sedarplus.ca See also “Mineral Exploration and Inferred Resources” on Slide 39 (4) The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information see the Eagle Mountain Technical Report, which is available under Mako’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 39. Gold prices of $1,850/Oz in the base scenario 22
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF PEA – Life of Mine Profile (1) Projected Annual Cash Flow and Production Profiles 1) The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no c ertainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional informa tion see the Eagle Mountain Technical Report, which is available under Mako’s profile at www.sedarplus.ca. See also "Mineral Exploration and Inferred Mineral Resources" on Slide 48. Gold prices of $1,850/Oz in the base scenario 2) This is a non-IFRS financial measure. See “Non-IFRS and Other Performance Measures” on Slides 37 -38 Projected Free Cash Flow Profile Cumulative Free Cash Flow(2) of US$443M at US$1,850/oz gold Projected Annual Production and Operating Cost Profiles LOM plan 997k oz at AISC(2) of 1,077/oz gold (subset of 2023 MRE) 23 - 250 500 750 1,000 1,250 1,500 1,750 2,000 - 15,000 30,000 45,000 60,000 75,000 90,000 105,000 120,000 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Cash Costs and AISC (US$/oz) Gold Production (oz) Gold Production (saprolite) Gold Production (fresh rock/trans) Cash Costs US$/oz AISC US$/oz Phase 1 - Saprolite Mill Feed Phase 2 - Fresh Rock/Trans + Saprolite Blend -600 -400 -200 0 200 400 600 (150.0) (100.0) (50.0) - 50.0 100.0 150.0 200.0 250.0 Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10Yr 11Yr 12Yr 13Yr 14Yr 15 Cumulative After-Tax Free Cash Flow (US$ M) Annual Revenue (Opex & Capex) (US$ M) Revenue, net of refining costs Operating Costs, including royalty Development capex Sustaining capex Cumulative After-Tax Free Cash Flow Phase 2 Dvp Capex Phase 1 - Saprolite Mill Feed Phase 2 - Fresh Rock/Trans + Saprolite Blend Phase 1 Dvp Capex Pit Pushback
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Projected Timeline for Eagle Mountain Gold Project Phased development plan to drive staged permitting and engineering activities * Current project position 2024-2025 (1)(2) 2026-2027 (1)(2)2011 - 2022 2023 Discovery Hole to Exploration Exploration Resource Outline Engineering Studies Permitting Project Financing* Development Production* ➢ 2010 - Project acquired by Goldsource Mine in Oct 2010 from Iamgold Corp ➢ 2011-21 >US$25M invested in Guyana for exploration ➢ 5 new discoveries in the last 3 years within EMPL ➢ 22 saprolite samples (500 kg) from Eagle Mountain deposit. Avg gold recovery of 96.5% ➢ Feb 2021 Mineral Reserve Estimate (“MRE”) ➢ Environmental baseline studies planned. Biodiversity studies completed in 2021 ➢ 25,956 m of exploration drilling in 2021 ➢ Apr 2022 MRE Update ➢ Trade-Off Studies ➢ Preliminary Economic Assessment (PEA) ➢ Engineering Studies. Tailings studies ➢ Environmental Management Plan (‘25) ➢ Environmental Impact Assessment (EIA) ➢ Approval of Environmental Permit (Mid ‘26) ➢ Phase 1 Project Financing (‘26) ➢ Mining License (‘26) ➢ Phase 1 Construction ➢ Phase 1 First Production (est. ‘27) ➢ Phase 2 Fresh Rock feasibility study (tbd) 24 (1) Please refer to forward looking information on Slide 2 (2) The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized
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25 Mt. Hamilton: Gold Project in Nevada with Major Permits Approved
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1. Augusta Gold (C$152M) Acq. by AngloGold Ashanti 16-Jul-25 2. Florida Canyon Gold (C$95M) Acq. by Integra Resources 11-Nov-24 3. Paycore Minerals (C$74M) Acq. by i-80 Gold 8-May-23 Nevada: Top Ranked Mining Jurisdiction (1) Fraser Institute statistics 2024 (2) Nevada Bureau of Mines and Geology: Major Mines of Nevada (2024) (3) Public Disclosure and company websites Nevada Highlights ➢ Nevada ranks as the #1 mining jurisdiction in the world for investment attractiveness (1) ➢ The state produced ~3.6 million ounces of gold in 2024, accounting for 70% of U.S. output (2) ➢ Nevada remains a top global gold producer, with the U.S. ranking 4th worldwide (3) ➢ A clear and efficient permitting process ensures predictable timelines for developers ➢ Strong infrastructure and a skilled workforce enable rapid project development ➢ Rich mineral endowment includes some of the largest gold and silver deposits globally Recent Acquisitions (3) 1. Goldrush (Barrick & Newmont JV) Start date: Apr-24; UG; ~400Koz avg Au 2. Rochester Expansion (Coeur) Start date: Mar-24; OP; ~180koz avg AuEq 3. Gold Bar (McEwen) Start date: Feb-19; OP; ~62koz avg Au Recent Mine Builds (3) Gold Bar (Feb 2019) Nevada Goldrush Mine (April 2024) Rochester (March 2024) Augusta Gold (July 2025) Florida Canyon (Nov 2024) Paycore (May 2023) U.S.A 1 st ~3.6 Moz Most attractive mining jurisdiction globally (1) Total gold produced in state in 2024 (2) 4 th Largest producer of gold worldwide (3) 26
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Mt. Hamilton Asset Overview ➢ Will be 100% owned by Mako Mining following completion of Mako- Sailfish transaction (1) ➢ Located in White Pine County, Central Nevada, ~50 miles west of Ely, Nevada along the southern portion of the Battle Mountain-Eureka Trend ➢ Road access to site with access to power and water rights in-hand for full production ➢ Epithermal/Carlin-style deposit (primarily oxide) with heap leachable gold and silver. Separate Skarn mineralization with tungsten, molybdenum and copper bearing mineralization Category Tons (millions) Au Grade (oz/t) Ag Grade (oz/t) Cont. Au (koz) Cont. Ag (koz) Measured 21.00 0.022 0.165 454 3,473 Indicated 8.09 0.015 0.169 124 1,366 Measured & Indicated 29.09 0.020 0.166 578 4,839 Inferred 1.46 0.015 0.178 21 260 Mineral Resource (September 23, 2025)(2) (1) See Slides 3 for transaction Structure / (2) See “Disclaimers – Scientific and Technical Information” on Slide 39 Permitted gold-silver project in Nevada along the prolific Battle Mountain trend 27 • The MRE was completed by Mr. James Gray, P. Geo, of Advantage Geoservices Ltd. • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. • Mineral Resources are the portion of the Mt Hamilton deposit that have reasonable prospects of eventual economic extraction by open pit mining method and processed by gold-silver heap leaching. • Mineral Resources are constrained oxide and sulfide mineralization inside a conceptual open pit shell. The main parameters fo r pit shell construction are metal prices of US$2,400/oz gold and US$28/oz silver, variable recovery for gold and silver for oxide and sulfide mineralization by Area, open pit mining costs of US$3.30/ton, heap leach processing costs of US$4.50/ton, general and administrative costs of US$1.65 /ton processed, pit slope angles of 50° and a 2.4% royalty. • Mineral Resources are shown above a 0.006 oz/ton gold cut -off grade. This is a marginal cut-off grade that generates sufficient revenue to cover conceptual processing, general and off-site costs given metallurgical recovery and long -range metal prices for gold and silver. • Units are imperial tons. Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences. • Mineral Resources were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2 014) and CIM MRMR Best Practice Guidelines (2019). • The QP is not aware of any known environmental, permitting, legal, taxation, socio -economic, marketing, political or other similar factors which could materially affect the stated Mineral Resources.
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Mt. Hamilton Tungsten-Project Optionality Tungsten Targets Unlocking significant Tungsten potential on the project A A A B B West East B West B East Seligman Stock Montecristo Stock Seligman Stock PH -8 PH- 17PH- 25 PH- 12 PH- 14 PH- 29 Montecristo Mo-Au ±Cu skarns Seligman East W- Mo skarns Seligman West W-Mo skarns Seligman Stock A ➢ Historical exploration by Phillips Petroleum in the 1970s identified tungsten mineralization with an ore “reserve” of 6.2 Mt at a grade of 0.37% WO3 including 4.2 Mt grading 0.42% WO3, 0.37% Mo and 0.60% Cu.” (1) ➢ Tungsten’s role as a U.S.-designated critical mineral positions Mt. Hamilton as a strategic asset in supporting domestic supply chain security Tungsten Drill Intercepts (1) This “ore reserve” is an historical estimate withing the meaning of National Instrument NI 43 -101 (“NI 43-101”) and it is not being treated as a current mineral resource or mineral reserve. Provided for illustration purposes only of potential for tungst en-copper-molybdenum mineralization at Mt. Hamilton Project. No qualified persons have reviewed this historical information or done sufficient wor k on behave of Mako to classify the historical estimate as a current mineral resource or mineral reserve under NI 43 -101. The Company does not have information on the key assumptions, parameters, and methods used to prepare the historical estimate. The Company is not aware of any more recent estimates or data available in respect of the historical estimate. The Company plans to complete a detailed r eview of the historical drill core and data to verify the geologic model and mineral estimate. 28
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Mt. Hamilton Diversified Producer with High Quality Growth in USA & Guyana CASH GENERATING ASSETS WITH EXPANSION POTENTIAL LOW CAPITAL INTENSITY ADVANCED PROJECTS Sequenced and disciplined self-funded growth through organic growth and M&A San Albino Mine Location: Nicaragua Mine Type: Open-pit Ownership: 100% Tonnes Milled: 208 kt Avg Gold Grade: 7.2 g/t 2024A Production: ~40koz Au 2024A Cash Cost(3) : US$980 2024A AISC(3) : US$1,371 2024 Operations Summary (2)(4) High-grade, low-cost cornerstone operation in Nicaragua NI 43-101 Summary Fully permitted, shovel-ready Nevada project Moss Mine Mine Summary (4) Open-pit, heap-leach gold and silver operation; expansion potential Eagle Mountain 2024 PEA Summary (1)(4) Open-pit Gold project with resource growth upside Location: Arizona Mine Type: Open-pit, heap leach Ownership: 100% Mill Capacity: 11,000 tpd Status: Trial mining and plant debottlenecking Location: Guyana Mine Type: Open-pit, load & haul Mine Life: ~15 years LOM Avg Cash Cost (3): US$715/oz LOM Avg AISC (3): US$855/oz Initial Capex: ~US$96M After-tax NPV5 (1): US$292M After-tax IRR (1) : 57% (1) Assumes gold price of US$1,850/oz. NI 43-101 Technical Report Preliminary Economic Assessment, Eagle Mountain Gold Project (Janu ary 2024) (2) Management Prepared Information (3) Non- GAAP Financial Measure. See “Disclaimers - Non- GAAP Financial Measures” on Slide 13 (4) See “Disclaimers – Scientific and Technical Information” on Slide 39 Location: Nevada Mine Type: Heap Leach M&I: ~573Koz Au Avg. Gold Grade: 0.169 oz/ton 29
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Expand LOM at San Albino Value Generation and Catalysts (1) 30 1 3 Develop Mt. Hamilton and Eagle Mountain Project 4 Exploration in Regional Targets 5 Continue to Explore M&A Opportunities 2025 - 2027 Catalysts Mine construction in the midst of COVID pandemic Construction completed with commercial production declared effective July 1, 2021 (announced July 13, 2021) Quickly repaying debt & NCIB program Exploration results at San Albino, Las Conchitas and regional prospects (ongoing) Mineral Resources at Las Conchitas prepared in accordance with NI 43-101 (released Q3 2023) Preparing for Underground Mining San Albino (2025) After Trial Mining period at Moss Mine, ramp up production Developing Mt. Hamilton and Eagle Mountain Project Value Generating Opportunities (1) Please refer to “Forward Looking Information” on Slide 2 and “Scientific and Technical Information” and “Mineral Exploration and Inferred Mineral Resources” on Slide 39 2 Resume Operations Moss
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31 Appendix
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 32 Projected Long Section San Albino – Las Conchitas All Surface Samples <.001 - 1.0 1.0 – 10.0 >10.0 Number of SamplesAu g/t 3,457 602 261 San Albino Deposit Las Conchitas Deposit San Albino Deposit Las Conchitas Deposit Grade Shells (1) 1.0 – 10.0 >10.0 Pits Individual Pit Outline(1) Au g/t Ultimate Pit Outline (2) 1) Grade shells and pit outlines are based on current mineral resource estimate in the San Albino Technical Report available under the Company’s SEDAR profile at www.sedarplus.ca The Ultimate pit boundary is based on the permit from the Nicaraguan Ministry of Energy & Mines. El Golfo Area
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Eagle Mountain Zion N Eagle Mountain: Widespread Gold Mineralization Regionally and at Eagle Mountain 33
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Moss Mine Regional Exploration Potential (1) 34 1) Please refer to “Forward Looking Information” on slide 2
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 35 San Albino Mineral Resource Estimate (1) 1) Please refer to the San Albino Technical Report available under Mako’s profile at www.sedarplus.ca Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 47,200 9.88 15,000 17.8 27,000 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 251,600 12.1 97,900 21.0 169,700 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 298,800 11.75 112,900 20.5 196,700 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 240,800 10.53 81,500 15.4 119,200 Note: Variable cutoffs are 1.5g Au/t for open pit and 4.0g Au/t for underground Open Pit and Underground and Dumps All Measured All Indicated All Measured and Indicated All Inferred Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 371,300 11.5 137,300 13.3 158,300 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 142,500 10.56 48,400 13.8 63,400 Note: Variable cutoffs are 1.5g Au/t for open pit and 4.0g Au/t for underground Open Pit and Underground and Dumps All Indicated All Inferred Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 47,200 9.88 15,000 17.8 27,000 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 622,900 11.74 235,200 16.4 328,000 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 670,100 11.61 250,200 16.5 355,000 Cutoff Tonnes g Au/t Oz Au g Ag/t Oz Ag variable 383,300 10.54 129,900 14.8 182,600 Note: Variable cutoffs are 1.5g Au/t for open pit and 4.0g Au/t for underground All Inferred Open Pit and Underground and Dumps All Measured All Indicated All Measured and Indicated All veins in San Albino Deposit: Open Pit, Underground, and Dump Resources All veins in Las Conchitas Deposit: Open Pit, Underground, and Dump Resources All veins in San Albino Project: Open Pit, Underground, and Dump Resources
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 36 Las Conchitas - Resource Estimate (1) All Veins in Las Conchitas Deposit: Open Pit Resources Open Pit All Indicated Cutoff Tonnes MD g Au/t Oz Au g Ag/t Oz Ag 1.5 295,700 10.83 103,000 12.7 121,100 All Indicated MD Tonnes MD g Au/t Oz Au g Ag/t Oz Ag 1.5 106,600 9.55 32,700 13.2 45,200 All Veins in Las Conchitas Deposit: Underground Resources Underground Indicated Cutoff Tonnes BD g Au/t Oz Au BD g Ag/t Oz Ag 4.0 75,600 14.12 34,300 15.3 37,200 Inferred MD Tonnes BD g Au/t Oz Au BD g Ag/t Oz Ag 4.0 27,600 16.98 15,100 19.3 17,200 Note: BD is the block-diluted model grade Dumps, all Inferred MD Tonnes MD g Au/t Oz Au BD g Ag/t Oz Ag 1.0 8,300 2.39 600 3.7 1,000 Note: BD is the block-diluted model grade All Veins in Las Conchitas Deposit: Open Pot, Underground and Dump Resources Open Pit All Indicated Cutoff Tonnes MD g Au/t Oz Au g Ag/t Oz Ag variable 371,300 11.5 137,300 13.3 158,300 All Indicated MD Tonnes MD g Au/t Oz Au g Ag/t Oz Ag variable 142,500 10.56 48,400 13.8 63,400 Note: Variable cutoffare 1.5g Au/t open pit and 4.0 g Au/t for underground 1) Please refer to the San Albino Technical Report available under Mako’s profile at www.sedarplus.ca
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Appendix - Disclaimer 37 Non-IFRS Financial Measures Mako discloses certain non-IFRS financial measures and ratios in this presentation, such as EBITDA (IFRS: operating income), Adjusted EBITDA (IFRS: operating income), cash cost per ounce sold (IFRS: cost of sales), Development Capex (IFRS: Cash Flow from Investing Activities), all-in sustaining costs (“AISC”) per ounce sold (IFRS: cost of sales), and Mine OCF (IFRS: cash from operating activities), which are common performance measures in the mining industry, but are not recognized measures under IFRS and therefore may not be comparable to those presented by other companies. In addition to conventional measures prepared in accordance with IFRS, investors often use such non-IFRS financial measures to evaluate Mako’s underlying performance of its core operations and its ability to generate cash flow. Accordingly, the inclusion of such measures is 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. "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. “Development Capex” represents all the expenses (engineering, studies, etc) and capital expenditures (fixed assets, equipment, infrastructure, etc) incurred during a construction phase in order to achieve commercial production “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. “Free Cash Flow” includes revenues net of operating costs, royalties, capital expenditures and cash taxes”
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Appendix - Disclaimer 38 “All-In Sustaining Costs and All-In Sustaining Costs per Ounce (Eagle Mountain Project)”: As it relates to the Eagle Mountain Project, site-level all-in sustaining costs and all-in sustaining costs per ounce are reflective of all of the expenditures that are required to produce an ounce of gold from operations. All-in sustaining costs reported in the PEA include total cash costs, sustaining capital, but exclude corporate general and administrative and exploration costs. All-in sustaining costs per ounce is calculated as all-in sustaining costs divided by payable gold ounces. “Mine OCF” represents operating cash flow, excluding Nicaraguan taxes and royalties, changes in non-cash working capital and exploration expenses. A reconciliation of Mine OCF to net cash from operating activities is shown in the table below. Mine OCF Calculation Q2 2025 Net cash from Operating Activities 20.2 Substract Change in Non-cash WC 5.9 Restricted Cash Refunded 1.5 Cash from Operating Activities 12.8 Add back Exploration Expense -2.2 Nicaraguan Taxes & Royalties -1.9 Mine Operating Cash Flow (Mine OCF) 16.9
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Scientific and Technical Information All scientific and technical information relating to the San Albino Project contained in this presentation is derived from the technical report with an effective date of October 11th, 2023, as amended on June 10th, 2024 and titled “Amended Technical Report and Estimate of Mineral Resources for the San Albino Project Comprised of the San Albino and Las Conchitas Deposits, Nueva Segovia, Nicaragua” (the “San Albino Technical Report”) prepared by Steven Ristorcelli, C.P.G., Peter Ronning, P. Eng., Matthew Gray, C.P.G., Thomaas Dyer, P.E., Brian Ray, P. Geo., and John Rust, Registered Member, SME. The information contained herein with respect to the San Albino Project is subject to all of the assumptions, qualifications and procedures set out in the Mako Technical Report and reference should be made to the full text of the Mako Technical Report, which is available under Mako’s profile at www.sedarplus.ca. Mako has not defined mineral reserves at its property and did not base its production decision in July 2021 on a Feasibility Study of mineral reserves demonstrating economic and technical viability for the project. As such, the project is at high risk of economic or technical failure. The scientific and technical information in respect of San Albino in this presentation has been reviewed, verified and approved by Mr. John Rust, SME, who serves as Mako’s qualified person, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and no limitations were imposed on the verification process. Mr. Rust is not independent of Mako as he is an employee of Mako. All scientific and technical information relating to the Eagle Mountain Project contained in this presentation is derived from the technical report dated March 1, 2024 with an effective date of January 16, 2024 titled “Preliminary Economic Assessment for the Eagle Mountain Gold Project, Guyana” (the “Eagle Mountain Technical Report”) prepared by Nigel Fung, P. Eng., Leon McGarry, B.Sc., P.Geo., Antoine Berton, Soutex, P.Eng., and Rolf Schmitt, P.Geo. The information contained herein with respect to the Eagle Mountain Project is subject to all of the assumptions, qualifications and procedures set out in the Eagle Mountain Technical Report and reference should be made to the full text of the Goldsource Technical Report, which is available under Mako's profile at www.sedarplus.ca. The scientific and technical information in respect of the Eagle Mountrain Project in this presentation has been reviewed, verified and approved by Mr. Eric Fier, CPG, who serves as Mako's qualified person, as defined in NI 43-101, and no limitations were imposed on the verification process. Mr. Fier is not independent of Mako as as he is the Non-Executive Chairman of Mako. Mineral Exploration and Inferred Mineral Resources The Eagle Mountain Project is in the mineral exploration stage only. The degree of risk increases substantially where an issuer’s properties are in the mineral exploration stage as opposed to the development or operational stage. Confidence in an inferred mineral resource estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability sufficient for public disclosure, except in certain limited circumstances set out in NI 43-101. There is no assurance that mineral resources will be converted into mineral reserves. The PEA in the Eagle Moutain Technical Report is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Third Party Information This presentation includes market and industry data obtained from various publicly available sources and other sources believed by Mako to be true. Although Mako believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. Mako does not make any representation as to the accuracy of such information. Some numbers in this presentation may not be exact or add consistently due to rounding. 39 Appendix - Disclaimer
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Thank You Suite 700 - 838 West Hastings St. Vancouver, BC - V6C 0A6 IR: (511) 944-951401 IR: pdurand@makominingcorp.com General: info@makominingcorp.com makominingcorp.com Contact