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Fully Funded Gold Production Growth in the Americas with Tungsten Optionality Corporate Presentation | February 2026 TSX-V: MKO | OTCQX: MAKOF Moss Mine, AZ US Eagle Mountain Project, Guyana San Albino Mine, Nicaragua
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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$126 M in Revenues and 2025 ➢ Advanced 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 (H2 2025) ➢ Review mine and plant ramp up (Q1 2026 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$126M in 2025 • 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 • Currently Ramping up Operations. 2,297 Oz Au sold in Q4 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 Definitive Purchase Agreement to Acquire Permitted Gold Project Mt. Hamilton for ~US$40.0M on Nov 26th, 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 • Updated NI-43 101 Mineral Resource estimate at Moss, Jan 2026. M&I: 57M tonnes @0.35 g/t for a total of 646K Au oz. ➢ 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$ 9. 82 52-week high-low C$ 3.74 – 10.67 Shares Outstanding (1) 87.5M Market Cap. (2) US$ 629M Cash (3) US$ 86.0M Debt No Debt Options (4) 1.7M (~C$3.25 avg., strike, Dec ‘25 - Apr ‘30 expires. 1.1M RSUs and 0.4M DSUs) Stock Performance 1) Shares outstanding as of Feb 4th,2026 2) Market cap shown in US$ as of Feb 4th, 2026 at an exchange rate of 0.73 CAD/USD 3) Estimated cash and receivables balance as of Feb 4th, 2026 4) Options balance as Dec 31st, 2025 5) https://money.tmx.com/quote/MKO Main Shareholders Source: TMX (5) LOI to Acquire Goldsource (March 3rd, 2024) Completed Acquisition of Goldsource (July 3rd, 2024) Completed Acquisition of Moss Mine (March 26th, 2025) Private Placement (October 16th, 2025)LOI to Acquire Moss Mine (Dec 31st, 2024) Purchase Agreement Acquisition Mt. Hamilton (November 26th, 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 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 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”) May 21, 2025: 39.15 g/t Au over 5.9m (ETW) 19.2m below Surface at El Golfo 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) 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 Jan 6, 2026: 18.34 g/t Au over 4.2m (ETW) 48.0 m below Surface at El Golfo & 37.2 g/t over 1.2 m ETW, 36 m below surface (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 Definitive Purchase Agreement to Acquire Mt. Hamilton Gold Project in Nevada on Nov. 26th, 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 48 (2) Information extracted from each company’s corporate websites. Please refer to “Third Party Information” on Slide 48 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 +600tpd ➢ Produced 35.9K Oz in 2025 ➢ 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 13 Production San Albino Mine Summary 2025 1) Strip Ratio calculation does not include wasted material that is capitalized 2) See “Scientific and Technical Information” on slide 48 Units 2025 Mined Diluted Vein Tonnes t 109,639 Gold Grade g/t 9.64 Silver Grade g/t 9.84 Contained Gold oz 33,996 Contained Silver oz 34,700 Historical Dump + Other* Tonnes t 100,016 Gold Grade g/t 2.99 Silver Grade g/t 3.47 Contained Gold oz 9,607 Contained Silver oz 11,161 Waste Tonnes t 9,273,407 Strip Ratio (1) w:o 43.4 Units 2025 Milled Tonnes t 212,887 Gold Grade g/t 6.37 Silver Grade g/t 6.82 Contained Gold oz 43,602 Contained Silver oz 46,686 Mill Availability % 98% Average Tonnes per Day t 598 Recovered Gold Recovery % 82.3% Gold Recovered oz 35,897 Gold Sold oz 36,210 Average Realized Price Gold US$/oz 3,493
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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 45-46 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 14 Cash Generation Cash Reconciliation TTM (Q4 2024 – Q3 2025) ➢ Generated US$60.3M of Mine Operating Cash Flows (“Mine OCF”) (1) (2) with a realized gold price of US$ 3,070/oz Au ➢ Invested US$7.8M in exploration program at San Albino and engineering studies at Eagle Mountain with funds generated from operations ➢ Reinvested US$15.0M in Mining Interest, plant and purchase of equipment for San Albino
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 15 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 45-46 Highlights TTM (Q4 2024 – Q3 2025) ➢ US$123.7 million in Revenue in TTM ➢ US$60.8 million in Adjusted EBITDA (1) ➢ US$1,424 Cash Costs ($/oz sold) (1) ➢ US$1,693 All-In Sustaining Costs (“AISC”) ($/oz sold) (1) San Albino Tonnes mined 2,549,796 Tonnes milled 52,554 Feed Grade (g/t Au) 5.00 Recovery (Au %) 81.4% Gold sold (oz) 6,918 Average realized gold price ($/oz sold) 3,452 Cash cost ($/oz Au sold) 1,767 AISC ($/oz Au sold) 2,064 Moss Mine Tonnes Mined 122,788 Tonnes Crushed 72,851 Grade (g/t Au) 0.24 Gold ounces sold 912 Silver ounces sold 13,308 Average realized gold price ($/oz sold) 3,476 Cash cost ($/oz Au sold) 4,756 AISC ($/oz Au sold) 4,596 Q3 2025
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16 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 17 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 45 -46 (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 18
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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 48 (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 48 (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 44. Gold prices of $1,850/Oz in the base scenario 19
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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 45 -46 Projected Free Cash Flow Profile Cumulative Free Cash Flow(2) of US$443M at US$1,850/oz gold Projected Annual Production and Operating Cost Profiles LOM plan 997k oz at AISC(2) of 1,077/oz gold (subset of 2023 MRE) 20 - 250 500 750 1,000 1,250 1,500 1,750 2,000 - 15,000 30,000 45,000 60,000 75,000 90,000 105,000 120,000 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Cash Costs and AISC (US$/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) 21 (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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22 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 23
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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 2) See Notes and Details on Press Release Dated January 26th, 2026 at Mako Website or SEDAR Existing site infrastructure and (partial) workforce ➢ Power transmission line; administrative and support offices in place Mineral Resource Expansion Potential ➢ On January 26th, 2026, Mako announced Updated NI 43-101 Mineral Resource Estimate for the Moss Mine in Arizona (2) ➢ Additional 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 24 Cutoff AuEq g/t AuEq (koz) Measured 0.17 9,550 0.39 0.36 4.56 119 112 1,400 Indicated 0.17 47,521 0.37 0.35 3.53 560 534 5,401 Measured + Indicated 0.17 57,071 0.37 0.35 3.71 679 646 6,801 Inferred 0.17 12,326 0.32 0.31 1.46 125 122 580 Ag (koz)Category k tonnes AuEq (g/t) Au (g/t) Ag (g/t) Au (koz)
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Moss Mine Property Overview (1) 25 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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26 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) 27
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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) 28
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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 12 Permitted gold-silver project in Nevada along the prolific Battle Mountain trend 29 • 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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30 Untapped Geological Potential
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Corona de Oro Gold Belt Orogenic - Unique in Nicaragua 31 Characteristics ➢ Formed during mountain building processes, typically in metamorphic rocks. ➢ San Albino is the only known gold deposit in Nicaragua hosted in metamorphic rocks. ➢ 5-10 km wide belt with stacked, low angle, gold bearing quartz veins. ➢ 99% of Orogenic deposits are high angle and mined underground. ➢ San Albino is low angle and amenable to both open pit and underground mining methods. ➢ Orogenic gold deposits account for nearly 1/3 of world’s gold production. ➢ They tend to form in clusters, it is common to find a series of deposits at regular Km scale spacing. ➢ Some of the most important gold districts in the world are classified as orogenic i.e Mother Lode in California and Kalgoorie in Australia. Significance Visible gold in coreVisible gold in core Mako’s San Albino Land Package 188 km2
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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 San Albino Deposit Las Conchitas Deposit 33 Projected Long Section West Pit Las Conchitas South - Bayacun – El Limon Southwest Pit San Pablo Pit Mina Francisco Pit 1) Grade shells and pit outlines are based on current mineral resource estimate in the San Albino Technical Report available und er the Company’s SEDAR profile at www.sedarplus.ca 2) The Ultimate pit boundary is based on the permit from the Nicaraguan Ministry of Energy & Mines. Projected Long Section San Albino – Las Conchitas Intermediate Pit Cruz Grande Pit
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Corona de Oro Gold Belt (1) Projected Long Section with Select Drill Results 1) Please refer to Slide 37 for full current mineral resource estimate and also refer to the San Albino Technical Report availab le under the Company’s SEDAR+ profile at www.sedarplus.ca and “Scientific and Technical Information! on slide 48 0.9m @ 51.8 g/t Au San Albino Gold Mine – Current NI-43-101 Mineral Resources 2.0m @ 33.4 g/t Au INT 13-10 2.4m @ 12.5 g/t Au 0.8m @ 8.68 g/t Au 0.7m @ 26.8 g/t Au MB 18-38 1.8m @ 17.6 g/t Au CG18-24 5.6m @ 23.6 g/t Au INT18-19 1.2m @ 15.6 g/t Au INT13-03 4.0m @ 35.5 g/t Au LC19-72 1.4m @ 3.0 g/t Au 1.7m @ 36.6 g/t Au 1.5m @ 5.6 g/t Au LC19-70 1.0m @ 376.5 g/t Au LC11-01 3.0m @ 62.7 g/t Au LC20-181 1.6m @ 84.6 g/t Au LC20-246 2.8m @ 6.5 g/t Au 4.3m @ 40.5 g/t Au LC20-247 4.5m @ 16.9 g/t Au EJ15-TR-03 EJ15-TR-05 SP18-03 6.0m @ 4.13 g/t Au incl. 1.2m @ 10.42 g/t Au CNB21-01 3.5m @ 11.0 g/t Au LC22-502 0.5m @ 27.6 g/t Au SA19-155 1.5m @ 21.8 g/t Au 3.1m @ 60.7 g/t Au SA12-49 1.5m @ 54.5 g/t Au AR11-24 1.9m @ 25.2 g/t Au SA19-145 1.3m @ 73.2 g/t Au AR12-65 1.0m @ 15.1 g/t Au AR19-115 6.5m @ 24.2 g/t Au Las Conchitas Deposit San Albino Deposit El Golfo Area AZ 210 AZ 180 34 El Golfo Area (New Discovery) San Albino Deposit Las Conchitas Deposit 5.9m @ 39.2 g/t Au 4.0m @ 27.9 g/t Au 0.7m @ 197.8 g/t Au EJ25-RC53 EJ25-RC54 EJ25-07 EJ25-04 0.4m @ 28.6 g/t Au
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CORPORATE PRESENTATION 2021 35 CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Eagle Mtn Project Geology Eagle Mountain Deposit ➢ Series of tabular, shallow, dip-slope shear zones developed within a granodioritic host rock. Covers an area of ~ 2.5 km by 1.5 km ➢ At least three discrete zones of alteration and mineralization. Zone 1 is shallowest and outcrops at surface across much of the deposit Salbora Deposit ➢ Series of N to NW-trending, steeply-dipping structures within basaltic host rocks ➢ Shear zones and breccia bodies coalesce into a broader zone of brecciation that forms near- surface up to 100 m thick and ~200 m by 200 m Prominent NE and NS Structural Trends Porphyry Hill 35
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Moss Mine Regional Exploration Potential (1) 36 1) Please refer to “Forward Looking Information” on slide 2
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Moss Mine Regional Exploration Potential (1) 37 1) Please refer to “Forward Looking Information” on slide 2
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Expand LOM of Current Assets Value Generation and Catalysts (1) 38 1 3 Develop 2 Projects: Mt. Hamilton & Eagle Mountain 4 Exploration in Regional Targets 5 Continue to Explore M&A Opportunities 2025 - 2028 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) Mineral Resources at Moss in accordance with NI 43-101 (released Q1 2026) Preparing for Underground Mining and Ramp up at San Albino (2026) Ramp up Production at Moss (Q1 2026) Complete Acquisition and Construction Decision Mt. Hamilton Project (Est. Production in 2027) Develop Eagle Mountain Project (Est. Production in 2028) 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 48 2 Increase Productivity: San Albino and Moss Mine
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39 Appendix
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF 40 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 41 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 Corona de Oro Gold Belt Projected Long Section with Drill Results INT18-19 1.2m @ 15.6 g/t Au INT13-03 4.0m @ 35.5 g/t Au LC19-124 0.8m @ 8.68 g/t Au 0.7m @ 26.8 g/t Au CG18-24 5.6m @ 23.6 g/t Au MB 18-38 1.8m @ 17.6 g/t Au LC22-524 0.9m @ 51.8 g/t Au Tunnel Mina Francisco 2.0m @ 33.4 g/t Au INT 13-10 2.4m @ 12.5 g/t Au LC19-72 1.4m @ 3.0 g/t Au 1.7m @ 36.6 g/t Au 1.5m @5.6 g/t Au LC19-70 1.0m @ 376.5 g/t Au LC11-01 3.0m @ 62.7 g/t Au LC20-246 2.8m @ 6.5 g/t Au 4.3m @ 40.5 g/t Au LC20-247 4.5m @ 16.9 g/t Au LC20-181 1.6m @ 84.6 g/t Au SA19-155 1.5m @ 21.8 g/t Au 3.1m @ 60.7 g/t Au SA12-49 1.5m @ 54.5 g/t Au AR11-24 1.9m @ 25.2 g/t Au SA19-145 1.3m @ 73.2 g/t Au AR12-65 1.0m @ 15.1 g/t Au AR19-115 6.5m @ 24.2 g/t Au CNB21-01 3.5m @ 11.0 g/t Au LC22-502 0.5m @ 27.6 g/t Au SP18-03 6.0m @ 4.13 g/t Au 1.2m @ 10.42 g/t Au San Albino Project – Current NI-43-101 Mineral Resources EJ15-TR-05 1.0m @ 17.0 g/t Au EJ15-TR-03 1.0m @ 19.0 g/t Au Q4 2023 West Pit Southwest Pit San Pablo Pit Mina Francisco Pit LMB Pit (Limon, Mango, Bayacun) 42 1) Please refer to Slides 37-38 for full current mineral resource estimates and also refer to San Albino Technical Report available under the Company’s SEDAR+ profile at www.sedarplus.ca Intermediate Pit Cruz Grande Pit EJ25-RC54 EJ25-07 EJ25-04
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Eagle Mountain Sensitivity Analysis (1) 43 Capital Cost Sensitivities Capítal Costs -10% US$ 96 M +10% NPV (5% after Tax) US$ 309 M US$ 299 M US$ 290 M IRR (After tax) 66% 58% 52% Operating Costs Sensitivities Operating Costs (Lom 15 years) -10% US$ 786 M +10% NPV (5% after Tax) US$ 340 M US$ 299 M US$ 258 M IRR (After tax) 62% 58% 55% (1) Analysis based on Internal Model using the same assumptions as PEA other than a minor adjustment in Depreciation. Base Case of US$ 299M at 1,850 /oz Au.
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Phase 1 – Saprolite-Only Mineralization (4.5 yrs) ➢ 5,000 tpd of saprolite at cut-off grade of 0.3 g/t ➢ Estimated Avg annual gold production of ~68 oz/year for 4.5 yrs ➢ Anticipated Development capex of US$95.6M with short payback of 18 months ➢ Phase 1 AISC(2) estimated at US$829/oz gold aided by low strip of 1.2 Phase 2 – Blend of Fresh/Trans & Saprolite (10.5 yrs) ➢ 5,000 tpd with blend of fresh/trans rock and saprolite ➢ Estimated Avg annual gold production of ~66k oz/year for 10.5 yrs ➢ Anticipated Development capex of US$46.6.6M (crushing, grinding, power) ➢ Production scale for Phase 2 set to maximize the utility of the Phase 1 processing infrastructure (i.e. minimize requirements for additional capex). Timing of the transition to Phase 2 was set based on projections for FCF (to recover the Phase 1 development capex and generate significant surplus cash to fund Phase 2). 1) For additional information see the Eagle Mountain’s Technical Report, which is available under Mako's profile at www.sedarplus.ca. See also “Mineral Exploration and Inferred Mineral Resources” on Slide 44 2) This is a non-IFRS performance measure. See “Non-IFRS Measures” on Slides 45 -46 Eagle Mountain: PEA - Phased Development Plan (1) Shallow Open Pits & Conventional Processing Plant 44
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Eagle Mountain Zion N Eagle Mountain: Widespread Gold Mineralization Regionally and at Eagle Mountain 45
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Breakfast Creek and Konawaruk River Mowasi St Elizabeth Salbora Mahdia Valley Minnehaha River Mahdia – St. Elizabeth Paleochannel (north of Eagle Mtn) Mahdia – Tiger Creek Paleochannel (northeast of Eagle Mtn) Mahdia – Tiger Creek Mine (northeast of Eagle Mtn) Eagle Mtn Minnehaha Creek Wineaperu Eagle Mountain Deposit 46
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Moss Mine Historical Operating Results last 5 years 47 2023 2022 2021 2020 2019 Total 5 years Production Stats Total Mineral Mined tonnes 8,057,304 8,449,785 8,434,837 7,655,031 6,142,598 38,739,555 Waste tonnes 5,310,084 5,486,747 5,624,800 5,217,216 4,218,222 25,857,069 Ore Mined tonnes 2,747,220 2,963,038 2,810,037 2,437,815 1,924,376 12,882,486 Strip Ratio waste/ore 1.93 1.85 2.00 2.14 2.19 2.01 Gold Produced Ounces 31,047 31,094 29,107 42,116 28,558 161,922 Silver Produced Ounces 202,060 160,480 229,212 361,805 182,788 1,136,345 Au Grade grams/tonne 0.47 0.45 0.43 0.66 0.71 0.55 Ag Grade grams/tonne 6.8 3.47 5.95 11.29 11.91 8.08 Tons Processed tonnes 2,798,293 2,976,281 2,757,861 2,475,980 2,046,026 13,054,441 Tpd tonnes per day 7,773 8,267 7,661 6,878 5,683 7,252
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CORPORATE PRESENTATIONTSX -V: MKO | OTCQX: MAKOF Appendix - Disclaimer 48 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 49 “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. 50 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