Mako Mining Corp. has received additional high-grade results from its recent definition and expansion drilling program at the Las Conchitas area on its wholly owned San Albino-Murra property. The Las Conchitas area is located immediately south of the San Albino Mine which is currently in commercial production.

The geology at Las Conchitas is very similar to San Albino consisting of gently dipping, stacked, 1-3 meter (m) wide, high grade gold quartz veins interpreted to be part of a larger orogenic system. At the Las Conchitas area, which is located between the San Albino Mine and the historical El Golfo Mine on the Company's El Jicaro Concession, the Company has completed 718 drill holes to-date totaling 78,641m, of which 51% were drilled in 2022. Las Conchitas comprises an area of approximately 3.75 km2 and is subdivided into three primary areas: Las Conchitas North (‘LC-N'), Las Conchitas Central (‘LC-C') and Las Conchitas South (‘LC-S').

The objective of the drilling at the Las Conchitas area is to test the strike and dip extension of gold mineralization amenable to both open pit and underground mining methods, and to provide sufficient information for a mineral resource estimate. Las Conchitas – North: In 2022, the Company completed an aggressive drilling campaign within the LC-N area, resulting in the new discoveries of the Mina Francisco and Crucita zones. To date, a total of 27,295m in the 2022 drilling campaign have been completed in 202 drill holes at the LC-N area.

Drill hole LC22-560 intersected an interval of 16.56 g/t Au and 38.8 g/t Ag over 1.80m (ETW), 22m from the surface. This intercept represents a 38m strike extension south of the high-grade interval 20.30 g/t Au and 55.8 g/t Ag over 2.00m (1.9m ETW), 5m from surface, intersected by drill hole LC22-558. LC22-739 intersected multiple mineralized zones, including 24.10 g/t Au and 44.8 g/t Ag over 0.90m (0.8m ETW), at vertical depth of 124.3m.

This interval extends the Mina Francisco mineralization 46m down dip from drill hole LC22-517 which intersected 26.50 g/t Au and 34.2 g/t Ag over 0.60m (0.5m ETW). Drilling in the Intermediate zone intersected 22.60 g/t Au and 21.4 g/t Ag over 0.70m (0.6m ETW), in hole LC22-919, at a vertical distance from surface of 91.8m. This interval is interpreted as the Crucita vein which projects 103.5m up dip to surface where a historical tunnel is located.

Las Conchitas – Central; At LC-C, drill hole LC22-825 intersected a 2.00m (1.9m ETW) interval of 33.91 g/t Au and 30.0 g/t Ag. This interval, 115m vertically from surface, confirmed an 89.0m down dip extension of a 7.20m wide mineralized interval (6.7m ETW), of 15.36 g/t Au and 16.0 g/t Ag, 69.2m below surface, in drill hole LC22-818. Las Conchitas – South: LC-S is the most advanced area in terms of drilling, where 416 drill holes, totaling 38,739m, have been completed.

This area is comprised of four principal mineralized zones. The recent drilling by the Company focused on three of these zones: Bayacun, El Limon and Mango. Drill hole LC22-490, designed to test the extension of the Bayacun zone, intersected a 6.00m wide interval (4.2m ETW), grading 12.73 g/t Au and 24.7 g/t Ag, including 18.50 g/t Au and 32.5 g/t Ag over 3.00m (2.1m ETW) at 37.5m below surface.

This mineralized interval represents a 26.8m west-southwest strike extension of drill hole LC20-216, which graded 21.00 g/t Au and 28.3 g/t Ag over 1.20m. High Grade Silver: In addition to the typical vein hosted gold/silver zones discussed above, 32 drill holes at Las Conchitas intersected a completely different style of mineralization, characterized by high grade silver and relatively no gold. This style of mineralization is typically associated with 1-3m wide broken/fractured zones often at similar depths below surface, with no clear association with quartz veining or alteration.

The geochemistry of these zones consists of high silver assays, anomalous tungsten (W >100 ppm) and promoted nickel and copper grades, associated with potassium and aluminum anomalies. Additional geologic investigations are underway to determine the nature and economic significance of these zones. Drill hole LC21-419 positively tested and confirmed the typical gold/silver mineralization of the Mango zone (LC-S).

This drill hole intersected an interval of 31.00 g/t Au and 14.9 g/t Ag over 1.00m (0.8m ETW), 25m from surface. The same drill hole intersected an interval, 123m below surface, of 3,792 g/t Ag over 1.0m. Besides being the highest individual silver value reported at Las Conchitas, this interval contains high copper (Cu >10,000ppm or >1%) and nickel (1,268ppm) grades.

The same type of mineralization was intersected by drill hole LC21-408, which reports 2,418.0 g/t Ag, located approximately 122m to the south. The same style of mineralization was intersected by several drill holes close to the surface, including drill hole LC19-94 which intersected a 3m wide interval grading 1,214.5 g/t Ag, 28.5m below surface. In total, 34 drill holes intersected the same style of mineralization above an internal cutoff grade (80.0 g/t Ag), including 14 drill holes collared at Las Conchitas North.