Mr. Akiba Leisman reports

MAKO MINING REPORTS Q1 2026 FINANCIAL RESULTS, INCLUDING ADJUSTED EBITDA(1) OF US$40.1 MILLION AND EPS OF US$0.26/SHARE

Mako Mining Corp. has released financial results for the three months ended March 31, 2026 (Q1 2026). All dollar amounts referred to herein are expressed in U.S. dollars unless otherwise stated.

The company's financial results for Q1 2026 reflect record revenue of $68.6-million, which generated $46.1-million in mine operating cash flow (OCF), $40.1-million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and $23.1-million in net income (26 cents per share). The company sold 13,721 ounces of gold at an average realized gold price of $4,902 per ounce with a $2,275 all-in sustaining cost (AISC) (dollars per ounce sold).

Q1 2026 highlights:

• Financial:
  • $68.6-million in revenue;
  • $40.1-million in adjusted EBITDA;
  • $46.1-million in mine OCF;
  • $23.1-million net income;
  • $96.1-million in cash and trade receivables;
  • $1,843 cash cost (dollars per ounce sold);
  • $2,275 all-in sustaining cost (AISC) (dollars per ounce sold); San Albino $1,661 and Moss mine $2,977;
  • Return on equity (ROE) of 36.4 per cent and return on assets (ROA) of 23.5 per cent;
• Growth:
  • $2.5-million in exploration and evaluation expenses ($1.2-million in areas surrounding San Albino, $1.2-million at Eagle Mountain (Guyana) and $100,000 in Mount Hamilton).

Akiba Leisman, chief executive officer of Mako, stated: "Q1 2026 was a record quarter for production, revenue and profitability, with net income of 26 cents per share. These results were driven by just one mine in full commercial production and one ramping up. Our two remaining projects, both substantially larger than either asset in production, are fully funded and are expected to meaningfully boost profitability over the next few years. Mako closed the quarter with nearly $100-million in cash and no debt beyond our gold stream used to acquire the Mount Hamilton gold project currently under construction. Over the next few quarters, the company will focus on lowering our cost of capital to accelerate our accretive growth trajectory."

For complete details, please refer to the unaudited condensed interim consolidated financial statements and the associated management discussion and analysis for the three months ended March 31, 2026, available under the company's profile on SEDAR+, on EDGAR or on the company's website.

About Mako Mining Corp.

Mako Mining is a publicly listed gold mining, development and exploration company. The company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open-pit gold mines globally and offers district-scale exploration potential. Mako also owns two assets in the United States: the Moss mine in Arizona, an open-pit gold mine in northwestern Arizona, and the Mount Hamilton project, a permitted heap-leach project in Nevada. Mako also holds a 100-per-cent interest in the PEA-stage (preliminary economic assessment) Eagle Mountain project in Guyana, South America. Eagle Mountain is the subject of engineering, environmental and mine-permitting activity.

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