INFILL DRILLING AT THE ARRAS ZONE AT SAN ALBINO INTERSECTS 24.02 G/T GOLD OVER 4.4 METERS (ESTIMATED TRUE WIDTH) 15 METERS FROM SURFACE AND OUTSIDE THE RESOURCE PIT SHELL

Mako Mining Corp. has released positive drill results from infill drilling at the Arras zone within its San Albino gold project in northern Nicaragua.

The objective of the drill program at the Arras zone is to increase the level of confidence in the currently defined resources and to define additional, shallow, high-grade resources.

The company is following a systematic approach of drilling shallow holes by spacing them approximately every 10 metres along strike and every 10 to 15 m downdip. During 2021, over 2,645 m have been drilled at the Arras zone in 65 diamond drill holes.

The Arras zone is located approximately 170 m to the east of the San Albino West pit, which is currently being mined by the company. Mineral resources in the Arras zone account for only 10.9 per cent of the total measured and indicated and 26.5 per cent of the inferred mineral resources estimated by Mine Development Associates (MDA), a division of RESPEC, out of Reno, Nev. A technical report for the updated mineral resource estimate was filed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects under the company's SEDAR profile and available on the company's website (see press release dated Oct. 19, 2020).

Highlights:

• Select intercepts of shallow high-grade mineralization include:
• 24.02 grams per tonne gold and 29.5 g/t silver over 5.10 metres (4.4 m estimated true width), approximately 15 m from surface, in drill hole AR21-284. This interval was intersected below the resource pit shell of the MDA resource;
• 15.27 g/t Au and 19.5 g/t Ag over 3.30 m (3.0 m estimated true width), approximately 3.4 m from surface and 7.18 g/t Au and 16.0 g/t Ag over 1.20 m (1.1 m estimated true width), approximately 14.3 m from surface, in drill hole AR21-253;
• 19.70 g/t Au and 16.3 g/t Ag over 1.00 m (0.9 estimated true width), in drill hole AR21-311. This zone is located immediately above a two m historical working indicating the zone is likely wider than the one m intersected in AR21-311;
• 9.99 g/t Au and 10.8 g/t Ag over 2.70 m (2.5 m true width) approximately 24.3 m from surface and 16.71 g/t Au and 19.4 g/t Ag over 2.40 m (1.8 m true width) approximately 29.3 m from surface, in drill hole AR21-319.

Akiba Leisman, chief executive officer of Mako, stated: "We are continuing to systematically drill the Arras zone, which we plan to begin mining next calendar year. The Arras zone is more complex than the nearby San Albino zone currently being mined, but despite the complexity, it is yielding positive surprises. For example, the shallow intercept of 24.02 g/t gold over 4.4 m true width in hole AR21-284, which lies outside the current MDA resource and is open downdip where limited drilling has been completed. We expect this infill program to have a positive impact on the size of the Central pit, which encompasses the Arras zone."

Specific comments on significant results reported in this press release

The infill drilling results continue to demonstrate structural continuity and the resource expansion potential of the Arras zone, which has now been measured over a strike length of approximately 380 m and approximately 700 m downdip. Continuity of individual areas along strike and downdip varies between 30 and 50 metres. The Arras zone remains open downdip.

Drill hole AR21-284, at 14.5 m vertical depth, intersected 24.02 g/t Au and 29.5 g/t Ag over 5.10 m (4.4 m estimated true width). An interpretation of the drill results indicates that the Arras zone is affected by subvertical faults, as well as low-angle thrust faults. Locally, the low-angle faults appear to offset the vein in a manner that produces thickening or duplication of the mineralized zone. The results of hole AR21-284 also confirmed the lateral and downdip continuity of the modelled vein domain. This interval was located below the resource pit shell of the MDA resource.

Several drill holes intersected multiple mineralized intervals. Drill hole AR21-295 intersected two mineralized intervals. The first was at 20 m below surface with assays of 13.22 g/t Au and 23.0 g/t Ag over 1.50 m (1.1 m estimated true width) and the second interval was approximately five m below the first with assays of 2.59 g/t Au and 21.9 g/t Ag over 0.80 m (0.3 m estimated true width).

AR21-319 intersected two mineralized intervals separated by 2.3 m of anomalous material. The first interval was at 24.3 m below surface with assays of 9.99 g/t Au and 10.8 g/t Ag over 2.70 m (2.5 m true width). The second interval was at 29.3 m below surface and assayed 16.71 g/t Au and 19.4 g/t Ag over 2.40 m (1.8 m true width).

AR21-253 intersected a mineralized interval 3.4 m below surface that assayed at 15.27 g/t Au and 19.5 g/t Ag over 3.30 m (3.0 m estimated true width). At 14 m below surface, a second interval assayed at 7.18 g/t Au and 16.0 g/t Ag over 1.20 m (1.1 m estimated true width). The mineralized intervals are located directly below historical dump material, which assayed 3.38 g/t Au and 9.1 g/t Ag over 3.4 m.

Historical dump material has been mapped through trenching and drilling over approximately 365 m, generally following a local valley. Drilling indicates the historical dump can extend up to 7.0 m in depth with an average width of 1.5 m. Often this material contains remnants of a mineralized vein. Assay results of 108 channel samples from 13 exploration pits in the historical dump material reported a weighted average of 1.78 g/t Au and 4.2 g/t Ag with the highest values of 20.40 g/t Au and 17.3 g/t Ag over 1.0 m. Assay results from drilling of the historical dump material are shown in the associated table.

While the Arras zone has had historical mining, drilling has confirmed that most of the historical mining activities were limited to superficial workings, which partially explains the sporadic continuity in the shallow drill holes. Many drill holes intersected the remnants of the vein and confirmed that the vein is only partially removed. AR21-311 intersected a two m wide historical working with a portion of the preserved mineralized vein, which assayed at 19.70 g/t Au and 16.3 g/t Ag over 1.00 m (0.9 m estimated true width) above the void and 2.44 g/t Au and 4.1 g/t Ag over 3.00 m (2.3 m estimated true width) below the void.

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