Mako Mining Corp - San Albino Deposit

Key Facts

Location	Nueva Segovia, Nicaragua
Mine Type	Open Pit and under-ground potential
Metals mined	Au, Ag
Employees/Contractors	353/197
Deposit Type	Orogenic – High grade Au, shallow dipping 1-2m wide stacked veins
Ownership	100%
Resources and Reserves	Link

Summary

San Albino is a high-margin gold mine with a Measured and Indicated mineral resource (open pit) grade of 9.54 g/t Au (1)

Our strategy is to consolidate a low-cost, cornerstone operation at San Albino– an area that only represents ~2% of our landholdings. Cash flow from San Albino is funding exploration on the district-scale Nicaraguan land package of ~188 sq. km

Operating Data

		Q4 2023	Q1 2024
Tonnes Mined	tonnes	52,398	67,961
Strip Ratio	waste/tonnes	22.8	22.7
Tonnes Milled	tonnes	51,745	52,478
Tonnes per day	tpd	582	606
Au Grade	Gr/Tonne	8.22	7.27
Au Recovery	%	96.6%	96.2%
Gold Production	Oz.	11,567	9,937
Cash Costs	US$/Oz. Au sold	709	858
All sustaining cash cost ("AISC")	US$/Oz. Au sold	831	1,043

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Geology and Mineralization

San Albino is interpreted to be an Orogenic gold deposit based on the following characteristics:

Association of gold mineralization with metamorphic host – lower greenshist facies
Texture & minerology of the veins – ribbon textured shear veins with milky quartz and visible gold
Wall Rock alteration – sericitic halos
“Gold only” character of mineralization – high Au:Ag ratios, low % of base metals

San Albino appears to be in a unique class of Orogenic deposits due to its shallow dipping vein orientation, making it amenable to open pit mining.

Orogenic deposits tend to occur on a district scale and are one of the largest deposit types in terms of gold endowment

History & Milestones

Permit to construct and operate (up to 500tpd) received September 2017 (announced September 12, 2017)
Positive metallurgical test results at San Albino with optimized overall gold recoveries ranging from 86.1 to 96.9% (announced December 13, 2019)
Permit amendment to process up to 1,000tpd received August 2020 (announced August 24, 2020)
Mining of first four benches containing vein material at San Albino yields 7,734 oz Au at a diluted grade of 17.45 g/t Au (announced April 19, 2021)
Construction completed with commercial production declared effective July 1, 2021 (announced July 13, 2021)