Mako Mining provides update on Eagle Mountain Gold Project activities

Mako Mining (MAKOF) provided an update on the Company’s ongoing engineering activities and mine design work, including a geotechnical drilling program at the 100%-owned Eagle Mountain Gold Project in Guyana, South America. Program Highlights: Geotechnical drilling for the Phase 1 program was completed in late 2024. Phase 1 included eleven incline and vertical drill holes testing the saprolite and fresh rock characteristics in the Eagle Mountain and Salbora deposits. EMD24-pitgeotech015, a geotechnical drill hole in the north-eastern zone of the Eagle Mountain deposit, intersected 2.93 grams per tonne gold over 16.0 metres starting 45.5 metres down hole. The drill hole tested mineralization currently classified as inferred mineral resources. Additional infill drilling is planned for this area later in 2025. EMD24-pitgeotech011, a geotechnical drill hole within the Salbora deposit intersected 3.73 g/t Au over 31.5 metres starting from 22.5 metres down hole. The length of intersection and gold grades were broadly in line with those of the resource model and PEA pit shells. SACH24-001, a continuous horizontal channel sample of outcrop at the Salbora deposit, returned 8.42 g/t Au over 21.0 metres with a sub-interval grading 13.51 g/t Au over 12.0 metres in the mineralized breccia. Sampled grades in the area were higher than those of the resource model which estimated grades of between 2.50 and 5.00 g/t Au. EMD24-310, an infill hole in the Eagle Mountain deposit, intersected 1.08 g/t Au over 18.0 metres at a depth of 55.5 metres below surface, where the resource model grades were estimated to be below 0.65 g/t Au. Akiba Leisman, CEO, states “these drilling and channel sample results were taken as part of a geotechnical drilling program to finalize engineering parameters and site infrastructure layout selection in preparation for submitting our environmental permit application later this year. The grades and widths received from this program are matching or exceeding those defined in the resource model from the 2024 PEA, which showed an after-tax NPV 5% of $292M at $1,850 gold. Now that gold prices are nearly $1,000 per ounce higher, we expect the economics of the project to improve.”