Mako Mining Announces Closing of C$40.25 Million Bought Deal Private Placement of Common Shares and Concurrent C$15 Million Non-Brokered Private Placement of Common Shares

On October 28, 2025, Mako Mining announced the closing of a previously announced financing, raising total gross proceeds of C$55.25 million. This consisted of: - A C$40.25 million bought deal private placement of 5,031,250 common shares. This represents an upsize from the initially announced C$35 million offering on October 16, 2025. - A concurrent C$15 million non-brokered private placement of 1,875,000 common shares.

All shares were issued at a price of C$8.00 per share. The company's strategic investor, Wexford Capital LP, participated in the non-brokered portion. The stated use of proceeds is for the ramp-up of operations at the Moss Mine, construction of the company's development assets, and for general working capital purposes.

This financing is a material and positive event for Mako Mining. While any equity issuance is dilutive, the strategic importance of this capital injection at this specific time outweighs the dilution risk for a risk-averse investor.

The context is critical: 1. Ambitious Growth Pipeline: Mako has rapidly evolved from a single-asset producer (San Albino) into a company with a multi-jurisdictional growth pipeline. This includes restarting the Moss Mine (Arizona), advancing the Eagle Mountain Project (Guyana), and, most recently, the proposed acquisition of the permitted Mt. Hamilton Project (Nevada), announced on September 30, 2025. 2. Mt. Hamilton Acquisition: This proposed acquisition is a significant undertaking. While cleverly structured to avoid initial equity dilution (using a gold stream and royalty as payment, funded by a US$40 million bridge loan from Wexford), it adds a third major development project requiring future capital. 3. De-risking Execution: Executing on three development projects simultaneously carries substantial risk and requires a war chest. The company has been generating impressive free cash flow from San Albino (US$18.2 million increase in cash in Q2 2025 alone), but relying solely on this cash flow to fund three separate capital-intensive projects is risky. This C$55.25 million financing provides a significant buffer, de-risks the development timelines, and ensures the company is not forced into a defensive position should operational issues or a lower gold price impact cash flow from San Albino. 4. Strong Institutional Support: The upsizing of the brokered "bought deal" portion of the financing from C$35 million to C$40.25 million indicates strong demand from institutional investors, which serves as a third-party validation of the company's strategy and recent Mt. Hamilton acquisition.

The market's reaction, with the share price falling from a high of C$8.76 on October 15 to C$7.43 on October 27, is a typical response to the announcement of a dilutive financing. However, from a fundamental, risk-averse perspective, the company is now in a much stronger and more secure financial position to execute on its stated growth plans. The financing solidifies the balance sheet and provides the capital needed to potentially build the next mid-tier gold producer in the Americas.

Mako Mining is a gold producing and development company. Its current flagship asset is the San Albino Gold Mine in northern Nicaragua, a high-grade open-pit operation that generates substantial free cash flow. The company is aggressively expanding its portfolio and is transitioning into a multi-asset producer with a focus on the Americas. Its growth pipeline includes: - Moss Mine: A 100%-owned, recently acquired and restarted open-pit gold mine in Arizona, USA. - Eagle Mountain Project: A 100%-owned, PEA-stage gold project in Guyana. - Mt. Hamilton Project: A proposed acquisition of a 100%-owned, permitted, development-stage gold-silver project in Nevada, USA, which also has a significant tungsten-copper-molybdenum target.