Mako Mining Reports Updated Mineral Resource Estimate for the Moss Mine in Arizona Consisting of Measured and Indicated Resources of 646,000 Ounces of Gold with a Grade of 0.35 g/t and 6.8 million Ounces of Silver with a Grade of 3.71 g/t and Inferred Res

The news release dated January 26, 2026, announces an updated NI 43-101 mineral resource estimate for the Moss Mine Gold Project in Arizona. The effective date is December 18, 2025. The Measured and Indicated open pit resource totals 57.07 million tonnes at 0.35 g/t Au and 3.7 g/t Ag, containing 646,000 ounces of gold and 6.8 million ounces of silver. An Inferred resource adds 12.3 million tonnes at 0.31 g/t Au and 1.46 g/t Ag for 122,000 oz Au and 580,000 oz Ag. The estimate uses a 0.17 g/t AuEq cutoff within an optimized pit shell based on conservative metal prices ($2,500/oz Au, $29.20/oz Ag) and metallurgical recoveries (75% Au, 33% Ag). The company plans to use this resource as the basis for a mineral reserve estimate and updated project economics in Q2 2026.

CEO Akiba Leisman emphasizes the Moss Mine was acquired less than a year ago for approximately US$2 million net (after accounting for cash and collateral received), equating to less than US$3 per gold equivalent ounce. He notes all silver ounces are unencumbered by a previous stream agreement, positively impacting economics. He also states no further net capital is required to bring Moss to steady-state production, which is scheduled to commence later in Q1 2026.

This news is materially positive for several reasons: 1. Resource Validation: It provides a substantial, NI 43-101 compliant resource base (646k oz Au M&I) for the recently acquired Moss Mine, confirming the asset's scale and de-risking its future. 2. Cost Acquisitions Highlighted: The CEO's commentary reinforces the highly accretive nature of the acquisition (US$2M net cost), purchased at a fraction of its in-ground value, demonstrating management's ability to execute value-creating deals. 3. Positive Operational Implication: The resource supports the ongoing ramp-up to steady-state production, expected imminently (late Q1 2026). The statement that no further net capital is required suggests the project is self-funding from here, aligning with prior updates. 4. Catalyst Pathway: The resource sets the stage for a reserve estimate and updated economics in Q2 2026, a near-term catalyst that could significantly re-rate the asset's value, especially given the use of conservative metal prices below current spot levels. 5. Context of Strong Execution: This news follows a series of positive operational and financial results, including record Q4 2025 revenue, debt repayment, a strong cash balance (US$78.1M), and the strategic acquisition of the Mt. Hamilton project. It confirms the company's successful integration and advancement of the Moss asset.

The primary risk noted is the relatively low grade (0.35 g/t Au), which makes the project economics sensitive to operating cost control and metal prices. The upcoming economic study will be critical to quantify profitability.

Mako Mining Corp. is a growing Americas-focused gold producer and developer. - Flagship Project: Historically the San Albino Mine in Nicaragua, a high-grade open pit and underground operation in production since July 2021. It has been the primary cash flow generator. - Current Portfolio: The company has evolved into a multi-asset operator with: - Producing Assets: San Albino (Nicaragua) and Moss Mine (Arizona, USA). - Development Assets: Eagle Mountain Project (Guyana, PEA-stage) and Mt. Hamilton Project (Nevada, USA, pre-construction). - Strategy: Focus on profitability, organic growth, and accretive acquisitions, funded internally where possible.