Mako Mining Corp. · TSXV:MKO
Mako Mining — Investor Presentation (September 2026)
48 slides from Mako Mining's investor presentation, September 2026
Slide 1: Fully Funded Gold Production Growth in the Americas with Tungsten Optionality
Mt. Hamilton, NV USA Fully Funded Gold Production Growth in the Americas with Moss Mine, AZ US Tungsten Optionality Corporate Presentation | September 2026 Eagle Mountain Project, Guyana San Albino Mine, Nicaragua NASDAQ: MAKO | TSX-V: MKO
Slide 2: Forward Looking Information
Forward Looking Information This document contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which relate to future events or future performance and reflect management's expectations a
Slide 3: Focused on Profitability with Mineral Resource and Production Growth
Focused on Profitability with Mineral Resource and Production Growth San Albino 2027 - 2028 (1) Moss Mine Mt. Hamilton 2026 (1) Production at Mt. Hamilton, Eagle Mt. Eagle Mountain Construction 2025 Optimization Moss Mine and Construction Ramp up UG mining San Albino of Mt. Hamilton Additional open
Slide 4: Investment Highlights
Investment Highlights(1) Profitable Cash- 2 Expected High Experienced generating Assets Untapped Management & Return Projects Geological with Potential to Under Development Operating Team Expand Potential ➢ Proven mine builders and ➢ Self-funded organic growth ➢ Mt. Hamilton Acquisition in ➢ Burgeon
Slide 5: Mako's Capital Structure and Stock Performance
Mako’s Capital Structure Stock Performance Share Price C$ 14. 72 Completed Acquisition of 52-week high-low C$ 7.01 – 15. 32 Mt. Hamilton (March 24th, 2026) Shares Outstanding (1) 87.6M Purchase Agreement Mt. Hamilton (November 26th, 2025) Market Cap. (2) US$ 921M Completed Acquisition of Moss Mine (
Slide 6: Experienced and Highly-Qualified Management and Operating Team
Experienced and Highly-Qualified Management and Operating Team 6
Slide 7: Management Team
Management Team Akiba Leisman Frank Powell CEO (Director) VP of Exploration Akiba was Executive Chairman and Interim CEO of Marlin Gold Mining Ltd., Frank Powell has over 39 years of exploration experience with both major leading the company through the spinout of Sailfish Royalty Corp. and the and
Slide 8: Board of Directors
Board of Directors Eric Fier Non- Executive Chairman Mario Caron Asheef Lalani Director Director Mr. Fier is a Certified Professional Geologist (USA) and Engineer (Canada) with over 35 years of experience in the international mining Mr. Mario Caron is a mining executive with over 40 years of wide- A
Slide 9: Mako's Value Generation Trajectory
Mako’s Value Generation Trajectory Latest Drilling Results San Albino Project Milestones under new Management (since August 2019) (For full details see Press Releases at www.makominingcorp.com) May 4, 2026: 26.98 g/t Au over 6.8m ✓ Mine construction in the midst of COVID pandemic (ETW) 90.3 m below
Slide 10: Creating Strategic Financing Capacity Through Gold Purchase Agreement
Creating Strategic Financing Capacity Through Gold Purchase Agreement Transforming Mako’s Future Gold Production Into a Financeable Asset Proposed Transaction, LOI signed Sep 14, 2026 Strategic Rational for Mako ➢ Mako entered into a Gold Purchase agreement to sell ➢ Receive a significant pool of Sa
Slide 11: Diversified Producer in the Americas
Diversified Producer in the Americas High-Quality Assets Across Top-Tier Jurisdictions ➢ Arizona, Nevada and Guyana are consistently the Top jurisdictions in the world for investment in the last 5 years (1) ➢ Clear and efficient permitting process ensures predictable timelines for developers ➢ Moder
Slide 12: San Albino Mine in Nicaragua: Cash-Generating Operation with Potential to Expand
San Albino Mine in Nicaragua: Cash-Generating Operation with Potential to Expand 12
Slide 13: San Albino Gold Mine
San Albino Gold Mine (1) Historic Mine District Production Growth Potential ➢ Mining began in the district in the late 18th century ➢ Last commercial operation was in 1926 ➢ Profitably operating at +600tpd ➢ Mine shut down due to the onset of the Nicaraguan Civil ➢ Produced 37.5K Oz in TTM War (1926
Slide 14: Production San Albino Mine
Production San Albino Mine Trailing 12 Months from Q3 2025 to Q2 2026 (“TTM”) Units TTM Units TTM Mined Milled Diluted Vein Tonnes t 213,389 Tonnes t 115,629 Gold Grade g/t 6.76 Gold Grade g/t 10.02 Silver Grade g/t 6.72 Silver Grade g/t 9.64 Contained Gold oz 46,372 Contained Gold oz 37,244 Contain
Slide 15: Cash Generation Mako Mining Corp.
Cash Generation Mako Mining Corp. Cash Reconciliation TTM ➢ Generated US$105M of Mine Operating Cash Flows (“Mine OCF”) (1) with a realized gold price of US$ 4,279/oz Au ➢ Invested US$11.0M in exploration program at San Albino, Moss and Eagle Mountain with funds generated from operations ➢ Reinveste
Slide 16: Financial Summary
Financial Summary Mako Mining Corp. Units Q2 2026 Highlights TTM SAN ALBINO Tonnes Mined tonnes 1,804,919 ➢ US$209.2 million in Revenues Tonnes Milled tonnes 53,120 Feed Grade Gold g/tonne 7.54 ➢ US$109.4 million in Adjusted EBITDA (1) Gold Recovery % 80.7% ➢ US$1,869 Cash Costs ($/oz sold) (1) Gold
Slide 17: Moss Mine, Arizona: Producing Mine in Attractive Jurisdiction
Moss Mine, Arizona: Producing Mine in Attractive Jurisdiction 17
Slide 18: Moss Mine
Moss Mine Asset Overview ➢ Producing asset generating cash flow • Commercial production in Sept 2018 • Existing site infrastructure and (partial) workforce • Power transmission line; administrative and support offices in place ➢ Mineral Reserve • On August 17th, 2026, Mako announced Updated NI 43-10
Slide 19: Moss Mine
Moss Mine (1) Property Overview ➢ Heap Leach Gold Production • Contract mining/crushing • 3-stage crush, capacity of 10,400 metric tons per day ➢ Existing site infrastructure • 100% water secured • Connected to regional electrical grid (generator for backup) ➢ Property • Fully permitted for current
Slide 20: Mt. Hamilton, Nevada: Gold Project with major Permits approved
Mt. Hamilton, Nevada: Gold Project with major Permits approved 20
Slide 21: Mt. Hamilton Project Overview
Mt. Hamilton Project Overview Permitted gold-silver project in Nevada along the prolific Battle Mountain trend ➢ Located in White Pine County, Central Nevada, ~50 miles west of Ely, Nevada along the southern portion of the Battle Mountain- Eureka Trend ➢ Road access to site with access to power and
Slide 22: Mt. Hamilton Project Timeline
Mt. Hamilton Project Timeline Project Advancing Toward Initial Production in Q4 2027 Q1 2026 – Q2 2026 Q3 2026 – Q4 2026 Q1 2027 Q2 2027 – Q3 2027 Q4 2027 – Q1 2028 Pre Development Work Construction Startup Procurement & Transport Major Infrastructure Mine + Process in Place Commissioning ➢ Evaluate
Slide 23: Eagle Mountain Project in Guyana: Resource Scale with Phased Development Plan
Eagle Mountain Project in Guyana: Resource Scale with Phased Development Plan 23
Slide 24: Eagle Mountain: PEA-Stage Development Project
Eagle Mountain: PEA-Stage Development Project Phased Development Plan to Scale Into Capex and Execution (1) PEA - Robust Project Economics(1)(2) US$292M After-tax NPV5% & 57% IRR at US$ 1,850/oz gold Large Gold Mineral Resource Near-term Production ~1.2Moz Au Indicated @1.18 g/t Au and Expected Prod
Slide 25: Eagle Mountain Asset Overview
Eagle Mountain Asset Overview (3) ➢ Distinctly shallow. 75% of Indicated Mineral Resource within 50 m of surface ➢ Soft-rock saprolite (35% of Indicated Mineral Resource) opportunities for phased development and lower capex intensity ➢ Low capex intensity, shallow mineralization and phased developme
Slide 26: PEA – Life of Mine Profile
PEA – Life of Mine Profile (1) Projected Annual Cash Flow and Production Profiles Phase 1 - Saprolite Mill Phase 1 - Saprolite Mill Phase 2 - Fresh Rock/Trans + Saprolite Blend Feed Phase 2 - Fresh Rock/Trans + Saprolite Blend Feed 250.0 600 120,000 2,000 Cumulative After-Tax Free Cash Flow (US$ M)
Slide 27: Projected Timeline for Eagle Mountain Gold Project
Projected Timeline for Eagle Mountain Gold Project Phased development plan to drive staged permitting and engineering activities 2011 - 2022 2023 2024-2025 (1)(2) 2026-2027 (1)(2) Discovery Hole to Exploration Exploration Engineering Permitting Project Development Resource Outline Studies Financing
Slide 28: Value Generation and Catalysts
Value Generation and Catalysts (1) Value Generating Opportunities 2025 - 2028 Catalysts Mine construction in the midst of COVID pandemic 1 Expand LOM of Current Assets Construction completed with commercial production declared effective July 1, 2021 (announced July 13, 2021) Quickly repaying debt &
Slide 29: Untapped Geological Potential
Untapped Geological Potential 29
Slide 30: Corona de Oro Gold Belt
Corona de Oro Gold Belt (1) Orogenic - Unique in Nicaragua Mako’s San Albino Characteristics 224km2 ➢ Formed during mountain building processes, typically in metamorphic rocks. ➢ San Albino is the only known gold deposit in Nicaragua hosted in metamorphic rocks. ➢ 5-10 km wide belt with stacked, low
Slide 31: San Albino – Las Conchitas
San Albino – Las Conchitas Projected Long Section Grade Shells (1) Au g/t Pits 1.0 – 10.0 Individual San Albino >10.0 Pit Outline(1) Deposit Ultimate Pit Outline (2) 1) Grade shells and pit outlines are based on current mineral resource estimate in the San Albino Technical Report available under the
Slide 32: San Albino – Las Conchitas
San Albino – Las Conchitas San Albino Projected Long Section Deposit Southwest Pit Projected Long Section West Pit San Pablo Pit Intermediate Pit Las Mina Francisco Pit Conchitas Deposit Las Conchitas South - Bayacun – El Limon 1) Grade shells and pit outlines are based on the 2023 mineral resource
Slide 33: Corona de Oro Gold Belt
Corona de Oro Gold Belt Projected Long Section with Select Drill Results San San Albino Albino Deposit Deposit Las Conchitas Las Conchitas Deposit Deposit El Golfo El Golfo Area Area AZ 180 AZ 210 (New Discovery) 0.9m @ 51.8 g/t Au 0.7m @ 197.8 g/t Au 1.4m @ 3.0 g/t Au 4.0m @ 27.9 g/t Au 1.5m @ 21.8
Slide 34: Eagle Mtn Project Geology
Eagle Mtn Project Geology Prominent NE and NS Structural Trends Eagle Mountain Deposit ➢ Series of tabular, shallow, dip-slope shear zones developed within a granodioritic host rock. Covers an area of ~ 2.5 km by 1.5 km ➢ At least three discrete zones of alteration and mineralization. Zone 1 is shal
Slide 35: Moss Mine Regional Exploration Potential
Moss Mine Regional Exploration Potential (1) 1) Please refer to “Forward Looking Information” on slide 2 NASDAQ: MAKO | TSX-V: MKO CORPORATE PRESENTATION 35
Slide 36: Moss Mine Regional Exploration Potential
Moss Mine Regional Exploration Potential (1) 1) Please refer to “Forward Looking Information” on slide 2 NASDAQ: MAKO | TSX-V: MKO CORPORATE PRESENTATION 36
Slide 37: Appendix
Appendix 37
Slide 38: San Albino Mineral Resource Estimate
San Albino Mineral Resource Estimate (1) All veins in San Albino Deposit: Open Pit, Underground, All veins in Las Conchitas Deposit: Open Pit, Underground, All veins in San Albino Project: Open Pit, Underground, and Dump Resources and Dump Resources and Dump Resources Open Pit and Underground and Du
Slide 39: Las Conchitas - Resource Estimate
Las Conchitas - Resource Estimate (1) All Veins in Las Conchitas Deposit: Open Pit Resources Open Pit Dumps, all Inferred All Indicated MD Tonnes MD g Au/t Oz Au BD g Ag/t Oz Ag Cutoff Tonnes MD g Au/t Oz Au g Ag/t Oz Ag 1.0 8,300 2.39 600 3.7 1,000 1.5 295,700 10.83 103,000 12.7 121,100 Note: BD is
Slide 40: Eagle Mountain Project Sensitivity Analysis
Eagle Mountain Project Sensitivity Analysis (1) Capital Cost Sensitivities Operating Costs Sensitivities Capítal Costs -10% US$ 96 M +10% Operating Costs (Lom 15 years) -10% US$ 786 M +10% NPV (5% after Tax) US$ 309 M US$ 299 M US$ 290 M NPV (5% after Tax) US$ 340 M US$ 299 M US$ 258 M IRR (After ta
Slide 41: Eagle Mountain: PEA - Phased Development Plan
Eagle Mountain: PEA - Phased Development Plan (1) Shallow Open Pits & Conventional Processing Plant Phase 1 – Saprolite-Only Mineralization (4.5 yrs) ➢ 5,000 tpd of saprolite at cut-off grade of 0.3 g/t ➢ Estimated Avg annual gold production of ~68 oz/year for 4.5 yrs ➢ Anticipated Development capex
Slide 42: Eagle Mountain: Widespread Gold Mineralization
Eagle Mountain: Widespread Gold Mineralization Regionally and at Eagle Mountain Zion N Eagle Mountain NASDAQ: MAKO | TSX-V: MKO CORPORATE PRESENTATION 42
Slide 43: Eagle Mountain regional paleochannels and deposits
St Elizabeth Mahdia – St. Elizabeth Paleochannel (north of Eagle Mtn) Mahdia Valley Eagle Mtn Breakfast Creek and Konawaruk River Salbora Eagle Mountain Mahdia – Tiger Creek Paleochannel Deposit (northeast of Eagle Mtn) Minnehaha River Wineaperu Mowasi Minnehaha Creek Mahdia – Tiger Creek Mine (nort
Slide 44: Appendix - Disclaimer
Appendix - Disclaimer Non-IFRS Financial Measures Mako discloses certain non-IFRS financial measures and ratios in this presentation, such as EBITDA (IFRS: operating income), Adjusted EBITDA (IFRS: operating income), cash cost per ounce sold (IFRS: cost of sales), Development Capex (IFRS: Cash Flow
Slide 45: Appendix - Disclaimer
Appendix - Disclaimer “Mine OCF” represents operating cash flow, excluding Nicaraguan taxes and royalties, changes in non-cash working capital and exploration expenses. A reconciliation of Mine OCF to net cash from operating activities is shown in the table below. Mine OCF Calculation TTM Net cash p
Slide 46: Appendix - Disclaimer
Appendix - Disclaimer Scientific and Technical Information All scientific and technical information relating to the San Albino Project contained in this presentation is derived from the technical report with an effective date of October 11th, 2023, as amended on June 10th, 2024 and titled “Amended T
Slide 47: Appendix - Disclaimer
Appendix - Disclaimer Mineral Exploration and Inferred Mineral Resources The Eagle Mountain Project is in the mineral exploration stage only. The degree of risk increases substantially where an issuer’s properties are in the mineral exploration stage as opposed to the development or operational stag
Slide 48: Thank You
Thank You Contact Suite 700 - 838 West Hastings St. Vancouver, BC - V6C 0A6 IR: (511) 944-951401 IR: pdurand@makominingcorp.com General: info@makominingcorp.com makominingcorp.com