Mako Mining Provides Updates on Capital Structure and Outstanding Debt

TSX-V: MKO; OTCQX: MAKOF

VANCOUVER, Feb. 8, 2022 - Mako Mining Corp. (TSXV: MKO) (OTCQX: MAKOF) ("Mako" or the "Company") would like to announce an update to its capital structure since the end of the third quarter 2021 ("Q3 2021").

Since the end of Q3 2021, 37,300,000 warrants and 12,340,000 options were cancelled or expired unexercised. In February 2022, 1,503,800 Restricted Share Units ("RSUs") were granted to certain executive officers of the Company and an aggregate of 1,318,400 Deferred Share Units ("DSUs") were granted to the non-executive directors of the Company under the terms of the Company's Omnibus Incentive Plan. This update corrects and supersedes the Company's disclosure in its February 2, 2022 press release that an aggregate of 494,400 DSUs were granted.

Additionally, since the end of Q3 2021, US$5.3 million of principal has been repaid to affiliates of Wexford Capital LP ("Wexford") and Sailfish Royalty Corp. ("Sailfish").

Accordingly, as at the date of this press release, the Company's current share capital structure is: 659,308,984 shares issued and outstanding (unchanged from Q3 2021), 33,395,000 options outstanding (45,735,000 in Q3 2021), 1,503,800 RSUs and 1,318,400 DSUs outstanding (0 RSUs and DSUs outstanding in Q3 2021).

There is currently US$9.4 million of principal remaining on the Wexford loan and 3,895 ounces of gold remaining on the Sailfish gold-linked loan (see press releases dated February 21, 2020 and August 30, 2021 for details on these two loans).

On behalf of the Board,

Akiba Leisman
CEO

About Mako

Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally. Mako's primary objective is to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package.

Forward-Looking Information: Statements contained herein, other than historical fact, may be considered "forward-looking information" within the meaning of applicable securities laws. The forward-looking information contained herein is based on the Company's plans and certain expectations and assumptions, including that the Company can operate San Albino profitably in order to fund exploration of prospective targets on its district-scale land package. Such forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation, risk risks and uncertainties as disclosed in the Company's public disclosure filings on SEDAR at www.sedar.com. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available and is included for the purposes of providing investors with the Company's updates regarding its capital structure and may not be appropriate for other purposes. Mako does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Mako Mining Corp.