TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

1.0 EXECUTIVE SUMMARY (ITEM 1)

The authors have prepared this Amended Technical Report on the San Albino gold project, located in Nueva Segovia, Nicaragua (the "San Albino project") at the request of Mako Mining Corp ("Mako"). This amended report principally includes an explanation in Section 15.0 and the addition of Sections 16.0 through 21.0 and some changes listed Section 2.0. This report and the resource estimates herein have been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"), Companion Policy 43-101CP, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards - For Mineral Resources and Reserves, Definitions and Guidelines" ("CIM Standards") adopted by the CIM Council on May 10, 2014.

1.1 PROPERTY DESCRIPTION AND OWNERSHIP

The San Albino mining property is located in Nueva Segovia Department of the Republic of Nicaragua, 227km north of the city of Managua, and approximately 15km southeast of the northern border of Nicaragua with Honduras. Within the property, the San Albino gold deposit (the "San Albino deposit") is currently being mined by Mako and is located at Latitude 13° 41' 23"N and Longitude 86° 06' 04"W (597,200E, 1,513,600N, UTM Zone 16, WGS 84 Datum). The Las Conchitas deposit is located 0.5km south of the San Albino open pit. The San Albino property consists of four contiguous mining concessions referred to as: 1) San Albino- Murra, 2) El Jicaro, 3) La Segoviana, and 4) Potrerillos concessions, respectively, and comprise a total of 18,816.72 hectares (188.17km²).

Mako, indirectly through their subsidiary, Nicoz Resources, S.A., holds a 100% interest in the San Albino- Murra, La Segoviana and Potrerillos concessions. Mako, indirectly through their subsidiary, Gold Belt, S.A., holds a 100% interest in the El Jicaro concession. Annual fee payments on the mineral concessions are required on a semi-annual basis, payable in January and July each year. The payments escalate from US$0.25 per hectare to US$8.00 per hectare over the first 10 years and are US$12.00 per hectare thereafter. Concession fees and taxes have been paid in full to December 31, 2023. The annual holding costs for all four concessions are estimated at $185,420.

Mako has purchased the surface rights over 100% of the area covering the San Albino deposit. Additional surface rights were purchased to cover all the area permitted for processing infrastructure and mining activities, as well as additional properties at the Las Conchitas area. The Company has acquired surface rights totaling 915.584 manzanas (645.127 hectares) in 92 individual properties. The Company is currently negotiating the purchase of additional properties on future exploration areas.

1.2 EXPLORATION AND MINING HISTORY

Gold-bearing quartz vein mineralization was discovered at the San Albino project area around 1790 by Spaniards who initially mined gold at the San Albino deposit from an open pit and subsequently by underground methods. Flooding eventually stopped the early work. From 1885 to 1926 and possibly into the 1930s, the property was worked by several operators. In 1922 to 1926, Charles Butters, an American metallurgist, built a mill on site. In 1926, the operation was seized by Augusto Sandino, leader of the Nicaraguan revolution.

The first modern-era exploration was conducted by Western Mining starting in 1996 on the Quilali-Murra exploration concession. Work included stream-sediment and rock chip sampling, as well as soil sampling along trails and footpaths. Two vertical core holes were drilled to shallow depths. Beginning in 1997 through 2006, Resources and Mining S.A. ("REMISA") controlled the property and focused its efforts on the historical San Albino mine. REMISA reopened historical cross-cuts but could not reach the main drift. A soil survey was completed and shallow core drilling was conducted from the hanging wall of the mineralized structure. During the second half of 2003, Pila Gold Ltd. ("Pila") identified and mapped showings of mineralization, collected rock samples, soil samples, and silt samples from the San Albino vein and adjacent Murra area. Additionally, Pila hand-excavated and sampled 24 trenches. Most work was concentrated around the Las Conchitas target and the historical San Albino mine. In 2006 to early 2009, Condor Gold Plc. ("Condor") explored the San Albino and Arras veins. Condor collected 2,398 samples from 75 trenches and a total of 694 samples were taken from 82 road cuts. Condor mapped or inspected 246m along eight adits from which 246 samples were taken. Twenty-two reverse circulation ("RC") drillholes and two core holes (2,754m) were drilled at the Arras and San Albino veins. In 2009, Golden Reign Resources Ltd. ("Golden Reign") acquired the San Albino-Murra concession. In 2018, Golden Reign merged with Marlin Gold Mining Ltd. ("Marlin") to form Mako. Exploration at the San Albino project area has been ongoing since it was acquired by Golden Reign (now Mako).

1.3 GEOLOGY AND MINERALIZATION

Rocks at the San Albino property consist of black, occasionally carbonaceous, argillite or metapelite. Folds and thrusts have been recognized within these meta-sedimentary rocks. Regional metamorphism and deformation are thought to predate the Dipilto batholith. The schistose foliation is attributed to shortening that preceded emplacement of the Dipilto batholith. The meta-sedimentary rocks at the San Albino project are cut by dikes of intermediate composition.

Low- and moderate-angle faults control the distribution of gold-bearing quartz veins. At the San Albino project, quartz-bearing shear zones up to several meters thick are stacked in subparallel fashion (e.g., San Albino, Naranjo, and Arras veins) to comprise the San Albino deposit. The separation between shears averages just under 100m. The shear-related veins and their enclosing faults have anastomosing, pinch-and-swell geometries. The continuity between shear zones and metamorphic foliation is consistent with a thrust geometry.

The mineralization in the San Albino project area is best interpreted in the context of an "orogenic gold" deposit model based on the association of gold mineralization with metamorphic host rocks, the textures and mineralogy of the San Albino and Las Conchitas veins, the wallrock alteration, and the "gold-only" character of mineralization. The veins are hosted in lower greenschist-facies metamorphic rocks, and their geometries indicate that veins formed in response to contractional deformation. Other common orogenic gold deposit features present in the San Albino system include ribbon-textured shear veins containing milky quartz, visible gold, relatively high Au:Ag ratios, and low percentages of base metal sulfides.

1.4 METALLURGICAL TESTING AND MINERAL PROCESSING

Based on the recent metallurgical test work completed in 2020, the selected processing approach for material from the San Albino deposit includes milling of the material followed by cyanide extraction of gold and silver using a carbon-in-leach ("CIL") plant, which yielded optimized overall recoveries ranging from 86.1% to 96.9%, depending on the mineralization type and despite the presence of carbonaceous material in the samples. Tests were completed in 2016 through 2020 and were designed to confirm conclusions from work done in 2013 and 2014, as well as provide further design parameters for the mill flowsheet and the associated mill operations and tailings management. Overall, the latest programs supported conclusions of previous process development work and the current mill design parameters. Gravity recoveries averaged 36.3% with higher gravity recoveries possible when higher-grade material is processed through the plant.

Samples from the Las Conchitas deposit were collected, composited and tested in the metallurgical laboratory at the San Albino mill in 2022. The 2022 testing was completed as variability testing to verify processing Las Conchitas material using the existing milling circuit at San Albino would produce similar results as had been experienced when processing material from the San Albino deposit. The results from the 2022 test program indicates Las Conchitas mineralization can be expected to perform similar to the San Albino deposit; however, these results should be used as an indication of potential processing results only. Confirmation testing to verify results at a third-party laboratory is recommended.

Feed samples from the existing mill facility were collected and tested in the laboratory at the San Albino mine site. The testing parameters used in the laboratory were adjusted until the results from laboratory testing closely matched the results from the operating facility. These testing parameters were used for the testing of the Las Conchitas composites. The test results from the composites closely matched the results from the operating mill when the mill processed feed material of similar organic carbon content.

There are also plans to complete test pits from several of the Las Conchitas veins and process the material through the San Albino mill to further support the expectation of Las Conchitas material's performance being similar that of San Albino material. No further testing of samples from the San Albino deposit were completed in 2022.

Both San Albino and Las Conchitas deposits contain three major mineralization types: weathered, transition, and fresh. When processing these mineralization types from the San Albino mine through the San Albino mill, the average gold recoveries were: oxide 94%, transition 86% and fresh 79%. Preg-rob potential present in the various types is the primary reason for the lower recovery in the transition and fresh mineralization types compared to the weathered material.

1.5 MINERAL RESOURCE ESTIMATE

The effective date of the San Albino resource estimate is August 18, 2023. The effective date of the Las Conchitas resource estimate is October 11, 2023.

Both the San Albino and Las Conchitas deposits were initially modeled on sections spaced 10m apart and looking N40^oE (95 sections at San Albino and 159 sections at Las Conchitas). Logged geology (including angles to core axes), core photographs, and gold grades were utilized to model vein mineralization and halo mineralization. The halo mineralization was typically separated into hanging wall and footwall zones. These sectional interpretations were reviewed by Mako geologists and modifications were made until there was a mutually agreed-upon interpretation. These interpretations were used to code the database for domain and vein name. Unreliable data (such as obviously incorrect locations, less than 45% core recovery, and RC drill results) were eliminated. After evaluating each vein's assays statistically, capping levels were defined and assigned, and then compositing was done to one meter lengths respecting the vein and halo boundaries. The cross section interpretations were snapped to the drill holes in three dimensions, sliced vertically along N40^oE long sections, and reinterpreted on one meter intervals. These long sections were then treated as solids for coding the block model.

San Albino has three main groups of veins - San Albino, Naranjo, and Arras - each with multiple splays. Las Conchitas has 16 veins, each of which was modeled and estimated separately. A polygonal estimate was completed for each area to anticipate its size and grade, and to be a check on the estimates. The one meter composites were used to estimate gold and silver grades using inverse-distance cubed, kriging, and nearest- neighbor methods. Multiple estimates were made to evaluate sensitivity to and optimization of estimation parameters. While the three types of estimates (and the polygonal estimate) were used to check each other, the reported estimate used inverse-distance cubed.

The block models are rotated 40^o to respect the strike of the deposits. Block sizes are one meter high by two- meters long by one meter across strike. Gold and silver grades were estimated for the veins, halos, and the unmineralized material. Vein grades were diluted depending on the material types adjacent to the vein by any or all of the footwall halo, hanging wall halo, or unmineralized material. For open pit resources, San Albino was assigned a 0.5m dilution rind on both the top and the bottom of the veins, while at Las Conchitas a 0.4m dilution rind on both the top and the bottom of the veins was applied. A thinner dilution rind was applied at Conchitas because actual productions shows that dilution can be smaller than 0.5m on the hanging wall. Because little engineering work has been done for underground mining, the underground resources reported are block diluted.

The author has used his judgment with respect to the technical and economic factors likely to influence the "prospects for eventual economic extraction" and the estimates listed in the tables below fulfill that requirement. The San Albino deposit and Las Conchitas deposit mineral resources are based on potential open pit as well as potential underground mining scenarios.

Technical and economic factors likely to influence the "reasonable prospects for eventual economic extraction" were evaluated using the best judgment of the author responsible for this section of the report. For evaluating the open pit potential, a series of optimized pits were run using variable gold prices and parameters. The accepted open pit mining cost was $3/t, processing cost $65/t, and G&A cost $2/t. Metallurgical recoveries of gold used in the pit optimizations were 83%, 90%, and 95% for fresh rock, transition, and oxide material, respectively. Silver was not considered in the optimizations. For evaluating the potential for underground mining, a series of stope optimizations were run at variable cutoffs. For the reporting cutoff grade of 4.0g Au/t, an average underground mining cost of $144/t, processing cost of $65/t, and G&A of $2/t were assumed. Underground resources are those at or above the 4.0g Au/t cutoff lying within the 3.0g Au/t optimized stopes. The factors used in defining cutoff grades for open pit and underground are based on a gold price of US$1,750/oz.

Classification of the resources considered adequacy and reliability of sampling, geologic understanding, results of quality control analyses, geologic complication, and apparent grade continuity. Table 1-1, Table 1-2, and Table 1-3 present the estimates of San Albino, Las Conchitas, and combined for the San Albino project totals. There are some estimated resources in the historic mine dumps, all of which are classified as Inferred.

Table 1-1 All Veins in San Albino Deposit: Open Pit, Underground, and Dump Resources

Table 1-2 All Veins in Las Conchitas Deposit: Open Pit, Underground, and Dump Resources

Table 1-3 All Veins in San Albino Project: Open Pit, Underground, and Dump Resources

The exploration procedures, sampling, and data derived from Mako's work are high quality and can be used with confidence to support the resource estimate. Confidence in vein correlations between holes varies by vein, and veins have been modeled accordingly. The veins at Las Conchitas, for example, were generally projected less far than those at San Albino because they appear to be less continuous. It is expected that infill drilling at Las Conchitas may well increase the defined resources.

1.6 MINERAL RESERVE ESTIMATES AND MINING METHODS

RESERVES

There are no Reserves at San Albino because the mine plan used to put the project into production is based on material including Inferred. The mine production has had good reconciliation (within 10% as of the Effective Date) with the Inferred material as well as Measured and Indicated.

MINING METHODS

Mining for the San Albino project includes the San Albino deposit and no current mine plans have been assumed for the Las Cochitas deposit. The methodology used for mine planning includes:

• Define assumptions for the economic parameters;

• Define geometric parameters and constraints;

• Complete Lerches Grossman pit optimizations;

• Create pit designs;

• Create dump designs;

Pit optimizations and subsequent pit designs are based on the economic parameters shown in Table 1-4. Silver price used is $25/oz Ag.

Table 1-4 Economic Parameters for Pit Optimizations

The resource is presented as a diluted vein with a 0.5m rind along the hanging wall and footwall. Effectively, all estimated vein material is above cutoff so all vein material and the 1m of total dilution is mineable.

Actual production from July 2021 through September 2023 totals over 11,139,000 tonnes with 401,000 tonnes of material from pits and 90,000 of historic dump material sent to the mill.

1.7 PROCESSING

The process plant at San Albino has been in operation since the second quarter of 2021 and utilizes a conventional processing flowsheet that is proven in industry. Run of Mine ("ROM") ore is delivered to the process plant stockpile adjacent to the crushing circuit. The ore is stockpiled separately by gold grade and preg-robing potential (due to organic carbon) to maximize the mill performance.

A front-end loader feeds a two-stage crushing circuit that reduces the ROM feed material to 80% passing 3/8in. The crushed ore is conveyed to the grinding circuit for further size reduction to 75% passing 200 mesh. A Knelson gravity concentrator is located within the grinding circuit to produce a concentrate stream containing the coarse-gold fraction. The concentrate stream reports to an Intense Cyanidation Unit ("ICU") located in the refinery where the coarse gold is leached into solution and recovered into a precipitant in a dedicated electrowinning circuit.

The product from the grinding circuit is thickened and leached in a series of five carbon-in-leach (CIL) tanks. The loaded carbon is pumped from the first CIL tank to the carbon handling circuit. In the carbon circuit the gold is stripped from the carbon using a hot caustic solution and recovered from solution into a precipitant using a dedicated electrowinning circuit. After stripping the carbon is regenerated and returned to the fifth CIL tank. The precipitant from the ICU electrowinning circuit and from the carbon stripping circuit are poured into doré bars for transport to final refining off site. The precipitate from the two streams are treated identically but kept separate for accounting reasons.

The slurry exiting the fifth CIL tank is circuit tails. The cyanide remaining in the slurry is treated to levels safe for the environment. The slurry is then filtered with the solid filtrate conveyed and stacked in the tailings storage facility. The solution filtered from the slurry is returned to the processing circuit.

1.8 PROJECT INFRASTRUCTURE

The main infrastructure supporting the operation of the San Albino mine is located near the process facility with a few installations located near operating mine pits and ore stockpiles. A list of these installations is given below:

/ Assay lab

/ Communication tower

/ Diesel Storage tanks

/ Weather station

/ Clinic

/ Blasting supplies storage

/ Mine waste dumps

/ Ore stockpiles

/ Tailings Storage Facility

The mine generates all required electrical power on site using diesel powered generators. Four 1000KW generators are on site with two operating continuously and an additional generator started to handle the in-rush resulting in mill start-ups. After a mill start-up, the third generator is shut down when the mill is operating at steady state.

The tailings storage facility is designed to accept dry solid tails from the process plant. The slurry tails are filtered to remove excess solution and delivered to the storage facility by conveyors. A dozer is used to distribute the tails in thin lifts throughout the facility. The facility has been designed to contain 1.87 million tonnes of solid tails and is to be constructed in three phases. The first phase was completed before mill start-up in 2021 with 434,000 tons of tails deposited to date. Subsequent phases are to be constructed as available capacity requires.

Water is pumped from the nearby Jicaro River to supply the facility with all fresh water and fire-suppressant water requirements. Bottled water is used to supply all potable water requirements on site. Only the water entrained with the filtered tails is sent to the tailings storage facility. All other water used in the processing facility returned to the mill to minimize fresh-water requirements.

1.9 ENVIRONMENTAL AND SOCIAL IMPACT

No environmental, social, or community issues were identified that would impact Mako's ability to develop the Mineral Resources at the San Albino Project. Mako has obtained all necessary permits to construct and operate the San Albino mine and has been mining since 2021.

1.10 CAPITAL AND OPERATING COSTS

The initial capital required to place the San Albino mine into production have been completed. As of the effective date, there is not sufficient information to complete a sustaining capital cost estimate. This will subject to future studies.

A summary of actual operating costs are given in the following table:

Table 1-5 Operating Cost Summary

1.11 CONCLUSIONS, INTERPRETATIONS, AND RECOMMENDATIONS

The San Albino project benefits from a team of mining professionals that have spent multiple years working on the project, successfully mining a narrow vein, open pit deposit at San Albino that is similar to the geology and resource defined at Las Conchitas. The technical team has shown a commitment to collecting quality data and innovative thinking toward developing the project.

The authors are not aware of any significant risks or uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information as applied to the estimated mineral resources.

The San Albino project, inclusive of Las Conchitas, is a project of merit and warrants the proposed programs and level of expenditures outlined below. These veins are open down dip and along strike, with significant potential to expand the resources estimated for this report. Additionally, the stacked nature and even distribution of the veins parallel to the regional foliation provide a proven exploration strategy for regional exploration. The recommended program is broken down into the San Albino area, Las Conchitas area, and regional exploration is shown in Table 1-6. The total recommended plan is estimated to cost US$6,300,000.

Table 1-6 Budget for Recommended Work Program

Success at San Albino, Las Conchitas, or other concessions is defined, respectively, as finding additional resources, defining a resource, or discovering deposits deserving follow-up drilling. Given historic successes it is likely that follow-up work would include additional drilling if not economic studies on the newly discovered resources and prospects. Approximate costs could be at least as large as the currently recommended Phase I costs.

2.0 INTRODUCTION AND TERMS OF REFERENCE (ITEM 2)

The authors have prepared this Technical Report on the San Albino gold project, located in Nueva Segovia, Nicaragua (the "San Albino project") at the request of Mako Mining Corp ("Mako"), a Canadian company based in Vancouver, British Columbia, Canada. Mako is listed on the TSX Venture Exchange (MKO-TSXV) and trades over the counter (MAKOF-OTCMKTS). This report has been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"), Companion Policy 43-101CP, and Form 43-101F1, as amended.

This report is an amendment of Technical Report and Estimate of Mineral Resources for the San Albino and Las Conchitas Deposits Nueva Segovia, Nicaragua dated October 25, 2023 with an Effective Date of October 11, 2023. This amended report dated June 10, 2024, provides more complete disclosure for a producing property by including an explanation in Section 15.0, the addition of Sections 16.0 through 21.0, and their respective summaries in Section 1.0. Other changes to the report are listed in Table 2-1.

Table 2-1 Other Changes Incorporated in this Amended Report

2.1 PROJECT SCOPE AND TERMS OF REFERENCE

The purpose of this report is to provide an updated estimate of mineral resources and a technical summary of the San Albino project which is located about 227km north of Managua, Nicaragua. The San Albino project is currently in operation, producing gold from orogenic veins by open pit mining of the San Albino and Arras veins, feeding a 500tpd mill with annual gold production of approximately 36,000oz. This Technical Report presents an updated resource estimate for the San Albino deposit and a first-time resource estimate for the Las Conchitas deposit, and builds upon and supersedes the Technical Reports of Kowalchuk (2011) and Puritch et al. (2013), the Technical Report and preliminary economic assessment ("PEA") of Puritch et al. (2015), the Technical Report and Resource Estimate of Ristorcelli and Unger (2020) and the Technical Report and Estimate of Mineral Resources for the San Albino and Las Conchitas Deposits Nueva Segovia, Nicaragua dated October 25, 2023 with an Effective Date of October 11, 2023.

The scope of this study included a review of pertinent technical reports and data provided by Mako relative to the general setting, geology, project history, exploration activities and results, methodology, quality assurance, interpretations, drilling programs, and metallurgy. This report is based almost entirely on data and information derived from work done by historical operators and Mako. The authors have reviewed much of the available data, Ristorcelli and Gray visited the project site, and all authors made judgments about the general reliability of the underlying data. Where deemed either inadequate or unreliable, the data were either eliminated from use or procedures were modified to account for lack of confidence in suspect information. The authors have made such independent investigations as deemed necessary in their professional judgment to be able to reasonably present the conclusions, interpretations, and recommendations presented herein.

The term San Albino is used in multiple ways throughout this report. For clarity, the following describes each use:

/ San Albino property: This refers explicitly to the four concessions: 1) San Albino-Murra, 2) El Jicaro, 3) La Segoviana, and 4) Potrerillos.

/ San Albino-Murra concession: This is one of four concessions that comprise the San Albino property and contains the San Albino deposit.

/ San Albino project: This is a general term that includes activities, exploration and engineering programs, infrastructure and the geographic area of the four concessions but does not refer explicitly to only mineral tenure (e.g. San Albino property).

/ San Albino deposit: The principal components of the San Albino deposit are the Arras, Naranjo, and San Albino shear zones with quartz veins, the smaller El Jobo, and a few other less continuous unnamed veins.

/ San Albino vein: This use of San Albino explicitly refers to the one vein that holds the majority of open pit resources and is the stratigraphically highest of all the veins within the San Albino deposit.

The term Las Conchitas is used in multiple ways throughout this report. For clarity, the following describes each use:

/ Las Conchitas: This refers to the area immediately south of the San Albino mine, within the San Albino-Murra mining concession.

/ Las Conchitas deposit: This refers to the aggregate of all veins for which resources have been estimated within the Las Conchitas area.

/ Las Conchitas vein(s): This use of Las Conchitas explicitly refers to any individual vein or multiple veins that comprise the resources of the Las Conchitas deposit.

The Effective Date of this Technical Report is October 11, 2023.

2.2 QUALIFIED PERSONS AND SITE VISITS

Qualified Persons under NI43-101 that contributed to this report are Mr. Steven J. Ristorcelli, C.P.G., independent consulting geologist; Mr. Peter Ronning, P. Eng, independent consultant engineer; Dr. Matthew D. Gray, C.P.G., Principal Geologist with Resource Geosciences Inc., an independent technical consulting firm; Mr. John Rust, consulting metallurgical engineer and Chief Metallurgist for Mako US Corp.; Mr. Brian Ray, P. Geo., independent consultant geologist; and Mr. Thomas L. Dyer, P. E., Principal Engineer with Respec Company, LLC., an independent technical consulting firm. With the exception of Mr. Rust, the Qualified Persons have no affiliations with Mako, or their subsidiaries, except that of independent consultant/client relationships. Report responsibilities of the Qualified Persons are detailed in Table 2-2.

Ristorcelli and Gray have made multiple site visits, most recently from 15 to 21 March 2023, accompanied by Frank Powell and Zoran Pudar of Mako. This site visit included a review of recently drilled core, observation of core logging and sampling procedures, field checks of drill-collar locations, field visits to channel sampling locations in trenches and outcrops, visits to active exploration drill sites, a review of Mako's geologic model with Mako geologic staff, and review of land, legal, permitting, and environmental issues with the responsible Mako staff. The authors observed that the procedures were satisfactory and that the work was completed with careful attention to generating quality data.

Mr. Ray visited the site prior to the commencement of commercial production at San Albino. Mr. Ronning has not visited the project site. Mr. Rust most recently visited the project in the period 25 to 29 January, 2023. Mr. Dyer has not visited the project site.

Table 2-2 Qualified Persons and Report Responsibilities

2.3 FREQUENTLY USED ACRONYMS, ABBREVIATIONS, DEFINITIONS, AND UNITS OF MEASURE

In this report, measurements are generally reported in metric units. Where information was originally reported in imperial units, the authors have made the conversions as shown below. In some cases where there are tables of historical resource estimates or production totals, the authors did not convert the original units for historical completeness or to avoid changes to precision due to rounding.

Currency, units of measure, and conversion factors used in this report include:

Currency - Unless otherwise indicated, all references to dollars ($) in this report refer to currency of the United States.

Frequently used acronyms and abbreviations:

3.0 RELIANCE ON OTHER EXPERTS (ITEM 3)

The authors are not experts in legal matters, such as the assessment of the validity of mining claims, mineral rights, and property agreements in Nicaragua or elsewhere. Furthermore, the authors did not conduct any investigations of the environmental, social, or political issues associated with the San Albino project, and are not experts with respect to these matters. The authors have therefore relied fully upon information provided by Mr. Oscar Molina, Country Manager for Mako, on July 21, 2023 with regards to the following:

/ Section 4.2, which pertains to land tenure; and

/ Section 4.3, which pertains to legal agreements and encumbrances.

The authors have relied fully upon information provided by Mr. Lewis Javier Fuentes, an expert in Nicaraguan environmental and permitting matters, of the Environmental Department of Mako, on July 18, 2023 with regards to the following:

/ Section 4.4, which pertains to environmental liabilities; and

/ Section 4.5, which pertains to environmental agreements and permits.

The authors have relied fully upon information provided by Ramon Encinas, Environmental & Safety Manager, Mako US Corp. current as of October 11, 2023 for Sections 20.1, and 20.3.

4.0 PROPERTY DESCRIPTION AND LOCATION (ITEM 4)

The authors are not experts in land, legal, environmental, and permitting matters and express no opinion regarding these topics as they pertain to the San Albino project. Subsections 4.2 and 4.3 were prepared under the supervision of Oscar Molina, Country Manager for Mako. Mr. Lewis Javier Fuentes, an expert in Nicaraguan environmental and permitting matters and part of the Environmental Department of Mako, prepared and reviewed Sections 4.4 and 4.5 for Mako.

The authors do not know of any significant factors and risks that may affect access, title, or the right or ability to perform work on the property, beyond what is described in this report.

4.1 LOCATION AND LAND AREA

The San Albino project, which as herein defined includes the San Albino and Las Conchitas deposits and surrounding mineral concessions, is located in Nueva Segovia Department of the Republic of Nicaragua, 227km north of the city of Managua, and approximately 15km southeast of the northern border of Nicaragua with Honduras (Figure 4-1). The Nueva Segovia Department has a population of 211,200 (2005 census). Within the property, the San Albino gold deposit (the "San Albino deposit") is currently being mined by Mako and is located at Latitude 13° 41' 23"N and Longitude 86° 06' 04"W (597,200E, 1,513,600N, UTM Zone 16, WGS 84 Datum). The Las Conchitas deposit is located 0.5km south of the San Albino open pit. The small town of El Jicaro is located 6km northwest of the San Albino deposit and the town of Murra (population 1,000) is located 11.7km northeast of the San Albino deposit, within the northern part of the concessions (Figure 4-2).

Figure 4-1 Location of the San Albino Project

(from Mako, 2020)

The San Albino project consists of four contiguous mining concessions (Figure 4-2) referred to as: 1) San Albino-Murra, 2) El Jicaro, 3) La Segoviana, and 4) Potrerillos concessions, respectively, and comprise a total of 18,816.72 hectares (188.17km²).

Figure 4-2 San Albino Property Map

(from Mako, 2023; 5kmUTM grid lines for scale)

4.2 MINERAL TITLE

Mako Mining Corp., indirectly through their subsidiary, Nicoz Resources, S.A., holds the legal titles of the San Albino-Murra, La Segoviana, and Potrerillos concessions according to the Nicaraguan Ministry of Mining, Resolution Numbers 611-RN-MC/2006, 008-DM002-2020, and 025-DM-003-2020, respectively. Mako Mining Corp., indirectly through their subsidiary, Gold Belt, S.A., holds the legal title of the El Jicaro concession according to the Nicaraguan Ministry of Mining, Resolution Number 012-DM-330-2012. The four mineral concessions are contiguous and total 18,816.72 Ha. Details of the individual concessions as well as the geographical UTM coordinates are shown in Table 4-1.

Mako provided the authors with certifications prepared by the Nicaraguan Ministry of Energy and Mines, dated 3 May 2023, confirming that:

1. Nicoz Resources, S.A. holds the legal titles of the San Albino-Murra, La Segoviana, and Potrerillos concessions;

2. Gold Belt, S.A. is the holder of the mining concession "El Jicaro";

Senior management of Mako has affirmed to the authors that both Gold Belt S.A. and Nicoz Resources S.A. are validly existing legal entities in good standing of all their technical and economic obligations with the Ministry of Energy and Mining of the Republic of Nicaragua in accordance with the provisions of the Law, as of the effective date of this report, and that Nicoz Resources, S.A. and Gold Belt, S.A. are wholly owned subsidiaries of Mako Mining Corp.

Nicoz Resources, S.A. is registered under number 26810-B5, page 24/ 39, entry 921-B5 of the Second Book of Corporations; and under number 36,118, pages 105/106; entry 169 of the Book of Legal Persons, both Books recorded by the Public Registry of Managua. Gold Belt, S.A. is registered under number 2188, page 502/514, entry 921-B5 of the Second Book of Corporations; and under number 8,011, pages 267/268; entry XXI of the Book of Legal Persons, both Books recorded by the Public Registry of Masaya.

Annual fee payments on the mineral concession are required on a semi-annual basis, payable January 1 to 30 and July 1 to 30 each year. The payments escalate from US$0.25 per hectare to US$8.00 per hectare over the first 10 years and are US$12.00 per hectare thereafter (Table 4-2).

Concession fees and taxes have been paid in full to December 31, 2023. The annual holding costs for the San Albino concessions are estimated at $185,420 (Table 4-3).

Table 4-1 Details of San Albino Project Concessions

Table 4-2 Annual Concession Fees 

Table 4-3 Summary of Annual Property Tenure Costs

Surface Rights

Mako has purchased the surface rights over 100% of the area covering the San Albino deposit and the majority of the Las Conchitas deposit. Additional surface rights were purchased to cover all the area permitted for infrastructure and mining facilities. Mako has acquired surface rights, as shown in Figure 4-3, totaling 915.584 manzanas (644.937 hectares) in 92 individual properties and has purchase options agreements for an additional four properties totaling 297.247 manzanas (209.38 hectares). Mako is currently negotiating the purchase of additional properties on future exploration areas.

Figure 4-3 Surface Rights Owned by Mako

(from Mako, 2023; 1km UTM grid lines for scale)

4.3 AGREEMENTS AND ENCUMBRANCES

The San Albino-Murra concession was originally granted to Delgratia Mining Corporation by Decree No 179- RN-MC/2002, dated February 4, 2002. On November 10, 2003, the property was transferred to Chorti Holdings, S.A., by Decree No 346-RN-MC/2003. The property was transferred to Nicoz Resources, S.A., ("Nicoz") the present title holder, by Decree No 611-RN-MC/2006, dated June 22, 2006. The concession is valid for a period of 25 years ending on February 3, 2027 and may be renewed for a further 25 years.

On May 7, 2012, Golden Reign announced the completion of an 80% earn-in interest in the San Albino-Murra concession pursuant to the terms of a four-year property option agreement dated June 26, 2009, with Nicoz, a private Nicaraguan company. Under the terms of the property option agreement, consideration paid for the 80% interest consisted of:

/ Aggregate cash payments totaling US$450,000

/ The issuance of 4,000,000 common shares of Golden Reign

/ Completion of exploration expenditures of US$5,000,000

On October 31, 2012, Golden Reign announced an agreement to acquire the remaining 20% interest in the San Albino-Murra concession by making cash payments totaling US$650,000 and issuing 2,100,000 common shares from its treasury over a period of 12 months. The acquisition of the remaining 20% was completed in October 2013, as reported in Golden Reign's Management Discussion and Analysis for the six months ending October 31, 2013.

The El Jicaro concession was acquired in February 2012 from a Nicaraguan title holder. Aggregate costs incurred to purchase and transfer title of the mining exploration and exploitation license were US$120,000. The El Jicaro concession license is valid for a period of twenty-five years, until September 28, 2033, and may be renewed for a further 25 years.

The mining concessions are subject to annual exploration reports, to be submitted to the Government of Nicaragua, and annual taxes. All concessions are subject to a 3% net smelter return ("NSR") royalty on gold production, payable to the Government of Nicaragua.

On July 11, 2014, Golden Reign announced the completion of a US$15.0 million gold-streaming facility with Marlin Gold Mining Ltd ("Marlin") to provide financing for the development of the San Albino project. Under the terms of the facility, a wholly owned subsidiary of Marlin ("Marlin subsidiary") was entitled to purchase 40% of gold production at US$700 per ounce until Golden Reign repaid US$19.6 million. Prior to commercial production, the Marlin subsidiary was entitled to an 8% semi-annual coupon on the US$15.0 million. On commercial production, Golden Reign was required to make minimum monthly payments of US$282,800. After Golden Reign repaid the US$19.6 million, the Marlin subsidiary was entitled to purchase 20% of the gold production at US$700/ounce subject to a 1% annual price escalation after three years of commercial production, plus 50% of the price differential should the gold price exceed US$1,200/ounce.

Mako was formed on August 3, 2018, when Golden Reign, Marlin and Sailfish Royalty Corp. ("Sailfish") entered into a definitive agreement whereby Mako acquired all of the issued and outstanding shares of Marlin (the "Marlin Transaction"). As a condition to closing the Marlin Transaction, Mako and its subsidiaries, Marlin and one of its subsidiaries, and Sailfish entered into a master agreement (the "Sailfish Master Agreement") whereby:

(a) the parties agreed to restructure the existing gold stream on a certain area of interest on the San Albino deposit totaling approximately 3.5km² (the "AOI") (refer below);

(b) Marlin made cash payments to Sailfish in respect of any amounts recovered by Marlin in certain lawsuits Marlin has filed against the Mexican tax authority for the purpose of obtaining previously denied Mexican value added tax refunds, net of certain interest and inflation adjustments and applicable legal fees;

(c) Sailfish extinguished Mako's liability of $1,100,985 associated with the existing gold stream on the AOI;

(d) Sailfish's remaining funding obligation of approximately $13.9 million was eliminated; and

(e) Marlin assigned to Sailfish its El Compas Royalty and La Cigarra Royalty and granted an option to Sailfish to purchase its Gavilanes property in Mexico.

Under the terms of the Sailfish Master Agreement, Mako, Marlin and Sailfish restructured the gold stream arrangement (the "Amended and Restated Gold Purchase Agreement") whereby the terms and conditions of the Amended and Restated Gold Purchase Agreement provide Sailfish with the right to purchase 4% of the mineral resources for 25% of the spot price of gold at the time of sale with respect to the AOI.

In addition, the parties agreed to a new royalty agreement whereby Mako and its subsidiaries have granted Sailfish a 2% NSR royalty on production from the San Albino-Murra mining concession (exclusive of the AOI) and the El Jicaro concession. The Las Conchitas deposit is subject to this 2% NSR royalty.

On August 30, 2021 Mako announced the signing of a loan agreement with Sailfish for a gold-linked loan pursuant to which Sailfish provided an $8 million unsecured gold-linked term loan to Mako (the "Term Loan"). As compensation for making the Term Loan available to Mako, Sailfish was entitled to certain cash compensation (the "Lender Compensation") based on the prevailing price of gold per ounce, subject to a floor price of $1,750 and a ceiling price of $2,000. Mako made 24 monthly cash payments to Sailfish on account of the principal amount of the Term Loan and the Lender Compensation, which equalized the cash equivalent of 205 ounces of gold multiplied by the preceding month's average gold price pursuant to the terms of the Loan Agreement. On March 2, 2023 Mako announced that it had reached an agreement with Sailfish whereby the remaining seven payments of the outstanding gold-linked loan were made in physical silver. At of the end of Q3 2023 Mako was current on its obligations and at the end of Q3 Mako made the seven remaining payments.

On May 25, 2023 Mako announced that it had entered into a 24-month silver stream (the "Initial Silver Stream") to Sailfish for cash consideration of US$6,000,000 payable by Sailfish to Mako on the closing of the Initial Silver Stream transaction and an option (the "Option") to Sailfish, exercisable at the discretion of Sailfish on or after 12 months following the closing of the Initial Silver Stream upon payment of additional cash consideration of US$1,000,000, to purchase subsequent silver produced from the San Albino mine, or from concessions currently owned by Mako and processed through Mako's San Albino processing facility, until silver production is no longer economically viable as mutually agreed between Mako and Sailfish (the "Transaction"). The material terms of the Transaction are as follows:

/ Mako has agreed to deliver to Sailfish 13,500oz of silver from its concessions, or alternatively gold equivalent ounces or silver credits, at the end of each month beginning on the last day of the first full month immediately following the closing date of the Transaction.

/ The obligations of Mako under the definitive silver stream agreement to be entered into between the parties shall be secured by a mortgage in favor of Sailfish against Mako's San Albino property.

The only registered encumbrance on Title of the San Albino-Murra concession is a mortgage in favor of Sailfish, registered under number 1, Book 1, pages 6 and 7, entry 3^rd, from the Mortgages Section of the Special Book of Concessions recorded by the Public Registry of Nueva Segovia.

There are no registered encumbrances on Titles of the El Jicaro, La Segoviana, or Potrerillos concessions.

4.4 ENVIRONMENTAL LIABILITIES

No environmental liabilities were identified in the Environmental Impact Study ("EIS") for the San Albino mine and the environmental permit was issued on September 12, 2017 following the public consultation meeting.

No environmental liabilities were identified in the EIS for the mining of the Las Conchitas deposit. Issuance of the environmental permit is pending.

4.5 ENVIRONMENTAL PERMITTING

In order to conduct exploration activities in Nicaragua such as geophysics, geochemistry, trenching and drilling, an environmental permit is required from the Ministry of Natural Resources and Environment ("MARENA"). The permits require submittal of a plan of work report and EIS. The permit does specify an expiration date and exploration activities must commence within 18 months from the date of issue or the permit is invalidated.

In addition, MARENA, requires the Company to submit semi-annual and annual environmental status reports and MARENA conducts site inspections several times a year to ensure the Company is in compliance. Once the established limits of drillholes and trenches are reached, the Company can apply for a new permit.

San Albino - Murra Concession

Nicoz Resources, S.A. submitted a plan of work report and an EIS to MARENA, and was permitted to conduct exploration work including diamond drilling, trenching, soil sampling and geological mapping under Administrative Resolution No. DGCA-P0040-1111-030-2012, (San Albino-Murra Geological Exploration) on September 12, 2012 and a subsequent modification and expansion of permitted activities granted on April 28, 2021.

The environmental permit for the development, construction, and operation of up to a 500 tonnes per day operation at the San Albino gold deposit was issued by MARENA to Nicoz Resources S.A. by Administrative Resolution DGCA/P0030/0615/007/2017. On July 2, 2020 MARENA issued Administrative Resolution DGCA-180620-P0267-1 which amended the environmental permit granted in 2017 to allow for the processing of up to 1,000tpd at the San Albino gold project. The amendment is initially effective for a period of five years and can be renewed indefinitely so long as the Company complies with the conditions set forth by MARENA. All other provisions contained in the environmental permit granted in 2017 remain in force and are fully applicable apart from the increased throughput from 500tpd to 1,000tpd.

Processing of any material sourced from the Las Conchitas deposit can be done at the existing operating San Albino plant under the terms of the current permit. Mining of deposits at Las Conchitas will require approval of a new EIS. On June 28, 2023 MARENA issued to Nicoz a Letter of No Objection MEM-VM-EMC-004-06- 2023 which comprises the environmental permit necessary for bulk sample mining of the Las Conchitas deposit(s) and forms the legal basis under which the Ministry of Energy and Mines and the National Police allow the use of industry standard blasting methods for the bulk mining. Appropriate notice of use of blasting agents was made to both agencies on 16 August 2023. This bulk sampling is ongoing while the EIS for large- scale mining of deposits at Las Conchitas is under review. The Las Conchitas EIS was received by MARENA on 11 July 2023. The Municipality of El Jicaro has authorized Nicoz to temporarily close municipal roads and to create alternate access roads as required for exploitation of deposits at Las Conchitas.

El Jicaro Concession

The El Jicaro Exploration Environmental Permit was issued by MARENA to Gold Belt S.A. by Administrative Resolution DGCA-P0028-0812-023-2013, (Geological Exploration El Jicaro) on December 3, 2013. The El Jicaro environmental permit specifies 331 diamond drillholes or 100,000m and 400 trenches with dimensions of 50m to 70m long, 2m deep and 1m wide.

The El Jicaro Exploration Environmental Permit is valid until May 20, 2026.

La Segoviana

The La Segoviana environmental permit was issued by MARENA to Nicoz Resources S.A. by Administrative Resolution DGCA-270521-P1536/036/2021, (Geological Exploration La Segoviana) on December 17, 2021. The permit is valid for 10 years and is renewable for up to an additional 20 years. The Company is now permitted to drill up to 1,100,000m as follows: 500,000m of diamond drilling; 300,000m of RC drilling; and 300,000m of blast hole drilling. The Company is also permitted to carry out up to 32,500m of trenching.

Potrerillos Concession

The Potrerillos environmental permit was issued by MARENA to Nicoz Resources S.A. by Administrative Resolution DGCA-260221-P1177/-25/2021, (Geological Exploration Potrerillos) on November 15, 2021. Starting from November 15, 2021, the permit is valid for 10 years and is renewable for up to an additional 20 years. The Company is now permitted to drill up to 800,000m as follows: 250,000m of diamond drilling; 250,000m of reverse circulation ("RC") drilling; and 300,000m of blast hole drilling. The Company is also permitted to carry out up to 12,000m of trenching.

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY (ITEM 5)

The information summarized in this section is derived from publicly available sources, as cited. The authors have reviewed this information and believe this summary is materially accurate.

5.1 ACCESS TO PROPERTY

Access to the property from Managua City, the national capital and closest international airport, is via the Pan American Highway (Highway CA-1) 193km to the paved road Highway CA-6, then continuing another 20km north to Ocotal City. From Ocotal City one travels the paved road, Highway NIC-29, 33km east, and then turns onto paved road NN-16 on which one continues for 13km east to the town of Susucayan. At Susucayan NN-16 becomes the paved road NIC-55, which continues another 7km north to the village of El Jicaro. From El Jicaro, a well maintained dirt road leads to the San Albino project. The drive time to the project from Mako's offices in El Jicaro is typically 15 to 20 minutes.

The surface rights as described in Section 4.0 are sufficient for the mining and exploration activities proposed in this report. The authors are not aware of any concerns that would prevent access to the property.

5.2 CLIMATE

The climate in Nicaragua is tropical. Mining and exploration can be conducted year-round. The area experiences dry and rainy seasons. The dry season runs from December to May during which there is virtually no rain. The rainy season begins in late May; it often rains once a day for generally short periods of time. The heaviest rains usually occur in September and October and can bring strong tropical downpours. Temperatures are warm to hot throughout the year and show very little variability (Table 5-1).

Table 5-1 Climate Data for El Jicaro, Nicaragua

(modified from https://en.climate-data.org/, 2020)

5.3 PHYSIOGRAPHY

The San Albino property lies in an area of moderate to steep relief with elevations at the property mainly ranging from 450 to 650 meters above sea level. In the northern portion of the San Albino-Murra concession the elevation reaches up to 1,218m above sea level and the highest elevation within the La Segoviana concession is 1,250m above sea level. Soil cover is usually less than half a meter with saprolite development grading into oxidized rock beneath. The active weathering environment means that rock outcrops are rare in the hilly areas and more common in the drainages. Vegetation ranges from dense tree cover to thick brush and undergrowth. Most of the developed land is devoted to small-scale farming of crops or pasture for cattle.

5.4 LOCAL RESOURCES AND INFRASTRUCTURE

Nicaragua has moderately well-developed infrastructure including a network of roads, communications, airports, and seaports. The area has a long history of small-scale mining and Nicaragua has several active mines elsewhere in the country. A skilled work force is available by ground transport from Managua, about 200km to the south, and other, closer towns within the country. Many of the geologists working at the San Albino project studied geology at the university in Managua.

Electrical power for the San Albino project can be obtained from the national grid system that passes less than one kilometer from the San Albino deposit (Puritch, et al., 2015). Mako's camp and office facilities in El Jicaro are supplied from the grid, however the processing plant relies on its own diesel generators for power. Mako is currently mining the San Albino deposit and thus has trackhoes, bulldozers, haul trucks, and blast hole drills onsite and additional heavy equipment is available to be contracted locally. Water for drilling is readily available from the El Jicaro, Murra, and Susucayon rivers as well as several creeks that flow through the property year-round. Mako has developed tailings storage areas, waste-rock disposal areas, and processing sites within the property for the San Albino deposit and there are adequate locations for developing tailings storage areas, waste-rock disposal areas, and processing sites for the Las Conchitas deposit.

6.0 HISTORY (ITEM 6)

This section is modified from Puritch et al. (2015) and MDA (2020) which drew on the information summarized by Puritch et al. (2013), Kowalchuk (2011), and Price (2009). Dr. Gray has reviewed this information and believes it is a materially accurate summary of the history of the San Albino project.

The early history of the property was summarized by Peale (1948). Gold-quartz vein mineralization was discovered at the San Albino project area (Figure 6-1) around 1790 by Spaniards during placer mining activities on the Rio Cocos. Spaniards initially mined gold at the San Albino deposit from an open pit and subsequently by underground methods. Flooding eventually stopped the early work. From 1885 to 1926 and possibly into the 1930s, the property was worked by several operators. The last significant work was from 1922 to 1926, when Charles Butters, an American metallurgist, built a mill on site and mined approximately 3,000 tons. The operation was seized in 1926 by Augusto Sandino, leader of the Nicaraguan revolution.

Historical mining and production at the El Jicaro concession (Figure 6-1) was centered primarily in the El Golfo area, which was mined for gold by the Spaniards in the 18^th century. Later mining was by underground methods until 1915 when a flood destroyed a wooden dam and part of the mill.

The historical exploration and mining at the San Albino project area, prior to the work of the issuer of this report, is summarized in Table 6-1, from Price (2009), Kowalchuk (2011), Puritch et al. (2013) and sources cited therein.

Figure 6-1 Areas of Historical Exploration, San Albino Project

(from Mako, 2020; grid lines at 5km for scale)

Table 6-1 Historical Exploration and Mining of the San Albino project

6.1 MODERN-ERA EXPLORATION HISTORY

Modern-era exploration began in the late 1990s and was focused on the San Albino and Arras veins, within the San Albino deposit area shown in Figure 6-1. Other significant prospects and workings are shown as well.

6.1.1 1996-1997 WESTERN MINING CORPORATION

Western Mining conducted the first modern exploration from 1996 to 1997 on the Quilali-Murra exploration concession, which included the San Albino-Murra concession. Work included stream-sediment and rock chip sampling over the San Albino-Murra concession area. Soil samples were collected on 500m intervals along trails and footpaths crossing the area. Two vertical core holes were drilled to shallow depths. The details of this drilling are summarized in Section 10.2.1.

6.1.2 1997-2006 RESOURCES AND MINING S.A.

In 1997 through 2006, Resources and Mining S.A. ("REMISA") controlled the property and focused its efforts on the historical San Albino mine. REMISA reopened historical cross-cuts at different levels but could not reach the main drift. An unknown number of shallow core holes were drilled, as discussed further in Section 10.2.2. Additionally, soil samples and rock chip samples were collected.

6.1.3 2003 PILA GOLD LTD.

During the second half of 2003, Pila identified and mapped 350 showings of mineralization, and collected 893 rock samples, 189 soil samples, and 43 silt samples from the San Albino vein and adjacent Murra area. Pila hand-excavated and sampled 24 trenches. Most work was concentrated in the Las Conchitas area and the historical San Albino mine.

6.1.4 2006-2009 CONDOR GOLD PLC.

In 2006 to early 2009, Condor Gold Plc. ("Condor") focused its exploration on the San Albino and Arras vein areas of the property (Figure 6-1). Condor collected 2,398 samples from 75 trenches totaling 2,250m. A total of 694 samples were taken from a total of 584m in 82 road cuts. Condor mapped or inspected 246m of eight adits from which 246 samples were taken. Also, 1,100 rock chip and soil samples were taken. Twenty-two reverse circulation ("RC") drillholes and two RC holes finished with core tails, having a cumulative total of 2,754m, were drilled at the Arras and San Albino veins. The details of this drilling are summarized in Section 10.2.3.

6.1.5 2009-2018 GOLDEN REIGN RESOURCES, LTD.

Golden Reign Resources, Ltd. ("Golden Reign") acquired the San Albino-Murra concession in 2009. In 2018, Golden Reign merged with Marlin Gold Mining Ltd. ("Marlin") to form Mako Mining Corp. The exploration conducted in 2009 through 2018 by Golden Reign (now Mako) is summarized in Section 9.0 together with Mako's exploration in the period 2019 to 2023 to the effective date of this report.

6.2 HISTORICAL MINERAL RESOURCE ESTIMATES

The authors are aware of five historical resource estimates for the San Albino project, which includes the adjacent, historical San Albino and Arras underground workings. These workings were formerly identified as separate mines (the San Albino and Aguja de Arras mines). These estimates are relevant for historical completeness.

6.2.1 1948 PEALE HISTORICAL ESTIMATE, SAN ALBINO AND ARRAS

A historical resource estimate for what were then known as the San Albino and Aguja de Arras mines was reported by Peale (1948) and is shown in Table 6-2 This estimate combined mapping and sampling work at Aguja de Arras by that author, Rogers Peale, along with past work by Charles Janin, who mapped, sampled, and assayed the San Albino and Aguja de Arras underground workings circa 1934, and a 1921 report written by A.W. Newberry for Charles Butters. The current mineral resources for the San Albino project are discussed in Section 14.2.

Table 6-2 Historical 1948 Resource Estimate, San Albino and Aguja de Arras Mines

(modified from Peale, 1948)

The authors have not done sufficient work to classify the historical estimates summarized in Table 6-2 as current mineral resources or mineral reserves, which are relevant only for historical context, and Mako is not treating these historical estimates as current mineral resources or mineral reserves. The classification terminology is presented as described in Price (2009) and these terms do not conform to the Measured, Indicated, and Inferred Mineral Resource classifications as set out in the CIM Definition Standards. The authors are unaware of the key assumptions, parameters, and methods used to prepare the historical estimates.

Accordingly, these estimates should not be relied upon. The current mineral resources for the San Albino project are discussed in Section 14.2. The value of mineralized material in the Peale estimate was calculated based on a gold price in 1948 of $35 per troy ounce. The historical San Albino mine workings were not accessible at the time of Price's visit in 2009.

Janin's original maps (1934) and cross sections are archived at the Huntington Library in San Marino, California. Additional data from Janin's (1934) work at the San Albino mine are held in the Thayer Lindsley Collection at the University of Wyoming. Copies from both libraries were obtained by Mako personnel. The present authors have not assessed these historical records.

6.2.2 2008 ARRAS MINE HISTORICAL RESOURCE ESTIMATE

In 2008, Geosure Geological Consultants of Australia completed a resource estimate for the Arras vein about 0.5km southeast of the historical San Albino underground mine for Condor (Montgomery, 2008) as summarized in Table 6-3. The estimate was apparently based upon sampling from 15 drillholes and an unspecified number of trenches. At the time of the estimate, Condor was in an earn-in agreement with Nicoz Resources S.A., a private Nicaraguan company.

Table 6-3 Geosure 2008 Historical Resource of the Arras Mine

(from Montgomery, 2008)

The authors have not done sufficient work to classify the 2008 historical estimate summarized in Table 6-3 as current mineral resources or mineral reserves, which are relevant only for historical context, and Mako is not treating these historical estimates as current mineral resources or mineral reserves. The key assumptions, parameters, and methods were given in Montgomery (2008). The resources were classified as Inferred by Montgomery (2008) due to several "significant risk" factors including low data density, lack of geologic understanding, and poor data quality. The current mineral resources for the San Albino deposit are discussed in Section 14.2.

6.2.3 SAN ALBINO 2013 HISTORICAL RESOURCE ESTIMATE, P & E CONSULTANTS, INC.

In 2013, P & E Consultants of Toronto, Ontario performed a resource estimate for the San Albino project (Table 6-4) that was presented in the Technical Report of Puritch et al. (2013). The resource estimate included the San Albino, Naranjo, and Arras vein systems, a series of stacked, shallowly west-dipping veins. The estimate was based on data from 154 core holes and 12 trenches, and included 16,798 samples containing gold and silver assays. With some exceptions, according to Puritch et al. (2013), the resource estimate included only vein domains that showed spatial and geologic continuity at or greater than 1.5g Au/t, and domains were generally not permitted to extend beyond 25m of drillhole piercements. Individual blocks in the block model measured 2m (x-direction) by 6m (y-direction), by 2m (z-direction). The estimate was based on a gold price of $1,592/oz and a silver price of $32/oz.

Table 6-4 P & E 2013 San Albino Historical Resource Estimate

The authors have not done sufficient work to classify the historical estimates in Table 6-4 as current mineral resources or mineral reserves. The estimates in Table 6-4 are relevant only for historical context, Mako is not treating these historical estimates as current mineral resources or mineral reserves, and these estimates should not be relied upon. Although Puritch et al. (2013) used the CIM Definition Standards to classify the mineral resources, these historical resources have been superseded by the current mineral resources discussed in Section 14.2.

6.2.4 2015 SAN ALBINO HISTORICAL RESOURCE ESTIMATE, P & E CONSULTANTS, INC.

P & E Consultants provided another resource estimate in 2015 following more drilling and trenching by Golden Reign (now Mako). These are reported in the Technical Report by Puritch et al. (2015) and summarized in Table 6-5. The 2015 estimate included 193 drillholes (177 core holes and 16 RC holes) and 36 trenches, which collectively contained 26,654 gold assays and 25,422 silver assays. A total of 11 mineral domains were used, each of which were, according to Puritch et al. (2015):

"defined by continuously mineralized structures along strike and down dip, and assay intervals equal to or greater than 0.75g AuEq/t for the potential open pit mining area, and 2.0g AuEq/t for the potential underground mining area using an optimized pit shell as a guideline."

Table 6-5 P & E 2015 San Albino Historical Resource Estimate

(1) The Ag:Au ratio used for Oxide Mineralization was 92:1, and 67:1 for Sulfide mineralization

Puritch et al. (2015) used a gold price of $1,404/oz and a silver price of $23.47/oz. The estimate was reported using a cutoff of 0.75g Au/t for open pit resources and 2.0g Au/t for underground resources. Although the Puritch et al. (2015) estimate used the CIM Definition Standards to classify the mineral resources, the authors have not done sufficient work to classify the historical estimates summarized in Table 6-5 as current mineral resources or mineral reserves. The 2015 estimates are relevant only for historical context, Mako is not treating these historical estimates as current mineral resources or mineral reserves, and these estimates should not be relied upon. These historical resources have been superseded by the current mineral resources discussed in Section 14.2.

6.3 HISTORICAL PRODUCTION

The earliest exploitation is considered to have taken place during the Colonial era in the late 1700s, although no records of production are known from that time. More recent, albeit incomplete production records are known from underground mining during 1885 through 1926 under several operators (Peale, 1948). The estimated gold production from the historical San Albino mine, based on these records, is about 18,200 ounces as summarized in Table 6-6. The authors have no information on the production from the historical El Golfo mine in the El Jicaro concession.

Table 6-6 Historical Gold Production, San Albino Underground Mine

(modified from Peale, 1948)

6.4 PRODUCTION BY MAKO, 2021 TO 2023

Mako commissioned the San Albino mill on May 12, 2021 and declared commercial production on July 1, 2021. From May 12, 2021 through September 30, 2023; 84,636 Troy ounces of gold have been produced from the San Albino deposit, from 433,394 tonnes milled at an average grade of 7.34 g Au/t, with average gold recovery of 82.7%.

7.0 GEOLOGIC SETTING AND MINERALIZATION (ITEM 7)

The information presented in this section of the report is derived from multiple sources, as cited, and is based on the compilation presented by MDA (2020) and supplemented by post 2020 geologic studies. The authors have reviewed this information and believe this summary accurately represents the San Albino project geology and mineralization as it is presently understood.

7.1 REGIONAL GEOLOGIC SETTING

Northwestern Nicaragua, which includes the San Albino project area, is partly underlain by arc-related sedimentary rocks. These strata are included into the Chortis Block ("CB"), which includes pre-Cenozoic basement rocks ranging in age from Proterozoic through middle Mesozoic in neighboring Honduras, El Salvador, and Guatemala. The CB includes the only exposed cratonic basement of the Caribbean Plate (Rogers et al., 2007). Regional correlations suggest some CB strata were deposited along the continental margin of the North American plate after its separation with South America (Burianek and Dolnicek, 2011).

The eastern part of the CB in southern Honduras and adjacent northwestern Nicaragua comprises a regionally metamorphosed Jurassic sedimentary sequence that also includes tectonic inliers as old as Paleozoic (Mann, 2007). The eastern CB is separated from older rocks of the central CB in Honduras by the northeast-striking Guayape fault, a major Quaternary sinistral-slip fault. Regional metamorphism in the eastern CB ranges from lower greenschist through amphibolite facies, although the youngest strata commonly lack metamorphic textures. An important and widely distributed unit in the Honduras part of the eastern CB is the Middle Jurassic Agua Fría Formation, which is at least 1.7km thick and consists of metamorphosed marine turbidites, as well as conglomerate and sandstone, and scarce carbonate strata. The Agua Fría was subsequently correlated by Burianek and Dolnicek (2011) with rocks exposed in northwestern Nicaragua, including the San Albino project area. Viland et al. (1996) suggests regional metamorphism and contractional deformation in the Agua Fría Formation predate late Cretaceous overlap strata (Mann, 2007; Rogers et al., 2007).

Rocks of the eastern CB in northern Nicaragua were intruded by Cretaceous granitic rocks including the >800km² Dipilto batholith, which yielded variable isotopic ages of between 83 and 140 Ma (Rogers et al., 2007; Burianek and Dolnicek, 2011). Importantly, the oldest batholith age constrains deformation and regional metamorphism in the intruded wall rocks to between late Jurassic and earliest Cretaceous (Rogers et al., 2007). Cretaceous granitoids of northern Nicaragua range from cordierite-bearing granite to calc-alkaline tonalite and granodiorite with less abundant diorite and gabbro. A contact metamorphic aureole up to a few kilometers wide extends beyond the Dipilto batholith, further obscuring original wall rock textures and making correlation difficult.

Rocks of the CB and Cretaceous plutons are largely buried by thick and laterally extensive arc-related volcanic rocks of Neogene age in northwestern Nicaragua, except for some areas of Nueva Segovia. Neogene volcanic rocks comprise a continuous northwest-trending belt about 80km wide in western Nicaragua that lies about 40km east of the modern volcanic arc. The two arcs are separated by the Nicaraguan Depression, a major arc- parallel valley (McBirney and Williams, 1965). Volcano-sedimentary rocks associated with Neogene volcanism extend over a much broader region of the country. Equivalent volcanic and volcaniclastic rocks unconformably overlie deformed and metamorphosed rocks of the CB about 15km southeast of the San Albino project.

The regional geologic setting of the property is shown in Figure 7-1. The gold deposits of the San Albino project are situated ~three kilometers east of the east-central edge of the exposed Dipilto batholith.

Figure 7-1 Regional Geologic Setting of the San Albino Project

(from Mako, 2020)

7.2 PROPERTY AND PROJECT AREA GEOLOGY

The San Albino property is situated in mountainous terrain along the southeast flank of the Dipilto-Jalapa Mountains, the highest range in Nicaragua. The core of the range consists of granitoids of the Dipilto batholith. On the flanks of the range, west and north of the property, the Dipilto batholith intruded phyllite and carbonaceous schist. These deformed and variably metamorphosed, originally fine-grained basinal strata underlie most of the property and have been assigned to the probably Paleozoic Palacaguina Formation and related units (Sundblad et al., 1991) or, more recently, to the mid-Jurassic Agua Fría Formation and equivalent units (Rogers et al., 2007; Burianek and Dolnicek, 2011; Viland et al., 1996).

Nearly all of the property is underlain by schist and phyllite that Mako geologists assign to the Agua Fría Formation. The phyllite likely is of volcaniclastic derivation (Kowalchuk, 2011). Figure 7-2 shows the geology of the San Albino-Murra concession, which is the portion of the project where the San Albino and Las Conchitas deposits are located.

Figure 7-2 Geologic Map of the San Albino-Murra Concession, San Albino Project

(from Mako, 2020)

Rocks at the project consist of black, occasionally carbonaceous argillite or metapelite (i.e., locally termed "graphitic schist") derived from shale protoliths. We use the term carbonaceous argillite instead of graphitic schist in describing unoxidized host rocks in the San Albino and Las Conchitas area based on preliminary metallurgical testing that indicates most carbon is of lower maturity than graphite (Puritch et al., 2015). Outboard of the historical mine areas and argillite exposures, quartz-muscovite phyllite (i.e., locally termed "gray phyllite") is predominant.

Southeast vergent folds and thrusts have been recognized within the meta-sedimentary rocks of the San Albino property. Regional metamorphism and deformation are thought to predate the Dipilto batholith (Rogers et al., 2007; Burianek and Dolnicek, 2011). The schistose foliation is attributed to shortening that preceded emplacement of the Dipilto batholith.

The earliest structures affecting metamorphic rocks in the immediate San Albino deposit area include: 1) northeast-striking, shallowly to moderately northwest-dipping faults and more broadly distributed shear zones; 2) subparallel open to tight folds, and 3) steeply dipping northeast- and northwest-striking faults These observations were originally reported by Goerse (1996) and were later summarized in Kowalchuk (2011).

The meta-sedimentary rocks at the San Albino deposit are cut by dikes of intermediate composition that strike, in part to the northeast, subparallel to the prevailing foliation in the meta-sedimentary rocks and to the contact with the Dipilto batholith. However, the age and relationships of these dikes to exposed granitic rocks of the Dipilto batholith and to the regional metamorphism and deformation are not known.

7.3 MINERALIZATION

The principal commodity exploited in the historical San Albino and nearby mines was gold, which was extracted from both placer workings and quartz-bearing lodes sporadically since the Spanish Colonial period (Roberts and Irving, 1957). Silver accompanies gold at the San Albino deposit, but its economic significance is relatively low.

Lode gold deposits at the San Albino project are largely hosted in shallow- to moderate-dipping, northeast- striking quartz veins and thin vein margins concordant with the metamorphic fabric developed in carbonaceous schist (English, 2009). The gold-bearing quartz veins dip to the west and appear to be localized in zones that show greater degrees of strain than surrounding argillite, suggesting these dominant veins are shear-parallel veins (or, "shear veins"), although the similarity in footwall and hanging wall rocks suggests modest displacement.

7.3.1 SAN ALBINO DEPOSIT

Mining at the historical San Albino mine occurred on three separate vein systems: Arras, Naranjo, and San Albino. Subsequent exploration drilling and mine development by Mako confirmed that the three gold-bearing vein systems exhibit down dip continuity and comprise a stacked set of subparallel veins, with a regular spacing of about 90m between the veins (Figure 7-3). The shear-hosted quartz veins dip on average about 40° northwest, but dips range from nearly flat to about 60°. Veins pinch-and-swell (i.e., boudinage) in both their dip and strike directions but, commonly, thicker shear-hosted vein intervals and higher-grade gold in workings of the historical San Albino mine appear to be in "flats" flanking antiformal fold hinges or "crests" in the foliation.

Figure 7-3 3D Rendering of the San Albino Deposit Veins

Much thinner veins, commonly with steeper orientations that cut foliation, occur in the footwall and hanging wall of the principal shear-hosted veins. These gold-bearing veins are consistent with extensional veins. Extensional veins or veinlets commonly occur proximal to the shear-hosted veins, and they may also form late brittle quartz-filled fractures within the shear veins themselves. At San Albino, such extensional veins are developed mainly within a 1.0m rind adjacent to the primary shear-hosted veins; the extensional veins cut foliation and thereby exhibit greater degrees of folding.

The principal components of the San Albino deposit are the San Albino, Naranjo, and Arras quartz veins, as well as the smaller El Jobo vein. Quartz veins at the San Albino deposit have distinctive characteristics according to Gray (2019), who distinguished six vein types based on their mineralogy, texture, and geographic location. Observations made during the March 2023 review led to a re-assessment of conclusions reached in 2019 about vein styles and mineralization events. New observations confirm that contrasting textural, mineralogic, and geochemical characteristics are evidence of multiple vein forming events, of which two types at the San Albino deposit are gold mineralized and of significance to the mineral resource (Gray, 2023):

1. Quartz Sulfide ("QS") veins: multi-stage crack-seal veins, gold and silver mineralized, late syn- deformation, weakly deformed, concordant, banded, styolitic. San Albino is archetype and Arras and Naranjo belong to this vein type. These are early stage compact quartz veins described as mottled grey- white, with color variation sometimes defining weak banding; styolitic banding or ribbon vein texture is almost always present (Figure 7-4, Figure 7-5), most commonly at margins; visible gold is common as submillimeter scale blebs in quartz not associated with microfractures or sulfides. If not overprinted by the later Sulfide Veins and Stringers ("SVS") event, the QS veins have relatively low sulfide content, Au:Ag ratio of approximately 1:1, with minor As. In general, the QS veins are milky white but vary based on the degree of deformation observed, sulfide and carbonate contents, degree of banding, and gold contents. In addition to diagnostic milky quartz, the QS veins commonly contain ankerite and/or siderite, possibly albite, and variable amounts of sulfide minerals up to 3% by volume. The sulfide grains are generally paragenetically late and consist of pyrite, arsenopyrite, galena, and sphalerite, which form web- like veinlets and clots as well as more regular bands within milky quartz.

Figure 7-4 San Albino Vein Exposed in West Pit

Figure 7-5 San Albino Vein Drill Core Exposure SA12-46, 73m

2. Sulfide Veins and Stringer ("SVS") comprises later Au-Ag-Pb-(Zn) mineralization. SVS occurs as sulfide bands, stringers, and impregnations in fractured, earlier-stage QS quartz veins (Figure 7-6); as sulfide impregnations in breccia and gouge zones in hanging wall (most often) and footwall (not common) in tectonized vein zones sometimes without appreciable quartz veining; and as sulfide bands or veins; relatively Ag rich, Au:Ag <1. Visible gold may be present as discrete blebs contained in quartz or less commonly in sulfides.

Figure 7-6 SVS Mineralization Overprinting QS Vein, San Albino, Drillhole SA12-48, Assayed 67.7 g Au/t, 96.6 g

Ag/t, 2.8% Pb, 1.8% Zn

The supermajority of defined mineral resources at San Albino project are related to QS veins and SVS mineralization. A small but unquantified contribution of gold to the mineral inventory likely comes from local, discontinuous, discordant veinlets in the immediate margins of the QA and SVS vein zones.

Wallrock hydrothermal alteration associated with gold-bearing veins at San Albino is subtle. In saprolite, removal of carbon from argillite reveals abundant muscovite and minor chlorite (English, 2009) together with pyrite. However, it is unclear to what degree this alteration reflects primary or diagenetic effects, metamorphism, or late hydrothermal fluids. Below the weathered zone, wall rocks immediately adjacent to gold-bearing veins at the San Albino deposit have bleaching interpreted to be sericite alteration typical of many gold-bearing quartz vein-hosted systems in metamorphic rocks.

In summary, the following conclusions are drawn regarding the gold mineralization at the San Albino deposit based upon descriptions of the mineralized material, vein geometries, textures, and ore minerals:

/ Gold-bearing quartz veins were emplaced into shears (i.e., shears defined as brittle-ductile faults associated with metamorphism and contractional deformation);

/ Shears and their enclosed veins have corrugated or anastomosing geometries, and typically veins are pinch-and-swell type, with thicker intervals in "flats";

/ Milky colored, massive-textured veins are characteristic, most of which are concordant with foliation in enclosing metamorphic rocks;

/ "Ribbon quartz" is common and reflects shear-parallel crack-seal replacement processes wherein wallrock is incorporated during vein growth;

/ Visible gold is present; and

/ Gold occurs in association with generally low amounts (up to 3%) of pyrite, arsenopyrite, galena, and sphalerite in quartz veins.

/ Post mineralization compression has caused deformation and imbricate faulting of veins (Figure 7-4).

The mean gold concentration determined in 2020 (4,474 individual samples with >200ppb Au) from Mako's San Albino verified drillholes at the San Albino deposit is 7.16 Au g/t whereas the mean silver is 14.3 Ag g/t, yielding a relatively high Au:Ag ratio of 0.5. Copper in chalcopyrite was reported in the deeper workings of the historical San Albino mine, but no production records for copper are known (Roberts and Irving, 1957). The mean values of other metals from drilling at the San Albino deposit from Mako's drilling database (for Au>200ppb) are 95ppm Cu, 2,296ppm Pb, and 623ppm Zn. From composited drill samples wherein lead concentration was >500ppm, the average contents of metals and semi-metals are: 4,365ppm As, 0.8ppm Hg, 6.6ppm Sb, and 3.1ppm Tl. Gold and silver correlate moderately. Silver also correlates moderately with lead, and zinc correlates poorly with the other metals. These data support mineralogic information from drillhole core logging, surface sampling, and mining at the historical San Albino mine that indicate visible gold, probably as electrum, most commonly occurs in milky quartz veins in spatial association with pyrite, arsenopyrite, galena, and sphalerite. The moderate to poor inter-element correlations further suggest that although gold is spatially correlated with silver, lead, and zinc, the metals were partitioned differently among various ore minerals and therefore were deposited in differing amounts during more than one stage of mineralization.

Metallurgical testing discussed in Section 13.0, found that an average of 36% of gold reported to gravity concentration; with a total recovery from gravity and leach of about 95%. Over 90% of the gold occurs as native gold, or gold electrum, with only trace quantities in other gold minerals. The size of the gold grains averages 12.4 to 30 microns, with more than 50% coarser than 30 microns. Silver occurrences show 60 to 90% containment in the gold particles or gold minerals.

The low- and moderate-angle faults mentioned in Section 7.2 control the distribution of gold-bearing quartz veins. At the San Albino deposit, quartz vein-bearing shear zones up to several meters thick are stacked in subparallel fashion (e.g., San Albino, Naranjo, and Arras). The separation between shears and the enclosed veins averages about 90m. The shear-related veins and their enclosing faults have anastomosing, pinch-and- swell geometries. The continuity between shear zones and metamorphic foliation is consistent with a thrust- fault geometry, although no kinematic indicators are documented. Both quartz vein-bearing shears and early folds possibly were later folded; re-folded folds affecting schistose rocks are commonly overturned or even recumbent with southeast-directed vergence, whereas late folding of shear zones and veins produced discontinuous and broad, east-southeast vergent open folds (English, 2009; Kowalchuk, 2011).

High-angle faults that cut gold-bearing veins were summarized in English (2009) as having normal slip, with strikes that either are subparallel with, or nearly orthogonal to, earlier-formed low- to moderate-angle shear- hosted veins. The northeast-striking set of high-angle faults may also contain quartz veins and these possibly reflect extensional veins between shear strands. In contrast, no additional information exists on the timing and geometries of northwest-striking high-angle faults that are orthogonal to gold-bearing shear-hosted veins; possibly, these originated as tear faults developed by differential strain between thrust segments. Farther north in the Murra sector of the property, quartz-bearing shear zones with similarities to those at the San Albino deposit are flat-lying or have shallow dips to the east or southeast.

7.3.2 LAS CONCHITAS DEPOSIT

Mineralization at the Las Conchitas deposit is related to veins of the same mineralogic and structural style as those described at the San Albino deposit. In drillcore exposures mineralized zones from the two deposits are indistinguishable from each other. Both comprise early compact quartz veins (QS veins, Figure 7-7) and later Au-Ag-Pb-(Zn) mineralization (SVS, Figure 7-8). However, drillcore exposures indicate that many of the mineralized zones at Las Conchitas have undergone the same imbricate faulting observed at San Albino but with a greater thickness and degree of tectonic brecciation and cataclasis.

Grillo (2023) observed that the main gold-bearing structures have well developed hanging wall and footwall zones defined by breccias that correspond to boundaries of the low angle fault zones that controlled vein emplacement, and that felsic and andesitic dikes intrude the schists with two preferred orientations, northwest to southeast and east-northeast to west-southwest. The dikes are unmineralized and unfoliated thus appear to be relatively late features unrelated to mineralization.

Figure 7-7 QS Vein, Bayacun, Drillhole LC20-307, Assayed 13.5 g Au/t and 0.8 g Ag/t

Figure 7-8 SVS Mineralization Overprinted on QS Vein, Mina Francisco, Drillhole LC22-549, Assayed 8.7 g Au/t

and 49.2 g Ag/t

Modeling of mineralized veins at Las Conchitas has identified 15 principal veins as shown in Figure 7-9. Similar to the San Albino deposit, the Las Conchitas deposit veins are semi-parallel to each other and create a geometry of stacked veins with general strike northeast-southwest and dipping gently to the northwest.

Figure 7-9 3D Rendering of the Las Conchitas Deposit Veins

8.0 DEPOSIT TYPES (ITEM 8)

The information presented in this section of the report is derived from multiple sources, as cited, and is based on the compilation presented by MDA (2020) and supplemented by post 2020 geologic studies. The authors have reviewed this information and believe this summary accurately represents the San Albino project geology and mineralization as it is presently understood.

The mineralization in the San Albino project area is best interpreted in the context of an "orogenic gold" deposit model (e.g., Goldfarb and Groves, 2015) based on the association of gold mineralization with metamorphic host rocks, and the textures and mineralogy of the San Albino and Las Conchitas veins, the wallrock alteration, and the "gold-only" character of mineralization. Orogenic gold deposits are fundamentally linked with orogenesis, or collisional plate tectonic settings. Unlike many other base- and precious-metal deposit types that formed in the shallow crust, orogenic gold deposits have formed over great intervals of depth. As such, orogenic gold deposits vary widely in characteristics that reflect variable formation depth and therefore, variable degree of metamorphism (Figure 8-1).

Figure 8-1 Diagrammatic Orogenic Gold Deposit Model

(modified from Goldfarb and Groves, 2015; Groves, et al., 1998)

Orogenic gold deposits, although diverse in several respects because of their varied age and broad formation depth, share many characteristics that are used to define the class (e.g., Goldfarb and Groves, 2015; Bierlein et al., 2009; Goldfarb et al., 2005), which include: 1) an association with orogens, or collisional tectonic settings, 2) metamorphic host rocks, and typically rocks that have undergone greenschist- to lower amphibolite facies metamorphism, 3) deep-penetrating faults that transitioned between brittle and ductile conditions, 4) CO2-rich fluids thought to derive from prograde metamorphic processes, including dehydration and decarbonation reactions, 5) a gold-only character and worldwide association with placer camps. Textural and mineralogic features of orogenic veins include milky, coarse-grained quartz, common "ribbon" quartz reflecting vein growth through crack-seal mechanisms, replacement processes, quartz-sericite-carbonate wall rock alteration, and an association with small quantities of base metal sulfides, including galena and sphalerite.

The veins at the San Albino project share most of the important characteristics of orogenic gold deposits. The gold-bearing veins are not only hosted in lower greenschist-facies metamorphic rocks, but their geometries indicate that veins formed during contractional deformation. Other features that are distinctive of orogenic deposits present at the San Albino project include ribbon-textured shear-hosted veins containing milky quartz, visible gold, relatively high Au:Ag ratios (i.e., "gold-only"), low percentages of base metal sulfides including galena and sphalerite, and the presence of placer gold. Other features of orogenic deposits have yet to be confirmed including the presence of iron-rich carbonate (siderite or ankerite) and quartz-sericite alteration. The lack of recognized alteration assemblages may reflect the relatively low degree of metamorphism, which has retained a significant amount of organic carbon from the protoliths. The low degree of metamorphism (i.e., argillite host) and greater control by thrust faults at San Albino, rather than large-scale, steep-dipping shear zones, is similar to orogenic gold deposits that formed in higher levels of orogens. Examples of geologically analogous high level orogenic gold deposits include Juneau, Alaska; Muruntau, Uzbekistan; and Paracatu, Brazil.

Monecke et al. (2022) conducted petrographic and fluid inclusion studies of mineralized veins from the San Albino and Las Conchitas deposits and surrounding vein exposures to determine conditions of formation. They interpreted that the results of reconnaissance microthermometry were consistent with sublithostatic conditions prevailing, beginning at ~285°C at ~10 km (1 kbar), after the bulk of the quartz formed at higher temperatures under ductile conditions, and that sphalerite and galena deposition was established later by ~235°C fluids. Monecke et al. concluded that the petrographic features found in the San Albino mine exposures and prospective areas are exactly like those recently published for other orogenic Au deposits worldwide including Samot in Egypt, Huangjindong in China; Grass Valley in California, USA; and Garrcon in the Abitibi greenstone belt, Canada.

9.0 EXPLORATION (ITEM 9)

This section summarizes the exploration work carried out by Mako, including that by Golden Reign prior to their name change to Mako. Drilling conducted by Mako is described in Section 10.3 and was ongoing as of the effective date of this report. The authors have drawn on information presented in prior reports by Puritch, et al. (2015), Puritch, et al. (2013) and Kowalchuck (2011), with confirmation and additional detail provided by Mako. The authors believe this information is materially accurate as summarized in this report.

9.1 SAN ALBINO-MURRA CONCESSION

Exploration work began on the San Albino-Murra concession in 2009 and is ongoing as of the date of this report, primarily focused at and around the San Albino deposit. In 2019, Mako conducted an induced potential and resistivity ("IP/Res") survey at the San Albino deposit. The IP/Res survey was carried out by Investigaciones Geologicas y Geofisicas S.A. ("I GEOS") of Managua using an ABEM Terrameter LS (Lund System). Approximately 15.2 line-kilometers were surveyed on lines oriented NE-SW and spaced 10m apart. The objective of the survey was to determine whether IP and/or resistivity could be used to define: 1) historical dumps and workings, 2) mineralized veins and 3) faults and fractured rock. Results of the survey were mixed, there is not a clear IP and/or resistivity response for the mineralized veins; historical dumps and workings had a marginal response, while faults and fractured rock had a clear response.

9.1.1 SAN ALBINO-MURRA CONCESSION MAPPING AND SURFACE SAMPLING

Since 2009, Mako has completed mapping covering the entire concession at 1:20,000 scale and has collected surface samples in the concession. This total number of samples includes 8,194 surface samples (grab, float, channel and underground), 6,278 soil samples covering an area of around 23km², and 17,212 channel samples from exploration pits and trenches, nearly evenly split between the San Albino and Las Conchitas deposit areas. The results of the surface rock chip sampling are shown in Figure 9-1 and rendered immaterial in the area of the resources since so many trench and channel samples were taken. The channel sample results are, in some cases, used in the estimation of resources at the San Albino and Las Conchitas deposits.

Figure 9-1 Exploration Surface Samples in ppm Au

Numerous surface exposures of veins at the San Albino and Las Conchitas deposits have been developed by trenching, which makes channel sampling a useful exploration and delineation technique. Mako has completed channel sampling of 761 trenches and exploration pits as summarized in Table 9-1; see Section 10.0 for the locations of the channel samples which are shown, together with drillhole collars, in Figure 10-1 and Figure 10-3. Channel samples generally ranged from 0.5 to 3m in length and averaged 1.5m.

Table 9-1 Channel Sampling at the San Albino and Las Conchitas Deposits

Channel samples collected by Mako from trenches and exploration pits were collected carefully and are well documented. The authors believe the channel samples are representative and of generally adequate quality to use for resource modeling, subject to those exclusions discussed in Section 12.2 and Section 14.0. The relevant results are summarized in Section 14.2.8 and 14.2.9. Channel sampling procedures are discussed in Section 11.1.1.

9.1.2 SAN ALBINO-MURRA CONCESSION UNDERGROUND SAMPLING

Mako has had limited access to the historical San Albino mine workings via four adits on the 150, 200, 300 and 400 levels. All of the tunnels had collapsed blocking access to the veins and mineralization. Mako conducted a small amount of channel sampling outside the mineralized zones. Existing and recorded historical underground sampling was more useful, although these historical data are not in the resource database and were not used in estimation. At the Arras tunnel 3, Mako collected 31 samples over a 10m to 15m strike length.

9.1.3 SAN ALBINO-MURRA CONCESSION, SAN ALBINO AND LAS CONCHITAS AREA DRILLING

Mako commenced core drilling in the San Albino area in 2010 and in the Las Conchitas area in 2011. Drilling is summarized in Section 10.3 of this report.

9.2 EL JICARO CONCESSION

The El Jicaro concession was acquired by Mako in early 2012. Initial work by Mako consisted of mapping and sampling. Multiple areas with exposed gold mineralized veins and vein float were identified. An auger soil sampling program was conducted over an area of 15.17km² (covering approximately half of concession) and 3,414 soil samples were collected in total. In late 2015, a trenching program was conducted at the historical El Golfo mine area. A total of seven trenches totaling 134m in length, and seven exploration pits across 50m, were excavated by hand, from which a total of 292 samples were collected and assayed. Three diamond core drillholes were completed in 2022, totaling 410.1m as discussed in Section 10.4 of this report.

9.3 POTRERILLOS CONCESSION

The Potrerillos concession was acquired in 2019. Preliminary geological mapping, sampling and prospect evaluation has been conducted. A graphical summary of assay results and locations of gold mineralized rock chip and float samples are shown in Figure 9-1. Seven diamond core drillholes were completed in 2022, totaling 1,098.7m as discussed in Section 10.5 of this report.

9.4 LA SEGOVIANA CONCESSION

The La Segoviana concession was acquired in 2020. Prospect evaluation and limited surface sampling began in 2023 (Figure 9-1). Mapping and sampling of seven trenches and pits has been completed, including collection of 386 samples for assay. Diamond core drilling of the concession commenced in 2023 and results are summarized in Section 10.6 of this report.

10.0 DRILLING (ITEM 10)

This section summarizes the drilling conducted at the San Albino deposit and the Las Conchitas deposit and nearby prospects. The information presented in this section of the report is derived from multiple sources, as cited.

The descriptions of drilling in this section include information from Ristorcelli et al. (2020), which report focused on the San Albino deposit. Drilling at San Albino and Las Conchitas was managed by the same geological team working at the same facility, and Mako advises that field operations and core handling procedures were the same for the two deposits at any given time.

No drilling was in progress at the time of the site inspection by Messrs. Ristorcelli and Gray in 2023. However, Mr. Ristorcelli had previously reviewed drilling procedures for the San Albino deposit (Ristorcelli et. al.,, 2020). Numerous discussions during the 2023 inspection did not reveal anything to indicate that operations and procedures at Las Conchitas diverged from those at San Albino observed in 2020.

10.1 SUMMARY

A total of 193,349m have been drilled in 2,201 diamond core and RC holes since 1996 in the San Albino and Las Conchitas deposits and nearby prospects. as summarized in Table 10-1. More details are provided in sections that follow.

 Table 10-1 Summary of San Albino, Las Conchitas and Related Area Drilling

The RC drilling listed for Las Conchitas was done in 2023 and was not used in the estimation of the resources described in section 14.3.

10.2 HISTORICAL DRILLING

The first part of Section 6.0 sets out a summary of what is known about drilling in the project area prior to Golden Reign acquiring the project in 2009. The databases used for the resource estimates described in this report do not contain any information derived from the drilling done prior to 2010.

10.2.1 HISTORICAL DRILLING BY WESTERN MINING CORPORATION

Western Mining attempted to drill two core holes using a JKS Boyles Winkie drill rig. However, that small drill rig was under-powered for the drilling conditions encountered. The first core hole only reached a depth of 29m and the second only reached 23m. No additional drilling was attempted (Kowalchuk, 2011).

10.2.2 HISTORICAL DRILLING BY RESOURCES AND MINING S.A.

Both English (2009) and Kowalchuk (2011) report REMISA (also known as "EMSA") drilled an unknown number of shallow core holes. The drill rig was reported to be under-powered and unable to reach target depths.

10.2.3 HISTORICAL DRILLING BY CONDOR GOLD PLC.

Condor drilled a total of 24 RC holes, of which two were finished with core tails (English, 2009). The San Albino vein was tested by three holes totaling 283m. In the Arras area, 21 RC holes were drilled with two having core tails for a total of 2,471m of drilling. Condor's drilling was conducted using a UDR650 drill. The authors are unaware of the drilling contractor or further information on the methods and procedures used.

10.3 MAKO MINING CORP. DRILLING - SAN ALBINO AND LAS CONCHITAS DEPOSIT AREAS

Disclosing resource estimates for the San Albino and Las Conchitas deposits is the primary purpose of this report, so drilling at these two deposits is of greater importance than the drilling at other prospects. Tabulations of intercepts and graphical cross sections are not included in Section 10.6 as these are superseded by resource tabulations and cross sections in Section 14.0

10.3.1 SAN ALBINO

Mako (then Golden Reign) began drilling at San Albino in 2010 and since then until the end of 2022 a total of 109,238m have been drilled in 1,432 core and RC holes in the San Albino deposit area (Table 10-2). The locations of the drillholes in relation to property boundaries are illustrated on Figure 4-2.

From 2010 through 2013, 226 core holes were drilled totaling 41,164m. All drilling utilized HQ size core. Drilling in 2010 was completed by R&R Drilling of Honduras using a Longyear Super 38 man-portable drill. In the years 2011 through 2013, drilling was performed by Canchi Perforaciones de Nicaragua, S.A. using a JS 1500 self-propelled drill.

No drilling was conducted in 2014 or 2015. Drilling resumed in 2016 with 266 holes totaling 6,560m. This included 75 core holes totaling 3,320m; 56 of these holes were drilled for metallurgical samples. Exploration holes were drilled with HQ size core and metallurgy holes were drilled with PQ size core. Exploration and metallurgical core drilling were performed by Canchi Perforaciones de Nicaragua, S.A. using a JS 1500 self- propelled drill. RC methods were used to drill 191 holes for 3,240m. The RC drilling was conducted by Continental Drilling S.A. of Nicaragua using a MPD 1000 track-mounted RC drill using a five-inch tricone bit or face-discharge hammer.

No drilling was done in 2017 or 2018.

Drilling resumed in 2019 and continued through 2022. Drilling during 2019-2022 was conducted by three drilling contractors:

/ Continental Drilling S.A. using a Boart Longyear LF90 drill , a Sandvick DE 710 or two-man portable drill rigs, all drilling HQ size core;

/ Rodio Swissboring, S.A., using a Christensen CS 1000 with HQ size core (only a small contract and only at San Albino); and

/ Kluane Nicaragua, S.A., using a KD600 man-portable drill with HTW size core.

During 2019-2022, 931 core holes comprising 60,549m were drilled at San Albino. In 2022 nine RC holes were drilled comprising 965m. However, the nine RC holes, while included in the San Albino database, are spatially separated from the resource by more than 100m, do not influence the modeling of the resource and do not contribute to the gold or silver estimates of the resource.

Table 10-2 summarizes drilling at San Albino by year, exclusive of blast holes. Figure 10-1 shows the locations of drillholes and of channel (trench) samples.

Table 10-2 Exploration Drilling at San Albino by Year

Figure 10-1 Map of San Albino Project Drillholes and Channel Samples

Note: property lines are outside the coverage of this map; the relationships of drillhole locations and resources to property boundaries are given in Figure 4-2 and Figure 4-3.

10.3.1.1 SAN ALBINO NORTE

In 2022 Mako drilled 8 diamond drillholes, SA22-588 to SA22-595, totaling 1,452.9m at the San Albino Norte prospect in the San Albino-Murra concession (Figure 10-2). Drillhole SA22-588 intersected a 0.5m interval from 213.5 to 214.0m that assayed 8.92g Au/t and 38.4g Ag/t, and a 0.5m interval from 215.0 to 215.5m that assayed 1.12g Au/t and 0.4g Ag/t. True width of these intercepts is unknown. The remaining six drillholes failed to intersect gold mineralization greater than 1g Au/t. These eight drillholes are in the database used for estimating the San Albino resources presented in this report and are included in the drillhole count in Table 10-2, but they were testing exploration targets outside of the San Albino and Las Conchitas resource areas and they are not used in estimation of the resources.

Figure 10-2 Map of San Albino-Murra Exploration Drillholes

10.3.2 LAS CONCHITAS AREA

Diamond core drilling commenced in the Las Conchitas area in 2011. As of the effective date of the Las Conchitas database (July 11, 2023), 78,640m have been drilled in 718 core holes, as indicated in Table 10-3. Figure 10-3 shows the locations of the Las Conchitas area drillholes and channel (trench) samples. In addition, 109 RC drill holes were completed in 2023 for a total of 4,074m, which were neither audited nor used in modeling or estimation.

Drilling at the Las Conchitas area occurred in tandem with the drilling at the San Albino deposit and thus the contractors, rigs, and core sizes were the same as those used in the same years at San Albino, discussed in Section 10.3.

Approximately 50% of all the drilling at Las Conchitas was completed in 2022 by Continental and Kluane.

Table 10-3 Exploration Drilling at Las Conchitas by Year

*The RC holes drilled in 2023 are listed here, for the record, but they were not used in the resource estimate described in Section 14.3. They were used to check that the model reasonably predicted grades.

Figure 10-3 Map of Las Conchitas Project Drillholes and Channel Samples

Table 10-4 Summary of All Drilling at San Albino and Las Conchitas

10.4 MAKO MINING CORP. DRILLING - EL JICARO CONCESSION

In 2022 Mako drilled four diamond drillholes totaling 495.5m at the Tivo prospect in the El Jicaro concession (Figure 10-4). Drillholes EJ22-01 and EJ22-02 each intersected a weakly gold anomalous (<1g Au/t) breccia and vein zone over downhole widths of 1.0 and 0.5m respectively, with true width undetermined. Drillhole EJ22-03 did not hit any reportable gold mineralization above 0.1g Au/t. Drillhole LC22-499 was collared in the San Albino-Murra concession on the boundary of the El Jicaro concession, north of the Tivo prospect, but was angle drilled into the El Jicaro concession testing the Tivo prospect, and intersected a 1.0m mineralized interval from 13.40 to 14.40m that assayed 2.04g Au/t and 1.7g Ag/t and a 0.5m interval from 15.0 to 15.5m that assayed 3.52g Au/t and 3.1g Ag/t. True widths are unknown. All four of these drillholes were testing exploration targets outside of the San Albino and Las Conchitas areas and they are not used in estimation of resources presented in this report.

Figure 10-4 Map of El Jicaro Drillholes

10.5 MAKO MINING CORP. DRILLING - POTRERILLOS CONCESSION

In 2022 Mako drilled seven diamond drillholes totaling 1,098.7m at the Piedras Negras prospect in the Potrerillos concession (Figure 10-2). Drillhole PO22-05 intersected 13.5g Au/t and 7.3g Ag/t over a 1.20m interval from 42.30 to 43.50m, with estimated true width of 1.1m. The other drillholes intersected weakly gold anomalous (<1g Au/t) breccia and vein zones over widths of 0.7 to 1.5m. True thicknesses are unknown. These seven drillholes were testing exploration targets outside of the San Albino and Las Conchitas areas and they are not used in estimation of resources presented in this report.

10.6 MAKO MINING CORP. DRILLING - LA SEGOVIANA CONCESSION

In 2023 Mako drilled 15 diamond drillholes totaling 1,154.9m at the La Reforma, La Reforma West, San Luis and Minas America prospects in the La Segoviana concession (Figure 10-5). Assay results of vein intercepts calculated using a 1g Au/t cutoff are summarized in Table 10-5. These 15 drillholes were testing exploration targets outside of the San Albino and Las Conchitas areas and they are not used in estimation of resources presented in this report.

Figure 10-5 Map of La Segoviana Drillholes

Table 10-5 Significant Assay Results La Segoviana Drillholes