Mako Gold : 2km Gold Anomaly at Korhogo, Maiden RC Drill Program

ASX ANNOUNCEMENT

2 MAY 2022

ASX:MKG

For personal use only

MAKO IDENTIFIES 2KM GOLD ANOMALY AT KORHOGO, MAIDEN RC DRILL PROGRAM IMMINENT

HIGHLIGHTS  Auger drill results confirm 2km-long +20ppb gold anomaly & multiple high-priority targets at Korhogo  2,000m maiden reverse circulation (RC) drill program to commence imminently  Further exploration including RC drilling planned on additional targets  The 100% Mako owned Korhogo Project has no previously recorded drilling and covers 296km2 of prospective tenure located within 15-30 km of Barrick's 4.9Moz Tongon Gold Mine  Mako's core focus remains its flagship Napié Project where a maiden Mineral Resource Estimate (MRE) is on-track for June 2022

Mako's Managing Director, Peter Ledwidge commented:

"We are pleased that the recently completed 11,000m auger drilling program has returned large gold anomalies which pave the way for the imminent start of a maiden RC drilling program at Korhogo. The first target to be drilled is a 2km-long +20ppb gold auger anomaly with high grade cores over 60ppb Au, coincident with the faulted greenstone/ granite contact. We are highly encouraged by these coincident anomalies as this validates our motivation for acquiring these permits and increases the chance of the Company making another significant gold discovery".

Mako Gold Limited ("Mako" or "the Company"; ASX:MKG) is pleased to advise that it has received the results of the 11,000m auger drilling program on the Ouangolodougou and Korhogo Nord permits which constitute the Korhogo Project1. The permits collectively cover 296km2 hosting 17km of faulted greenstone granite contact as shown inFigure 1.Both permits are 100% owned by Mako and are readily accessible from the Mako Field Office.

Korhogo is located in a fertile greenstone belt that hosts Barrick Gold's 4.9Moz Tongon gold mine and Montage Gold's 4.5Moz Kone gold deposit, both in Côte d'Ivoire, as well as Endeavour's 2.7Moz Wahgnion gold mine just across the border in Burkina Faso (Figure 5).

1 Refer to ASX announcement dated 7 February 2022

Mako Gold Ltd ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000 T [phone] [e-mail] Wmakogold.com.au

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For personal use only

Figure 1: Location of Mako Gold projects including the Korhogo Project where a maiden RC drilling program will commence shortly

A maiden 2,000m RC drill program is planned on one of the first of several anomalies outlined by the 11,000m auger program(Figure 2). The auger gold anomalies are coincident with the soil anomalies and geophysical structural anomalies identified through Mako's previous field work.

Four fences of heel to toe RC holes will be drilled (where the bottom of one hole when projected to surface is the collar of the next hole), covering approximately 900m of the highest auger anomalies(Figure 3).

Ongoing exploration at the Korhogo Project will consist of further RC drilling on other high priority targets, as well as additional auger drilling along the structural trends in order to extend current anomalies or discover new anomalies which would then be tested with RC drilling.

Mako Gold Ltd ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000 T [phone] [e-mail] Wmakogold.com.au

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Figure 2: Auger gold anomalies which are coincident with faulted volcaniclastic/ granite contacts - Note the proximity and size of Barrick's 4.9Moz gold mine compared to the size of Mako's auger anomalies

It is interesting to note the size of the footprint of the nearby 4.9Moz Tongon gold mine operated by Barrick, compared to the size of auger and structural anomalies on the Ouangolodougou and Korhogo Nord permits(Figure 2). This bolsters the Company's confidence that the Korhogo permits could host large gold deposits.

Mako Gold Ltd ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000 T [phone] [e-mail] Wmakogold.com.au

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Figure 3: Enlargement from Figure 2 - 2km-long +20ppb Au anomaly with high-grade cores over 60ppb Au

- Black lines are planned RC drill fences over high auger anomalies - Drilling to commence shortly

Mako management recently travelled to the Korhogo Project in Côte d'Ivoire. Evidence of strong shearing was observed in outcrop proximal to the faulted greenstone/ granite contact (Figure 4). This demonstrates strong tectonic movement, supporting the theory of nearby faulting at the greenstone/ granite contact. Faulting at the contact could be a major pathway for gold bearing fluids and increases the odds of making a gold discovery along the faulted contact.

Mako Gold Ltd ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000 T [phone] [e-mail] Wmakogold.com.au

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For personal use only

Figure 4: Mako Chief Geologist, Boukare Guigma, and Managing Director, Peter Ledwidge at outcrop of strongly sheared pyroclastic andesite (volcanic rocks with bombs or fragments aligned parallel to shearing direction) on Ouangolodougou permit, supporting the theory of nearby faulting, which is good ground preparation for gold deposition.

This announcement has been approved by the Board of Mako Gold.

For further information please contact:

Peter Ledwidge Managing Director Ph: [phone]

Email:[e-mail]

Paul Marshall Company Secretary/CFO Ph: [phone]

Email:[e-mail]

Mako Gold Ltd ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000 T [phone] [e-mail] Wmakogold.com.au

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