Mako Gold : Second Drill Rig Commences at Napie

ASX ANNOUNCEMENT

14 DECEMBER 2021 ASX:MKG

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SECOND DRILL RIG COMMENCES AT NAPIÉ

HIGHLIGHTS

• Second drill dedicated to diamond drilling (DD) deeper targets at Tchaga Prospect
• First drill continues reverse circulation (RC) drilling on Gogbala Prospect
• Multiple drill rigs to accelerate exploration towards a maiden JORC Mineral Resource Estimate (MRE) planned for H1-CY22
• Assays results from ongoing RC and DD from Tchaga and Gogbala expected prior to Christmas with additional results expected in January 2022

Mako's Managing Director, Peter Ledwidge commented:

"We are very pleased to be accelerating the drill programs on the Tchaga and Gogbala prospects at the Napié Project as we move towards our maiden Mineral Resource Estimate scheduled for the first half of calendar year 2022. Having two rigs on the ground will also allow us to test regional targets with the aim of discovering new zones along the 30km Napié fault for future additional resource definition. We anticipate some drill results prior to Christmas with more to come in the new year."

Mako Gold Limited ("Mako" or "the Company"; ASX:MKG) is pleased to advise that the second drill rig has commenced drilling on the Tchaga Prospect while the other rig continues to drill on the Gogbala Prospect at the Company's flagship Napié Project in Côte d'Ivoire. Tchaga and Gogbala are located on a +23km soil geochemical anomaly and coincident 30km-long Napié Fault (Figure 1).

Mako Gold Ltd

ABN: 84 606 241 829 ASX: MKG
Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000	1
T 61 417 197 842 [e-mail]

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Figure 1: Napié Project showing 4 prospects to be drilled situated along a 30km-long shear and coincident

geochemical anomalies

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TCHAGA DRILLING

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The second rig is a diamond drill and will be used for deeper holes which cannot be drilled with RC. Multiple RC pre-collars have already been drilled in anticipation of reaching the deeper targets with the DD rig. All drilling planned at Tchaga is extensional drilling and not infill drilling which means that any significant mineralisation intersected should add potential ounces to the upcoming maiden MRE.

The areas of focus for extensional drilling are outlined with blue arrows on Figure 2. Drilling is targeting mineralised zone extensions to the SW and at depth, as well as new zones south of the seasonal watercourse.

Select significant results from previous drilling at Tchaga include1:

1. 10m at 18.98g/t Au from 7m in NARC486 o 41m at 4.51g/t Au from 17m in NARC216 o 32m at 7.1g/t Au from 13m in NARC184 o 13m at 20.82g/t Au from 32m in NARC145 o 9m at 22.73g/t Au from 36m in NARC184 o 36m at 3.09g/t Au from 43m in NARC107 o 28m at 4.86g/t Au from 83m in NARC057 o 26m at 4.34g/t au from surface in NARC214 o 25m at 3.43g/t Au from 53m in NARC017 o 14m at 5.46g/t Au from surface in NARC124 o 18m at 3.25g/t Au from 39m in NARC080 o 23m at 2.46g/t Au from 15m in NARC084
   o 17m at 3.06g/t Au from 129m in NARC404DD o 7.7m at 11.65g/t Au from 169m in NARC058DD o 2m at 24.06g/t Au from 112m in NARC542
   o 4m at 8.24g/t Au from 70m in NARC130

1 Refer to ASX announcements dated 9 July 2018, 13 March 2019, 3 December 2019, 5 March 2020, 15 July 2020, 11 August 2020, 17 November 2020, 15 March 2021, 28 April 2021, 26 May 2021, 4 June 2021, 17 August 2021, and 13 October 2021

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Figure 2: Tchaga - Select gold intercepts on IP geophysics - Drilling to extend mineralised zones (pink) to the SW into undrilled portion of soil anomaly (yellow) and extend mineralisation south of the seasonal watercourse

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Figure 3: Second rig (DD) drilling at Tchaga

GOGBALA DRILLING

Drilling is ongoing at Gogbala with priority drilling targeting large untested zones along strike of recent and previous shallow, wide and high-grade intercepts south of the section which returned 35m at 1.72g/t Au and 20m at 1.92g/t Au, outlined in a white rectangle on Figure 4, as previously announced1. No drilling has been completed south of this section on the western splay of the 30km-long Napié fault. Indications that mineralisation continues to the south include a portion of the permit-scale +40ppb soil anomaly shown in yellow, as well as an Induced Polarisation (IP) geophysical chargeability high anomaly shaded purple on Figure 4. These coincident anomalies validate and further prioritise this target.

1 Refer to ASX announcement dated 30 November 2021

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