Mako Gold : Second Drill Secured to Fast Track Napie Development

ASX ANNOUNCEMENT

30 NOVEMBER 2021 ASX:MKG

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SECOND DRILL SECURED TO FAST TRACK NAPIÉ

RESOURCE DEVELOPMENT & REGIONAL EXPLORATION

HIGHLIGHTS

• Drilling has resumed at the Gogbala prospect on high-priority targets to follow up on recent results which include 20m at 3.41g/t Au, 35m at 1.72g/t Au and 20m at 1.92g/t Au1
• Second drill rig being mobilised for diamond drilling (DD) on Tchaga Prospect
• Gogbala drill program to accelerate exploration towards a maiden JORC Mineral Resource Estimate (MRE)
• Tchaga extensional drilling (not infill drilling) to expand mineralised zones to add potential ounces for the upcoming maiden JORC MRE
• Maiden Mineral Resource Estimate planned for H1-CY22
• Drilling will also target high-priority regional exploration targets with the aim of identifying new areas for resource drilling post maiden MRE
• Assay results from Tchaga extensional drilling remain outstanding due to slight delays being experienced at the lab

Mako's Managing Director, Peter Ledwidge commented:

"We are very pleased to have secured a second drill rig for the Napié Project. The second rig will accelerate exploration as we move towards our maiden Mineral Resource Estimate scheduled for the first half of calendar year 2022. Having two drill rigs will allow Mako to focus on drilling the Gogbala Prospect while also completing the extensional diamond drilling (DD) on the Tchaga Prospect. The second rig will also add optionality to test regional targets with the aim of discovering new zones along the 30km Napié fault for future additional resource definition."

Mako Gold Limited ("Mako" or "the Company"; ASX:MKG) is pleased to advise that it has secured a second drill rig to accelerate exploration programs on the Tchaga and Gogbala prospects 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).

1 Refer to ASX announcements dated 6 October 20221 and 13 October 2021

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

GOGBALA DRILLING OBJECTIVES

The object of the drill program at Gogbala is to target large undrilled zones along strike of recent and previous shallow, wide and high-grade intercepts. The immediate focus is to drill south of the section which returned 35m at 1.72g/t Au and 20m at 1.92g/t Au. This high-priority target is outlined in a white rectangle on Figures 2 and 3. 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 shown in purple on Figure 3. These coincident anomalies validate and further prioritise this target.

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Figure 2: Gogbala Prospect - White rectangle is a high-priority drill target enlarged in Figure 4

Select significant results from previous drilling at Gogbala1 include:

1. 20m at 3.41g/t Au from 19m in NARC531 o 12m at 5.39g/t Au from 11m in NARC035

1 Refer to ASX announcements dated 9 July 2018, 13 March 2019, 15 March 2021, 9 September 2021, 6 October 2021, and 13 October 2021

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1. 7m at 6.70g/t Au from 6m in NARC518 o 35m at 1.72g/t Au from 43m in NARC553 o 23m at 1.81g/t Au from 19m in NARC535 o 20m at 1.92g/Au from 33m in NARC552 o 8m at 4.29g/t Au from 82m in NARC532
   o 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in NARC066 o 6m at 4.97g/t Au from 68m in NARC317
   o 8m at 2.87g/t Au from 49m in NARC524 o 9m at 2.52g/t Au from 55m in NARC534 o 3m at 6.40g/t Au from 58m in NARC313

Figure 3: High priority target to follow-up on recent results along the western splay of the 30km-long Napié Fault - Note the +40ppb soil anomaly (yellow) and IP chargeability high (purple) within the target

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TCHAGA DRILLING OBJECTIVES

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A second drill rig is currently being mobilised to Tchaga to continue diamond drilling (DD) which has been ongoing since the end of the wet season. It is noteworthy that all drilling planned at Tchaga is extensional drilling and not infill drilling. This means that any significant mineralisation intersected should add potential ounces to the upcoming maiden Mineral Resource Estimate.

The areas of focus for extensional drilling are outlined with blue arrows on Figure 4. Drilling is targeting mineralised zone extensions to the SW and at depth, as well as new zones south of the seasonal watercourse.

Figure 4: 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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