QUARTERLY ACTIVITIES REPORT

Mako Gold Limited (“Mako” or “theCompany”; ASX:MKG) is pleased to present its Quarterly Activities Report for the period ending 31 December 2021. Activities are reported for exploration at the Company’s flagship Napié Project (“Napié”) and the Korhogo Project in Côte d’Ivoire (Figure 1).

Highlights

• 'Ongoing 10,000m drill program at the Gogbala Prospect intersects widest and highest drill results to date at this prospect and confirm similarities to Tchaga Prospect. Notable results include:
  • 20m at 3.41g/t Au from 19m; including
    • 1m at 6.70g/t Au from 22m and 2m at 14.12g/t Au from 37m
  • 35m at 1.72/t Au from 43m; including
    • 2m at 7.91g/t Au from 44m; and 6m at 3.93g/t Au from 64m
  • 23m at 1.81g/t Au from 19m; including
    • 1m at 5.73g/t Au from 24m; 1m at 5.41g/t Au from 28m; and 4m at 3.05g/t Au from 36m
  • 20m at 1.92g/t Au from 33m; including
    • 2m at 4.90g/t Au from 35m; 1m at 9.64g/t Au from 43m; and 1m at 6.78g/t Au from 52m
  • 8m at 4.29g/t Au from 82m; including
    • 3m at 8.45g/t Au from 86m
  • 9m at 3.77g/t Au from 48m from 48m
  • 3m at 9.41g/t Au from 117m; including
    • 2m at 13.03g/t Au from 118m
  • 9m at 2.52g/t Au from 55m; including
    • 1m at 11.84g/t Au from 55m
  • 6m at 5.37g/t Au from 105m; including 3m at 9.61g/t Au from 106m
  • 1m at 28.93g/t Au from 115m
  • 11m at 1.56g/t Au from 77m; including
    • 1m at 4.27g/t Au from 77m and 1m at 8.60g/t Au from 87m
• Results from Gogbala drilling to be included in upcoming maiden Mineral Resource Estimate (MRE) scheduled for H2CY22
• Majority of drilling has been on Gogbala in order to include Gogbala with Tchaga in the MRE
• Ongoing 10,000m drill program at the Tchaga Prospect continues to intersect high‐grade gold

Notable results include:

• 2m at 24.06g/t Au from 112m; including
  • 1m at 40.32g/t Au from 113m
• 5.8m at 6.96g/t Au from 135m; including 1m at 34.62g/t Au from 137m; and
• 0.8m at 9.50g/t Au from 154.5m
• Strong cash balance of $9.61M gives runway for aggressive exploration

During and subsequent to the reporting period 7,673m in 55 reverse circulation (RC) holes and 1,384m in 11 diamond drill (DD) holes were drilled for a total of 9,057m on the Napié Project.

The majority of drilling was conducted on the Gogbala Prospect during the reporting period to rapidly advance Gogbala in order to include it with Tchaga in the upcoming MRE scheduled for H2CY22.

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