Mako Gold : Re-release of Quarterly Activities Report

For personal use only

ASX Announcement

31 January 2022

ASX:MKG

Re-release of Quarterly Activities Report

Please find attached a re-release of the Quarterly Activities Report that was lodged on 27 January 2022.

In the original version the date of the upcoming maiden Mineral Resource Estimate was incorrect on pages 1 and 2 and should have been "H1CY22" rather than "H2CY22".

The corrected dates are now included in the revised released version.

Authorised by

Paul Marshall

Company Secretary

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000	1
T [phone] [e-mail]

For personal use only

ASX Announcement

27 January 2022

ASX:MKG

QUARTERLY ACTIVITIES REPORT

For the period ending 31 December 2021

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:

1. 20m at 3.41g/t Au from 19m; including
2. • 1m at 6.70g/t Au from 22m and 2m at 14.12g/t Au from 37m

1. 35m at 1.72/t Au from 43m; including
2. • 2m at 7.91g/t Au from 44m; and 6m at 3.93g/t Au from 64m

1. 23m at 1.81g/t Au from 19m; including
2. • 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

1. 20m at 1.92g/t Au from 33m; including
2. • 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

1. 8m at 4.29g/t Au from 82m; including
2. • 3m at 8.45g/t Au from 86m o 9m at 3.77g/t Au from 48m from 48m o 3m at 9.41g/t Au from 117m; including
   • 2m at 13.03g/t Au from 118m o 9m at 2.52g/t Au from 55m; including
   • 1m at 11.84g/t Au from 55m

• 1. 6m at 5.37g/t Au from 105m; including 3m at 9.61g/t Au from 106m
  1. 1m at 28.93g/t Au from 115m
  1. 11m at 1.56g/t Au from 77m; including
  2. • 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 H1CY22
• 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:
• 1. 2m at 24.06g/t Au from 112m; including
  2. • 1m at 40.32g/t Au from 113m

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

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000	1
T [phone] E [e-mail] makogold.com.au

For personal use only

QUARTERLY ACTIVITIES REPORT

For the period ending 31 December 2021

UPCOMING ACTIVITIES

• Air Core (AC) drilling program to test various exploration targets over the broader Napié Permit to commence shortly
• 7,000m auger drilling program to follow up on anomalous soil sampling results at Korhogo to commence shortly with a 10,000m AC drilling program budgeted to test auger anomalies

Mako Gold Limited ("Mako" or "the Company"; 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).

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 H1CY22.

Figure 1: Napié and Korhogo projects ‐ Côte d'Ivoire

Mako Gold Ltd Quarterly Activities Report Dec 2021

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For personal use only

QUARTERLY ACTIVITIES REPORT

For the period ending 31 December 2021

NAPIÉ PROJECT ‐ GOGBALA PROSPECT

WIDEST AND HIGHEST DRILL RESULTS INTERSECTED TO DATE CONFIRM SIMILARITIES WITH TCHAGA PROSPECT

During the reporting period, on the Gogbala Prospect 51 RC holes were drilled totalling 6,304m. Gogbala is located along a 23km long +40ppb gold soil/ auger anomaly (orange/ green on Figure 2) coincident with a +30km‐long shear zone (black dashed lines on Figure 2), thought to be a major control for gold mineralisation.

Figure 2: Napié Project - Planned and ongoing drilling along the 30km shear

Mako Gold Ltd Quarterly Activities Report Dec 2021

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For personal use only

QUARTERLY ACTIVITIES REPORT

For the period ending 31 December 2021

During and subsequent to the reporting period Mako reported its widest drill intersects to date at Gogbala which included 35m at 1.72g/t Au in NARC553 and 20m at 1.92g/t Au in NARC552. In addition, the Company reported the highest single one meter intercept on Gogbala of 1m at 28.63g/t Au in NARC584.

Some of the best results were returned from extensional drilling along strike or below previous positive drill intersects, which extended the mineralised zones. The results of the drilling will be included in the upcoming Napié maiden Mineral Resource Estimate.

Multiple step‐out holes are planned or are currently being drilled at Gogbala to extend mineralisation along strike or at depth.

Deeper holes are planned to follow up on previous significant intersects such as the planned hole on Figure 4 which aims to extend the mineralisation intersected by 4 consecutive drill holes at depth. Gogbala drilling has been shallow (80m maximum vertical depth in this case) therefore deeper drilling has the potential to add significant ounces to the upcoming MRE.

In addition, drilling of new targets areas are also planned as shown by the blue ellipses on Figure 3.

Some IP chargeability anomalies were also tested during the quarter with the hopes of intersecting pyrite‐ associated gold. No significant results were returned from those targets (southern fences of holes in Figure 3). This in no way reduces the prospectivity of the Gogbala Prospect proximal to the D1 Napié fault and +40 ppb soil anomaly where wide and high‐grade gold intercepts have been consistently returned. The western‐ most blue ellipse shows the drill target which extends the fences SE into the soil anomaly and may encounter mineralisation.

Significant new assay results received during the quarter, using a 0.5g/t Au cut‐off, include:

1. 20m at 3.41g/t Au from 19m; including
2. • 1m at 6.70g/t Au from 22m and 2m at 14.12g/t Au from 37m o 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 o 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

1. 20m at 1.92g/t Au from 33m; including
2. • 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

1. 8m at 4.29g/t Au from 82m; including
2. • 3m at 8.45g/t Au from 86m o 9m at 3.77g/t Au from 48m from 48m o 3m at 9.41g/t Au from 117m; including
   • 2m at 13.03g/t Au from 118m o 9m at 2.52g/t Au from 55m; including
   • 1m at 11.84g/t Au from 55m

1. 6m at 5.37g/t Au from 105m; including 3m at 9.61g/t Au from 106m o 1m at 28.93g/t Au from 115m
   o 11m at 1.56g/t Au from 77m; including

1. 1m at 4.27g/t Au from 77m and 1m at 8.60g/t Au from 87m

Mako Gold Ltd Quarterly Activities Report Dec 2021

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