Description of Mako Mining's Business Segments

The Company reports its operations through three segments based on geographic location: the San Albino Mine in Nicaragua, the Moss Mine in the United States, and the Eagle Mountain Project in Guyana. Corporate headquarters operations in Canada and the United States are included for reconciliation purposes. For the years ended December 31, 2025 and 2024, the Company's primary product was gold, accounting for 99% of sales, with silver comprising the remaining 1%, both sold to refineries at spot market prices. Financial information for each segment includes revenue, production costs, depreciation, gross profit, exploration and evaluation expenses, general and administrative expenses, other income and expenses, income and deferred taxes, net income, total assets, total liabilities, and capital expenditures. The corporate segment primarily consists of general and administrative expenses and other reconciling items.

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Annual Report on Mako Mining Corp Divisions, Sales by Country


segments	100 %	of total Revenue
NICARAGUA	85.27 %	of total Revenue
UNITED STATES	14.73 %	of total Revenue

Twelve months ended 2025
MAKO s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
segments	148.47	100 %
NICARAGUA	126.61	85.27 %
UNITED STATES	21.87	14.73 %
Total	148.47	100 %

Twelve months ended 2025
MAKO s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
segments	75.02	50.53 %
Total	33.74	22.72 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
segments	61.25 %	61.73 %
NICARAGUA	37.5 %	-

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