Mako Gold: Advancing Multi-Million Ounce Gold Resource and New Manganese Discovery in Côte d’Ivoire

About Mako Gold

Mako Gold Ltd (ASX: MKG) is a West Africa-focused gold exploration company with the goal of establishing multi-million ounce resources in Côte d’Ivoire. The company also recently announced a significant manganese discovery, providing further upside potential.

Mako is led by a highly experienced board and management team with a proven track record of major discoveries across Burkina Faso and Côte d’Ivoire. The company is leveraging this expertise to systematically explore its district-scale holdings in Côte d’Ivoire.

Investment Highlights:

• Current gold resource of 868,000 oz, expected to grow significantly through targeted exploration
• New manganese discovery enhances growth pipeline and commodity diversification
• Proven and experienced board and management in West Africa
• Favourable jurisdiction with good infrastructure and government support

Advancing the Flagship Napie Gold Project Towards Multi-Million Ounce Resource

Mako’s flagship Napie project is located in north-eastern Côte d’Ivoire within the prolific Birimian Greenstone Belt. The Birimian hosts more than half of West Africa’s +400 million ounces of gold production and resources.

The current JORC resource stands at 868,000 oz at 1.52 g/t Au comprised of:

• Tchaga deposit: 545,000 oz at 1.71 g/t
• Gogbala deposit: 323,000 oz at 1.21 g/t

Metallurgical test work returned high average recoveries of 94% for oxides and 91% for fresh rock, indicating conventional processing is applicable.

Significant resource growth potential exists, with Mako targeting a 2-4 million ounce inventory. Only 4 of 17 defined targets outside the current resource areas have been drill tested so far.

Recent drilling at 3 untested targets returned significant intercepts including:

• 6m at 6.53 g/t at Gogbala South
• 6m at 6.46g/t at Tchaga West
• 1m at 45.3 g/t at Tchaga North

These results help validate the exploration model and highlight the upside of discovering additional resources close to existing deposits. Follow-up drilling is planned to test all targets systematically.

The experienced exploration team aims to leverage its extensive experience in Côte d’Ivoire and Burkina Faso to efficiently make new discoveries along the 30km mineralised trend at Napier.

With only early-stage drilling conducted so far, there is strong potential to delineate a multi-million-ounce gold district. The near-term goal is to increase resources to 2 million ounces to commence preliminary economic studies.

New Manganese Discovery Provides Additional Growth Pipeline

In May 2022, Mako announced a significant manganese discovery at its 100% owned Korokaha project, also located in northern Côte d’Ivoire.

High-grade manganese intersections in initial drilling included:

• 11m at 14.5% Mn from 2m
• 10m at 10.3% Mn from 8m

Results defined two parallel zones extending over 7km in strike. Mineralisation remains open along strike and at depth, with drill testing so far only targeting a small portion of the prospective Horizon.

Côte d’Ivoire is one of the world’s top 10 manganese producers. Manganese applications include steel production and the fast-growing lithium-ion battery sector. Mako is conducting further work to determine the deposit potential and suitability for either application. This manganese discovery provides Mako with significant blue sky potential and a secondary growth pillar, complementary to the core gold exploration focus.

Mako Gold’s board and management team includes proven company builders in West Africa:

• Chairman Peter Ledwidge previously held senior roles with Orbis Gold and was involved in the discoveries of over 3 million ounces of gold deposits across Burkina Faso and Côte d’Ivoire.
• Managing Director Peter Ledwidge has over 30 years of experience in exploration and mining across Africa, Canada and Australia. He was a key player in the discovery of over 3 million ounces of gold with Orbis Gold.
• Non-Executive Director Steven Zaninovich has experience in mining project due diligence and development, including the Taranga Gold project in Senegal.
• The in-country exploration team in Côte d’Ivoire has been working together for over 10 years and was part of previous discoveries in the region.

This proven team provides the experience and capability to effectively explore and progress projects towards development in West Africa.

Côte d’Ivoire - Stable Pro-Mining Jurisdiction

Côte d’Ivoire provides a stable and supportive jurisdiction for mining investment. Key advantages include:

• Long history as a major gold producer with excellent geology
• Pro-mining government with straightforward and transparent mining code
• Excellent infrastructure, with sealed roads across projects and hydro grid power
• No security risks, unlike several neighbouring countries
• Abidjan is a modern, cosmopolitan capital city with five million residents

Côte d’Ivoire ticks all the boxes for an attractive African mining destination. Mako’s operations team on the ground has over 10 years of experience navigating the country.

Commitment to Strong ESG Practices

Mako Gold has adopted robust ESG standards across its exploration activities including:

• Conservation-focused land access with minimal drilling footprint
• Providing additional water boreholes for local communities
• Supporting local schools with materials and equipment
• Regular community liaison and engagement

The company sees effective ESG initiatives as both a moral imperative and a business necessity for a successful mining venture.

Mako Gold provides exposure to an advanced West African gold exploration play, led by a proven team in a tier-one mining jurisdiction. The company is aggressively exploring its district-scale Napie gold project, where an 868,000 oz resource is expected to grow multi-fold. The recent manganese discovery adds further upside potential in the battery metals sector.

With news flow from ongoing exploration at Napie, Mako offers investors an attractive leveraged play on the gold price, with strong growth potential as resources expand. The company’s clear path towards the economic study stage also de-risks the investment timeframe. Mako Gold represents an exciting speculative investment opportunity for exposure to high-impact gold exploration in West Africa.

The Investment Thesis for Mako Gold

Growth Potential - The current 868,000 oz gold resource at the Napie project is expected to grow significantly through ongoing exploration. The large land package with multiple defined targets provides upside potential to delineate a multi-million ounce resource. This growth profile, if realized, could lead to substantial share price appreciation.

Experienced Team - Mako's board and management have an impressive track record of major discoveries in West Africa. This proven expertise improves the chances of exploration success at Napie and the likelihood of expanding the resource base.

Commodity Upside - Gold prices have been strong recently and are expected to remain elevated due to ongoing global uncertainty. Additional commodity exposure through the new manganese discovery provides further upside leverage to this battery metal.

Clear Pathway - Mako has outlined a clear growth strategy focused on expanding Napie's resources to 2 million oz, then commencing economic studies. This de-risks the investment timeline.

Favorable Location - Côte d'Ivoire is a stable pro-mining jurisdiction with excellent infrastructure. This allows efficient and lower-risk project advancement.

In summary, Mako offers investors an attractive leveraged play on the gold price, with strong growth potential as exploration continues expanding resources at the Napie gold project. The experienced team and strategic location add to the investment case. As an early-stage explorer, risks are still significant, but the demonstratable exploration upside makes it an appealing opportunity as a portion of a diversified minerals portfolio. Each investor would need to assess their own risk tolerance and investment objectives. Access to the latest company announcements and information is important for due diligence.