#1Mako Gold HUNTING FOR THE NEXT GOLD MINE IN CÔTE D'IVOIRE Investor Presentation October 2021 ASX: MKG#2Empty#3INVESTMENT HIGHLIGHTS ++ Exploring in proven gold belt with >400Moz gold discovered REFLEX Flagship Napié Project shows potential for multi-million ounce gold deposits Tier-1 Exploration team credited for five significant West African gold discoveries $ Fully funded with $15M in cash R 3-4 week assay turnaround for strong news-flow Tol B 45,000m drilling program underway Mako Gold#4CORPORATE OVERVIEW Mako Gold Capital Structure 382.2M Shares on issue Undiluted, ASX: MKG A$42M Market Cap At $0.11/sh Major Shareholders 33% institutions from N. America, Europe, Australia & Asia Board and management significantly invested 12.7% 20.7M Unlisted Options Av. Ex-Price: $0.142 Exp: 5 Jul 22-30 Nov 23 A$15M Cash¹ 9.9% 10.6% 63.6% 3.1% 56% Top 20 Shareholders A$27M Enterprise Value Deutsche Balaton Aktiengesellschaft Other Institutions 1 As at 30 June 2021 (unaudited) HNW & Retail DUNDEE CORPORATION Mako Gold Board & Management 4#5Mako Gold TEAM WITH STRONG WEST AFRICAN CREDENTIALS BOARD OF DIRECTORS MANAGEMENT MICHELE MUSCILLO - NON-EXECUTIVE CHAIRMAN Partner - Hopgood Ganim Lawyers Ex Orbis Gold, Cardinal Partner - Hopgood Ganim Lawyers Negotiated Orbis and Cardinal takeover PAUL MARSHALL - CFO & COMPANY SECRETARY Chartered Accountant - 30+ years experience 20+ years experience as CFO & Company Secretary Strong experience in financial reporting and corporate governance PETER LEDWIDGE-FOUNDER & MANAGING DIRECTOR Geologist 30+ years experience • Ex Orbis Gold • Acquired all Orbis permits and led team on Nabanga Discovery in Burkina Faso STEVE ZANINOVICH - NON-EXECUTIVVE DIRECTOR • Mine Development - 20+ years experience Ex Gryphon & Teranga Gold Completed feasibility on Wahgnion Mine now operated by Endeavour ANN LEDWIDGE - FOUNDER & GENERAL MANAGER EXPLORATION Geologist - 30+ years experience Ex Orbis Gold Led Orbis team on 2 discoveries in Burkina Faso including the 2Moz Boungou Mine now operated by Endeavour IBRAHIM BONDO-FOUNDER & WEST AFRICAN MANAGER Geological Technician/Manager - 20+ years experience Ex Orbis Gold, Barrick, Orezone Logistical Manager and Business Development with Orbis. Was involved in all discoveries with Orbis BOUKARE GUIGMA - CHIEF GEOLOGIST Geologist - 15+ years experience Ex Orbis Gold, Semafo, Volta Involved in Orbis and Volta discoveries LI 5#6Mako Gold WHY WEST AFRICA? - A WORLD-CLASS GREENSTONE BELT 400Moz gold discovered - 70 gold deposits over 1Moz including 40 over 3Moz¹ 1 15 A Yatela Sadiola Inata Essakane NIGER SENEGAL Sabodala Makabingui Mako Karma Taparko Samira Hill MALI Kalsaka Loulo Tabakoto Counkoto Massawa Boto Fekola Siribaya Bissa/Bouly Kouri BURKINA FASO Bombore Sanbrado Mana Boungou Yaramoko Siguiri Lefa Kobada Morila Kiaka Poura Hounde GUINEA Nabanga Yanfolila Bondi Youga Tri-K Kiniero Kalana Syama Karankasso South Hounde Namdini Sissingue Wa Wahgnion Gaoua Tongon Konkera Doropo SIERRA LEONE Mako Gold Kone Kona South Baomahun Korhogo Project Seguela COTE D'IVOIRE Yaoure New Liberty Ity Abujar LIBERIA West African Craton Birimian Supergroup Dugbe BENIN TOGO Mako Gold GHANA Lafigue Napié Project Ahafo Asanko Konongo Bonikro Bibiani Chirano Akyem Agbaou Obuasi Edikan Bogoso/Prestea Afema Damang Wassa Tarkwa Iduapriem Nzema 1,500km - Same width as Western Australia 1 Internal Mako compilation of West African gold Deposits sourced from individual companies' websites MAJOR GOLD DEPOSITS > 3 Mozs Au 1 to 3 Mozs Au <1 Mozs Au GEOLOGY LEGEND Cover Sequence Birimian Greenstone Birimian Granitoids Archean Basement 100 km 69#7CÔTE D'IVOIRE - A GOLDEN DESTINATION Mako Gold Attractive Investment Jurisdiction Hosts 35% of West Africa's greenstone belts ✰ Significantly underexplored - emerging district for world-class discoveries Stable pro-mining government Modern & transparent mining code with favourable fiscal regime Outstanding infrastructure, power supply & logistics network 7#8THE MAKO GOLD PORTFOLIO Manakoro Belt BURKINA FASO MALI Sissingue 1.4 Moz Au Perseus Tongon 49 Moz Au Barrick Wahgnion Mine 2.7 Moz Au Endeavour Boundiali Belt Bagoe 0.5 Moz Au Perseus KORHOGO PROJECT Kona South GUINEA 1.2 Moz Au Centamin Kone NAPIÉ PROJECT 4.5 Moz Au Montage Daloa Belt Mako Gold Doropo 2.9 Moz Au Centamin Flagship Napié Project (224km²) Mako has recently entered into a binding agreement with Perseus Mining (ASX:PRU) to consolidate ownership from 51% to 90%¹ In the same belt as Tietto's (ASX:TIE) 3.4Moz Abujar deposit Powerline, bitumen road and water on permit Ity Belt Ity 5.4 Moz Au Endeavour Seguela 1.4 Moz Au Roxgold Abujar 3.4 Moz Au Tietto Fetekro 2.5 Moz Au Endeavour CÔTE D'IVOIRE Yaoure 3.8 Moz Au Perseus Comoe Basin LIBERIA Brobo Belt 100 km Bonikro 2 Moz Au F&M and Africa Finance Agbaou 1.1. Moz Au Allied Gold Afema 2.8 Moz Au Endeavour 1 Refer to ASX announcement dated 29 June 2021 GEOLOGY LEGEND Cover Sequence Birimian Sediments Birimian Granitoids Birimian Volcanics Archean Basement Regional Faults GHANA LEGEND 父 Mine Mine Closed Mine Development Resource Korhogo Project (296km²) Two permits adjacent to Barrick's 4.9Moz Tongon gold mine and in same belt as Endeavour's 2.7Moz Wahgnion Mine in Burkina Faso * 100% Mako ownership 8#9Mako Gold NAPIÉ PROJECT - FOUR PROSPECTS TO BE DRILLED KOMBORO PROSPECT No previous drilling by Mako 5,000m AC drilling planned N TCHAGA NORTH PROSPECT 26 Mako drill holes including: 8m @ 8.53g/t Au 1m @ 215g/t Au¹ 10,000m RC drilling planned TCHAGA PROSPECT Upcoming maiden resource 10,000m RC/DD ongoing drilling GOGBALA PROSPECT Upcoming maiden resource 10,000m RC/DD ongoing drilling Sediments and volcanics 5km 2km 30km shear Regional fault Granite 35,000m drilling program underway Shallow mineralisation identified in all drilled prospects - open in all directions Drilling planned on 4 prospects Aim to identify multi-million ounce mineral resource Drilling strategically timed on prospects to receive assay results prior to next phase of drilling (3-4 week assay turnaround) Drill Hole (Au gram metres) . >50 10 to 50 • 5 to 10 0 1 to 5 " <1 Interpreted Shear >40ppb Au Soil Anomaly >20ppb Au Auger Anomaly 1 Refer to ASX announcements dated 22 June 2018 and 9 October 2018 9#10Mako Gold TCHAGA PROSPECT - UPCOMING MAIDEN RESOURCE N 1,011. Large portion of soil anomaly (yellow) remains to be drilled 1,011,000 N 1,010 Expanding mineralised footprint to south with further drilling 100m Watercourse 1,010,000 mN Tchaga South 2km Drill Hole Collar (Au gram metres) >50 10 to 50 5 to 10 1 to 5 <1 0 Pending assays Gold Mineralised Zones (projected to surface) Interpreted from drill intercepts Gold Soil Anomaly +40 ppb Au Interpreted Structure Main Napie Fault -D1 (early) Cross-cutting Structure -D2 (later) 3m @ 4.54g/t Au 23m @2.46g/t Au 32m @ 7.1g/t Au 10m @ 18.98g/t Au 28m @ 4.86g/t Au 41m @ 4.51g/t Au; and 15m @ 1.32g/t Au 9m @ 6.26g/t Au; and 4m @ 1.48g/t Au Averages 36m @ 2.03g/t Au 2m @ 24.06g/t Au Shallow mineralisation in drilling over 2km strike-length Stacked high-grade lodes associated with D2 cross-faults Large portions of soil anomaly (yellow) yet to be drilled Wide high-grade gold intercepts¹ ✰ 41m at 4.51g/t Au from 17m H 13m at 20.82g/t Au from 32m 9m at 22.73g/t Au from 36m 32m at 7.10g/t Au from 13m 10m at 18.98g/t Au from 7m 26m at 4.34g/t Au from surface 36m at 3.09g/t Au from 43m 28m at 4.86g/t Au from 83m 25m at 3.43g/t Au from 53m 14m at 5.46g/t Au from surface 1 Refer to ASX announcements dated 22 June 2018, 13 March 2019, 3 December 2019, 5 March 2020, 15 July 2020, 11 August 2020, 17 November 2020, 14 December 2020, 13 January 2021, and 17 August 2021 10#11300mRL TCHAGA - CONTINUITY OF MINERALISATION Mako Gold NARC419ĐÔ NARC307DD NARC217 NADD007 NARC216 NARC124 NARC214 NARC213 14m @ 5.46g/t Au NARC163 NARC088 7m @ 2.51g/t Au NARC107DD 250mRL 41m @ 4.51/t Au 36m @ 3.09g/t Au 21m @ 2.26/t Au 200mRL 200m 13.8m @4.91g/t Au 150mRL NADD010 NARC109DD 9.85m @ 6.63g/t Au 100mRL OPEN Ended in mineralisation 26m @ 4.34g/t Au Oxide B Fresh rock 18.2m @ 1.89/t Au 7m @ 2.83g/t Au Θ 15m @ 1.32g/t Au Assay Results (g/t Au) >20 5 to 20 1 to 5 0.5 to 1 0.1 to 0.5 Gold Mineralised Zone Gold mineralised envelope (>0.1g/t Au) Geology Legend Mafic volcanics Wide mineralised envelope contains high-grade core Mineralised from surface to 200m vertical depth (open at depth). Mineralisation in oxide and fresh rock Wide mineralised envelope indicative of low stripping ratio Ongoing 10,000m extensional & infill RC/ DD drill program Continue to test down dip and along strike Tchaga Prospect Cross Section A-B looking north-east (location shown on previous slide)¹ Drilling results-refer to ASX announcements dated 3 December 2019, 15 July 2020, 9 November 2020, 14 December 2020, 13 January 2021, 11 March 2021, 28 April 2021, and 4 June 2021 11#12Mako Gold TCHAGA - REPEATING HIGH-GRADE STACKED LODES Good continuity of mineralisation in 3D modelling¹ Ongoing infill and extensional drilling to increase mineralised footprint 11m @ 1.04g/t Au 3m @ 4.54g/t Au Limited Drilling >0.5g/t Au 32m @ 7.1g/t Au 13m @ 20.82g/t Au 28m @ 4.86g/t Au 23m @2.46g/t Au Limited Drilling 10m @ 18.98/t Au 5m @ 21.99g/t Au 25m @ 3.43g/t Au 7.7m @ 11.65g/t Au 41m @ 4.51g/t Au 26m @ 4.34g/t Au 36m @ 3.09g/t Au 9m @ 6.26g/t Au +1014000 >0.25g/t Au 2km Increasing mineralised footprint to south Tchaga Prospect Long Section looking east 1 Refer to ASX announcements dated 22 June 2018, 13 March 2019, 25 July 2019, 3 December 2019, 5 March 2020, 15 July 2020, 11 August 2020, 17 September 2020, 9 November 2020, 17 November 2020, 14 December 2020, 13 January 2021, and 26 May 2021 - Note: The 3D model is not a resource estimate and is only used internally by the Company to help target drill holes 12 200m#13TCHAGA - POSITIVE PRELIMINARY METALLURGY Mako Gold Recovery in oxide and fresh rock averaged over 94%¹ Interval which returned 7.7m at 11.65g/t Au in NARC058DD2 Gold is associated with pyrite but not locked within pyrite (explains good recovery) Pyrite 1 Bottle roll tests - Refer to ASX announcement dated 25 September 2019 2 Refer to ASX announcements dated 5 March 2020 Visible gold NARC058DD - 174.9m 13#14Mako Gold GOGBALA - TO BE INCLUDED IN MAIDEN RESOURCE 225,000 mE A 4m @ 2.72g/t Au 23m @ 1.81g/t Au 6m @ 4.97g/t Au 8m @ 4.29g/t Au 11m @ 1.56g/t Au 3m @ 6.40g/t Au 3m @ 9.41g/t Au 1m @ 17.93g/t Au 2m @1.76g/t Au and 4m @ 2.55g/t Au 1,004,000 mN 35m @ 1.72g/t Au 200m 1,003,000 mN 00 2km 226,000 mE 4m @ 1.25g/t Au and 9m @ 1.00g/t Au 4m @ 1.38g/t Au and 11m @ 1.10g/t Au and 5m @ 2.38g/t Au 11m @ 1.67g/t Au 9m @ 2.52g/t Au 20m @ 3.41g/t Au 2m @ 16.81g/t Au and 5m @ 2.12g/t Au 8m @ 2.87g/t Au 10,000m of RC/DD drilling underway ✰ Wide and high-grade gold mineralisation outlined over 2km in wide-spaced drilling Structure and mineralisation similar to Tchaga with same stacked lodes Select drill results include¹ ◆ 20m at 3.41g/t Au from 19m ♦ 12m at 5.39g/t Au from 11m 7m @ 2.73g/t Au ♦ 7m at 6.70g/t Au from 6m 4m @ 2.63g/t Au 010 ◆ 35m at 1.72g/t Au from 43m 7m @ 6.70g/t Au 12m @ 5.39g/t Au ◆ 23m at 1.81g/t Au from 19m [email protected]/t Au Drill Hole Collar (Au gram metres) ◆ 20m at 1.92g/t Au from 33m CO High-priority drill target to extend wide high-grade mineralised zone along Napié Fault >50 10 to 50 5 to 10 O 1 to 5 <1 Pending assays Gold Soil Contour +40 ppb Au Structure -Napie fault (D1) -- Later fault (D2) ♦ 2m at 16.81g/t Au from 2m ◆ 8m at 4.29g/t Au from 82m ◆ 6m at 4.97g/t Au from 68m Gogbala Prospect Plan View on IP Background 1 Refer to ASX announcements dated 9 July 2018, 13 March 2019, 15 March 2021, October 2021, and 13 October 2021 14#15300mRL 250mRL 200mRL GOGBALA - CONTINUITY OF MINERALISATION Mako Gold 35m @ 1.72g/t Au NARC553 Planned hole to test for continuity of mineralisation OPEN NARC552 L TTT Oxide Fresh rock 20m @ 1.92g/t Au Assay Results (g/t Au) >20 5 to 20 1 to 5 0.5 to 1 0.1 to 0.5 Gold Mineralised Zone Mineralised envelope (>0.1g/t Au) Geology Legend Volcaniclastics Sediments Gogbala Prospect Cross Section A-B looking north-east (location shown on previous slide)¹ Drilling results - refer to ASX announcement dated 13 October 2021 Southernmost drill fence on west splay of Napié Fault Widest drill intercepts to date at Gogbala Ongoing 10,000m extensional & infill RC/ DD drill program Continue to test down dip and along strike to south-west 15#16KORHOGO PROJECT - THE NEXT DISCOVERY? Mako Gold Barrick 4.9Moz Au Tongon Mine/Mill *. Regional Fault 15km Quangolodougou Permit (111km²) MALI BURKINA FASO P 10km Greenstone/Granite Contact GUINEA Korhogo Project 100% Mako Ownership Korhogo Nord Permit (185km²) 7km Greenstone/Granite Contact Mako Field Office 20km Napié Project Farm-in JV COTE D'IVOIRE LIBERIA GHANA LEGEND Mako Permit -Granted Barrick Permits Montage Gold Permits 父 Mine Cover Sequence Birimian Sediments Two recently granted permits Covers 17km of faulted greenstone/ granite contact (high-grade gold targets) Located within 30km of Barrick's Tongon Gold Mine (4.9Moz Au) No known previous work on permits 100% Mako ownership Birimian Granitoids Birimian Volcanics Regional Faults 16#17KORHOGO PROJECT - ONGOING EXPLORATION Mako Gold Barrick 4.9Moz Au Tongon Mine/Mill Korhogo Nord Permit 10km Regional Faults Ouangolodougou Permit LEGEND 父 Mine Planned Soil Samples Regional Faults Permit Boundary Work completed 400m x 100m soil geochemical program completed Airborne mag/radiometric geophysical survey completed Upcoming programs Infill 100m x 50m soil geochem program planned on anomalies 10,000m drill program following results from infill soil geochem 17#18HELPING LOCAL COMMUNITIES (ESG) Mako Gold FROM: 2008070:26:30 New water bore Improve local roads Local employment and training 00 FUD KAN ELNARCE02A#19WEST AFRICAN GOLD PEERS $368M $319M $260M Enterprise Value & Market Cap $187M $129M Mako Gold ■Market Cap (A$M) ■EV (A$M) $86M $71M $60M $54M $49M $42M $36M $310M $296M $194M $142M $117M $76M $51M $50M $45M $48M $35M $21M OREZONE predictive discovery TIETTO MINERALS OSINO ROSCANGOLD Montage OKLO GOLD RESOURCES LIMITED CHESSER RESOURCES NEWCORE GOLD TURACO CORD Mako Gold ORECORP RESOURCES LIMITED TSX-V ASX ASX ASX TSX-V TSX-V TSX-V ASX ASX TSX-V ASX ASX Burkina Faso Guinea Tanzania Cote D'Ivoire Namibia Mali Cote D'Ivoire Mali Senegal Ghana Cote D'Ivoire Cote D'Ivoire Developer Explorer Developer Developer Developer Explorer Explorer Explorer Explorer Explorer Explorer Explorer Note: All dollars quoted in AUD. Share price data as at 6 October 2021. Assumed AUD:USD FX Rate 0.73 and AUD:CAD FX Rate 0.92. Source: Factset database and company announcements 19#20WHY INVEST IN MAKO GOLD? Mako Gold ✰ Proven team with a track record of success in West Africa ❖ Targeting multi-million ounce resource in world-class greenstone belt 45,000m drilling planned on two projects ☐ ☐ 35,000m on Napié Project to support a maiden Mineral Resource Estimate & discover new mineralised zones 10,000m maiden drilling program on Korhogo Project ❖ 3-4 week assay turnaround provides strong news flow Fully funded with $15M cash#21Mako Gold For further information please contact: Peter Ledwidge Managing Director M: +61 417 197 842 E: [email protected] www.makogold.com.au Paul Marshall Company Secretary/ CFO M: +61 433 019 836 E: [email protected]