#1Mako Gold HUNTING LARGE HIGH-GRADE GOLD DEPOSITS IN CÔTE D'IVOIRE Noosa Mining and Exploration Investor Conference Presentation 14-16 July 2021 ASX: MKG#2DISCLAIMER Mako Gold This Presentation ("Presentation") is for informational purposes only and is not a prospectus, disclosure document or offer document under the Corporations Act 2001 (Cth) ("Corporations Act") or any other law. This Presentation does not constitute, and is not to be construed as, an offer to issue or sell, or a solicitation of an offer or invitation to subscribe for, buy or sell securities in Mako Gold Limited ACN 606 241 829 ("Mako"). The material in this presentation has been prepared by the Company and contains summary information about the Company's activities. The truth or accuracy of the information in this presentation cannot be warranted or guaranteed by the Company. The information in this presentation is of a general background nature and does not purport to be complete or contain all the information security holders would require to evaluate their investment in the Company. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements which are available at www.makogold.com.au. Other than to the extent required by law (and only to that extent) the Company and its officers, employees and professional advisors make no representation or warranty (express or implied) as to, and assume no responsibility or liability for, the contents of this presentation. This Presentation does not purport to contain all information that recipients may require to make an informed assessment of Mako or its securities. Statements in this Presentation are made only as at the date of this Presentation unless otherwise stated and remain subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this Presentation, or any omission from this Presentation. To the maximum extent permitted by law, Mako disclaims any responsibility to inform any recipient of this Presentation on any matter that subsequently comes to its notice which may affect the information contained in this Presentation, and undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. This Presentation contains forward-looking statements regarding Mako and the potential of its current and future projects. Forward-looking statements can be identified by the use of forward-looking language such as "plans", "expects", "budgets", "schedules", "forecasts", "anticipates", "believes", or variations thereof, and statements that certain actions or results "may", "could", "would", "might", "will occur" or "will be achieved". Forward-looking statements are based on the opinions and estimates of Mako as at the date such statements are made. Forward-looking statements are subject to known and unknown risks that may cause the actual results, performance or achievements of Mako to be materially different from those expressed or implied by such forward-looking statements. Although Mako has attempted to identify and account for these risks, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, Recipients should not place undue reliance on forward-looking statements contained in this Presentation. Mako does not undertake to update any forward-looking statements except in accordance with applicable securities laws. Not financial product advice or offer - Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information, you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. Competent Person's Statement - The information in this report that relates to Exploration Results is based on information compiled by Mrs Ann Ledwidge B.Sc. (Hon.) Geol., MBA, who is a Member of The Australian Institute of Geoscientists. Mrs Ledwidge is a full-time employee and a shareholder of the Company. Mrs Ledwidge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mrs Ledwidge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. This presentation is authorised by Peter Ledwidge, Managing Director. 2#3INVESTMENT HIGHLIGHTS ** 花 Exploring in West Africa's Birimian Greenstone Belts which hosts over 400Moz gold A Flagship Napié Project shows potential for multi- million ounce gold deposits REFLEX Tier-1 Exploration team credited for five significant West African gold discoveries $ Fully funded for upcoming maiden JORC Resource on the Napié Project and beyond IIII Strong newsflow from ongoing drilling programs Work has commenced on new Korhogo Project in preparation of maiden drilling program Mako Gold#4Mako Gold CORPORATE & TEAM Capital Structure 1,2 382.2M Shares on issue Undiluted, ASX: MKG $32.5M Market Cap At $0.085/sh Board & Management team - Proven track record Over 75 years' combined West African experience Involved in multiple gold discoveries in West Africa Ex-Orbis Gold, Teranga Gold & Cardinal Resources $15M Cash & Receivables 20.7M Unlisted Options Av. Ex-Price: $0.142 Exp: 5 Jul 22-30 Nov 23 Michele Muscillo Corporate Lawyer Non-Executive Chairman Peter Ledwidge Geologist Founder & 12.7% Delphi Fund Managing Director Steven Zaninovich Mine Development Non-Executive Director ■ Dundee Goodman Merchant Partners 9.9% ■ Other Institutions 10.6% 63.6% ■ Board & Management 3.1% ■ Other Paul Marshall Chartered Accountant Company Secretary & Chief Financial Officer Ann Ledwidge Geologist Founder & GM Exploration Ibrahim Bondo Geological Technician Founder & West African Manager Boukare Guigma Geologist Chief Geologist 1 Includes new shares and 4M options from the recent $10M capital raising (as announced 8 July 2021) comprising 64.3M shares in Tranche 1 (start trading on 15 July 2021) and 60.7M shares in Tranche 2 expected to commence trading in mid/late August 2021 subject to shareholder approval at a General Meeting expected to be held in early August 2021 2 Comprises cash reserves of $4.5M as at 30 June 2021 (unaudited), receivables of $0.9M (US$0.7M) from the divestment of the Niou project as announced 1 May 2020 and proceeds from the recent $10M capital raising (before costs). 4#5WORLD-CLASS BIRIMIAN GREENSTONE BELT Mako Gold 400Moz gold discovered - 70 gold deposits over 1Moz including 40 over 3Moz¹ 1 15 A SENEGAL Sabodala Makabingui Mako Yatela Sadiola Loulo Tabakoto Gounkoto Massawa Boto Fekola Siribaya GUINEA SIERRA LEONE MALI Inata Essakane Karma Taparko Samira Hill Kalsaka Bissa/Bouly Kouri Mana BURKINA FASO Yaramoko Bombore Sanbrado Siguiri Lefa Kobada Morila Kiaka Poura Hounde Nabanga Yanfolila Bondi Youga Tri-K Kiniero Kalana Syama Karankasso South Hounde Namdini Sissingue Wa Wahgnion Gaoua Tongon Konkera Doropo Mako Gold Kone Kona South Baomahun Korhogo Project Seguela COTE D'IVOIRE Yaoure New Liberty West African Craton Birimian Supergroup Ity Abujar LIBERIA ● Dugbe Boungou NIGER BENIN TOGO Mako Gold GHANA Lafigue Napié Project Ahafo Asanko Bibiani Chirano Konongo Akyem Bonikro Agbaou Obuasi Edikan Bogoso/Prestea Damang Wassa Afema 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 5#6CÔTE 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 E Modern & transparent mining code with favourable fiscal regime Outstanding infrastructure, power supply & logistics network 6#7THE MAKO GOLD PORTFOLIO Mako Gold Manakoro Belt MALI BURKINA FASO Sissingue 1.4 Moz Au Perseus Tongon 4.9 Moz Au Barrick Wahgnion Mine 2.7 Moz Au Endeavour Boundiali Belt Bagoe Kona South 0.5 Moz Au Perseus GUINEA 1.2 Moz Au Centamin Kone 3.2 Moz Au Montage KORHOCO PROJECT NAPIÉ PROJECT Daloa Belt Seguela Fetekro 2.5 Moz Au Endeavour CÔTE D'IVOIRE 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) 3Moz Abujar deposit Powerline, bitumen road and water on permit 1.4 Moz Au Roxgold Ity Belt Ity 5.4 Moz Au Endeavour Abujar 3 Moz Au Tiettó Yaoure 3.8 Moz Au Perseus Comoe Basin LIBERIA Brobo Belt 100 km Bonikro 2 Moz Au F&M and Africa Finance Agbaou 11. 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 No modern exploration Exploration underway on both permits 7#8Mako Gold TCHAGA PROSPECT - UPCOMING MAIDEN RESOURCE 227,000 ml N 1,012,000 mN 3m @ 4.54g/t Au 23m @2.46g/t Au 17m @ 3.06g/t Au 1,011,500 mN 1.8km LODE 4 32m @ 7.1g/t Au 5m @ 21.99g/t Au 13m @ 20.82g/t Au 18m @ 3.25g/t Au LODE 3 28m @ 4.86g/t Au 25m @ 3.43g/t Au 41m @ 4.51g/t Au; and 15m @1.32g/t Au LODE 2 36m @ 3.09g/t Au; and MORE LODES ? EMERGING NEW LODES Drill Hole Legend (Au gram metres) о >50 10 to 50 5 to 10 1 to 5 Pending assays <1 Gold Mineralised Zones (projected to surface) Interpreted from drill intercepts Gold Soil Anomaly +40 ppb Au Interpreted Structure Main Napie Fault D1 Cross-cutting structure D2 14m @ 5.46g/t Au; and 9m @ 4.08g/t Au; and 8m @ 1.59g/t Au 26m @ 4.34g/t Au; and 7m @ 2.83g/t Au Shallow mineralisation in drilling over 1.8km 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 32m at 7.10g/t Au from 13m 26m at 4.34g/t Au from surface 13m at 20.82g/t Au from 32m 36m at 3.09g/t Au from 43m 28m at 4.86g/t Au from 83m 25m at 3.43g/t Au from 53m 18.5m @ 1.15g/t Au LODE 1 1,010,500 N 100 9m @ 6.26g/t Au; and 4m @ 1.48g/t Au 14m at 5.46g/t Au from surface 7.7m at 11.65g/t Au from 169m MORE LODES ? 11m @ 3.28g/t Au Tchaga Prospect Plan View Averages 36m at 2g/t Au 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, 9 November 2020, 17 November 2020, 14 December 2020, and 13 January 2021 8#9300mRL TCHAGA - CONTINUITY OF MINERALISATION Mako Gold NARC419ĐD NARC307DD NARC217 NADD007 NARC216 NARC124 NARC214 NARC213 14m @ 5.46g/t Au 26m @ 4.34g/t Au NARC163 NARCO88 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 B Oxide Fresh rock 18.2m @ 1.89/t Au 7m @ 2.83g/t Au Wide mineralised envelope contains high-grade core Mineralised from surface to 200m vertical depth (open at depth) Mineralisation in oxide and fresh rock NADDO10 15m @ 1.32g/t Au NARC109DD 9.85m @ 6.63g/t Au 100mRL OPEN Ended in mineralisation Assay Results (g/t Au) >20 5 to 20 1 to 5 0.5 to 1 Ongoing extensional & infill RC/DD drill program Continue to test down dip and along strike 0.1 to 0.5 Gold Mineralised Zone Gold mineralised envelope (>0.1g/t Au) Geology Legend Mafic volcanics 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 6#10TCHAGA - HIGH-GRADE INTERVAL 5m at 12.32g/t Au within interval 13.8m at 4.91g/t Au¹ Gold hosted in quartz vein stockworks in potassic alteration zones NARC307DD- 120-125m 1 Refer to ASX announcement dated 28 April 2021 5190 HA 2.83g/t 120.6 0.05g/t Mako Gold 5m at 12.32g/t Au 3.94g/t 56.53g/t 512 HD 123.6 51819 2.82g/t 10#11Mako Gold TCHAGA - REPEATING HIGH-GRADE STACKED LODES Good continuity of mineralisation in 3D modelling¹ Ongoing infill and extensional drilling to increase mineralised footprint EMERGING NEW LODE LIMITED DRILLING 11m @ 1.04g/t Au 3m @ 4.54g/t Au INFILL & EXTENSIONAL DRILLING MORE LODES? >0.5g/t Au LODE 3 LODE 4 LIMITED DRILLING 23m @2.46g/t Au INFILL & EXTENSIONAL DRILLING 32m @ 7.1g/t Au 13m @ 20.82g/t Au 18m @ 3.25g/t Au 15m @3.59g/t Au 5m @ 21.99g/t Au EXTENSIONAL DRILLING LODE 2 28m @ 4.86g/t Au 25m @ 3.43g/t Au 7.7m @ 11.65g/t Au EXTENSIONAL DRILLING 000+101+* 1.8km >0.25g/t Au LODE 1 41m @ 4.51g/t Au 26m @ 4.34g/t Au 36m @ 3.09g/t Au INFILL & EXTENSIONAL DRILLING MORE LODES? 200m Plunge 00 Azimuth 135 0 100 200 300 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, and 13 January 2021 - Note: The 3D model is not a resource estimate and is only used internally by the Company to help target drill holes 11#12TCHAGA - 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 12#131,005,000 225,000 mE Mako Gold GOGBALA PROSPECT - ON SAME FAULT AS TCHAGA 4m @ 2.72g/t Au 11m @ 1.67g/t Au 6m @ 4.97g/t Au 3m @ 6.4g/t Au 2m @ 16.81g/t Au and 5m @ 2.12g/t Au 225,500 mE 2km 6m @ 2.0g/t Au 1,004,500 mN [7m @ 2.73g/t Au 4m @ 2.63g/t Au Drill Hole Legend (Au gram metres) @ >50 10 to 50 5 to 10 1m @ 8.78g/t Au 0 12m @ 5.39g/t Au 1 to 5 <1 1,004,000 mN 6m @ 2.67g/t Au 200m Gold Soil Contour +40 ppb Au 7m @ 1.42g/t Au Structure Napie fault (D1) Later fault (D2) Gogbala Prospect Plan View on IP Background 1 Refer to ASX announcements dated 9 July 2018, 13 March 2019, and 15 March 2021 High priority infill drill target defined by reconnaissance drilling High-grade gold mineralisation outlined over 2km in wide-spaced drilling Target is same size as Tchaga Prospect Current and previous results include¹ 12m at 5.39g/t Au from 11m ◆ 2m at 16.81g/t Au from 2m 17m at 1.68g/t Au from 45m 7m at 2.73g/t Au from 77m 6m at 4.97g/t Au from 68m Significant drill program planned in H2-2021 13#14NAPIÉ N Mako Gold PROJECT - TARGETING MULTI-MILLION OUNCES Sediments and volcanics TCHAGA NORTH Planned drilling 5km GOGBALA Follow-up drilling KOMORO Geological mapping 30km shear Regional fault TCHAGA EAST TCHAGA Ongoing resource drill-out Drill Hole (Au gram metres) >50 10 to 50 • 5 to 10 1 to 5 Aggressive near term exploration strategy Shallow mineralisation identified in all drilled prospects - open in all directions Priority prospects for immediate advancement are Tchaga and Gogbala Infill & extensional drilling to define maiden resource at Tchaga in 2021 Ongoing resource expansion drilling at Tchaga post the maiden resource release Follow-up drilling from recent 5,700m RC drill program at Gogbala ✰ Geological mapping and rock chip sampling at Komoro to evaluate drill potential Drilling planned at Tchaga North where only 20 holes have been drilled over 4km with results up to 8m at 8.53g/t Au and 1m at 215g/t Au¹ 30km 2km <1 --Interpreted Shear >40ppb Au Soil Anomaly >20ppb Au Auger Anomaly 1 Refer to ASX announcements dated 22 June 2018 and 9 October 2018 14#15KORHOGO PROJECT - THE NEXT DISCOVERY? Mako Gold Barrick 4.9Moz Au Tongon Mine/Mill 父 Regional Fault 15km Ouangolodougou Permit (111km²) 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 LIBERIA LEGEND MALI BURKINA FASO COTE D'IVOIRE GHANA Mako Permit -Granted Barrick Permits Montage Gold Permits 父 Mine Cover Sequence Birimian Sediments Birimian Granitoids Birimian Volcanics Regional Faults Two recently granted permits Covers 17km of faulted greenstone/ granite contact (high-grade gold targets) Located within 30km of Barrick's operating Tongon Gold Mine (4.9Moz Au) No known previous work on permits Exploration has commenced Project easily accessible from Mako field office 15#16KORHOGO PROJECT - EXPLORATION COMMENCED Mako Gold Barrick 4.9Moz Au Tongon Mine/Mill Ouangolodougou Soil geochemical program completed Permit Awaiting assays ܀ Korhogo Nord Permit 10km Regional Faults LEGEND ✰ Mine Planned Soil Samples Regional Faults Permit Boundary Airborne geophysical survey completed Magnetic and radiometric - pending interpretation Maiden RC drill program planned Maiden drilling program planned following results from soil and geophysical programs 16#17COMMUNITY ENGAGEMENT (ESG) Mako Gold GEODRILL TSX-V ✰ Partnered with our drilling contractor, Geodrill, to drill and install a water bore for the community Improve local transportation by upgrading tracks to drivable roads in outlying communities ✰ Local hire policy A Dieu PAP TUO KABEYO#18WEST AFRICAN GOLD PEERS $459M $302M Enterprise Value & Market Cap $164M $141M $128M Mako Gold Market Cap (A$M) ■ EV (A$M) $101M $84M $63M $60M $56M $33M $32M $375M $231M $112M $120M $112M $90M $49M $49M $42M $46M $26M $17M OREZONE TIETTO MINERALS OSINO ROSCANGOLD predictive discovery Montage OKLO NEWCORE GOLD GOLD RESOURCES LIMITED CHESSER RESOURCES MANAS RESOURCES Mako Gold ORECORP RESOURCES LIMITED TSX-V ASX ASX TSX-V TSX-V ASX TSX-V ASX TSX-V ASX ASX ASX Burkina Faso Tanzania Cote D'Ivoire Namibia Mali Guinea Cote D'Ivoire Mali Ghana Senegal Cote D'Ivoire Cote D'Ivoire Developer Developer Developer Developer Explorer Explorer Explorer Explorer Explorer Explorer Explorer Explorer Note: All dollars quoted in AUD. Share price data as at 12 July 2021. Assumed AUD:USD FX Rate 0.77 and AUD:CAD FX Rate 0.94. Mako includes new shares from the recent $10M capital raising (8 July 2021) Source: Factset database and company announcements ך 18#19STRONG NEWSFLOW IN H2-20211 Mako Gold ❖ Maiden JORC Resource Estimate on Tchaga Prospect in H2-2021 Ongoing resource expansion drilling at Tchaga following Maiden Resource announcement Extensional and infill drilling to follow up on recent successful drill program which identified a 2km-long target on Gogbala Prospect at Napié Drilling on 4km-long Tchaga North Prospect where limited drilling returned 8m at 8.53g/t Au and 1m at 215g/t Au Geological mapping and rock chip sampling at Komoro Prospect in preparation for drilling Maiden Drilling Program at Korhogo Project following results of soil geochem program and airborne geophysical survey 1 Note Company plans approved by Mako Board of Directors - subject to change#20Mako 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]