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(Expressed in United States dollars)
For the twelve months ended December 31, 2020
This Management Discussion and Analysis ( MD&A ) is intended to help the reader understand Mako Mining Corp. (the Company or Mako ), the operations, financial position, and current and future business environment. This MD&A is intended to supplement and complement Mako s audited consolidated financial statements for the year ended December 31, 2020, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards ( IFRS ).
Additional information regarding Mako, including the risks related to the business and those that are reasonably likely to affect Mako s financial statements in the future, is contained in the continuous disclosure materials, including the most recent audited consolidated financial statements and Management Information Circular, which are available on the Company s website at ....

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