Ann: Drill for Equity MOU with Geodrill for up to US$2m, page-4

MAKO SIGNS DRILL FOR EQUITY MOU WITH
GEODRILL FOR UP TO US$2M
HIGHLIGHTS
 Binding MOU signed with Geodrill for up to US$2M of equity drilling on Côte d’Ivoire projects
 Agreement allows Mako to maximise drilling metres while preserving cash
 Mako’s discretion to use the drill for equity facility
 Agreement proposed to be used for upcoming drill programs
 Drill for equity agreement allows for rapid recommencement of drilling on our flagship Napié Project
Mako’s Managing Director, Peter Ledwidge commented:
“We are pleased to have secured a drill-for-equity agreement with such a high-calibre drilling company. We
have a long-standing relationship with Geodrill and have always been impressed with the quality of their work,
including their extraordinary ESG initiatives in the communities where they operate. Geodrill has been on the
MKG share register for some time, and we welcome their further investment in the Company. This agreement
provides more options for payment of drilling invoices and will assist in the rapid recommencement of drilling
on our flagship Napié Project. We look forward to strengthening our ongoing relationship with Geodrill, which
should be beneficial to all Mako stakeholders.”
Geodrill’s Chief Executive Officer, Dave Harper commented:
“Geodrill is proud to be partnering with Mako Gold on their Napié and Korhogo projects. We have had a long
and successful relationship, having previously drilled on multiple discoveries with the management team in
West Africa. One of the discoveries went on to become a major producing mine. The ‘drill-for-equity’
arrangement allows Mako to drill twice the meterage for the same cash burn, doubling the likelihood of
success, while at the same time providing flexibility to revert to cash payment, should Mako elect to. We look
forward to increasing our shareholding in Mako”.
Mako Gold Limited (“Mako” or “the Company”(ASX:MKG) is pleased to announce that it has signed a binding
Memorandum of Understanding (MOU) with Geodrill Limited (TSX:GEO) whereby Geodrill may subscribe for
up to US$1M worth of shares in the capital of the Company in return for drilling services at Mako’s discretion.
Under the terms of the agreement Mako agrees to commit up to US$2M worth of reverse circulation (RC)
drilling, diamond drilling (DD), or air core (AC) drilling with Geodrill. The agreement is valid for twelve months,
in two 6-month stages of up to US$1M each