Supplementary Prospectus Mako Gold Limited ACN 606 241 829 Important Information This is a supplementary prospectus dated 23 March 2018 and was lodged with the Australian Securities and Investments Commission (ASIC) pursuant to Section 719 of the Corporations Act 2001 (Cth) on 23 March 2018 (Supplementary Prospectus). This Supplementary Prospectus supplements the prospectus dated 19 January 2018 (Prospectus) issued by Mako Gold Limited (Company) and is issued in substitution for the supplementary prospectus dated 9 March 2018 and lodged with ASIC on that date. The ASIC, ASX Limited (ASX), and their officers take no responsibility as to the contents of this Supplementary Prospectus. This Supplementary Prospectus shall be read in its entirety together with the contents of the Prospectus. If you are in any doubt as to the contents of this document, you should consult your professional advisers without delay. Other than as set out below, all details in relation to the Prospectus remain unchanged. Terms used in this Supplementary Prospectus shall have the same meaning ascribed to them in the Prospectus. 1. Background This Supplementary Prospectus has been prepared to update the Closing Date of the Offer to no later than 5pm Friday 6 April 2018 (AEST) and to provide updated disclosure to investors regarding new developments. The Company makes amendments to the Prospectus as set out in sections 2 and 5 below. 2. Update to Closing Date The Closing Date of the Offer has been extended to no later than 5.00pm on Friday 6 April 2018 (AEST), and accordingly the indicative Key Offer Dates as set out on pages 8 and 24 of the Prospectus (and any references to those dates throughout the Prospectus, including references to those dates in the Application Form at page 225) are replaced as follows: Lodgement of Prospectus with the ASIC 19 January 2018 Opening Date of Offer 2 February 2018 Lodgement of Supplementary Prospectus with the ASIC 23 March 2018 Closing Date of Offer (and the date by which all Application 6 April 2018 Forms must be received as set out in the Application Form) Settlement Date of Offer 10 April 2018 Allotment Date of Shares and Options 10 April 2018 Expected date for dispatch of holding statements 13 April 2018 Admission to the Official List of ASX 17 April 2018 Expected commencement of trading on ASX 20 April 2018 This timetable is indicative only. Unless otherwise indicated, all times given are AEST. The Company, in consultation with the Lead Manager, reserves the right to vary any and all of the above dates without notice (including, subject to the ASX Listing Rules and the Corporations Act, to close the Offer early, to extend the Closing Date, or to accept late Applications or bids, either generally or in particular cases, or to cancel or withdraw the Offer before completion of the Offer, in each case without notifying any recipient of this Prospectus or Applicants). If the Offer is cancelled or withdrawn before completion of the Offer, then all Application Monies will be refunded in full (without interest) as soon as possible in accordance with the requirements of the Corporations Act. Investors are encouraged to submit their Applications as soon as possible after the Offer opens. 3. Reduction of Capital On 23 March 2018, the Company: (a) held an extraordinary general meeting; (b) passed two special resolutions to reduce the capital of the Company by cancelling 16,200,000 Shares for nominal consideration (Capital Reduction); and (c) lodged with ASIC, a copy of the resolutions regarding the Capital Reduction. On or around 6 April 2018, the Company will give effect to the Capital Reduction and cancel: (a) 10,800,000 Shares held by Peter Ledwidge and Ann Ledwidge as trustee for the Ledwidge Family Investment Trust for $2.00 total consideration; and (b) 5,400,000 Shares held by Elliott Nominees Pty Ltd, an entity associated with Mark Elliott for $1.00 total consideration. As a result of the Capital Reduction, the number of shares on issue following the completion of the Offer will be reduced from that set out in the Prospectus and accordingly, the following changes are to be made to the Prospectus. 3.1 Key Offer Statistics The Key Offer Statistics table on page 9 of the Prospectus is replaced as follows: Maximum Minimum Subscription Subscription Offer price per Share $0.20 $0.20 Shares available under the Offer1 25,000,000 30,000,000 Options available under the Offer2&3 12,500,000 15,000,000 Shares on issue prior to the Offer 32,875,100 32,875,100 Options on issue prior to the Offer 0 0 Total number of Shares on issue following the Offer (on an undiluted 58,250,100 63,250,100 basis)4 Total Options on issue following the 3 12,500,000 15,000,000 Offer Indicative market capitalisation of the Company at the Offer Price on $11,650,020 $12,650,020 completion of the Offer Gross proceeds from the Offer $5,000,000 $6,000,000 5 (before Costs of the Offer) Notes 1. Inclusive of the Shares and Options subscribed to by Resolute or its nominee under the Offer. See Sections 2.7 and 9.4. 2. One Option will be issued for every two Shares subscribed for under the Offer. 3. The terms of the Options are set out in Section 10.2. 4. Note that this includes the Shares to be issued to Novus under the Lead Manager Mandate described in Section 9.5 of the Prospectus, upon successful completion of the Offer and excludes the 16,200,000 Shares which are to be cancelled on or around 6 April 2018 pursuant to the Capital Reduction (refer to section 3 of the Supplementary Prospectus). 5. Costs of the Offer are described in Section 10.7. 17207654_6.docx Page 2 of 6 3.2 Capital Structure (a) The table: (1) to right of the topic/heading “What are the Director shareholders?” on page 18 of the Prospectus; and (2) in section 7.4 on page 71 of the Prospectus, is deleted in its entirety and replaced as follows: Director Shares % holding % holding ($5M Raise) ($6M Raise) Mark Elliott 3,266,667 5.61% 5.16% Peter 7,533,433 12.93% 11.91% Ledwidge Michele 500,000 0.86% 0.79% Muscillo (b) Paragraphs “a.” and “b.”: (1) to right of the topic/heading “Are there any significant related party transactions?” on page 19 of the Prospectus; and (2) in section 7.12 on page 73 of the Prospectus, are appended with a footnote as follows: 1. A number of Shares the subject of these transactions will be cancelled by the Company on or around 6 April 2018 in connection with the Capital Reduction (refer to section 3 of the Supplementary Prospectus). (c) The paragraph to the right of the topic/heading “What will the market capitalisation of the Company be upon Listing on the ASX?” on page 19 of the Prospectus is deleted in its entirety and replaced as follows: The undiluted market capitalisation of the Company on Listing is expected to be approximately A$11,650,020, assuming the Minimum Subscription, and approximately A$12,650,020, assuming the Maximum Subscription. (d) The second paragraph to the right of the topic/heading “Are there any firm commitments from investors under the Offer?” on page 21 of the prospectus is deleted in its entirety and replaced as follows: A summary of the Subscription Agreement is outlined in Section 9.4. Upon completion of the Offer, Resolute will hold 10,000,000 Shares, comprising 17.17% of the total issued share capital of the Company assuming the Minimum Subscription, and 15.81% assuming the Maximum Subscription. (e) The table: (1) to the right of the topic/heading “Are there any substantial holders?” on page 22 of the Prospectus; and (2) under section 10.4 on page 92 of the Prospectus , is deleted in its entirety and replaced as follows: 17207654_6.docx Page 3 of 6 Shareholder As at date of Minimum Subscription3 Maximum Subscription3 Prospectus Shares % Shares % Shares % Peter and Ann Ledwidge1 18,333,4332 37.36 7,533,433 12.93 7,533,433 11.91 Elliott Nominees Pty Ltd 8,666,6672 17.66 3,266,667 5.61 3,266,667 5.16 Resolute Mining Limited 0 0 10,000,000 17.17 10,000,000 15.81 (or its nominee) Notes 1. Peter and Ann Ledwidge's shares are held by them as joint trustees for the Ledwidge Family Investment Trust 2. Inclusive of the 16,200,000 Shares which are to be cancelled on or around 6 April 2018 pursuant to the Capital Reduction (refer to section 3 of the Supplementary Prospectus). 3. Exclusive of the 16,200,000 Shares which are to be cancelled on or around 6 April 2018 pursuant to the Capital Reduction (refer to section 3 of the Supplementary Prospectus). 3.3 Section 2 - Details of the Offer (a) Section 2.4 on page 26 of the Prospectus is deleted in its entirety and replaced as follows: Upon completion of the Offer, following the cancellation of the shares the subject of the Capital Reduction (refer to section 3 of the Supplementary Prospectus) and the allotment of Shares and Options pursuant to this Prospectus, the Company’s capital will be as follows: a. Capital Structure Minimum subscription Shareholder Number of Ordinary Number of Ordinary Options3 Shares Shares % Shares after Shares % before Offer holding Offer2 holding after before Offer Offer Existing 5 6 1 49,075,100 100% 33,250,100 57.08% - Shareholders Public - - 25,000,0004 42.92% 12,500,0004 TOTAL 49,075,100 100% 58,250,100 100% 12,500,000 Maximum subscription Shareholder Number of Ordinary Number of Ordinary Options3 Shares Shares % Shares after Shares % before Offer holding Offer2 holding after before Offer Offer Existing 5 6 1 49,075,100 100% 33,250,100 52.57% - Shareholders Public - - 30,000,0004 47.43% 15,000,0004 TOTAL 49,075,100 100% 63,250,100 100% 15,000,000 Notes 1.