Mako Mining reported a very strong Q1 2026, with record revenue of $68.6 million, net income of $23.1 million and earnings of $0.26 per share. Adjusted EBITDA reached $40.1 million, while Mine Operating Cash Flow was $46.1 million, highlighting robust cash generation from its gold operations.
The company sold 13,721 ounces of gold at an average realized price of $4,902 per ounce, with an all-in sustaining cost of $2,275 per ounce. Cash and trade receivables totaled $96.1 million, and return on equity was 36.4% with return on assets of 23.5%. Management emphasizes that these non-GAAP metrics such as Adjusted EBITDA, Mine OCF, cash cost and AISC are intended to better illustrate underlying operating performance.
Mako Mining Corp. reported a strong first quarter of 2026, combining higher production, record gold prices and a new U.S. project acquisition. Revenue reached $68.6 million, up from $31.8 million a year earlier, driven by higher realized gold prices and contributions from both the San Albino mine in Nicaragua and the Moss Mine in Arizona.
Net income rose to $23.1 million from $9.4 million, while operating cash flow climbed to $19.2 million from $6.2 million, allowing cash and cash equivalents to increase to $93.0 million as of March 31, 2026. Consolidated gold production was 13,869 ounces versus 9,820 ounces in the prior-year quarter, and the company reported an average realized gold price of $4,902 per ounce.
Mako completed the acquisition of 100% of Mt. Hamilton LLC in Nevada on March 24, 2026, adding a fully permitted gold‑silver heap leach project and tungsten target. The $43.6 million purchase price was satisfied primarily through the $42.3 million Sailfish Gold Stream, which obligates Mako to deliver fixed monthly gold volumes over 11 years. The company also highlighted ongoing advancement of the Eagle Mountain project in Guyana and noted that its shares began trading on NASDAQ under the symbol MAKO on March 30, 2026.
Mako Mining Corp. reports new high-grade drilling results from the Candelaria zone at Las Conchitas South, part of the San Albino Project in northern Nicaragua. Recent reverse circulation and diamond drilling intersected strong near-surface gold and silver mineralization in an area already fully permitted for mining.
Highlighted intercepts include 26.98 g/t gold and 48.4 g/t silver over 7.0 m (6.8 m estimated true width), 21.79 g/t gold and 23.0 g/t silver over 5.0 m (4.0 m estimated true width), and 29.18 g/t gold and 39.8 g/t silver over 5.1 m estimated true width. Drilling has traced high-grade mineralization over roughly 450 m of strike, remaining open along strike and at depth, which the company aims to use to support potential pit expansion and longer mine life at San Albino.
Mako Mining Corp. filed its annual report on Form 40-F for the fiscal year ended December 31, 2025, reporting 87,009,006 common shares outstanding as of that date. The filing discloses a material weakness in internal control over financial reporting related to information technology general controls and segregation of duties for journal entries.
Management has begun remediation steps including automated controls to prevent creators from posting their own journal entries, amended "super user" roles, and enforced review workflows. The remediation is ongoing and is expected to be substantially concluded prior to December 31, 2026. The audited consolidated financial statements for 2025 and 2024 and related exhibits are filed by reference.
Mako Mining Corp. reported a very strong Q1 2026, led by record gold sales of 13,721 ounces and revenue of $68.6 million from its San Albino mine in Nicaragua and Moss Mine in Arizona. Average realized gold price was $4,904 per ounce.
The company ended the quarter debt free with cash and trade receivables of $96.1 million as of March 31, 2026, after paying a previously accrued $13.2 million annual tax. San Albino milled 53,638 tonnes at 7.70 g/t gold with 80.1% recovery, while Moss Mine sold 3,323 ounces of gold and 16,023 ounces of silver. Mako advanced its Eagle Mountain project in Guyana by submitting an Environmental and Social Impact Assessment and prepared to commence construction at the Mt. Hamilton project in Nevada. The company also granted stock options, RSUs and DSUs to executives, employees and directors under its incentive plan.
Mako Mining Corp. has completed the acquisition of 100% of Mt. Hamilton LLC, owner of the Mt. Hamilton gold project in Nevada, for a purchase price of US$40 million structured as a gold stream with Sailfish Royalty. For the first 60 months, Sailfish will buy about 341.7 troy ounces of gold per month at 20% of the London Bullion Market Association PM Fix price, with a floor of US$2,700 per ounce and a cap of US$3,700. For the following 72 months, Sailfish will buy about 100 troy ounces per month at 20% of the reference price. Mako’s obligations are secured by first-ranking security interests over assets tied to Mt. Hamilton. The deal is a related party transaction under MI 61-101, but Mako relied on exemptions because its fair market value was below 25% of Mako’s market capitalization. Separately, Mako received approval to list its common shares on the Nasdaq Capital Market, with trading expected to begin on March 30, 2026 under the symbol “MAKO,” while its TSX Venture listing under “MKO” will continue and OTCQX quotation will cease.