Mako Mining Reports Q3 2025 Financial Results, Current Cash Balance of Approximately US$ 66.0 Million, Debt Free and On Track for a Record Q4 2025
Executive Summary
- Mako Mining reported Q3 2025 revenue of $27.6 M, Adjusted EBITDA of $9.3 M and Net Income of $1.2 M – a substantial increase versus the prior year quarter.
- The company closed two private placements on October 28 2025, raising approximately C$55.3 M in gross proceeds and fully repaid its remaining $6.5 M Wexford loan, leaving it debt‑free with about US$66 M of cash.
- Mako entered a binding term sheet to acquire 100 % of Mt. Hamilton LLC (Nevada) in exchange for a secured gold stream (≈342 oz/month for 60 months at 20 % spot price) and a 2 % NSR royalty, with closing expected early next week.
Key Details
- Financial Performance (Q3 2025)
- Revenue: $27.6 M (vs. $15.7 M in Q3 2024).
- Mine Operating Cash Flow: $8.9 M.
- Adjusted EBITDA: $9.3 M.
- Net Income: $1.2 M.
- Consolidated cash cost: $2,115/oz sold.
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AISC: $2,561/oz sold.
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Production Highlights
- Gold sold: 7,830 oz at an average price of $3,454/oz.
- San Albino mine: low‑grade production in Q3; high‑grade output expected from late October onward.
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Moss mine: 912 oz sold from residual leaching; mining restarted August 2025 with one shift, second shift added mid‑October; steady‑state production anticipated in latter half of Q1 2026.
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Cash Position & Debt
- Cash on hand: ≈US$66.0 M (debt‑free).
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Includes $37.0 M net from the equity financing after commissions and costs.
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Financing Activity (Oct 28 2025)
- Brokered private placement: 4.4 M common shares @ C$8.00/share → C$35.0 M gross proceeds.
- Underwriters’ purchase: 0.7 M shares @ C$8.00 → C$5.3 M gross proceeds.
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Non‑brokered private placement (Wexford Capital LP): 1.9 M shares @ C$8.00 → C$15.0 M gross proceeds.
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Debt Repayment
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Fully repaid the outstanding balance of the Revised Wexford Loan: $6.5 M total (principal $6.3 M + accrued interest $0.2 M).
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Mt. Hamilton Acquisition Term Sheet
- Acquirer: Sailfish (to receive a secured gold stream and 2 % NSR royalty).
- Gold stream: ≈342 oz/month for 60 months at 20 % of spot price.
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Post‑stream, the NSR royalty applies to all mineral production from Mt. Hamilton.
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Legal/Strategic Update
- Elevation Gold Mining Corp.’s attempt to invalidate Patriot Gold’s royalty agreement was unsuccessful; related court ruling pending.
- Mako is evaluating options in the Arizona Court bankruptcy proceedings affecting its assets.
Notable Quotes
“Q3 was scheduled to be the lowest production quarter of the year…financial results for Q4 2025 are projected to be a record for the Company…With US$66 million in cash, no debt, and cash flow coming from two operating assets, we expect to have enough cash resources to fully construct Mt. Hamilton in 2026…” – Akiba Leisman, Chief Executive Officer
Materiality Assessment: Material – Positive (significant earnings improvement, substantial financing, strategic acquisition).