Mako Mining Announces Normal Course Issuer Bid Accepted by TSX Venture Exchange

The most recent news, dated December 3, 2025, announces that Mako Mining Corp. has received acceptance from the TSX Venture Exchange (TSXV) for a Normal Course Issuer Bid (NCIB). The NCIB will allow Mako to repurchase up to 4,350,450 common shares, representing 5% of its outstanding common shares as of November 28, 2025. The bid is effective from December 8, 2025, until December 7, 2026. Purchases will be made through the facilities of the TSXV at market price via Stifel Nicolaus Canada Inc. The company's Board of Directors and senior management believe that Mako's common shares have been trading at a price range that does not adequately reflect their value, and that repurchasing shares is a prudent use of funds and in the best interests of the company and its shareholders.

This news is a routine positive development. A Normal Course Issuer Bid (NCIB) signals management's confidence in the company's valuation, indicating they believe the stock is undervalued and that buying back shares is an efficient use of capital. By reducing the number of outstanding shares, an NCIB can be accretive to earnings per share (EPS), assuming the company continues to perform profitably.

Coming after a significant C$55.25 million financing closed in October 2025 and the proposed acquisition of the Mt. Hamilton Gold-Silver Project in Nevada (announced September 2025, definitive agreement signed November 2025), this NCIB suggests Mako's strong financial position. The company reported a cash balance of approximately US$66.0 million in its Q3 2025 results (November 20, 2025), a figure that includes proceeds from the recent financing. The CEO explicitly stated that Mako expects to have enough cash to fully construct Mt. Hamilton in 2026 and fund Eagle Mountain's construction in 2027 from cash flow. The decision to initiate an NCIB, rather than prioritizing debt repayment (although minimal) or solely focusing on growth, indicates a balance between reinvestment and shareholder value enhancement.

While positive, an NCIB is not typically a "game changer." It's a standard corporate finance tool for companies with strong cash flow and management confidence. It does not fundamentally alter the company's operational profile or asset base, but rather optimizes its capital structure. The repurchase of 5% of shares is a meaningful percentage but still within typical NCIB limits.

Mako Mining Corp. (TSXV: MKO, OTCQX: MAKOF) is a Canadian gold and silver mining company with a focus on profitability and mineral resource and production growth in the Americas. The company's strategy involves in-house mine construction and self-funded organic growth.

Flagship Projects:

• San Albino Mine (Nicaragua): Mako's 100% owned producing asset in northern Nicaragua. It is an open-pit and underground operation known for its high-grade gold. As of October 2023 (updated June 2024), the San Albino Project has Measured & Indicated (M&I) resources of 670,100 tonnes at 11.61 g Au/t (250,200 Oz Au) and Inferred resources of 383,300 tonnes at 10.54 g Au/t (129,900 Oz Au). Commercial production began July 2021. The company is evaluating expansion potential to 1,000 tpd, with initial underground production expected in Q1 2026.
• Moss Mine (Arizona, USA): Acquired on March 26, 2025, this 100% owned open-pit heap leach gold-silver mine in Arizona is a producing asset. It has M&I resources defined over 1.5 km of a known 6.2 km strike length. Mako is focused on restarting and ramping up mining operations through H2 2025 and achieving steady-state production by Q1 2026.
• Mt. Hamilton Gold-Silver Project (Nevada, USA): Mako entered a definitive agreement to acquire this permitted open-pit heap leach gold-silver project in September 2025 (definitive agreement signed November 2025). It also hosts a well-defined tungsten-copper-molybdenum target. Resources (effective September 23, 2025) include M&I of 29.09 million tons at 0.020 oz/ton Au (578,000 oz Au) and 0.166 oz/ton Ag (4,839,000 oz Ag). The acquisition is expected to close early 2026, with a construction decision likely early that year.
• Eagle Mountain Gold Project (Guyana): A development-stage, 100% owned open-pit project in Guyana. A Preliminary Economic Assessment (PEA) from March 1, 2024, reported an after-tax NPV 5% of US$292 million at US$1,850/oz gold. Resources include Indicated of approximately 1.2 Moz Au at 1.18 g/t Au and Inferred of 582 koz Au at 0.98 g/t Au. Phase 1 AISC is projected at US$829/oz, and LOM AISC at US$1,077/oz gold, with anticipated production of 66.5 koz Au per annum for 15 years. Target for first production is 2027, with EIA submission targeted for H2 2025 (previously Q1 2025) and construction permits anticipated by Q2 2026.
• El Jicaro Concession (Nicaragua): An exploration property contiguous to the San Albino and Las Conchitas mines, where Mako has reported high-grade drill intercepts, particularly in the El Golfo area. The company is actively drilling and evaluating this district-scale exploration potential.