Mako Mining Announces Q3 2026 Production Results with Gold Recovered of 12,743 oz Au (Sales of 11,581 oz Au), and Positive Permitting Updates at Mt. Hamilton and San Albino
Mako’s Moss production ran 40% below its mine plan, causing third-quarter gold sales to slide 21% sequentially.
Mako Mining Corp. (MKO) released its third-quarter 2026 production and permitting update, providing a quarterly operational snapshot rather than a full earnings report. The company did not disclose AISC, EBITDA, or net income in this release; those figures will be included in the Q3 2026 financials.
For the quarter, Mako recovered 12,743 oz of gold, with sales of 11,581 oz Au generating approximately US$50 million in revenue.
At the San Albino operation, the company mined 42,565 tonnes grading 7.97 g/t Au, yielding 10,913 oz. Milling processed 53,046 tonnes grading 6.66 g/t Au, achieving an 80.5% recovery rate for 9,145 oz of gold. Of this, 8,768 oz were sold at US$4,285/oz. The mill operated at a rate of 587 tonnes per day with 98% availability, while the strip ratio stood at 40.7:1. A quarter-end stockpile of 109,868 tonnes at 2.74 g/t (9,666 oz) was recorded. The feed mix consisted of 48% diluted vein and 52% historical dump, a shift from the 54% / 46% split seen in the first half of 2026.
The Moss Mine recovered 3,599 oz of gold, selling 2,812 oz at US$4,343/oz. Crushing throughput averaged 5,113 short tons per day, falling short of the 8,500 stpd initial-throughput figure outlined in the August 17, 2026 Technical Report. The company attributed the lower throughput to mechanical constraints and longer solution-return times resulting from higher stacking lifts.
On the balance sheet, cash, securities, and trade receivables totaled US$119.3 million as of September 30, 2026, an increase from US$112.9 million at June 30.
Regarding development projects, Mako received USFS condemnation-drilling permits for Mt. Hamilton on October 16, 2026, against a US$265,205 reclamation bond. A minor plan-of-operation amendment remains pending, and the company still guides the first gold pour for December 2027. In Guyana, a mineral agreement for the Eagle Mountain project was executed on September 10, 2026. EPA comments on the draft ESIA were received in early October, with the final ESIA still targeted for Q4 2026.
Mako has also procured a crushing-circuit upgrade for Moss, targeting more than 12,000 stpd by Q3 2027, which the company notes is 40% above the August 2026 Technical Report.
Mako Mining Corp. (MKO) reported a sequential decline in production and revenue for the quarter, marking a break in its run of consecutive record results. Gold sales fell to 11,581 oz from 14,610 oz in Q2 2026, a 20.7% decrease, while revenue dropped 20% to approximately US$50M from US$62.6M.
The shortfall at the San Albino operation was attributed to a deliberate shift in feed mix toward lower-grade dump material, with vein content falling to 48% in Q3 from 54% in the first half of the year. Consequently, feed grade decreased to 6.66 g/t from 7.54 g/t. At the Moss project, production came in at 5,113 stpd, representing a roughly 40% shortfall against the 8,500 stpd outlined in its recently published plan.
Offsetting these operational challenges were procedural updates and financial metrics. The company secured a condemnation-drilling permit for Mt. Hamilton, removing a known bottleneck, and reported an increase in cash to US$119.3M.
Following the release of the results, the stock declined from a high of US$15.32 on August 25 to US$12.70, including a drop to US$12.12 on October 14.
Mako Mining Corp. (Nasdaq: MAKO; TSXV: MKO) is a gold producer and developer with four assets across four jurisdictions. Its San Albino mine in Nueva Segovia, Nicaragua, is a 100%-owned high-grade open-pit gold operation covering approximately 224 km², which expanded to ~254 km² with the addition of Eureka. Permitted for 1,000 tpd, it is considered one of the highest-grade open-pit gold mines globally and serves as the company’s operating flagship, though it also represents the single largest jurisdictional risk. An underground ramp-up is targeted for the first half of 2027.
The Moss Mine in the Oatman District, Arizona, is a 100%-owned open-pit heap leach covering 165 km². Acquired in March 2025 for approximately US$2 million, it is currently viewed as the constraint and the fix for the company’s portfolio. In Nevada, the Mt. Hamilton project in White Pine County is in the development and construction phase. Acquired on March 24, 2026, for approximately US$40 million paid via a Sailfish gold stream, it sits on the Battle Mountain–Eureka trend with first gold targeted for December 2027.
The Eagle Mountain project in Guyana is 100%-owned and at the PEA stage. An Environmental and Social Impact Assessment (ESIA) is in process, with a mining license targeted for 2027 and initial production targeted for approximately 2028.