Mako Mining Reports Q1 2026 Financial Results, Including Adjusted EBITDA(1) of US$40.1 Million and EPS of US$0.26/Share

Mako reported Q1 2026 financial results on May 15, 2026 – a quarter the CEO called “a record for production, revenue, and profitability.”
- Revenue: US$68.6 M (slightly above the ~US$69 M pre‑announced on April 15).
- Net Income: $23.1 M, or $0.26/share.
- Mine Operating Cash Flow: $46.1 M; Adjusted EBITDA: $40.1 M.
- Gold sold: 13,721 oz at an average realized price of $4,902/oz.
- AISC: $2,275/oz sold (San Albino $1,661, Moss $2,977).
- Cash & receivables: $96.1 M; company remains debt‑free.
- ROE: 36.4%, ROA: 23.5%.
- Exploration spending remains modest ($2.5 M).

CEO Akiba Leisman noted the results were driven by just one mine in full production and one ramping up, with two substantially larger projects fully funded and poised to boost profitability.

The news is Material – Positive but not a “Game Changer.” Production and revenue were already disclosed on April 15, but the full financials reveal truly exceptional profitability:
- EPS of $0.26 quarterly (annualized >$1.00) is a step‑change from $0.17 in Q4 2025 and $0.12 in Q1 2025.
- Adjusted EBITDA of $40.1 M is nearly 50% higher than the previous quarterly record and implies an EV/EBITDA run‑rate below 6×.
- Cash generation ($46.1 M mine OCF) effortlessly covers all capital needs; the $96.1 M cash pile plus ongoing cash flow fully de‑risks the construction of Eagle Mountain and Mt. Hamilton without requiring debt or equity.
- The AISC of $2,275/oz still leaves a >50% margin at current gold prices, confirming the company’s leverage to strong gold prices.

While the market likely anticipated strong numbers after the production pre‑release, the actual bottom‑line beat and the sheer cash accumulation reinforce Mako’s self‑funding growth narrative and justify further multiple expansion. The news is unequivocally positive and material, though not a paradigm‑shifting event.

Mako Mining is a gold producer with two producing assets (San Albino/Las Conchitas in Nicaragua and Moss Mine in Arizona) and two development‑stage projects (Eagle Mountain in Guyana and Mt. Hamilton in Nevada).
- Flagship operation – San Albino/Las Conchitas: High‑grade open‑pit gold mine (current ~600 tpd, permitted to 1,000 tpd) with 2025 production of ~35,900 oz Au. The mine is the main cash generator and sits on a 224 km² land package with extensive exploration upside (El Golfo, Las Conchitas extensions).
- Moss Mine (Arizona): A large‑tonnage open‑pit heap‑leach operation acquired in 2025, now ramping up toward steady‑state production; updated resource of 646 koz Au M&I.
- Eagle Mountain (Guyana): PEA‑stage deposit with 1.2 Moz indicated; potential to produce >60 koz Au/year at low AISC (~$829/oz in Phase 1); ESIA submitted, targeting permits for construction by late 2026.
- Mt. Hamilton (Nevada): Permitted gold‑silver heap‑leach project with a tungsten‑copper‑molybdenum byproduct target; acquired in a non‑dilutive gold‑stream transaction; first production possible in 2027.