Mako Mining Reports Q3 2026 Financial Results, Including Adjusted EBITDA(1) of US$30.3 million and EPS of US$0.19/share
Mako’s San Albino deposit carries third-quarter results as all-in sustaining costs rise, pushing the company’s financial position into negative territory.
Mako Mining Corp. (MKO) reported financial results for the third quarter of 2026, covering the three months ended September 30, 2026. The company recorded revenue of $50.7 million, Adjusted EBITDA of $30.3 million, Mine Operating Cash Flow of $22.4 million, and net income of $16.4 million, or $0.19 per share.
During the quarter, Mako sold 11,581 ounces of gold at an average realized price of $4,292 per ounce. The company reported cash costs of $2,145 per ounce sold and an all-in sustaining cost (AISC) of $2,890 per ounce sold. AISC performance varied significantly by segment, with San Albino reporting $1,889 per ounce and the Moss Mine reporting $4,634 per ounce. The Moss Mine’s AISC exceeded its own realized price of $4,343 per ounce noted in a prior production release.
The company’s balance sheet strengthened, with cash, trade receivables, and marketable securities totaling $119.3 million. This represents an increase from $112.9 million at the end of the second quarter of 2026 and $96.1 million at the end of the first quarter of 2026. Mako highlighted trailing twelve-month return on equity (ROE) of 44.3% and return on assets (ROA) of 28.9% in its release.
Regarding operational developments, underground construction has begun at San Albino, and drilling has started at Eureka, with initial results expected in three months. Crushers for the Moss Mine are scheduled to arrive in the second quarter of 2027, with commissioning planned for the third quarter of 2027. At Mt. Hamilton, the first gold pour is expected by the end of 2027. Full construction permits for Eagle Mountain are expected in early 2027, with construction slated for the fourth quarter of 2027. Mako stated that both development projects are fully funded from cash and operating cash flow. Additionally, the company is finalizing the Sailfish Gold Purchase Agreement, targeting a closing in early 2027.
Mako Mining Corp. (MKO) reported third-quarter results on Nov. 13, revealing a production shortfall that had been pre-released on Oct. 19. The company recovered 12,743 oz of gold and sold 11,581 oz, constrained by Moss operations at 5,113 stpd. The earnings release provided financial quantification, showing an all-in sustaining cost (AISC) of $2,890/oz, a 26.4% increase from the second quarter’s $2,286/oz. At the Moss mine, AISC reached $4,634/oz.
On a sequential basis, revenue fell 19.0%, gold sales declined 20.7%, Adjusted EBITDA dropped 4.4%, and mine operating cash flow (OCF) decreased 13.5%. Net income and earnings per share (EPS) rose due to lower second-quarter net income and tax or other below-the-line effects, rather than an improvement in operating profit.
The market had already positioned for weakness. The stock closed at $14.05 on Aug. 14, 2026, the date of the prior second-quarter earnings release, and at $10.82 on Nov. 12, 2026, down 23.0% into this print. From the Aug. 25 high of $15.32, the stock was down 29.4%.
The primary concern is margin rather than volume. Consolidated AISC margin narrowed to $1,402/oz from $1,915/oz in the second quarter and $2,627/oz in the first quarter. Moss is now all-in loss-making, with an AISC of $4,634 against a realized price of $4,343, resulting in a negative $291/oz, or approximately $0.8 million on 2,812 oz sold.
Mako Mining Corp. (MAKO/TSX-V: MKO) is a gold producer, developer, and explorer listed on the Nasdaq and the TSX-V. The company’s portfolio includes the San Albino mine in Nicaragua, a 100%-owned high-grade open-pit operation that is currently processing above 550 tonnes per day and is permitted to handle 1,000 tonnes per day. The land package spans approximately 224-254 square kilometers following the Eureka concession, with an underground ramp-up targeted for the first half of 2027.
In Arizona, Mako owns the Moss Mine, a 100%-owned open-pit heap leach project in the Oatman district covering 165 square kilometers. Fully permitted, the site features a three-stage crushing capacity of 10,400 tonnes per day, though current throughput stands at 5,113 short tons per day. Commercial production began in 2018, and Mako acquired the Moss Mine in March 2025 for approximately $2 million.
The company also holds the Mt. Hamilton project in Nevada, a permitted heap leach operation acquired in March 2026 for a $40 million stream-based consideration. Construction is underway, with the first gold pour targeted for the end of 2027. Additionally, Mako holds the Eagle Mountain project in Guyana, where a mineral agreement was signed on September 10, 2026. An environmental and social impact assessment (ESIA) was submitted in March 2026, with full construction permits expected in early 2027. Construction is scheduled for the fourth quarter of 2027, targeting production around 2028.
Mako Mining’s management team includes CEO Akiba Leisman, COO Jesse Munoz, President Steve Parsons, VP of Exploration Frank Powell, and CFO Ezequiel Sirotinksky. The board of directors is led by Non-Executive Chairman Eric Fier.