Northwire Canada EditionThursday, November 12, 2026
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Gold 3,881.60 −3.0% Silver 49.96 −3.9% Copper 6.19 −1.5% Oil 88.73 +2.5% Palladium 991.75 −5.2% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% TWO 0.340 −8.1% BIG 1.03 +8.4% VCG 1.06 −3.6% SCD 0.145 +0.0% GAL 0.370 −0.7% SAG 0.620 −6.1% VIZ 0.195 +0.0% SAGA 0.370 −7.5% ZEN 0.520 −5.5% Gold 3,881.60 −3.0% Silver 49.96 −3.9% Copper 6.19 −1.5% Oil 88.73 +2.5% Palladium 991.75 −5.2% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% TWO 0.340 −8.1% BIG 1.03 +8.4% VCG 1.06 −3.6% SCD 0.145 +0.0% GAL 0.370 −0.7% SAG 0.620 −6.1% VIZ 0.195 +0.0% SAGA 0.370 −7.5% ZEN 0.520 −5.5%
Production / Operations

Mako Mining mines 12,906 ounces Au at San Albino in Q4

By The Northwire Desk — AI Analysis Jan 13, 2026 · 16:19 MKO · 8.97 Mako Mining Corp.
MKO · Price

Executive Summary

  • Mako Mining Corp. reported record Q4 2025 production results, generating approximately US$50 million in gold revenue and achieving a year-end cash balance of US$78.1 million.
  • The company fully repaid its remaining debt of $6.5 million and completed a net equity raise of $37.7 million, significantly strengthening its balance sheet.
  • Operational updates include continued ramp-up at the Moss mine, advancing permitting for the Eagle Mountain project in Guyana, and taking operating control of the Mount Hamilton project in Nevada.

Key Details

  • Q4 2025 Financial Highlights:

    • Total gold sales: 11,604 ounces.
    • Total revenue: ~$50 million (nearly 30% higher than previous quarterly record).
    • Record average gold price: $4,313 per ounce.
    • San Albino sales: 9,307 ounces at $4,340/oz.
    • Moss mine sales: 2,297 ounces at $4,202/oz.
    • Debt repayment: $6.5 million.
    • Equity raise: $37.7 million (net of costs and commissions).
    • Cash balance and trade receivables: $78.1 million as of Dec. 31, 2025 (up from $28.4 million in Q3 2025).
    • Net quarterly cash increase: $18.5 million (excluding equity issuance and debt repayment).

  • San Albino Mine Operational Highlights (Q4 2025):

    • Mined: 57,577 tonnes containing 12,906 oz Au (6.97 g/t) and 13,003 oz Ag (7.02 g/t).
    • Milled: 54,076 tonnes containing 11,767 oz Au (6.77 g/t) and 12,039 oz Ag (6.92 g/t).
    • Mill throughput: 598 tonnes per day at 98% availability.
    • Mill recovery: 82.3% for gold.
    • Strip ratio: 38.9:1.
    • Stockpile at quarter-end: 127,755 tonnes at 2.76 g/t Au (11,328 oz contained Au).
    • Production sources: 52% from diluted vein material; 48% from historical dump and other mineralized material.

  • Moss Mine Update:

    • Operations transitioning to 24-hour crushing coverage.
    • Gold ounces placed on heap-leach pad and recovered increased month-over-month.
    • Focus on achieving steady-state production expected late in the current quarter.

  • Eagle Mountain Project (Guyana):

    • 2025 work program included engineering, environmental, and social baseline studies.
    • Stakeholder engagement meetings conducted in October 2025 with EPA observation.
    • Environmental Impact Assessment (EIA) submission to the Guyana EPA anticipated in Q1 2026.

  • Other Projects:

    • Mount Hamilton (Nevada): Company took operating control; preconstruction activities commenced, with full construction expected to begin in early Q2 2026.
    • San Albino Underground: Engineering and geotechnical activities advanced in support of planned underground mining development.

Notable Quotes

  • "Q4 2025 was a very strong finish to the year after completing a scheduled weak Q3 2025. Gold sales were 11,604 ounces at a record average gold price of $4,313 per ounce, generating $50-million in revenue for the quarter, which was nearly 30 per cent higher than our previous quarterly revenue record." — Akiba Leisman, CEO
  • "After raising $37.7-million in equity and repaying the remaining $6.5-million in debt, cash and trade receivables increased to $78.1-million from $28.4-million in Q3 2025. Net of equity issuance and debt repayment, this implies a quarterly cash increase of $18.5-million despite having significant exploration programs at all of our assets." — Akiba Leisman, CEO
Read the original news release →

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Oct 19, 2026 · 07:30

Mako’s Moss production ran 40% below its mine plan, causing third-quarter gold sales to slide 21% sequentially.

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M&A / Property Sep 10, 2026 · 07:30

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Earnings Jul 07, 2026 · 08:45

Mako’s Moss reserve validates a 15-year mine life, though gradual ramp-up and low grades temper near-term production upside.

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