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

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