Mako Mining Announces Intention to Restructure the Mt. Hamilton Acquisition Consideration and Postponement of Special Meeting of Shareholders to New Meeting Date of March 3, 2026

The most recent news release on February 9, 2026, announces a strategic delay of the special shareholder meeting to March 3, 2026, and a fundamental restructuring of the acquisition terms for the Mt. Hamilton project in Nevada. Management cites significant changes in U.S. mining industrial policy, specifically the establishment of "Project Vault" and the "2026 Critical Minerals Ministerial" by the Trump administration. Mako intends to restructure the US$40 million consideration to Sailfish Royalty Corp to be repaid exclusively through gold deliveries from Mako's other projects. This replaces the previous structure that likely included a 2% Net Smelter Return (NSR) royalty on all minerals, including tungsten. By doing this, Mako aims to preserve flexibility and full exposure to the tungsten target at Mt. Hamilton, which is a U.S.-designated critical mineral. The company has also engaged a political advisor and initiated discussions with U.S. Government officials.

This news is materially positive because it demonstrates highly proactive management that is adapting to geopolitical shifts to maximize asset value. - Protection of Critical Metal Upside: Tungsten is vital for national security and defense. By removing an NSR on tungsten, Mako keeps 100% of the potential revenue from this critical mineral, which could benefit from U.S. government subsidies or expedited permitting under "Project Vault." - Economic Neutrality for Gold: The consideration remains "economically equivalent" at US$40 million, but shifting the repayment to gold deliveries from other projects (San Albino or Moss) utilizes Mako’s strong existing cash flow rather than encumbering the new asset with a multi-mineral royalty. - Political Positioning: Engaging a political advisor and moving quickly to align with the new U.S. administration's industrial policy suggests Mako is seeking to fast-track Mt. Hamilton into production as a "strategic asset." - Delay is Negligible: The meeting postponement of three weeks is a minor timing issue compared to the long-term benefit of unencumbering the tungsten resource.

Mako Mining is a gold producer with high-grade operations in Nicaragua and ramping assets in the U.S. - Flagship Project (San Albino, Nicaragua): A high-grade open-pit mine that has been the primary cash generator. It recently added an underground component. - Secondary Asset (Moss Mine, Arizona): Acquired in March 2025 for a net cost of ~$2M. It is currently ramping to steady state with a significant mineral resource of ~646k oz Au (M&I). - Growth Asset (Mt. Hamilton, Nevada): A fully permitted open-pit gold-silver project with a significant tungsten target. - Development Asset (Eagle Mountain, Guyana): Acquired via the Goldsource merger. PEA shows a $292M NPV at $1,850 gold.