Mako Mining Reports Q2 2026 Financial Results, Including Adjusted EBITDA(1) of US$31.7 Million and EPS of US$0.16/Share
Mako’s Q2 ounces confirm production but lower gold prices cut earnings per share by 38% quarter on quarter.
Mako Mining Corp. (MKO) reported second-quarter 2026 financial results, posting revenue of $62.6 million, adjusted EBITDA of $31.7 million, mine operating cash flow of $25.9 million, net income of $13.9 million, and earnings per share of $0.16. The company sold 14,610 ounces of gold at an average realized price of $4,201 per ounce.
Consolidated cash costs stood at $1,996 per ounce sold, while consolidated all-in sustaining costs (AISC) were $2,286 per ounce sold. At the San Albino mine, AISC was $1,535 per ounce, compared to $3,708 per ounce at the Moss Mine. The company held $112.9 million in cash, trade receivables, and marketable securities. Exploration and evaluation expenses totaled $2.9 million, primarily directed toward projects near San Albino and Eagle Mountain.
CEO Akiba Leisman stated that liquidity is sufficient to fund the two remaining development projects without external capital. Mako plans to soon unveil strategies for lowering its cost of capital, which may include shareholder returns.
Mako Mining Corp. (MKO) released its second-quarter earnings, though headline production, revenue, and cash figures had already been preannounced on July 15, 2026. The primary new information provided in the release concerns cost and profitability details, indicating that Q2 results declined materially from Q1 based on the realized gold price, while consolidated all-in sustaining costs (AISC) remained flat.
Financially, revenue fell 8.7% quarter-over-quarter from $68.6m to $62.6m. Net income dropped 39.9% from $23.1m to $13.9m, and mine operating cash flow (OCF) decreased 43.8% from $46.1m to $25.9m. The company described Q2 revenue as a “record,” a characterization that conflicts with the supplied financials, as Q1 2026 revenue was reported at $68.6m.
The stock had already rallied sharply into this print, rising from the July 15 production release close of $10.18 to $13.62 on August 13, a gain of approximately 34%. No concrete capital-return plan was announced; the language used was optional and forward-looking. The release is viewed as confirmatory and mixed, rather than a new positive catalyst or a major negative surprise.
Mako Mining Corp. (NASDAQ: MAKO, TSX-V: MKO) is a gold mining, development, and exploration company. Its portfolio includes the San Albino operation in Nicaragua, a high-grade producing open-pit and underground-permitted site located near Las Conchitas. The company also operates the Moss Mine in Arizona, an open-pit heap-leach gold-silver mine that is currently in production.
In March 2026, Mako Mining acquired the Mt. Hamilton project in Nevada from Sailfish Royalty. This permitted heap-leach gold-silver project is part of the company’s development pipeline, which also includes the Eagle Mountain project in Guyana. Eagle Mountain is currently at the preliminary economic assessment (PEA) stage, with permitting work underway.