Northwire Canada EditionFriday, August 21, 2026
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IPT 0.305 +1.7% ADZ 0.105 +5.0% ARTG 42.00 +2.4% NKG 0.830 −3.5% ODV 4.02 +0.2% BAG 0.220 +0.0% TRO 0.130 −3.7% GHRT 0.750 +4.2% LGO 0.910 +2.2% SKP 0.165 +0.0% PGC 0.030 +0.0% YGT 0.200 +2.6% CTV 0.120 +20.0% MPVD 0.015 +0.0% ZEN 0.850 +7.6% SCD 0.205 +0.0% IPT 0.305 +1.7% ADZ 0.105 +5.0% ARTG 42.00 +2.4% NKG 0.830 −3.5% ODV 4.02 +0.2% BAG 0.220 +0.0% TRO 0.130 −3.7% GHRT 0.750 +4.2% LGO 0.910 +2.2% SKP 0.165 +0.0% PGC 0.030 +0.0% YGT 0.200 +2.6% CTV 0.120 +20.0% MPVD 0.015 +0.0% ZEN 0.850 +7.6% SCD 0.205 +0.0%
Earnings

Mako Mining Reports Second Quarter 2025 Financial Results, Including Record Adjusted EBITDA of US$21.3 million, a Record Increase In Cash of US$18.2 million and EPS of US$0.11/share from 11,476 oz Gold Sold at US$3,323/oz

By The Northwire Desk — AI Analysis Aug 22, 2025 · 07:00 MKO · 6.0 Mako Mining Corp.
MKO · Price

Executive Summary

  • Mako Mining reported record Q2 2025 gold sales of US$38.7 million, generating US$21.3 million Adjusted EBITDA and US$8.8 million Net Income.
  • Cash increased by US$18.2 million, with Mine Operating Cash Flow of US$16.9 million; ROE and ROA for the trailing twelve months were 33.9% and 23.5%, respectively.
  • The company acquired the secured indebtedness of Elevation Gold Mining Corp. for US$1.8 million and announced that mining at Moss will restart in August 2025.

Key Details

  • Revenue: US$38.7 million (vs. US$28.3 million Q2 2024).
  • Gold sold: 11,476 oz at an average price of US$3,323/oz.
  • Cash Cost per oz sold: US$1,509; All‑In Sustaining Cost (AISC): US$1,668.
  • Mine Operating Cash Flow (MineOCF): US$16.9 million.
  • Adjusted EBITDA: US$21.3 million.
  • Net Income: US$8.8 million; EPS: US$0.11 per share.
  • Cash Position: Increased by US$18.2 million during the quarter.
  • ROE (TTM): 33.9%; ROA (TTM): 23.5%.
  • Exploration & Evaluation Expenses: US$2.2 million (breakdown: $0.4 M San Albino/Las Conchitas, $0.5 M El Jicaro concession, $1.1 M Eagle Mountain, Guyana).
  • Debt Activity: Paid US$0.3 million interest on Revised Wexford Loan; acquired Elevation Gold’s secured indebtedness for US$1.8 million, becoming principal secured creditor in the CCAA process.
  • Silver Loan Repayment: Delivered final installment of 13,500 oz silver to Sailfish Silver Loan.
  • Operational Outlook: Mining at Moss expected to recommence end‑August 2025; San Albino production projected to remain strong through Q4 2025; Eagle Mountain EIA submission targeted for early Q1 2026.

Notable Quotes

“Q2 was another strong quarter for Mako, with record Adjusted EBITDA of US$21.3 million… despite only having one of our three assets in commercial production.” – Akiba Leisman, CEO

All figures are presented in United States dollars unless otherwise noted.

Read the original news release →

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Aug 14, 2026 · 07:15

Mako’s Q2 ounces confirm production but lower gold prices cut earnings per share by 38% quarter on quarter.

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Production / Operations