Mako Mining Announces Amended and Restated Definitive Agreements for Restructure of Mt. Hamilton Acquisition Consideration and Filing of Supplement to Management Information Circular

The most recent news (February 18, 2026) details the finalization of restructured terms for the acquisition of the Mt. Hamilton Gold-Silver Project in Nevada from Sailfish Royalty Corp. The key amendment is the complete elimination of a previously proposed 2% Net Smelter Return (NSR) royalty on the project. In exchange, the gold stream arrangement was modified. The new stream consists of an Initial Term (60 months) delivering 341.7 troy ounces per month and an Additional Term (72 months) delivering 100 troy ounces per month. The deemed purchase price remains US$40 million.

This restructuring follows a February 9, 2024, announcement where management cited new U.S. industrial policies (Project Vault and the 2026 Critical Minerals Ministerial) as the catalyst. By removing the NSR, Mako ensures that future tungsten production at Mt. Hamilton—a U.S.-designated critical mineral—remains unencumbered by royalties, providing maximum flexibility for government-backed development or strategic partnerships.

The impact is Material - Positive for long-term optionality, though the immediate financial consideration remains economically equivalent (US$40M).

• Strategic Flexibility: By removing the 2% NSR, Mako "cleans" the asset of a perpetual royalty that would have applied to all minerals, including the high-value tungsten target. This makes the project significantly more attractive for U.S. government grants or strategic defense-related investments.
• Cash Flow Management: The gold stream is being repaid through deliveries from Mako's "other projects" (principally San Albino and Moss). This allows Mt. Hamilton to be developed without its own early-stage revenue being siphoned off by a royalty.
• Operational Strength: The restructuring coincides with record financial performance. Mako reported US$50 million in record Q4 2025 revenue and has reached a debt-free status. The ability to fund a US$40 million acquisition via a stream from current production without equity dilution (at a time when the stock is near all-time highs) demonstrates significant internal capital generation.

Mako Mining is a gold producer with a focus on high-margin operations in the Americas. - Flagship Project: San Albino Mine (Nicaragua). This is a high-grade, low-cost open-pit operation that has served as the company's "cash cow." It has consistently reconciled positively against resource models, often exceeding predicted ounces by 20%. - Secondary Assets: The Moss Mine (Arizona), acquired in 2025, provides stable heap-leach production in a Tier-1 jurisdiction. - Growth Pipeline: Mt. Hamilton (Nevada) is the immediate construction focus, while Eagle Mountain (Guyana) is the long-term development target for 2027.