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Mako Mining (MKO) investor relations material
Mako Mining 2025 Precious Metals Summit - Zurich summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic Growth, Financing, and Operational Highlights
Completed $37 million financing, fully repaid all debt, and ended Q4 with $80 million in cash, supporting multi-asset development and a self-funded growth model.
Achieved 2024 gold sales of 39,000 oz, $92M revenue, and 1H 2025 revenues of $67.3M with net income of $18.2M; reported $111.9M revenue and $55.7M adjusted EBITDA TTM.
Acquired Goldsource (Eagle Mountain, Guyana), Moss Mine (Arizona), and announced intent to acquire Mt. Hamilton (Nevada), expanding from a single mine to a multi-asset portfolio.
Maintains a controlling shareholder (Wexford Capital) with 47% ownership, providing stability and strategic support.
Share repurchase program (NCIB) returned $2.9M to shareholders in TTM.
Asset Portfolio and Jurisdictional Advantages
Operates San Albino (Nicaragua), Moss Mine (Arizona), and Eagle Mountain (Guyana), with Mt. Hamilton (Nevada) pending acquisition.
San Albino produced $57 million in operating cash flow and $22 million in free cash flow over the last 12 months, and is a high-grade, low-cost cornerstone operation.
Moss Mine acquired for $2 million, ramping to steady-state production by March next year, with 30,000–35,000 oz/year gold equivalent expected and 40,000 acres of prospective ground.
Eagle Mountain features 1.2Moz Au indicated and 582koz inferred, robust PEA economics (NPV5% $292M, 57% IRR), and phased development plan.
Mt. Hamilton offers a permitted gold-silver project with tungsten optionality, targeting first gold pour by late 2026 or early 2027 and 60,000 oz/year production.
Financial Performance and Capital Structure
No debt as of November 2025, with $60.3M cash and a market cap of $436M.
Generated $56.8M mine operating cash flow TTM, reinvesting in exploration, equipment, and acquisitions.
Cash costs of $1,284/oz and AISC of $1,633/oz.
CapEx for initial saprolite operation at Goldsource estimated at $100 million, to be funded by internal cash and cash flow.
Internal EPCM team has grown to 29, supporting simultaneous multi-mine operations.
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