Mako Mining (MKO) 2025 Precious Metals Summit - Zurich summary

Strategic growth and financing

• Completed $37 million financing, strengthening the balance sheet and enabling development of two projects using internal cash flow.

• Achieved significant gold production growth across multiple assets in the Americas, with 2024 gold sales of 39,000 oz and revenues of $92M, and 1H 2025 revenues of $67.3M and net income of $18.2M.

• Completed key acquisitions: Goldsource (Eagle Mountain Project, Guyana) in July 2024 and Moss Mine (Arizona) in March 2025, with intent to acquire Mt. Hamilton Project (Nevada) announced for September 2025.

• Maintains a controlling shareholder with 47% ownership, providing stability and support during market downturns.

• Fully repaid all company debt following recent financing; no debt as of November 2025, with $60.3M cash and a market cap of $436M.

Operational updates and asset performance

• San Albino mine in Nicaragua has produced nearly 40,000 ounces annually, generating $57 million in operating cash flow and $22 million in free cash flow over the last 12 months.

• Moss Mine in Arizona acquired out of bankruptcy for $2 million, with operations restructured and mining recommenced; steady-state production expected by late February or early March next year.

• Moss Mine is a cash-generating, fully permitted heap-leach operation with recent leach pad expansion and strong exploration potential.

• Eagle Mountain features a large, shallow resource (1.2Moz Au indicated, 582koz inferred), robust PEA economics (NPV5% $292M, 57% IRR), and phased development plan.

• Mt. Hamilton offers a permitted gold-silver project with tungsten optionality, enhancing diversification and critical mineral exposure.

Financial performance and capital structure

• Reported $111.9M revenue and $55.7M adjusted EBITDA TTM (Q3 2024–Q2 2025), with cash costs of $1,284/oz and AISC of $1,633/oz.

• Generated $56.8M mine operating cash flow TTM, reinvesting in exploration, equipment, and acquisitions.

• Ended Q3 with just under $30 million in cash; expects to finish Q4 with nearly $80 million after a strong quarter and ramp-up of U.S. assets.

• Share repurchase program (NCIB) returned $2.9M to shareholders in TTM.

• Maintained a self-funded growth model, with $55.7M adjusted EBITDA TTM, no debt, and $2.9M in share repurchases.