Mako Mining (MKO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $68.6 million, driven by strong gold sales and high realized prices.

• Net income reached $23.1 million ($0.26 per share), with adjusted EBITDA of $40.1 million.

• Mine operating cash flow (Mine OCF) was $46.1 million, with $96.1 million in cash and trade receivables at quarter-end.

• Two major projects are fully funded and expected to significantly boost profitability in coming years.

• Ended the quarter with no debt except for a gold stream related to Mt. Hamilton.

Financial highlights

• Revenue increased to $68.6 million in Q1 2026 from $31.8 million in Q1 2025, a $36.8 million rise year-over-year.

• Adjusted EBITDA rose to $40.1 million from $16.1 million year-over-year.

• Sold 13,721 oz of gold at an average realized price of $4,902/oz, up from 10,817 oz at $2,915/oz year-over-year.

• Cash cost per ounce sold was $1,843, and AISC was $2,275/oz.

• Return on equity (ROE) was 36.4% and return on assets (ROA) was 23.5%.

Outlook and guidance

• Focus remains on lowering cost of capital to accelerate growth.

• Two larger projects, Eagle Mountain and Mt. Hamilton, are expected to boost profitability over the next few years.