Mako Mining (MKO) Q2 2025 earnings summary

Executive summary

• Achieved record Adjusted EBITDA of $21.3 million and a record increase in cash of $18.2 million in Q2 2025.

• Net income reached $8.8 million, with EPS of $0.11 per share from 11,476 oz gold sold at $3,323/oz.

• Only one of three assets in commercial production; Moss Mine to recommence mining at end of August 2025.

Financial highlights

• Revenue for Q2 2025 was $38.7 million, up from $28.3 million in Q2 2024.

• Mine Operating Cash Flow was $16.9 million.

• Cash costs were $1,509/oz sold; AISC was $1,668/oz sold.

• Sold 11,476 oz of gold in Q2 2025, with 22,293 oz sold in the first half of 2025.

Outlook and guidance

• Second half of 2025 expected to have similar San Albino production, weighted towards Q4, which is projected to be a record quarter.

• Mining at Moss Mine to restart at end of August 2025, with full-scale operations expected in September.

• Advancing Eagle Mountain project in Guyana, aiming to submit Environmental Impact Assessment in early Q1 2025.