Mako Mining (MKO) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $27.6 million, up from $15.7 million in Q3 2024, driven by San Albino and Moss mines.

• Net income for the quarter was $1.2 million, with adjusted EBITDA of $9.3 million and mine operating cash flow of $8.9 million.

• Sold 7,830 oz of gold at an average price of $3,454/oz; cash cost was $2,115/oz and AISC was $2,561/oz.

• Current cash balance is approximately $66.0 million, with the company now debt free.

• High-grade production at San Albino resumed in late October, with Moss mine ramping up; record Q4 2025 results expected.

Financial highlights

• Mine operating cash flow for Q3 2025 was $8.9 million; adjusted EBITDA was $9.3 million.

• Twelve trailing months ROE was 28.4% and ROA was 19.2%.

• Exploration and evaluation expenses totaled $2.8 million across multiple projects.

• Q3 2025 gold sales: 7,830 oz at $3,454/oz average price; San Albino contributed 6,918 oz, Moss 912 oz.

• San Albino cash cost was $1,767/oz and AISC $2,064/oz; Moss mine cash cost was $4,756/oz and AISC $4,596/oz.

Outlook and guidance

• High-grade production at San Albino and ramp-up at Moss expected to drive record Q4 2025 financial results.

• Steady-state production at Moss anticipated in late Q1 2026.

• Sufficient cash resources to construct Mt. Hamilton in 2026 and potentially fund Eagle Mountain in 2027, assuming current gold prices.