Mako Mining (MKO) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $50.747M and net income was $16.441M; 9M revenue was $181.939M and net income was $53.454M.

• Consolidated gold production was 11,910 oz in Q3 and 40,255 oz YTD, with higher grades supporting San Albino output.

• San Albino continued operating as Moss ramped up below target throughput; Moss had not reached commercial production by September 30.

Financial highlights

• Q3 revenue was $50.747M vs. $27.575M YoY; gross profit was $23.995M vs. $9.472M, and net income was $16.441M vs. $1.196M.

• 9M revenue was $181.939M vs. $98.078M YoY; gross profit was $96.172M vs. $45.242M, and net income was $53.454M vs. $19.438M.

• Q3/9M Adjusted EBITDA was $30.3M/$102.2M, versus $9.3M/$46.7M in 2025; operating cash flow was $11.1M/$55.994M, versus $4.6M/$31.027M.

• Q3 gross profit was $23.995M and 9M gross profit was $96.172M; higher gold prices, sales volumes and resumed Moss mining contributed to revenue growth.

Outlook and guidance

• Forecast cash flows and current working capital were assessed as sufficient to meet obligations and operating requirements for at least 12 months.

• Moss mine plan projects a 15-year life, 442,904 oz gold and 2.1M oz silver; average annual gold output is projected at 30,900 oz from 2026–2039, peaking at 46,100 oz in 2031.

• Mt. Hamilton first gold pour is anticipated in December 2027, subject to permits, equipment delivery, and labor and materials availability; construction timing remains under review.

• Moss Q3 crushing throughput averaged 5,113 st/day, below the initial 8,500 st/day target for 2026–2027; maintenance and a new production well are expected to support improvement.

• Final Eagle Mountain ESIA submission was expected in Q4 2026 following EPA feedback; approval and environmental authorization remain subject to review.