Mako Mining (MKO) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $148.5 million in 2025, up 61% year-over-year, driven by higher gold prices and increased sales volume following the acquisition of the Moss Mine.

• Net income rose to $33.7 million in 2025, a 76% increase from 2024, with EBITDA of $63.8 million and adjusted EBITDA of $75.2 million.

• Completed strategic acquisitions of the Moss Mine (Arizona), Goldsource Mines (Eagle Mountain Project, Guyana), and Mt. Hamilton Project (Nevada), expanding the asset base and production profile.

• Closed a $39.5 million private placement in Q4 2025 to fund ramp-up at Moss, development at Mt. Hamilton, and working capital.

Financial highlights

• Consolidated gold sales reached 41,686 oz in 2025, up from 39,001 oz in 2024; consolidated gold production was 40,831 oz.

• Cash flows from operating activities increased to $53 million in 2025 from $34.5 million in 2024.

• Cash and cash equivalents at year-end were $77.3 million, with working capital of $82.9 million.

• Cash cost per ounce sold was $1,571 and AISC was $1,881/oz in 2025, both higher than 2024 due to increased stripping ratios and lower grades at San Albino and ramp-up costs at Moss.

Outlook and guidance

• Management expects continued strong operating cash flow in 2026, supported by higher gold prices and full-year contributions from Moss and San Albino.

• Ongoing ramp-up at Moss Mine and development activities at Mt. Hamilton and Eagle Mountain are expected to drive future growth.

• Anticipates advancing Moss toward a Mineral Reserve Estimate and updated project economics in Q2 2026.