Mako Mining Corp
MKOMako Mining Corp. operates as a gold mining and exploration company in Nicaragua. The company primarily explores for gold and silver deposits. Its primary asset is the San Albino property located in Nueva Segovia, Nicaragua. The company was formerly known as Golden Reign Resources Ltd. and changed its name to Mako Mining Corp. in November 2018. Mako Mining Corp. was incorporated in 2004 and is headquartered in Vancouver, Canada.
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Key Information
Legal Entity
Mako Mining Corp
Sector
Precious Metal
Founded
November 27, 2006
Employees
30
Reporting Currency
USD
Website
www.makominingcorp.comHeadquarters Address
838 West Hastings Street , Vancouver , BC V6C 0A6 , CA
Identifiers
ISIN
CA56089A4000Commodity Portfolio
Stock Exchanges
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Videos
This Gold Mine Finally Started WorkingThumbnail: | West Red Lake Q2 2026 Earnings
Key Highlights
brief- Cited as a per-ounce margin comparable alongside Heliostar and Jaguar in the host's Q2 peer set.
- Listed as a net-cash peer with $72M of cash and no borrowings.
West Red Lake's Madsen mine delivered its best restart quarter: production up 51%, AISC (All-In Sustaining Cost) down 30%, first positive free cash flow. A 10,768-ton surface stockpile holding 1,500 ounces signals mining rates have finally outpaced the mill at this Ontario operation. H1 output of 14,000 ounces is only 36% of midpoint guidance, so Q3 and Q4 must average 10,400+ ounces to hit the low end. WRLG still carries a 68% EV/EBITDA premium to peers and is the only one of five gold comparables in net debt. A pending pre-feasibility study combining Madsen and Rowan's high-grade 335,000-ounce resource is due mid-to-late September.
Mako Mining – Q2 2026 Financials From San Albino & Moss, Development at Mt Hamilton & Eagle Mountain
Key Highlights
detailed- The guest argues Mako's Q2 2026 earnings showed ROE just under 37% and ROA in the mid-20% range — comparable to hyperscalers like Google and Microsoft, as of mid-August 2026.
- San Albino: the guest describes it as a "solid A" quarter, producing and selling just over 10,000 ounces and beating internal budget by low-to-mid single digits via positive grade reconciliation.
- Moss: the guest calls it a "C-minus" operation for 2026 with elevated cash and AISC, but expects a step-change from January 2027 once higher-grade eastern ore (~0.4 g/t vs ~0.3 g/t) is accessed and throughput scales toward 14,000+ short tons/day.
- Moss acquisition math: the guest reports the mine was bought out of bankruptcy for $2M net and has already returned over $12M to the balance sheet, calling it a unicorn-style return on capital.
- Development pipeline: Mount Hamilton is awaiting a minor U.S. Forest Service conveyor-reroute permit amendment (~14 months from bond to first gold, early Q4 2027 target nearly buffered out), while Eagle Mountain's Guyanese mining license is signed by cabinet with ESIA approval targeted for Q3 2026 and main construction starting late Q2 2027 on a ~12-month build.
Mako Mining CEO Akiba Leisman walks through Q2 2026 results: $62.6M revenue, $13.9M net income, and $2,286 AISC per ounce sold. ROE of 36.6% and ROA near mid-20% frame Mako's returns as comparable to hyperscalers, not typical mining peers. The Moss Mine was acquired for $2M net and has already returned over $12M; higher-grade east-side ore becomes accessible in January. Mt Hamilton is awaiting a USFS conveyor-location review; if approved in early September, first gold pour remains 14 months out. Eagle Mountain in Guyana has its MOU signed by cabinet, with full construction starting late Q2 2027 on a 12-month schedule.
Daniel Henao, President & CEO of Mineros S.A. | Rule Symposium 2026: Rick Rule interviews
Mineros has re-rated roughly ten-fold since value investors took control, yet still trades near two times trailing EBITDA. Q1 2026 gold output rose 22% and silver 109% year over year, with record revenue and over $200 million in cash. Henao says Nicaragua throughput rises from 1,750 to 2,500 tonnes per day by year-end, with silver recovery up from 30% to 76%. Henao says Porvenir targets 70,000 gold-equivalent ounces at about $1,300 AISC (all-in sustaining cost), part of a 500,000-ounce 2030 goal. The host discloses he personally owns shares in Mineros and bars companies he does not own from the symposium.
Mako Mining – Record Q1 2026 Production & Financials At San Albino & Moss + Mt Hamilton Development
Mako Mining achieved record Q1 2026 production, generating $68.6 million in total revenue from 13,721 ounces of gold sold across its San Albino and Moss mines. The company maintains a robust financial position with $96.1 million in cash and receivables, even after paying a $13.2 million annual tax payable. Mako is advancing a diversified four-project pipeline, actively developing the Moss and Mt. Hamilton projects while permitting the Eagle Mountain asset in Guyana.
Newsletter Favorites Overview (Feb 2026)
Key Highlights
brief- Don says Mako (which he pronounces 'Monero's') trades at a very low free cash flow multiple of about 3 while generating a lot of free cash, at a $1.6 billion valuation.
- It operates in Nicaragua and Colombia with a new management team, and he does like it.
Durrett argues there is limited time left to buy gold and silver producers while they are still cheap, expecting one more significant dip. His Newsletter Favorites list leans on quality Canadian and Australian mid-tier producers, which he expects to re-rate as the bull market warms up. Companies whose second and third projects get no market value offer free upside — you pay for the first asset and get the rest for nothing. Cheap forward free-cash-flow multiples persist in West Africa and among silver producers, where weak sentiment discounts heavy leverage to metal prices. Australian producers like Ramelius reaching major-sized valuations is, in his view, the first sign the junior gold bull market is broadening.
Mako Mining – Q4 Operations At San Albino, Moss Resource, Development Mt Hamilton & Eagle Mountain
Key Highlights
detailed- Q4 2025 generated roughly $50M revenue at a ~$4,310/oz realized gold price, ending the year with ~$78M cash and ~$18.5M of corporate free cash flow after a $6.5M debt repayment; the speaker argues this understates underlying profitability because Q4 was still in the Moss ramp-up.
- Moss Mine (Arizona): updated resource sits at roughly 670,000 oz of gold at ~0.37 g/t AuEq (4:1 silver-to-gold) on a 650-acre permitted footprint inside a 40,000+ acre land package; BLM has approved the third environmental assessment amendment and the speaker expects the permit within 4-12 weeks to access higher-grade east-side material.
- Mt Hamilton (Nevada): fully permitted with $85M capex, construction expected to start mid-April 2026 and first pour targeted for late Q2 2027; modeled at ~$5,100/oz gold the project is expected to produce ~60,000 oz/year and over $200M/year cash flow, acquired via Sailfish royalty/stream with no Mako equity issued.
- Eagle Mountain (Guyana): 1.8M oz resource with a PEA showing a 14-15 year mine life averaging ~65,000 oz/year and ~$96M (now ~$100M with cost inflation) capex; the speaker expects the initial saprolite-only stage to compress to ~3 years at 80,000+ oz/year with payback inside a year at current gold prices.
- San Albino (Nicaragua): ~9,600 oz sold in Q4 at ~7 g/t head grade; the speaker says 95% of 2026's ~$10M+ exploration budget will go to the Mina Francisco underground decline (25 g/t material beneath the existing open pit) and the new El Golfo discovery to the southwest of Las Conchitas.
Mako ended 2025 with $50M Q4 revenue, all debt repaid, and $78M in cash after a $37.7M equity raise. San Albino returned to its ~7 g/t head grade in Q4 while Moss Mine shifted past residual leach into fresh-ore processing. Permitted Mt. Hamilton (Nevada) is fully funded for April construction under a Sailfish stream, with first production targeted for Q2 2027. A separate tungsten-copper-moly target beneath Mt. Hamilton's gold-silver resource could animate US government support for future development. Eagle Mountain (Guyana) targets ~$96M upfront capex with saprolite-only first production by H2 2028, projected to pay back within a year.
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