Mako Mining – Q2 2026 Financials From San Albino & Moss, Development at Mt Hamilton & Eagle Mountain

The KE Report Aug 15, 2026

Summary

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.

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.

Top takeaway The host frames Mako as a mold-breaking miner that prioritizes returns on capital over chasing size, noting San Albino has surprised to the upside every year he has tracked it.
The host argues Mount Hamilton can still hit an early Q4 2027 first-gold despite the U.S. Forest Service permitting delay, with worst-case slipping into Q1 2028 and further slips framed as unacceptable.