Mako Mining (TSXV: MKO) reported its Q2 2025 financials on Friday, headlined by a 37% jump on quarterly revenue to $38.7 million from $28.3 million last year. This is driven by a 45% jump in the realized gold price to $3,323 per ounce that offset a 7% drop in ounces sold to 11,476 ounces.
However, cost of sales also climbed 69% to $19.7 million from $11.7 million, compressing gross margin to 49.0% from 58.6% a year ago. Exploration expenses surged to $2.2 million from $0.2 million last year while G&A declined to $2.6 million from $3.0 million.
Below the line, the quarter benefited from a $1.0 million gain on the elimination of contingent consideration and a $1.0 million FX gain. Taxes more than doubled to $7.0 million (including $2.5 million deferred), leaving net income essentially flat at $8.8 million. However, EPS fell to $0.11 from $0.13 on a higher share count.
Adjusted EBITDA rose 45% to a record $21.3 million from $14.6 million.
Operating cash flow jumped to $20.2 million from $8.5 million a year ago. The uplift came mainly from a $5.9 million working capital release and a $1.5 million restricted-cash refund. Cash balance then ended at $28.6 million compared to $14.5 million at 2024 quarter end.
At San Albino, production was 8,961 ounces at 80.3% recovery from 52,705 tonnes milled, a decline from Q1 2025’s 9,820 gold ounces at 85.3% recovery from 53,551 tonnes milled. Unit costs were reported at $1,509 per ounce cash cost and $1,668 per ounce AISC, both up from previous quarter’s $1,239 per ounce and $1,411 per ounce, respectively.
Mako Mining last traded at $6.05 on the TSX Venture.
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