Mako Mining (TSXV: MKO) reported its Q1 2025 financials, with revenue surging 66% YoY to $31.8 million on the sale of 10,817 gold ounces at an average price of $2,915 per ounce. Volume rose 17% while realized price jumped 41%, driving gross sales well ahead of the $19.2 million recorded in Q1 2024.
Cash costs jumped to $1,239 per ounce and AISC to $1,411 per ounce—up roughly $200 per ounce apiece solely because Moss’s finished-goods inventory was booked at market prices rather than production cost. Excluding this, cash costs and AISC would have been $1,037 per ounce and $1,225 per ounce, respectively, but both figures remain well above the year-earlier run-rate.
Net income reached $9.4 million, while EBITDA climbed 74% to $14.4 million, and adjusted EBITDA increased 75% to $16.1 million. Management cites the San Albino mine as the chief earnings engine, yet the consolidation of the recently acquired Moss mine materially altered the cost profile.
Mine operating cash flow set a quarterly record at $19.9 million, yet operating working capital outflows totalling $6.1 million, a $6.4 million upfront payment for the Moss acquisition, $6.0 million in Nicaraguan taxes and royalties, and $2.4 million of sustaining capex more than absorbed that inflow. Net cash from operating activities was only $6.2 million, and total cash fell from $14.5 million at the end of 2024 to $10.4 million at quarter’s end.
Operationally, San Albino delivered 9,820 gold ounces at 85.3% recovery from 53,551 tonnes milled. The trailing-twelve-month return on equity and assets sit at a lofty 47.5 % and 30.9 %, respectively, but sustaining those metrics now hinges on integrating Moss cost-effectively and permitting the Eagle Mountain project in Guyana, targeted for construction approval by Q2 2026.
“Q1 was a transformative quarter for Mako,” CEO Akiba Leisman said, noting that Moss was financed with “a small fraction of this quarter’s mine operating cash flow” and that a new mining contractor will “restart mining operations later this month.”
Mako Mining last traded at $4.90 on the TSX Venture.
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