Mako Mining (TSXV: MKO) delivered a strong opening to 2026, with first quarter revenue of $68.6 million translating into $23.1 million in net income, or $0.26 per share.
Adjusted EBITDA came in at $40.1 million for the three months ended March 31, while net cash from operating activities reached $19.2 million. The result extends a momentum trade that saw the company close out 2025 with Q4 revenue of $50.4 million and net income of $14.3 million ($0.17 per share), underscoring how quickly the financial profile has scaled. However, net cash from operating activities did decline from $22.0 million in the fourth quarter.
The balance sheet tells a similar story. Mako finished the quarter with $96.1 million in cash and trade receivables, up from roughly $78 million three months earlier, and carries no debt outside the gold stream tied to its recently acquired Mt. Hamilton project.
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Production for the quarter totaled 13,721 ounces of gold sold across the San Albino mine in Nicaragua and the ramping Moss Mine in Arizona, compared with 11,564 ounces in the prior quarter. Realized gold prices did much of the heavy lifting, averaging $4,902 per ounce, which was a meaningful step up from $4,313 per ounce in Q4 2025.
On the costing side, consolidated cash costs landed at $1,843 per ounce sold, with all in sustaining costs of $2,275 per ounce. The blended figure masks a sharp split between operations: San Albino delivered AISC of $1,661 per ounce, while Moss Mine, still in the early innings of commercial production, came in at $2,977 per ounce. The fourth quarter, prior to Moss meaningfully entering the mix, posted AISC of $1,876 per ounce on $1,572 in cash costs comparatively.
Chief Executive Akiba Leisman framed the quarter as the work of a portfolio still largely on the bench, noting that one mine is in full commercial production and another is ramping. With Mt. Hamilton under construction and Eagle Mountain advancing through Guyana’s environmental review, management has flagged a near-term focus on lowering the cost of capital to accelerate development of both.
“Our two remaining projects, both substantially larger than either asset in production, are fully funded and are expected to meaningfully boost profitability over the next few years,” added Leisman.
Mako Mining last traded at $10.85 on the TSX Venture.
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