Mako Mining Reports First Quarter 2025 Financial Results, Including Record Mine Operating Cash Flow of US$19.9 million, Adjusted EBITDA of US$16.1 million and EPS of US$0.12/share from 10,817 oz Gold Sold at US$2,915/oz
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595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
Suite 700 - 838 West Hastings St.
Vancouver, BC - V6C 0A6
IR: (647) 203-8793
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
June 2nd, 2025
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Reports First Quarter 2025 Financial Results, Including Record Mine
Operating Cash Flow of US$19.9 million, Adjusted EBITDA of US$16.1 million and EPS of
US$0.12/share from 10,817 oz Gold Sold at US$2,915/oz
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
financial results for the three months ended March 31st, 2025 (“Q1 2025”). All dollar amounts referred to
herein are expressed in United States dollars unless otherwise stated.
The Company’s financial results for Q1 2025 reflect record gold sales from its San Albino and Moss Mine
of $31.8 million (vs. $19.2 million in Q1 2024), which generated $19.9 million in Mine Operating Cash Flow
(1) (4), $16.1 million in Adjusted EBITDA(1), and $9.4 million in Net Income. The Company sold 10,817 oz of
gold at an average price of $2,915/oz with a $1,239 Cash Cost and $1,411 All-In Sustaining Cost (“AISC”)
($/oz sold). (1) (2)
On March 27th, 2025, Mako completed the acquisition of EGA (the “Moss Acquisition”), which owned the
Moss gold mine in Arizona, and these financial results reflect the consolidation of the Moss Acquisition into
Mako’s Q1 2025 Financial Statements and MD&A. Finished products in the amount of 936 oz of gold and
8,562 oz of silver were acquired at the time of acquisition, held on the balance sheet at market value of
$3.2 million and sold immediately thereafter with a Cost of Goods Sold also amounting to $3.2 million. This
had the effect of increasing our reported Cash Cost and AISC by $202/oz and $186/oz. Without the effect
of the Moss Acquisition, the Company’s Cash Cost and AISC would be $1,037/oz and $1,225/oz,
respectively.
Q1 2025 Mako Mining Highlights
Financial
• $31.8 million in Revenue
• $19.9 million in Mine Operating Cash Flow (“Mine OCF”) (1) (4)
• $16.1 million in Adjusted EBITDA (1)
• $9.4 million Net Income
• $1,239 Cash Costs ($/oz sold) (1) (2)
• $1,411 All-In Sustaining Costs (“AISC”) ($/oz sold) (1) (2)
• Twelve Trailing Months (“TTM”) Return on Equity (“ ROE”) (1) of 47.5% and Return on Assets
(“ROA”) of 30.9% (1)
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• Delivered 40,500 oz of silver in Q1 2025 to the Sailfish Silver Loan. The final 13,500 oz installment
was delivered in April 2025
• $4.0 million payment of Income Tax Payable previously accrued in Fiscal Year 2024
• The Company purchased 0.5 million common shares under the normal course issuer bid (“NCIB”)
for $1.4 million (C$2.0 million) in Q1 2025
• On March 27th, 2025, the Company completed the Moss Acquisition
Growth
• $1.5 million in exploration and evaluation expenses ($0.5 million in areas surrounding San Albino
in Nicaragua and approximately $1.0 million at Eagle Mountain, Guyana)
Subsequent to March 31, 2025
• Delivered the final installment of 13,500 oz of silver on the Sailfish Silver Loan
• On April 28 th, 2025, Sailfish exercised its option to purchase all refined silver produced from the
Company's San Albino operations for an additional payment of $1.0 million
• The Company granted 740,000 stock options with a C$4.47 exercise price, 502,785 RSUs and
145,000 DSUs to its executive officers, directors and certain other employees and consultants
Q2 2025 (through May 31st) – Mako Mining Financial Highlights
• $25.1 million in Revenue from 7,409 oz of gold at $3,327/oz and 13,529 oz of silver at $33.03/oz
• $22.0 million in Cash and Receivables and $3.3 million in Restricted Cash (50% will become
unrestricted in June 2025)
Akiba Leisman, Chief Executive Officer, states that “Q1 was a transformative quarter for Mako. We
acquired our second operating mine at Moss, which produces gold and silver through its residual leach
operations. The acquisition was financed using a small fraction of this quarter’s Mine Operating Cash Flow
from San Albino. A new mining contractor for Moss was selected and will be mobilized to restart mining
operations later this month. The San Albino mine continues to perform well, which helped Mako generate
record Mine Operating Cash flow of US$19.9 million and US$9. 4 million (US$0.12/share) of Net Income,
while generating industry leading ROA and ROE of 30.9% and 47.5%, respectively. At the end of May, the
Company’s cash and receivable balance was US$22.0 million, with an additional US$3.3 million in
restricted cash, 50% of which will be released imminently. Mako’s rapidly growing cash position will be
used for the development of the Eagle Mountain in Guyana, which we expect to be permitted for
construction by Q2 2026”.
Table 1 – Revenue
3 months ended Year Ended
Mar 31, 2025 Mar 31, 2024 Change
Revenue (in $000s) 31,788 19,211 12,577
Gold sold (ozs) 10,817 9,267 1,550
Average realized gold price ($/oz) (3) 2,915 2,073 842
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Table 2 – Operating and Financial Data
Table 3 – EBITDA Reconciliation
Chart 1
Q1 2025 - Mine OCF Calculation and Cash Reconciliation (in $ million)
Operating - San Albino
Tonnes mined 2,321,286
Tonnes milled 53,551
Mill Availability 98%
Avg. tonnes per day 609
Gold produced (oz) 9,820
Gold sold (oz) 9,881
Recovery (Au %) 85.3%
Financial - Mako Mining Corp.
Revenues (in $000's) $31,788
Avg. realized gold price ($/oz sold)(3) $2,915
Cash Costs ($/oz sold) (1)(2) $1,239
AISC ($/oz sold) (1)(2) $1,411
EBITDA (in $000's) (1) $14,389
Adjusted EBITDA (in $000's) (1) $16,066
Q1 2025
(in $000's)
Mar 31, 2025 Mar 31, 2024
EBITDA (1) $14,389 $8,265
Share-based compensation expense 147 246
Exploration activities 1,530 696
Adjusted EBITDA (1) $16,066 $9,207
3 months ended
Mine OCF Calculation Q1 2025
Net cash from Operating Activities 6.2
Substract
Change in Non-cash WC (6.1)
Cash from Operating Activities 12.3
Add back
Exploration Expense (1.5)
Nicaraguan Taxes & Royalties (6.0)
Mine Operating Cash Flow (Mine OCF) 19.9
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Chart 2
2025 - Mine OCF Calculation and Cash Reconciliation (in $ million)
Mine OCF Calculation TTM
Net cash provided by Operating Activities 35.4
Add back
Change in Non-cash WC (4.5)
Cash from Operating Activities 39.9
Add back
Exploration Expense (5.6)
Nicaraguan Taxes & Royalties (10.0)
Mine Operating Cash Flow (Mine OCF) 55.5
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End Notes
1) Refers to a Non-GAAP financial measure within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”).
Refer to information under the heading “Non-GAAP Measures” as well as the reconciliations later in this press release.
2) Refers to a Non-GAAP ratio within the meaning of NI-52-112. Refer to information under the heading “Non -GAAP Measures” later in this press release.
3) Realized price before deductions from Sailfish gold streaming agreement.
4) Refer to “Chart 1 & 2 - Mine OCF Calculation and Cash Reconciliation (in $ millions)” for a reconciliation of the beginning and ending cash position of the Company,
including OCF.
5) Includes Repayment Silver Loan, Wexford Loan, Wexford Bridge Loan related to Goldsource Acquisition, Payment to GR Silver and other lease payments
For complete details, please refer to condensed interim consolidated financial statements and the
associated management discussion and analysis for the three months ended March 31st, 2025, available
on SEDAR+ (www.sedarplus.ca) or on the Company’s website (www.makominingcorp.com).
Non-GAAP Measures
The Company has included certain non -GAAP financial measures and non -GAAP ratios in this press
release such as EBITDA, Adjusted EBITDA, Mine Operating Cash Flow cash cost per ounce sold, total
cash cost per ounce sold, AISC per ounce sold. These non -GAAP m easures are intended to provide
additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. In the gold mining industry, these are commonly used
performance measures and ratios, but do not have any standardized meaning prescribed under IFRS and
therefore may not be comparable to other issuers. The Company believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use this inform ation to evaluate the
Company’s underlying performance of its core operations and its ability to generate cash flow.
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"EBITDA” represents earnings before interest (including non -cash accretion of financial obligation and
lease obligations), income taxes and depreciation, depletion and amortization.
“Adjusted EBITDA ” represents EBITDA, adjusted to exclude exploration activities, share -based
compensation and change in provision for reclamation and rehabilitation.
“Cash costs per ounce sold” is calculated by deducting revenues from silver sales and dividing the sum
of mining, milling and mine site administration cost.
“Total cash costs per ounce sold” is calculated by deducting revenues from silver sales from production
cash costs and production taxes and royalties and dividing the sum by the number of gold ounces sold .
Production cash costs include mining, milling, mine site security and mine site administration costs.
“AISC per ounce sold” includes total cash costs (as defined above) and adds the sum of G&A, sustaining
capital and certain exploration and evaluation (“ E&E”) costs, sustaining lease payments, provision for
environmental fees, if applicable, and rehabilitation costs paid, all divided by the number of ounces sold.
As this measure seeks to reflect the full cost of gold production from current operations, capit al and E&E
costs related to expansion or growth projects are not included in the calculation of AISC per ounce .
Additionally, certain other cash expenditures, including income and other tax payments, financing costs
and debt repayments, are not included in AISC per ounce.
“Mine OCF” represents operating cash flow, excluding Nicaraguan taxes and royalties, changes in non -
cash working capital and exploration expense
“ROE” is calculated by dividing the twelve trailing months Net Income by the average shareholder’s equity.
The average shareholder’s equity is calculated by adding the total equity at the end of the period to the
total equity at the beginning of the period and dividing by two.
“ROA” is calculated by dividing the twelve trailing months Net Income by the average total assets. The
average total assets is calculated by adding the total assets at the end of the period to the total assets at
the beginning of the period and dividing by two.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company
operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the
highest-grade open pit gold mines globally and offers district-scale exploration potential. Mako also owns
the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona. Mako also holds a 100% interest
in the PEA -stage Eagle Mountain Project in Guyana, South America. Eagle Mountain is the subject of
engineering, environmental and mine permitting activity.
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For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 917-558-
5289, E -mail: [email protected] or visit our website at www.makominingcorp.com and
SEDAR www.sedar.ca.
Forward-Looking Information: Some of the statements contained herein may be considered “forward -looking
information” within the meaning of applicable securities laws. Forward-looking information can be identified by words
such as, without limitation, “estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may" or
"should" or variations thereon or comparable ter minology. The forward-looking information contained herein reflects
the Company’s current beliefs and expectations, based on management’s reasonable assumptions, and includes,
without limitation, management’s expectation that 50% of an additional US$3.3 mi llion in restricted cash, will be
released imminently for Mako, that the Moss will select and mobilize a new mining contractor to restart mining
operations later this month of June, that growing cash position will be used for the development of the Eagle Mountain
in Guyana, which is expect to be permitted for construction by Q2 202 6. Such forward-looking information is subject
to a variety of risks and uncertainties which could cause actual events or results to differ materially from those
reflected in the forward-looking information, including, without limitation, changes in the Company’s exploration and
development plans and growth parameters and its ability to fund its growth to reach its expected new record
production numbers; unanticipated costs; the Oc tober 24 measures having impacts on business operations not
current expected, or new sanctions being imposed by the U.S. Treasury Department or other government entity in
Nicaragua in the future; and other risks and uncertainties as disclosed in the Compan y’s public disclosure filings on
SEDAR+ at www.sedarplus.ca. Such information contained herein represents management’s best judgment as of
the date hereof, based on information currently available and is included for the purposes of providing investors wit h
information regarding the Company’s Q 1 2025 and full year 2024 financial results and may not be appropriate for
other purposes. Mako does not undertake to update any forward -looking information, except in accordance with
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.