Mako Mining Reports Second Quarter 2025 Financial Results, Including Record Adjusted EBITDA of US$21.3 million, a Record Increase In Cash of US$18.2 million and EPS of US$0.11/share from 11,476 oz Gold Sold at US$3,323/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
August 22nd, 2025
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Reports Second Quarter 2025 Financial Results, Including Record Adjusted
EBITDA of US$21.3 million, a Record Increase In Cash of US$18.2 million and EPS of
US$0.11/share from 11,476 oz Gold Sold at US$3,323/oz
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
financial results for the three and six months ended June 30, 2025 (“Q2 2025”). All dollar amounts referred
to herein are expressed in United States dollars unless otherwise stated.
The Company’s financial results for Q2 2025 reflect record gold sales from its San Albino and Moss Mine
of $38.7 million (vs. $28.3 million in Q2 2024), which generated $16.9 million in Mine Operating Cash Flow
(1) (4), $21.3 million in Adjusted EBITDA(1), and $8.8 million in Net Income. The Company sold 11,476 oz of
gold at an average price of $3,323/oz with a $1,509 Cash Cost and $1,668 All-In Sustaining Cost (“AISC”)
($/oz sold). (1) (2)
Q2 2025 Mako Mining Highlights
Financial
• $38.7 million in Revenue
• $16.9 million in Mine Operating Cash Flow (“Mine OCF”) (1) (4)
• $21.3 million in Adjusted EBITDA (1)
• $18.2 million increase in cash
• $8.8 million Net Income
• $1,509 Cash Costs ($/oz sold) (1) (2)
• $1,668 All-In Sustaining Costs (“AISC”) ($/oz sold) (1) (2)
• Twelve Trailing Months (“TTM”) Return on Equity (“ ROE”) (1) of 33.9% and Return on Assets
(“ROA”) of 23.5% (1)
• Delivered final installment of 13,500 oz of silver in Q2 2025 to the Sailfish Silver Loan
Growth
• $2.2 million in exploration and evaluation expenses ($0.4 million San Albino and Las Conchitas,
$0.5 million exploration in El Jicaro Concession in Nicaragu a and, approximately, $1.1 million at
Eagle Mountain, Guyana)
Subsequent to June 30th, 2025
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• The Company made interest payments of $0.3 million on the Revised Wexford Loan.
• On July 2, 2025, the Company acquired for $1.8 million the secured indebtedness of Elevation
Gold Mining Corporation from Maverix Metals Inc. under Elevation’s ongoing CCAA proceedings
As principal secured creditor, Mako is now entitled to distributions under the CCAA process, though
expected recoveries will be significantly below the debt’s face value.
Akiba Leisman, Chief Executive Officer, states that “Q2 was another strong quarter for Mako, with record
Adjusted EBITDA of US$21.3 million, a record increase in cash of US$18.2 million, and EPS of
US$0.11/share while generating industry leading ROE and ROA of 33.9% and 23.5%, despite only having
one of our three assets in commercial production. We sold a total of 11,476 ounces for the quarter, and
22,293 ounces for the first half of 2025, of which 19 ,985 ounces were attributable to San Albino. The
second half of 2025 will have similar production rates for San Albino, weighted towards Q4 2025, which is
currently scheduled to be a record for the Company. Additionally, mining will recommence at Moss at the
end of August now that previously delayed equipment from our mining contractor has started to arrive at
site. Therefore, the second half of 2025 will be heavily weighted towards Q4. Meanwhile, we cont inue to
advance the Eagle Mountain project in Guyana so that we can submit our Environmental Impact
Assessment early in Q1 2025 in preparation for a construction decision.”
Table 1 – Revenue Mako Mining Corp.
Table 2 – Operating San Albino and Financial Data Mako Mining Corp.
3 months ended Year Ended
Jun 30, 2025 Jun 30, 2024 Change
Revenue (in $000s) 38,715 28,278 10,437
Gold sold (ozs) 11,476 12,313 (837)
Average realized gold price ($/oz) (3) 3,323 2,296 1027
Operating - San Albino
Tonnes mined 2,313,220
Tonnes milled 52,705
Mill Availability 97%
Avg. tonnes per day 595
Gold produced (oz) 8,961
Gold sold (oz) 10,104
Recovery (Au %) 80.3%
Financial - Mako Mining Corp.
Revenues (in $000's) $38,715
Avg. realized gold price ($/oz sold)(3) $3,323
Cash Costs ($/oz sold) (1)(2) $1,509
AISC ($/oz sold) (1)(2) $1,668
EBITDA (in $000's) (1) $18,665
Adjusted EBITDA (in $000's) (1) $21,305
Q2 2025
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Table 3 – EBITDA Reconciliation
Chart 1
Q2 2025 - Mine OCF Calculation and Cash Reconciliation (in $ million)
(in $000's)
Jun 30, 2025 Jun 30th, 2024
EBITDA (1) $18,665 $14,140
Share-based compensation expense 431 330
Exploration activities 2,209 179
Adjusted EBITDA (1) $21,305 $14,649
3 months ended
Mine OCF Calculation Q2 2025
Net cash from Operating Activities 20.2
Substract
Change in Non-cash WC 5.9
Restricted Cash Refunded 1.5
Cash from Operating Activities 12.8
Add back
Exploration Expense -2.2
Nicaraguan Taxes & Royalties -1.9
Mine Operating Cash Flow (Mine OCF) 16.9
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Chart 2
Twelve Trailing Months (TTM) - Mine OCF Calculation and Cash Reconciliation (in $ million)
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 , other lease payments and a release of US$1.5 million
from Trisura Guarantee insurance Company held as collateral for various environmental bonds held at the Moss Mine
For complete details, please refer to condensed interim consolidated financial statements and the
associated management discussion and analysis for the three and six months ended June 30, 202 5,
available on SEDAR+ (www.sedarplus.ca) or on the Company’s website (www.makominingcorp.com).
Mine OCF Calculation TTM
Net cash provided by Operating Activities 47.1
Substract
Change in Non-cash WC 5.4
Restricted Cash Refunded 1.5
Cash from Operating Activities 40.2
Add back
Exploration Expense (4.9)
Nicaraguan Taxes & Royalties (11.7)
Mine Operating Cash Flow (Mine OCF) 56.8
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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.
"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.
“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
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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. In addition, Mako
also owns the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona. Mako also holds a
100% interest in the Eagle Mountain Project in Guyana, South America , currently in the PEA-stage and
undergoing engineering, environmental studies and mine permitting.
For further information on Mako Mining Corp., contact Akiba Leisman, Chief Executive Officer, Telephone:
917-558-5289, E-mail: [email protected] or visit our website at www.makominingcorp.com
and the Company’s profile on the SEDAR+ website at www.sedarplus.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 terminology. 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 the Moss mine will be a substantial cash flowing mine when full
scale mining operations begin in September 2025 and the expectation that 2025 will show the results from the work
performed by the Company in 2024. 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
October 24, 2022 measures having impacts on business operations not current ly 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 Company’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 with information regarding the Company’s
Q2 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.