On Friday 05 15, 2026 at 7:45AM ET Mako Mining Reports Q1 2026 Financial Results, Including Adjusted EBITDA(1) of US$40.1 Million and EPS of US$0.26/Share
On Friday 05 15, 2026 at 7:45AM ET
Mako Mining Reports Q1 2026 Financial Results, Including
Adjusted EBITDA(1) of US$40.1 Million and EPS of
US$0.26/Share
VANCOUVER, BC / ACCESS Newswire / May 15, 2026 / Mako Mining Corp. (NASDAQ:MAKO)(TSX-V:MKO) ("Mako" or the
"Company") is pleased to report financial results for the three months ended March 31, 2026 ("Q1 2026"). All dollar amounts referred
to herein are expressed in United States dollars unless otherwise stated.
The Company's financial results for Q1 2026 reflect record revenue of $68.6 million, which generated $46.1 million in Mine Operating
Cash Flow ("Mine OCF") (1)(3), $40.1 million in Adjusted EBITDA (1) and $23.1 million in Net Income ($0.26/share). The Company
sold 13,721 oz of gold at an average realized gold price (1)(2) of $4,902 per oz with a $2,275 All-In Sustaining Cost ("AISC") ($/oz
sold). (1) (2)
Q1 2026 Highlights
Financial
$68.6 million in Revenue
$40.1 million in Adjusted EBITDA (1)
$46.1 million in Mine OCF (1)(3)
$23.1 million Net Income
$96.1 million in Cash and Trade Receivables
$1,843 Cash Cost ($/oz sold) (1)(2)
$2,275 AISC ($/oz sold) (1)(2). San Albino $1,661 and Moss Mine $2,977
Return on Equity ("ROE") (1) of 36.4% and Return on Assets ("ROA") of 23.5% (1)
Growth
$2.5 million in exploration and evaluation expenses ($1.2 million in areas surrounding San Albino, $1.2 million at Eagle
Mountain, Guyana and $0.1 million in Mt. Hamilton)
Akiba Leisman, CEO of Mako, states, "Q1 2026 was a record quarter for production, revenue, and profitability, with net income of
$0.26 per share. These results were driven by just one mine in full commercial production and one ramping up. 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. Mako closed the quarter with nearly $100 million in cash and no debt beyond our gold stream used to acquire
the Mt. Hamilton gold project currently under construction. Over the next few quarters, the Company will focus on lowering our cost of
capital to accelerate our accretive growth trajectory."
Table 1 - Operating Data San Albino and Moss Mine
Table 2 - Consolidated Revenue
Table 3 - EBITDA(1) Reconciliation
Chart 1
Q1 2026 - Mine OCF(1)()3) Calculation and Cash Reconciliation (in $ million)
Chart 2
Twelve Trailing Months ("TTM") - Mine OCF(1)(3) 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 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. 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.
For complete details, please refer to the unaudited condensed interim consolidated financial statements and the associated
management's discussion and analysis for the three months ended March 31, 2026, available under the Company's profile on SEDAR+
(www.sedarplus.ca), on EDGAR at www.sec.gov 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 OCF, Cash cost per ounce sold, , AISC per ounce sold, ROE, ROA and Average realized gold price per ounce
sold. These non-GAAP measures 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 information 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 cost per ounce sold" is production costs divided by the number of gold ounces sold.
"AISC per ounce sold" includes 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, capital
and E&E costs related to expansion or growth projects are not included in the calculation of AISC per ounce sold. Additionally, certain
other cash expenditures, including income and other tax payments, financing costs and debt repayments, are not included in AISC per
ounce sold.
"Mine OCF" represents operating cash flow, excluding 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.
"Average realized gold price per ounce sold" is calculated by dividing total gold revenue by the total gold ounces sold into the spot
market.
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 two assets in the U.S.: the Moss Mine in Arizona, an open pit gold mine in
northwestern Arizona and the Mt. Hamilton Project, a permitted heap leach project in Nevada. 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.
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.
Cautionary Statement Regarding Forward-Looking Information
Statements contained herein, other than historical fact, may be considered "forward-looking information" or "forward-looking
statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Except for statements of
historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not
limited to, any information as to the Company's strategy, objectives, plans or future financial or operating performance. Forward-
looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate",
"estimate" and other similar words or negative versions thereof, or statements that certain events or conditions "may", "will", "should",
"would" or "could" occur. In particular, forward-looking information included in this press release includes, without limitation,
statements with respect to:
Eagle Mountain and Mt. Hamilton expected to meaningfully boost profitability over the next few years;
the Company's focus over the next few quarters on lowering our cost of capital to accelerate our accretive growth trajectory;
and
Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable on the date
the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that
could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include
the Company's dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration,
development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual
and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Nicaragua
and South America, including risk of government expropriation or nationalization of mining operations; health, safety and
environmental risks and hazards to which the Company's operations are subject; the Company's ability to maintain or increase present
level of gold production; access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel,
power, labor and other consumables; risks associated with infectious diseases; uncertainty in the estimation of mineral resources; the
Company's ability to replace and expand mineral resources at its mines; factors that may affect the Company's future production
estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment;
risks relating to partial ownerships and/or joint ventures at the Company's operations; reliance on the Company's existing
infrastructure and supply chains at the Company's operating mines; risks relating to the acquisition, holding and renewal of title to
mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company's operating jurisdictions;
limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company's compliance with anti-corruption laws;
risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance
of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to
acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and
human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign
jurisdictions; competition in the precious metals mining industry; fluctuating currency exchange rates (including the US Dollar,
Nicaraguan cordoba and Guyanese dollar exchange rates); the values of assets and liabilities based on projected future conditions and
potential impairment charges; timing and possible outcome of pending and outstanding litigation and any labor disputes; taxation
risks; scrutiny from non-governmental organizations; labor and employment relations; risks related to third-party contractor
arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and
consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates,
inflation and other factors on the Company's results of operations and market price of common shares; risks associated with financial
projections; force majeure events; transactions that may result in dilution to common shares; future sales of common shares by existing
shareholders; the Company's dependence on key management personnel and executives; possible conflicts of interest of directors and
officers of the Company; the reliability of the Company's disclosure and internal controls; compliance with international ESG
disclosure standards and best practices; vulnerability of information systems including cyber-attacks; as well as those risk factors
discussed or referred to in the Company's annual information form and management's discussion and analysis and other public
disclosure available under the Company's profile at www.sedarplus.ca, and on EDGAR at www.sec.gov.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially
from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as
anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to
update forward-looking information if circumstances or management's estimates, assumptions or opinions should change, except as
required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and
operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and
may not be appropriate for other purposes.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared
in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards
differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and resource information contained in this news
release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting
and disclosure requirements.
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.
SOURCE: Mako Mining Corp.