$MAKO

Mako Mining Corp.

CIK:0001784930|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue	$ 148,421	$ 91,608
Production services revenue	51	468
Total revenue	148,472	92,076
Cost of sales
Production costs	(65,473)	(38,222)
Depreciation, depletion and amortization	(7,982)	(7,469)
Cost of sales	(73,455)	(45,691)
Gross profit	75,017	46,385
Exploration and evaluation expenses	(9,363)	(3,263)
General and administrative expenses	(10,808)	(8,649)
Other income (expense)
Accretion and interest expense	(1,600)	(971)
Loss on derivative instruments	(294)	(1,959)
Loss on derecognition or modification of financial liability	(1,251)	(483)
Gain on elimination of Contingent Consideration	1,000	0
Foreign exchange gain (loss)	1,397	(1,665)
Interest income	566	48
Other gain (loss)	32	(94)
Income before income taxes	54,696	29,349
Income tax expense	(17,218)	(6,973)
Deferred tax expense	(3,738)	(3,224)
Income for the year	33,740	19,152
Items subject to reclassification into statement of income:
Foreign currency translation adjustment	(487)	1,513
Other comprehensive (loss) income for the year	(487)	1,513
Comprehensive income for the year	$ 33,253	$ 20,665
Basic income per common share	$ 0.41	$ 0.27
Diluted income per common share	$ 0.41	$ 0.26
Weighted average common shares outstanding - basic	81,704	72,086
Weighted average common shares outstanding - diluted	83,226	73,712

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Income for the year	$ 33,740	$ 19,152
Non-cash items:
Accretion and interest expense	1,343	971
Depreciation, depletion and amortization	8,224	7,699
Deferred income tax	3,738	3,224
Other miscellaneous (gain) loss	(15)	94
Loss on derecognition or modification of financial liability	1,251	0
Gain on elimination of Contingent Consideration	(1,000)	0
Loss on derivative instruments	294	1,959
Share-based payments	1,973	1,022
Unrealized foreign exchange (gain) loss	(608)	2,029
Non-cash items	48,940	36,150
Changes in non-cash working capital	2,534	(1,699)
Restricted cash - refunded	1,503	0
Net cash provided by operating activities	52,977	34,451
Investing activities
Acquisition of EGA, proceeds paid	(6,489)	0
Acquisition of EGA, cash acquired	346	0
Acquisition of EGA, transaction costs	(356)	0
Mt. Hamilton, transaction costs	(717)	0
Acquisition of Goldsource cash acquired	0	517
Transaction costs related to acquisition of Goldsource	0	(824)
Sailfish Silver Option Payment	1,000	0
Secured Debt Investment	(1,800)	0
Expenditures on mining interest, plant and equipment	(12,320)	(12,878)
Net cash used in investing activities	(20,336)	(13,185)
Financing activities
Proceeds from private placements	39,495	0
Share issuance costs	(2,058)	0
Purchase of common shares - NCIB	(1,357)	(4,698)
Proceeds from exercise of warrants	1,406	0
Proceeds from exercise of options	1,097	2,524
Repayment of Sailfish Silver Loan	(1,286)	(3,630)
Repayment of the Revised Wexford Loan (including interest)	(7,123)	(314)
Repayment of principal on the Wexford Bridge Loan	0	(1,457)
Repayment of interest on the Wexford Bridge Loan	0	(57)
Payment to GR Silver on settlement of ARO	0	(500)
Payments on lease liability	(103)	(101)
Net cash provided (used) in financing activities	30,071	(8,233)
Effect of foreign exchange on cash and cash equivalents	44	(10)
Change in cash and cash equivalents	62,756	13,023
Cash and cash equivalents, beginning of the year	14,521	1,498
Cash and cash equivalents, end of year	77,277	14,521
Other information
Taxes paid - cash	$ (7,640)	$ (2,643)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents	$ 77,277	$ 14,521
Receivables, prepaids and other assets	5,267	1,733
Inventories	29,178	11,087
Gold stream derivative asset	0	33
Total current assets	111,722	27,374
Inventories	12,829	9,711
Other assets	1,545	235
Reclamation bonds	1,768	0
Mining interest, plant and equipment	80,581	69,762
TOTAL ASSETS	208,445	107,082
Current liabilities
Accounts payable and accrued liabilities	28,498	14,798
Term loans and derivative liabilities	0	1,803
Deferred gain on sale of mineral interest	350	0
Total current liabilities	28,848	16,601
Accrued liabilities	1,062	1,165
Reclamation and rehabilitation obligation	20,441	4,363
Deferred income tax liability	6,962	3,224
Deferred gain on sale of mineral interest	399	0
Term loans and derivative liabilities	0	4,806
Total liabilities	57,712	30,159
Shareholders' equity
Share capital	162,447	121,778
Contributed surplus	16,817	16,321
Accumulated other comprehensive income	2,350	2,837
Deficit	(30,881)	(64,013)
Total shareholders' equity	150,733	76,923
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 208,445	$ 107,082