Mako Mining Corp.
Mako Mining Corp. is a gold mining, development, and exploration company focused on precious-metals assets in the Americas. Its portfolio includes the operating San Albino gold mine in Nicaragua, the Moss Mine in Arizona, the Mt. Hamilton Project in Nevada, and the Eagle Mountain Project in Guyana.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueGold ounces produced and sold from operating mines and related processing facilities.
Advancing permitted and pre-production mining projects toward future output.
Drilling and geological work to expand resources and replace reserves.
Engineering, environmental, and permitting work on development-stage assets.
Customers
Mako primarily sells newly mined gold into the global precious-metals market, where refinery, bullion, or offtake counterparties purchase production based on prevailing market pricing. In practice, its end-market exposure is tied to bullion demand, pricing benchmarks, and the terms of any streaming or purchase agreements rather than to a small number of operating customers. The company also engages with lenders, stream counterparties, contractors, and technical consultants as part of mine development and project execution.
Buy gold production from operating mines for resale, refining, or inventory purposes.
Purchase a fixed share of future metal production under long-term streaming terms.
Provide mining, drilling, engineering, and permitting services required to operate and develop assets.
Provide debt, secured financing, or structured metal-linked funding for mine and project funding.
Strategy
Mako's strategy centers on operating its producing mine while advancing permitted and exploration-stage assets that can extend its production profile over time. The company also uses structured financing and transaction agreements to secure capital and support asset development, which is important in a capital-intensive mining business. Exploration success, permitting progress, and reserve replacement are central to maintaining the quality and longevity of its asset base.
The operating mine is the core source of current metal output and cash generation.
Mt. Hamilton and Eagle Mountain provide future production optionality beyond the current mine.
A mining company must continually replace mined ounces to sustain asset life.
Geography
Mako's operating footprint is centered in the Americas, with producing and development assets in Nicaragua and the United States, plus an exploration-stage project in Guyana. This geographic mix gives the company exposure to multiple mining jurisdictions, permitting regimes, infrastructure constraints, and country-specific political and operating risks. The U.S. assets provide a more established regulatory setting, while the Latin American and South American assets add resource optionality and jurisdictional diversification.
Risks
Mako is exposed to gold price volatility, reserve and resource uncertainty, and the operational risks of running open-pit and heap-leach mining assets. Its mix of jurisdictions adds permitting, political, and security risk, while structured financing and gold-stream obligations can affect asset flexibility and future cash flows.
- Gold price volatilityImpact: HighLikelihood: High
Revenue and project valuation depend heavily on the market price of gold.
Exposure: Operating mine and development projects
- Reserve and resource estimation riskImpact: HighLikelihood: Medium
Mine plans, life-of-mine assumptions, and asset values depend on geological estimates.
Exposure - Jurisdictional and permitting riskImpact: HighLikelihood: Medium
Mining approvals, environmental permits, and operating conditions vary by country.
Exposure - Streaming and secured financing burdenImpact: MediumLikelihood: High
Gold-stream agreements reduce future metal exposure and can restrict assets through security interests.
Exposure: Mt. Hamilton-related obligations
Accounting
Judgemental itemsReserve revisions can change depreciation, mine plans, and asset carrying values.
Impact: Affects depletion, impairment, and project valuation
Mine closure and environmental remediation costs require long-term estimates.
Impact: Affects liabilities and periodic accretion expense
Recoverability assumptions determine the carrying value of ore inventories.
Impact: Affects inventory balance and cost of sales timing
Structured metal purchase agreements require complex valuation and settlement assumptions.
Impact: Affects financing obligations and future revenue sharing
The point at which a project reaches commercial production changes expense capitalization and operating results.
Impact: Affects profit timing and asset balances
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Last updated: 28/09/2026