Mako Mining Announces Q3 2026 Production Results with Gold Recovered of 12,743 oz Au (Sales of 11,581 oz Au), and Positive Permitting Updates at Mt. Hamilton and San Albino

Moss operated below its initial throughput target, while Mako expects a procured crushing upgrade to more than double current gold production.

Rhea-AI Summary

Mako Mining (MAKO) recovered 12,743 ounces of gold in Q3 2026 and reported permitting progress at Mt. Hamilton and San Albino. Gold sales totaled 11,581 ounces, generating approximately $50 million in revenue. Cash, securities and trade receivables totaled $119.3 million at September 30.

Moss throughput averaged 5,113 short tons daily, below its technical report's initial 8,500-ton target. Mako expects an upgrade to lift throughput above 12,000 short tons daily by Q3 2027. Mt. Hamilton received condemnation drilling permits on October 16, subject to posting and acceptance of a $265,205 reclamation bond; Mako anticipates first gold in December 2027. San Albino received Eureka exploration drilling permits two months ahead of schedule. Eagle Mountain executed a mineral agreement providing a 10-year stability framework; Mako expects to submit its final environmental and social impact assessment in Q4 2026, with approval shortly thereafter.

15 points · 0 major

PositiveiHow this balance works

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 2026 revenue totaled approximately $50 million from gold sales.
• Moderate pointCash, securities and trade receivables totaled $119.3 million at September 30, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Moss crushing upgrade is procured; Mako expects throughput above 12,000 short tons daily by Q3 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Moss gold production is expected to more than double current levels with higher throughput and improved head grades.
• Moderate pointEagle Mountain mineral agreement establishes a 10-year stability framework for legal, fiscal and operating terms.

10 minor points

• Minor pointSan Albino recovered 9,145 ounces of gold and sold 8,768 ounces in Q3 2026.
• Minor pointMoss recovered approximately 3,599 ounces of gold and sold approximately 2,812 ounces in Q3 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.East Pit higher-grade material is expected to become accessible in early 2027.
• Minor pointMoss maintenance and improvement work is completed; a new production well now supplies additional water.
• Minor point. Forward-looking: it has not happened yet and may not happen.Moss new leach pad is expected operational in Q4 2026, allowing lower lifts and shorter recovery cycles.
• Minor pointMt. Hamilton condemnation drilling permits were received October 16, 2026, advancing construction preparations.
• Minor point. Forward-looking: it has not happened yet and may not happen.Mt. Hamilton first gold pour is anticipated in December 2027; long-lead equipment procurement is planned for October 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Eureka drilling permits arrived two months ahead of schedule; drilling is expected to begin in Q4 2026.
• Minor pointEagle Mountain drilling totaled 4,467 meters across 54 holes in Q3, versus 2,253 meters across 45 holes in H1 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Eagle Mountain access-road upgrade contract is signed, with work scheduled to commence in October 2026.

Negative

• Moderate pointMoss throughput averaged 5,113 short tons daily in Q3 2026, below the initial 8,500-ton technical-report target.
• Minor point. Forward-looking: it has not happened yet and may not happen.Moss gold recovery was delayed by longer solution return times; deferred ounces are expected in Q4 2026 sales.
• Minor pointSan Albino feed grade fell versus previous quarters as more stockpile material was processed.
• Minor pointSan Albino gold recovery was 80.5%, versus 80.7% in Q2 2026.
• Minor pointMt. Hamilton drilling requires a $265,205 reclamation bond to be posted and accepted by the US Forest Service.

3 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Mt. Hamilton amended operating plan remains under review; Mako anticipates approval later in 2026 without schedule disruption.
• Minor point. Forward-looking: it has not happened yet and may not happen.Eagle Mountain environmental assessment requires further detail; final submission is expected in Q4 2026, with approval shortly thereafter.
• Minor pointGold-stream deliveries totaled 894 ounces in connection with the Mt. Hamilton purchase.

News Explained

At Moss, Q3 recovery was about 3,599 ounces and sales were about 2,812; longer solution-return times delayed gold-bearing solution, and Mako expects those deferred ounces to contribute to Q4 sales; it also expects a new leach pad to operate in Q4, allowing lower stacking lifts and shorter recovery cycles.

Key Figures

Gold recovered: 12,743 oz Au Gold sales: 11,581 oz Au Revenue: ~$50 million +4 more

Gold recovered

12,743 oz Au

Q3 2026, total company

Gold sales

11,581 oz Au

Q3 2026, total company

Revenue

~$50 million

Q3 2026, total company

Cash, securities and trade receivables

$119.3 million

As of September 30, 2026

Moss Mine throughput

5,113 short tons per day

Q3 2026 crushing plant average

Moss Mine throughput target

More than 12,000 short tons per day

Expected by Q3 2027

Reclamation bond

$265,205

Required before Mt. Hamilton condemnation drilling begins

Historical Context

1 past event · Latest: Aug 14

1 event

1. Aug 14

   Q2 earnings results

   24h Move

   +3.8%

   Q2 results reported 14,610 oz of gold sales and US$62.6M revenue, comparable quarterly metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ni 43-101, esia, heap-leach, non-gaap

4 terms

ni 43-101 regulatory

"the NI 43-101 Technical Report for the Mineral Resources"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

esia regulatory

"comments on our Draft ESIA"

An Environmental and Social Impact Assessment (ESIA) is a structured review that identifies how a project could affect the environment, local communities, and public health, and recommends measures to avoid or reduce harm. For investors, an ESIA signals regulatory readiness and risk level — like a home inspection that reveals hidden repair costs or safety issues — and can influence project timelines, required mitigation spending, and the likelihood of permits or financing being approved.

heap-leach technical

"additional water to the heap-leach pads"

Heap leach is a mining method that extracts metals (often gold, copper or silver) by stacking crushed ore on a lined pad and trickling a chemical solution through it so dissolved metals can be collected and processed—like steeping tea to pull flavor from leaves. Investors care because heap leaching typically lowers upfront costs and boosts recoverable output but also brings variable recovery rates, capital needs, and environmental or permitting risks that affect a mine’s profitability and schedule.

non-gaap financial

"certain non-GAAP financial measures and non-GAAP ratios"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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VANCOUVER, BC / ACCESS Newswire / October 19, 2026 / Mako Mining Corp. (Nasdaq:MAKO)(TSXV:MKO) ("Mako" or the "Company") is pleased to provide its third quarter 2026 ("Q3 2026") production results for the Company's San Albino gold mine ("San Albino") in northern Nicaragua and the Moss Mine in Arizona ("Moss Mine") and a corporate update across all assets. Certain figures in this news release may not sum precisely due to rounding. Unless otherwise indicated, all amounts are expressed in U.S. dollars.

Q3 2026 San Albino Operational Highlights

• 42,565 tonnes mined, containing 10,913 ounces ("oz") of gold ("Au") at an average grade of 7.97 grams per tonne ("g/t") Au and 11,489 oz of silver ("Ag") at 8.40 g/t Ag
  • 27,321 tonnes mined from diluted vein material containing 9,245 oz Au at 10.53 g/t Au and 9,690 oz Ag at 11.03 g/t Ag
  • 15,244 tonnes mined from historical dump and other mineralized material above cutoff grade ("historical dump + other") containing 1,667 oz Au at 3.40 g/t Au and 1,799 oz Ag at 3.67 g/t Ag
  • 40.7:1 strip ratio
• 53,046 tonnes milled containing 11,365 oz Au and 12,221 oz Ag grading 6.66 g/t Au and 7.17 g/t Ag, respectively
  • 48% and 52% from diluted vein and historical dump and other, respectively
  • 587 tonnes per day ("tpd") milled at 98% availability
  • Mill recovery of 80.5% for gold
• At quarter-end, the stockpile was estimated at 109,868 tonnes at an average grade of 2.74 g/t Au for contained Au of 9,666 oz

Q3 2026 Mako Financial Highlights

• Mako total gold recovered of 12,743 oz Au (sales of 11,581 oz Au) for total revenue of ~$50 million in Q3 2026
  • San Albino gold recovered of 9,145 oz Au (sales of 8,768 oz Au at $4,285⁽¹⁾ per ounce)
  • Moss Mine gold recovered of 3,599 (sales of 2,812 oz Au at $4,343 per ounce)
• Cash, securities and trade receivables of $119.3 million as of September 30, 2026
• Delivered 894 oz Au in connection with gold stream related to the purchase of the Mt. Hamilton Project

(1) Gold Price before Sailfish Adjustments. For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price Gold.

Akiba Leisman, Chief Executive Officer of Mako states "Following 2 quarters of overperformance, San Albino delivered a solid, inline Q3 2026, related entirely to processing more lower grade historical dump material relative to higher grade diluted vein material (48% in Q3 2026 vs. 54% in H1 2026) leading to gold recoveries of 9,145 oz Au (sales of 8,768 oz Au). Moss continued to be mechanically constrained by our legacy plant. After detailed engineering over the course of 2026, our team has identified a way to significantly expand our crushing circuit without triggering a major permitting review; equipment has been procured, and by Q3 2027 Moss is expected to process more than 12,000 short tons per day, 40% above the August 2026 Technical Report, and 130% above Q3 2026, which lead to gold recoveries of 3,599 oz Au (sales of 2,812 oz Au). At Mt. Hamilton, we received the condemnation drilling permit amendments last Friday, removing the main bottleneck for construction, and the minor amendment to the plan of operation is expected later this year, with no interruption to our construction schedule. At Eagle Mountain, we executed our Mineral Agreement, and received comments on our Draft ESIA, with our Final ESIA expected to be submitted later this year with approval shortly thereafter. Despite significant capital investments across all four assets, our cash and securities balance has grown to US$119.3 million, more than enough, including future operating cash flow, to fund the construction of both Mt. Hamilton and Eagle Mountain."

Table 1 - Operating Results San Albino and Moss

Table 2 - Detailed Operating Results for San Albino

* Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.
** Average realized gold price per ounce sold is calculated by dividing total gold revenue by the total gold ounces sold into the spot market and before deductions from Sailfish. For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price Gold
(1) Strip Ratio calculation does not include waste material that is capitalized

Table 3 - San Albino Quarter-End Stockpile Statistics

** Includes historical dump, hanging wall, footwall, historical muck and all other non-vein mineralized material above cutoff grade.

San Albino

During Q3 2026, San Albino processed 53,046 tonnes of mineralized material at an average gold grade of 6.66 g/t, achieving gold recoveries of 80.5% and producing 9,145 ounces of recovered gold. The mine sold 8,768 ounces of gold at an average realized price of US$ 4,285 per ounce. Compared to Q2 2026, mill throughput remained relatively stable, while gold recoveries were largely unchanged from 80.7%. Average feed grades were lower from previous quarters due to a higher percentage of stockpile being processed relative to run of mine material.

In October 2026, Mako received drilling permits to begin exploration for the newly granted concession of Eureka two months ahead of schedule. Preparatory work has started at Eureka with drilling expected to begin later this quarter.

Moss Mine

In Q3 2026, Moss Mine recovered approximately 3,599 ounces of gold, with sales totaling approximately 2,812 ounces. Gold recovery during the quarter was impacted by longer solution return times associated with higher stacking lifts, which delayed the availability of gold-bearing solution for processing. The Company expects these deferred ounces to contribute to gold sales during Q4 2026, alongside production from newly stacked material. Additionally, the Company is in the final stages of completing a new leach pad, expected to become operational during Q4 2026, which will allow for lower stacking lifts and shorter gold recovery cycles.

During Q3 2026, crushing plant throughput averaged 5,113 short tons per day, below the 8,500 short tons per day initial throughput for 2026-2027 (ramping to 10,000 short tons per day in 2028-2030 and 14,000 short tons per day beginning in 2031) described in the NI 43-101 Technical Report for the Mineral Resources, Mineral Reserves and Mine Plan for the Moss Mine, Oatman Mining District, Mohave County, Arizona (the "Technical Report") dated August 17, 2026, primarily due to mechanical constraints and operational bottlenecks. To address these limitations, the Company has completed extensive maintenance and improvement work on the crushing circuit to enhance equipment reliability and reduce unplanned downtime. In parallel, a new production well is now supplying additional water to the heap-leach pads, supporting improved irrigation and more consistent solution flows. Together, these initiatives are expected to improve operating efficiency, increase throughput, and support more consistent gold production.

Building on these operational improvements, the Company has procured a significant crushing circuit upgrade, including additional crushing and screening capacity, conveyor modifications, and supporting electrical infrastructure. Together with the improvements already implemented, this upgrade is expected to increase crushing plant throughput to more than 12,000 short tons per day by Q3 2027, substantially exceeding both the 8,500 short tons per day outlined in the Technical Report and the 5,113 short tons per day achieved in Q3 2026. The anticipated increase in throughput, combined with expected improvements in head grades as the Company begins accessing higher-grade material from the East Pit in early 2027, is expected to more than double gold production compared to current operating levels.

Mt. Hamilton Project

On October 16, 2026, the Company received permits from the US Forest Service ("USFS") to begin condemnation drilling at the Mt. Hamilton Project once a $ 265,205 reclamation bond has been posted and accepted by the USFS. This was the principal bottleneck to begin full scale construction. The US Forest Service will continue to review the amended plan of operation which calls for a minor adjustment to the crusher and overland conveyor placement. We anticipate approval for this modification to occur later this year, and we do not anticipate the timing of this approval to impact our schedule.

Long lead items for the Mt. Hamilton construction project, including the crusher and overland conveyor, will be procured later this month. First gold pour is anticipated in December 2027.

Eagle Mountain Gold Project

During Q3 2026, exploration and technical activities accelerated significantly following the mobilization of a contractor drill rig and the onset of the dry season. A total of 54 drill holes totaling 4,467 meters were completed during the quarter, compared to 45 holes totaling 2,253 meters during the first six months of 2026. Q3 drilling included 185 meters of geotechnical drilling, 2,001 meters of metallurgical drilling, and 2,281 meters of infill and exploration drilling. These activities support ongoing engineering, resource evaluation, and project development planning.

On September 10, 2026, the Company announced the execution of a mineral agreement with the Government of Guyana and the Guyana Geology and Mines Commission (GGMC), establishing a 10-year stability framework for key legal, fiscal, and operating terms applicable to the project. This agreement represents an important milestone in advancing Eagle Mountain toward development.

In early October the Guyana EPA provided their comments on the draft Environmental and Social Impact Assessment (ESIA), identifying areas requiring additional detail or clarification. The Company and lead ESIA consultants expect to submit the final ESIA in the fourth quarter of 2026 with approval shortly thereafter.

Pre-development activities continued during Q3 2026, including the completion of bridge surveys, site preparation, and construction-readiness planning. The Company also entered into a contract for upgrades to the camp access road, with work scheduled to commence in October 2026.

On behalf of the Board,

Akiba Leisman
Chief Executive Officer

For the latest details, please refer to the unaudited condensed interim consolidated financial statements and the associated management's discussion and analysis for the six months ended June 30, 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 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.

"Average realized gold price per ounce sold" is calculated by dividing total gold revenue by the total gold ounces sold into the spot market before deductions from Sailfish.

Qualified Person

John Rust, a metallurgical engineer and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Rust is a senior metallurgist and a consultant to the Company.

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 US: the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona and the Mt. Hamilton Project, a 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: aleisman@makominingcorp.com or visit our website at www.makominingcorp.com and SEDAR www.sedarplus.ca.

Forward-Looking Information: Statements contained herein, other than historical fact, may be considered "forward-looking information" within the meaning of applicable securities laws. The forward-looking information contained herein is based on the Company's plans and expectations and assumptions as of the date of this news release. Such statements forward looking statements include: expectations stated regarding Q3 2026 production at San Albino and financial highlights for the Company, expected timing for development activities at Eagle Mountain and ramp up activities at the Moss Mine and construction plans at Mt. Hamilton. 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, uncertainty related to mining exploration and development activities and shifts in the timing thereof; political risks and uncertainties involving the Company's mineral properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations and other risks and uncertainties as disclosed in the Company's public disclosure filings on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. 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 the Company's expectations regarding the Company's Q3 2026 production and operating results at San Albino gold project, financial highlights for Q3 2026 and current corporate updates, 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.

Cautionary Note to U.S. Investors Regarding Mineral Disclosure

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.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much gold did Mako Mining recover and sell in Q3 2026?

Mako recovered 12,743 ounces of gold and sold 11,581 ounces in Q3 2026. Total revenue was approximately $50 million.

When does Mako Mining expect Mt. Hamilton to produce its first gold?

Mako anticipates Mt. Hamilton's first gold pour in December 2027. Condemnation drilling requires posting and US Forest Service acceptance of a $265,205 reclamation bond. Approval of the amended operating plan is anticipated later in 2026, with no schedule impact expected.

How does Mako Mining calculate its realized gold prices for Q3 2026?

Mako calculates average realized gold price by dividing spot-market gold revenue by gold ounces sold, before Sailfish deductions. San Albino's reported price was $4,285 per ounce and Moss's was $4,343 per ounce. Payments to Sailfish are deducted when calculating revenue; the price measure is non-GAAP and is not standardized under IFRS.