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Mako Mining Corp. (MAKO) filed an NI 43‑101 Technical Report for the Moss Mine open‑pit, heap‑leach gold‑silver operation in Arizona. The report supports updated Mineral Resources, Mineral Reserves and a life‑of‑mine plan following Mako’s 2025 acquisition of the mine out of a prior bankruptcy process.
Open‑pit Proven and Probable Reserves total 62.6 M short tons at 0.0095 oz/ton Au and 0.1005 oz/ton Ag, containing 597,744 oz of gold and 6.30 Moz of silver, at a 0.004 oz/ton AuEq cut‑off and 1.3:1 strip ratio. Measured and Indicated Resources within the pit shell are 62.9 M tons at 0.0103 oz/ton Au and 0.1081 oz/ton Ag, plus 13.6 M tons of Inferred.
Planned remaining production to 2040 is 442.9 koz gold and 2.01 Moz silver, averaging about 31 koz Au per full‑production year, with life‑of‑mine AISC of ~US$2,200/oz. Using US$3,500/oz gold, US$29.20/oz silver and a 5% discount rate, the project generates a pre‑tax NPV of US$254 million and a 109% IRR. Sustaining capital is estimated at US$86.2 million, and unit operating costs average US$3.46/t mined and US$6.25/t processed, leveraging existing infrastructure and conventional heap‑leach/Merrill‑Crowe processing with assumed recoveries of 75% for gold and 33% for silver.
Mako Mining Corp. reported Q2 2026 revenue of $62.6M and YTD 2026 revenue of $131.2M, up from $38.7M and $70.5M a year earlier, driven by higher realized gold prices and added contribution from the Moss Mine. Net income rose to $13.9M in Q2 and $37.0M YTD, compared with $8.8M and $18.2M in 2025, while operating cash flow increased to $26.0M in Q2 and $45.9M YTD.
Consolidated gold sales reached 14,610 oz in Q2 and 28,332 oz YTD, versus 11,476 oz and 22,293 oz in the prior-year periods. Average realized gold prices climbed to $4,201/oz in Q2 and $4,541/oz YTD$1,996/oz and $2,286/oz in Q2 as royalties, mining and sustaining capital spending increased, particularly at the ramping Moss Mine.
Total assets grew to $296.5M from $208.4M at year-end 2025, reflecting the acquisition of the Mt. Hamilton Project and investment in SPDR Gold Shares. Shareholders’ equity increased to $190.3M and the deficit turned into a $6.1M surplus. Mako closed the Mt. Hamilton acquisition using a Sailfish Gold Stream valued at $42.3M and later recognized a $41.7M related liability. The company also published a Moss Mine reserve and economic study with an after-tax NPV of $254M and continues advancing exploration in Nicaragua, Nevada and Guyana.
Mako Mining Corp. reported record Q2 2026 gold sales of 14,610 oz and total revenue of approximately $63.0 million, driven by production from its San Albino mine in Nicaragua and the Moss Mine in Arizona.
San Albino sold 10,612 oz of gold at $4,156/oz, while Moss sold 3,998 oz at $4,321/oz. The San Albino plant milled 53,120 tonnes at 7.54 g/t Au with 80.7% recovery, and quarter-end stockpiles contained 10,105 oz of gold.
Cash, gold-linked securities and trade receivables totaled $112 million as of June 30, 2026, and the company acquired the ~3,000-hectare Eureka concession, expanding its Nicaraguan land package to 254 km2. Predevelopment advanced at Mt. Hamilton and permitting and drilling continued at the Eagle Mountain project.
Mako Mining Corp. reported its first Proven and Probable mineral reserves for the Moss Mine in Arizona, totaling 597,744 ounces of gold and 6.30 million ounces of silver within 56.8 million tonnes grading 0.327 g/t Au and 3.45 g/t Ag. Using gold and silver prices of US$3,500/oz and US$50/oz, the study supports a post-tax NPV at a 5% discount rate of US$254 million and a 15-year mine life with heap leach processing.
The life-of-mine plan forecasts 442,904 recovered ounces of gold and 2.08 million recovered ounces of silver, with average annual gold production of about 30,900 ounces and peak production of roughly 46,100 ounces in 2031. No initial capital is required, and sustaining capital is estimated at US$86 million, expected to be funded from project cash flow.
Mako acquired Moss in March 2025 for approximately US$2 million and notes that cash flow has already returned multiples of this purchase price. The company also reached a royalty litigation settlement with Patriot Gold Corp., agreeing to pay US$1.55 million from funds controlled by a bankruptcy monitor, while litigation with affiliates of Royal Gold Inc. over an additional royalty interest continues.
Mako Mining Corp. details its 2025 executive and director compensation program, emphasizing a mix of salary, cash bonuses, and equity incentives under its Omnibus Incentive Plan. Named executives can earn sizeable bonuses tied to corporate and individual scorecards, with up to 150% of salary for the CEO.
The company reports large 2025 equity awards and option grants, some linked to completing the Moss Mine and Mt. Hamilton acquisitions. It also adopts a clawback policy effective February 23, 2026, and discloses substantial termination and change-of-control protections, including multimillion‑dollar potential payouts based on outstanding share-based and option-based awards.
Mako Mining reported a very strong Q1 2026, with record revenue of $68.6 million, net income of $23.1 million and earnings of $0.26 per share. Adjusted EBITDA reached $40.1 million, while Mine Operating Cash Flow was $46.1 million, highlighting robust cash generation from its gold operations.
The company sold 13,721 ounces of gold at an average realized price of $4,902 per ounce, with an all-in sustaining cost of $2,275 per ounce. Cash and trade receivables totaled $96.1 million, and return on equity was 36.4% with return on assets of 23.5%. Management emphasizes that these non-GAAP metrics such as Adjusted EBITDA, Mine OCF, cash cost and AISC are intended to better illustrate underlying operating performance.
Mako Mining Corp. reported a strong first quarter of 2026, combining higher production, record gold prices and a new U.S. project acquisition. Revenue reached $68.6 million, up from $31.8 million a year earlier, driven by higher realized gold prices and contributions from both the San Albino mine in Nicaragua and the Moss Mine in Arizona.
Net income rose to $23.1 million from $9.4 million, while operating cash flow climbed to $19.2 million from $6.2 million, allowing cash and cash equivalents to increase to $93.0 million as of March 31, 2026. Consolidated gold production was 13,869 ounces versus 9,820 ounces in the prior-year quarter, and the company reported an average realized gold price of $4,902 per ounce.
Mako completed the acquisition of 100% of Mt. Hamilton LLC in Nevada on March 24, 2026, adding a fully permitted gold‑silver heap leach project and tungsten target. The $43.6 million purchase price was satisfied primarily through the $42.3 million Sailfish Gold Stream, which obligates Mako to deliver fixed monthly gold volumes over 11 years. The company also highlighted ongoing advancement of the Eagle Mountain project in Guyana and noted that its shares began trading on NASDAQ under the symbol MAKO on March 30, 2026.
Mako Mining Corp. reports new high-grade drilling results from the Candelaria zone at Las Conchitas South, part of the San Albino Project in northern Nicaragua. Recent reverse circulation and diamond drilling intersected strong near-surface gold and silver mineralization in an area already fully permitted for mining.
Highlighted intercepts include 26.98 g/t gold and 48.4 g/t silver over 7.0 m (6.8 m estimated true width), 21.79 g/t gold and 23.0 g/t silver over 5.0 m (4.0 m estimated true width), and 29.18 g/t gold and 39.8 g/t silver over 5.1 m estimated true width. Drilling has traced high-grade mineralization over roughly 450 m of strike, remaining open along strike and at depth, which the company aims to use to support potential pit expansion and longer mine life at San Albino.
Mako Mining Corp. filed its annual report on Form 40-F for the fiscal year ended December 31, 2025, reporting 87,009,006 common shares outstanding as of that date. The filing discloses a material weakness in internal control over financial reporting related to information technology general controls and segregation of duties for journal entries.
Management has begun remediation steps including automated controls to prevent creators from posting their own journal entries, amended "super user" roles, and enforced review workflows. The remediation is ongoing and is expected to be substantially concluded prior to December 31, 2026. The audited consolidated financial statements for 2025 and 2024 and related exhibits are filed by reference.