Mako Mining Q3 2026 net income rises to $16.4M

Q: How did MAKO's 2026 year-to-date results compare with 2025?

For the nine months ended September 30, 2026, revenue was $181.9 million and net income was $53.5 million, compared with $98.1 million and $19.4 million for the same period in 2025; operating cash flow was $56.0 million versus $31.0 million.

Q: What are the proposed terms of MAKO's Sailfish gold stream?

The proposed stream would run for 240 months, with deliveries of 650 ounces per month until August 1, 2028; 750 ounces until February 1, 2031; 900 ounces until February 1, 2037; and 1,000 ounces for the remaining term. The delivery price would equal 25% of the LBMA PM Fix price on delivery. The proposal excludes Mt. Hamilton and is non-binding.

Available on EDGAR 11/13/2026 - 06:05 AM EST Accepted by SEC EDGAR 11/12/2026 - 08:24 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Mako Mining Corp. reported Q3 2026 revenue of $50.7 million and net income of $16.4 million, compared with $27.6 million and $1.2 million a year earlier. For the first nine months, revenue was $181.9 million, net income was $53.5 million and operating cash flow was $56.0 million, versus $98.1 million, $19.4 million and $31.0 million, respectively, in 2025. Gold sales totaled 39,912 ounces year to date.

Moss Mine crushing averaged 5,113 short tons per day in Q3, below the initial target of 8,500 short tons per day; the company cited mechanical constraints and operating bottlenecks, and said the mine had not reached commercial production as of September 30, 2026. The technical report estimates an after-tax NPV of $254 million, based on $3,500-per-ounce gold, $50-per-ounce silver and a 5% discount rate, and a 15-year mine life. A separate, non-binding proposal for a corporate-level gold stream, excluding Mt. Hamilton, would run for 240 months. Upon completion, Mako would subscribe for 70,000,000 Sailfish common shares at C$5.76 per share, and Sailfish would issue the shares. Completion remains subject to negotiations, definitive agreements and multiple approvals.

3 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 2 points

How the balance works

Positive

Moderate pointNine-month revenue reached $181.9 million, versus $98.1 million in 2025.
Moderate pointNine-month net income was $53.5 million, versus $19.4 million in 2025.
Moderate pointNine-month operating cash flow was $56.0 million, versus $31.0 million in 2025.

Negative

Moderate pointNine-month AISC was $2,469 per ounce sold, versus $1,820 in 2025.
Moderate pointMoss crushing averaged 5,113 short tons per day, below the 8,500 target.

Key Figures

Nine-month revenue: $181.9 million Nine-month net income: $53.5 million Net cash provided by operating activities: $56.0 million +5 more

8 metrics

Nine-month revenue $181.9 million Nine months ended September 30, 2026; $98.1 million for the comparable 2025 period.

Nine-month net income $53.5 million Nine months ended September 30, 2026; $19.4 million for the comparable 2025 period.

Net cash provided by operating activities $56.0 million Nine months ended September 30, 2026; $31.0 million for the comparable 2025 period.

Nine-month AISC $2,469 per ounce sold Nine months ended September 30, 2026; $1,820 per ounce sold for the comparable 2025 period.

Moss crushing throughput 5,113 short tons per day Q3 2026; initial 2026–2027 target of 8,500 short tons per day.

Moss after-tax NPV $254 million Estimate based on $3,500-per-ounce gold, $50-per-ounce silver and a 5% discount rate.

Proposed Sailfish shares 70,000,000 common shares Proposed subscription at C$5.76 per share; transaction remains non-binding.

Proven Mineral Reserves 119,134 ounces of gold Moss Mine estimate in the technical report dated August 17, 2026.

Key Terms

non-binding letter of intent, gold stream, after-tax net present value, Mineral Reserves, +2 more

6 terms

non-binding letter of intent financial

"entered into a non-binding letter of intent with Sailfish Royalty Corp."

A non-binding letter of intent is a preliminary document that outlines the main terms and expectations of a proposed transaction—such as a merger, acquisition, investment or partnership—without creating a legally enforceable obligation to complete the deal. Think of it as a written handshake or shopping list: it signals serious interest and sets the framework for negotiations and due diligence, which can move markets, but it does not guarantee the transaction will happen until a final, binding agreement is signed.

gold stream financial

"proposed corporate-level gold stream transaction"

A gold stream is a contract where an investor or firm pays cash up front to a mining company in exchange for the right to buy a portion of that mine’s future gold at a set, usually below-market, price or to receive a fixed share of production. It matters to investors because it provides miners with immediate funding without issuing traditional debt or equity, while the streamer gains long-term exposure to gold at a predictable cost — a trade-off between lower purchase price and limited upside if gold prices rise sharply.

after-tax net present value financial

"estimated after-tax net present value of $254 million"

Mineral Reserves technical

"Proven Mineral Reserves of 12.5 million short tons"

Mineral reserves are the amounts of a metal or mineral that a company has identified and can legally and economically extract with current technology. Think of it like the usable fuel in a car’s tank rather than all the oil in the ground; reserves determine how long a mine can produce, help estimate future revenue and costs, and shape a company’s value and investment risk.

heap leaching technical

"processing by crushing, heap leaching and Merrill-Crowe recovery"

Heap leaching is a mining method where crushed ore is stacked in large heaps and a liquid chemical is spread over the pile to dissolve valuable metals, which are then collected from the base—think of it like pouring water through a pile of coffee grounds to extract flavor. It matters to investors because it can unlock low-cost, large-scale production with lower upfront equipment needs, but recovery rates, speed of processing, and environmental or permitting risks can significantly affect a project's revenue and costs.

NSR royalty financial

"2% NSR royalty payable to Sailfish"

A net smelter return (NSR) royalty is a payment to a rights holder equal to a fixed percentage of the money a mine actually receives from selling refined metal, after the costs of turning ore into a saleable product are taken out. Think of it like a toll collected on each shipment after it’s been cleaned and sold. For investors, NSR royalties matter because they create a steady revenue stream with lower operational risk for the royalty holder, while reducing the owner-operator’s share of project cash flow and affecting project valuation.

FAQ

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

How did MAKO's 2026 year-to-date results compare with 2025?

For the nine months ended September 30, 2026, revenue was $181.9 million and net income was $53.5 million, compared with $98.1 million and $19.4 million for the same period in 2025; operating cash flow was $56.0 million versus $31.0 million.

What are the proposed terms of MAKO's Sailfish gold stream?

The proposed stream would run for 240 months, with deliveries of 650 ounces per month until August 1, 2028; 750 ounces until February 1, 2031; 900 ounces until February 1, 2037; and 1,000 ounces for the remaining term. The delivery price would equal 25% of the LBMA PM Fix price on delivery. The proposal excludes Mt. Hamilton and is non-binding.

What approvals does MAKO's proposed Sailfish transaction require?

Completion is subject to definitive agreements, special committee and board approvals, approval from the TSX Venture Exchange, shareholder approvals from both parties, an independent formal valuation and an independent fairness opinion for Mako. The proposal also remains subject to negotiations and ancillary documentation; Mako said there is no assurance it will be completed on the proposed terms or at all.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2026

Commission File Number: 001-43201

Mako Mining Corp.
(Translation of registrant's name into English)

Suite 700-838 West Hastings Street
Vancouver, British Columbia,
Canada V6C 0A6

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

EXHIBIT INDEX

Exhibit	Description

99.1	Unaudited Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2026 and 2025

99.2	Management's Discussion and Analysis for the three and nine months ended September 30, 2026 and 2025

99.3	CEO Certification

99.4	CFO Certification

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

	Mako Mining Corp.


Date: November 12, 2026	By:	/s/ Akiba Leisman
	Name:	Akiba Leisman
	Title:	Chief Executive Officer

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended September 30, 2026 and 2025

(Unaudited)

CONTENTS
Condensed Interim Consolidated Statements of Financial Position	1

Condensed Interim Consolidated Statements of Income and Comprehensive Income	2

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity	3

Condensed Interim Consolidated Statements of Cash Flows	4

Notes to the Condensed Interim Consolidated Financial Statements
1 Nature of operations	5

2 Basis of presentation	5

3 Material accounting policies	6

4 Estimation uncertainty and areas of significant judgement	7

5 Acquisition of Mt. Hamilton LLC	8

Consolidated Statements of Financial Position
6 Marketable securities	9

7 Receivables, prepaids and other assets	10

8 Inventories	11

9 Mining interests, plant and equipment	12

10 Accounts payable and accrued liabilities	13

11 Sailfish Gold Stream	13

12 Reclamation and Rehabilitation Obligation ("ARO")	15

13 Share Capital	16

Consolidated Statements of Income and Comprehensive Income
14 General and administrative expenses	17

15 Accretion and interest expense	18

Other Disclosures
16 Other income (expense)	18

17 Related party transactions	18

18 Segmented information	21

19 Supplemental cash flow information	24

20 Financial instruments	24

21 Capital management	26

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Expressed in thousands of United States dollars
(Unaudited)

	Note		As at September 30, 2026		As at December 31, 2025
ASSETS
Current
Cash and cash equivalents		$	50,291	$	77,277
Marketable securities	6		66,924		236
Receivables, prepaids and other assets	7		9,423		5,031
Inventories	8		41,311		29,178
Total current assets		$	167,949	$	111,722

Inventories	8		12,197		12,829
Other assets	7		1,192		1,545
Restricted cash			-		1,768
Mining interest, plant and equipment	9		136,668		80,581
TOTAL ASSETS		$	318,006	$	208,445
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	10	$	40,262	$	28,498
Deferred gain on sale of mineral interest			395		350
Current portion of Sailfish Gold Stream	11		13,147		-
Total current liabilities		$	53,804	$	28,848

Accrued liabilities	10		2,398		1,062
Provision for reclamation and rehabilitation	12		19,003		20,441
Deferred income taxes			8,140		6,962
Deferred gain on sale of mineral interest			169		399
Sailfish Gold Stream	11		26,593		-
Total liabilities		$	110,107	$	57,712

Shareholders' equity
Share capital	13		164,170		162,447
Contributed surplus	13		19,082		16,817
Accumulated other comprehensive income			2,074		2,350
Surplus (Deficit)			22,573		(30,881	)
Total shareholders' equity		$	207,899	$	150,733
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	318,006	$	208,445

Approved by the Board of Directors on November 11, 2026

"John Hick", Audit Committee Chair

"Akiba Leisman", Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Expressed in thousands of United States dollars, except per share amounts
(Unaudited)

			Three months ended						Nine months ended
	Note		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenue		$	50,722		$	27,553		$	181,906		$	98,037
Production services revenue			25			22			33			41
		$	50,747		$	27,575		$	181,939		$	98,078
Cost of sales
Production costs			(24,844	)		(16,563	)		(79,302	)		(47,282	)
Depreciation, depletion and amortization			(1,908	)		(1,540	)		(6,465	)		(5,554	)
		$	(26,752	)	$	(18,103	)	$	(85,767	)	$	(52,836	)
Gross profit		$	23,995		$	9,472		$	96,172		$	45,242

Exploration and evaluation expenses			(4,009	)		(2,787	)		(9,401	)		(6,526	)
General and administrative expenses	14		(4,074	)		(2,893	)		(12,165	)		(7,197	)
Accretion and interest expense	15		(325	)		(347	)		(936	)		(1,050	)
Interest income			453			201			1,493			218
Other income (expense)	16		6,167			591			4,786			1,821
Income before income taxes		$	22,207		$	4,237		$	79,949		$	32,508
Income tax expense			(4,326	)		(1,865	)		(25,317	)		(9,363	)
Deferred tax expense			(1,440	)		(1,176	)		(1,178	)		(3,707	)
Income for the period		$	16,441		$	1,196		$	53,454		$	19,438
Other comprehensive loss
Items subject to reclassification into statement of income:
Foreign currency translation adjustment			(224	)		(421	)		(276	)		(778	)
Other comprehensive loss for the period			(224	)		(421	)		(276	)		(778	)
Comprehensive income for the period		$	16,217		$	775		$	53,178		$	18,660
Basic income per common share		$	0.19		$	0.01		$	0.61		$	0.24
Diluted income per common share		$	0.18		$	0.01		$	0.59		$	0.24
Weighted average common shares outstanding - basic (thousands)			88,044			80,088			87,926			79,621
Weighted average common shares outstanding - diluted (thousands)			90,594			81,714			90,287			80,415

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Expressed in thousands of United States dollars
(Unaudited)

	Number of shares (000s)			Share capital			Contributed surplus			Accumulated other comprehensive income			Surplus (Deficit)			Total
Balance at December 31, 2024	79,249		$	121,778		$	16,321		$	2,837		$	(64,013	)	$	76,923
Shares cancelled (NCIB)	(535	)		(749	)		-			-			(608	)		(1,357	)
Shares issued on exercise of options	500			1,720			(623	)		-			-			1,097
Shares issued on exercise of warrants	794			2,088			(682	)		-			-			1,406
Common shares issued on RSU vesting	4			6			(6	)		-			-			-
Common shares issued on DSU vesting	91			166			(166	)		-			-			-
Share-based compensation	-			-			1,138			-			-			1,138
Net income	-			-			-			-			19,438			19,438
Other comprehensive loss	-			-			-			(778	)		-			(778	)
Balance at September 30, 2025	80,103		$	125,009		$	15,982		$	2,059		$	(45,183	)	$	97,867
Private placement	6,906			37,438			-			-			-			37,438
Share-based compensation	-			-			835			-			-			835
Net income	-			-			-			-			14,302			14,302
Other comprehensive income	-			-			-			291			-			291
Balance at December 31, 2025	87,009		$	162,447		$	16,817		$	2,350		$	(30,881	)	$	150,733
Shares issued on exercise of options	425			1,454			(477	)		-			-			977
Common shares issued on RSU vesting	256			269			(269	)		-			-			-
Share-based compensation	-			-			3,011			-			-			3,011
Net income	-			-			-			-			53,454			53,454
Other comprehensive loss	-			-			-			(276	)		-			(276	)
Balance at September 30, 2026	87,690		$	164,170		$	19,082		$	2,074		$	22,573		$	207,899

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Expressed in thousands of United States dollars
(Unaudited)

	Note		Three months ended						Nine months ended
	Note		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Operating activities
Income for the period		$	16,441		$	1,196		$	53,454		$	19,438
Non-cash items:
Accretion and interest expense			244			345			641			1,051
Depreciation, depletion and amortization			2,061			1,631			8,438			5,811
Deferred tax expense			1,440			1,176			1,178			3,707
Gain on marketable securities			(7,004	)		-			(8,052	)		-
Other income (expense)			(244	)		(45	)		(185	)		(45	)
Gain on elimination of Contingent Consideration			-			-			-			(1,000	)
Change in fair value of derivative liability			1,061			(180	)		3,466			95
Gold stream deliveries, own production			(1,103	)		-			(2,114	)		-
Share-based payments			1,208			560			3,011			1,138
Unrealized foreign exchange (gain) loss			151			(369	)		72			(764	)
		$	14,255		$	4,314		$	59,909		$	29,431
Changes in non-cash working capital	19		(3,139	)		281			(3,915	)		93
Restricted cash - refunded			-			-			-			1,503
Net cash provided by operating activities		$	11,116		$	4,595		$	55,994		$	31,027
Investing activities
Acquisition of EG Acquisition LLC, proceeds paid			-			-			-			(6,489	)
Acquisition of EG Acquisition LLC, cash acquired			-			-			-			346
Acquisition of EG Acquisition LLC, transaction costs			-			(5	)		-			(356	)
Acquisition of Mt. Hamilton LLC, transaction costs			-			-			(502	)		-
Sailfish Silver Option Payment			-			-			-			1,000
Secured Debt Investment			-			(1,800	)		-			(1,800	)
Purchase of marketable securities			(21,128	)		-			(60,366	)		-
Sale of marketable securities			1,249			-			1,249			-
Expenditures on mining interest, plant and equipment			(10,896	)		(3,347	)		(20,453	)		(9,647	)
Net cash used in investing activities		$	(30,775	)	$	(5,152	)	$	(80,072	)	$	(16,946	)
Financing activities
Purchase of common shares - NCIB			-			-			-			(1,357	)
Proceeds from exercise of warrants			-			-			-			1,406
Proceeds from exercise of options			204			83			977			1,097
Repayment of Sailfish Silver Loan			-			-			-			(1,286	)
Repayment of interest on the Revised Wexford Loan			-			(312	)		-			(629	)
Payments on lease liability			(102	)		(26	)		(102	)		(78	)
Gold stream deliveries, purchased from market			(1,931	)		-			(3,954	)		-
Net cash used in financing activities		$	(1,829	)	$	(255	)	$	(3,079	)	$	(847	)
Effect of foreign exchange on cash and cash equivalents			(134	)		(63	)		171			(36	)
Change in cash and cash equivalents		$	(21,622	)	$	(875	)	$	(26,986	)	$	13,198
Cash and cash equivalents, beginning of the period		$	71,913		$	28,594		$	77,277		$	14,521
Cash and cash equivalents, end of period		$	50,291		$	27,719		$	50,291		$	27,719
Other information
Taxes paid in cash			(2,974	)		(845	)		(19,647	)		(6,861	)
Interest received			453			201			1,493			218

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2026 and 2025
All amounts are in thousands of United States dollars, unless otherwise stated
(Unaudited)

1 NATURE OF OPERATIONS

Mako Mining Corp. ("Mako" or the "Company") was incorporated on April 1, 2004, under the laws of the Yukon Territory and continued into British Columbia under the Business Corporations Act (British Columbia) on November 14, 2007. The Company is listed on the TSX Venture Exchange ("TSX-V") under the symbol "MKO". On March 30, 2026, the Company's common shares were listed and commenced trading on the NASDAQ Stock Market LLC ("NASDAQ") under the symbol "MAKO". The address of the Company's corporate office and principal place of business is Suite 700 - 838 West Hastings Street, Vancouver, BC, V6C 0A6, Canada.

Mako is a gold mining, development and exploration company. The Company's primary asset is the San Albino Mine, an open pit mine located in Nicaragua. On March 27, 2025, the Company acquired EG Acquisition LLC (individually, or collectively with its subsidiaries, as applicable, "EGA"), resulting in the acquisition of the Moss Mine located in Arizona, United States of America (the "USA"). The Moss Mine is an open pit operation currently ramping up to commercial production. On March 24, 2026, the Company completed the acquisition of 100% of the membership interests of Mt. Hamilton LLC ("MHC") the owner of the Mt. Hamilton Project in Nevada, USA. In addition to its mining operations, Mako continues to explore its other concessions in Nicaragua and advance the Mt. Hamilton Project in Nevada, USA and the Eagle Mountain Project in Guyana in preparation for development.

2 BASIS OF PRESENTATION

(a) Statement of compliance

These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), as applicable to the preparation of interim financial statements including International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Accordingly, they do not include all the information and notes to the consolidated financial statements required by IFRS Accounting Standards for annual financial statements and should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2025.

These condensed interim consolidated financial statements were authorized for issue by the Board of Directors on November 11, 2026.

(b) Basis of presentation

These condensed interim consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments that are measured at fair value.

These condensed interim consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, revenues and expenses have been eliminated upon consolidation.

Subsidiaries are included in the consolidated financial statements from the date control is obtained until the date of disposition or until control ceases. Control exists when the Company has exposure or rights to variable returns from its involvement with an entity, and the ability to affect those returns through its power over the entity.

The condensed interim consolidated financial statements of the Company include the following subsidiaries:

Subsidiary	Referred to as	Place of incorporation	Ownership interest	Principal activity
Goldsource Mines Inc.	"Goldsource"	Canada	100%	Parent company to EMGC.

Eagle Mountain Gold Corp.	"EMGC"	Canada	100%	Parent company to SGI.

Stronghold Guyana Inc.	"SGI"	Guyana	100%	Holds mineral interest in Guyana, exploration activities; and has a 98% interest in a joint arrangement with Kilroy Mining Inc to operate the Eagle Mountain Project.

Gold Belt, S.A.	"Gold Belt"	Nicaragua	100%	Holds mineral interest in Nicaragua, exploration activities.

Nicoz Resources, S.A.	"Nicoz"	Nicaragua	100%	Gold production. Holds mineral interest in Nicaragua, San Albino and Las Conchitas deposits and exploration activities.

Mako US Corp.	"Mako US"	United States	100%	Service company and parent company to EGA.

EG Acquisition LLC	"EGA"	United States	100%	Parent company to GVC.

Golden Vertex Corp	"GVC"	United States	100%	Gold production. Holds mineral interest in the USA, the Moss Mine.

Mt. Hamilton LLC	"MHC"	United States	100%	Holds mineral interest in USA, the Mt. Hamilton Project.

3 MATERIAL ACCOUNTING POLICIES

The accounting policies and methods used in the preparation of these condensed interim consolidated financial statements are the same as those applied in the Company's most recent audited consolidated financial statements for the year ended December 31, 2025, except for below:

In May 2024, the International Accounting Standards Board issued Amendments to the Classification and Measurement of Financial Instruments (amendments to IFRS 9 and IFRS 7). The amendments clarify the requirements for the recognition and derecognition of financial assets and financial liabilities, including introducing an accounting policy option for the derecognition of financial liabilities settled through an electronic payment system before the settlement date.

The amendments also provide additional guidance on assessing the contractual cash flow characteristics of financial assets, including those with contingent or ESG-linked features, and enhance disclosure requirements for financial instruments with contingent features and for equity instruments designated at fair value through other comprehensive income.

The Company adopted the amendments effective January 1, 2026. These amendments have no material impact on the condensed interim consolidated financial statements. For financial liabilities settled in cash using an electronic payment system, Mako applied the election to deem these financial liabilities to be discharged before the settlement date.

IFRS accounting standards and pronouncements - not yet adopted

IFRS 18, Presentation and disclosure in financial statements

In April 2024, the International Accounting Standards Board issued IFRS 18, Presentation and Disclosure in Financial Statements, which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces new presentation requirements for the statement of profit or loss, including the use of three defined categories, operating, investing, and financing, and the inclusion of specified subtotals. The standard also requires entities to provide additional disclosures for management-defined performance measures, as well as enhanced guidance on the aggregation and disaggregation principles that apply to both the primary financial statements and the notes. IFRS 18 does not change the recognition or measurement of items in the financial statements, nor the classification or presentation of items within other comprehensive income.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, including interim periods, with retrospective application required. Early application is permitted. The Company is currently assessing the impact of this new standard on its future financial statements.

4 ESTIMATION UNCERTAINTY AND AREAS OF SIGNIFICANT JUDGEMENT

The preparation of these condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

In preparing these condensed interim consolidated financial statements, the Company applied the same significant judgments in applying its accounting policies and is exposed to the same sources of estimation uncertainty as disclosed its Annual Financial Statements except for the following changes.

(a) Business combinations and asset acquisitions

The assessment of whether an acquisition meets the definition of a business or whether it is a purchase of assets is a key area of judgment. If deemed to be a business combination, the acquisition method requires acquired assets and liabilities assumed to be recorded at fair value as of the date of acquisition with the excess of the purchase consideration over such fair value being recorded as goodwill. Where an acquisition involves a purchase of assets the purchase price is allocated to the assets acquired and liabilities assumed based on their relative fair value and no goodwill arises on the transaction. The acquisition of MHC was determined to be a purchase of assets. Refer to note 5 for additional details.

(b) Achievement of commercial production

Depreciation of capitalized costs begins once a mine reaches the operating levels intended by management. Determining when specific assets reach this stage requires significant judgment. In making this assessment, management considered several factors, including the mobilization of the mining contractor, the feed rate to the crusher, and metallurgical recoveries achieving a predetermined target of plan. As at September 30, 2026, the Moss Mine did not reach commercial production.

The carrying value of the Sailfish Gold Stream represents management's best estimate of the fair value of the arrangement on initial recognition and at the reporting date. In determining fair value, management applies judgment in selecting an appropriate valuation methodology and makes significant assumptions regarding future gold prices and the discount rate, based on prevailing market conditions and reflecting risks specific to the arrangement. Refer to note 11 for additional details.

5 ACQUISITION OF MT. HAMILTON LLC

On March 24, 2026, the Company completed the acquisition of 100% of the membership interests of MHC, the owner of the Mt. Hamilton Project located in Nevada, United States, from Sailfish Royalty Corp. ("Sailfish"). Management determined that substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset, being the mineral property associated with the Mt. Hamilton Project. Accordingly, the transaction was accounted for as an asset acquisition.

The total consideration for the acquisition consisted of consideration in the form of two gold stream commitments, as described in note 11. Total purchase price was determined as follows:

	Note	$
Fair value of Sailfish Gold Stream	11	42,342
External legal and advisory fees and due diligence costs		1,286
Total consideration		43,628

The total purchase price was allocated to the assets acquired and the liabilities assumed based on the fair value of the total consideration transferred at the closing date of the acquisition, which are as follows:

	$
Assets acquired and liabilities assumed:
- Exploration and evaluation asset	43,630
- Reclamation bond	139
Less:
- Accounts payable and accrued liabilities	(2	)
- Reclamation and rehabilitation obligation	(139	)
	43,628

The Mt. Hamilton Project consists of four mineral property leases that require annual advance minimum royalty payments (the "Minimum Royalty Payments"). Two of the leases are governed by separate agreements with Centennial Minerals Company ("CMC") and require Minimum Royalty Payments of $300 and $80, respectively. The agreement with John E. Carrington requires an annual Minimum Royalty Payment of $130, which increases by $2 each year. The agreement with Osisko Mining (USA) Inc. requires a Minimum Royalty Payment equal to the greater of $33 or the cash equivalent of 33 ounces of gold. As of the acquisition date, aggregate Minimum Royalty Payments totaling $9,021 had been made.

Subject to the terms of the respective agreements, the Minimum Royalty Payments are creditable against future net smelter return ("NSR") royalties payable upon commencement of commercial production. Upon acquisition, the Mt. Hamilton Project was classified as an exploration and evaluation asset in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources. Given the inherent uncertainty related to the recoverability of these advance payments prior to the determination of technical feasibility and commercial viability, no separate asset was recognized for the Minimum Royalty Payments. Accordingly, such payments were capitalized as part of the exploration and evaluation asset for the Mt. Hamilton Project. These advance payments will be separately assessed and reclassified, as appropriate, upon a decision to proceed with development.

6 MARKETABLE SECURITIES

		As at September 30, 2026		As at December 31, 2025
SPDR Gold shares (Refer (a) below)	$	52,071	$	-
Shares of public mining companies		14,853		236
	$	66,924	$	236

(a) During the period ended September 30, 2026, the Company purchased 136,650 units of SPDR Gold Shares for total consideration of $51,506. The investment was classified as fair value through profit or loss (FVTPL).

For the three months and nine months ended September 30, 2026, the Company recognized an unrealized mark-to-market gain of $6,080 and $7,128, respectively, a realized mark-to-market gain of $924 and $924, respectively, and dividend income of $99 and $99, respectively, on marketable securities.

7 RECEIVABLES, PREPAIDS AND OTHER ASSETS

		As at September 30, 2026		As at December 31, 2025
Trade receivable	$	1,908	$	251
Prepaid expenses		1,650		1,872
Supplier advances and deposits		2,632		971
Senior Secured Debt (Refer (a) below)		1,800		1,800
Advance tax (net of provision)		1,230		-
Other		203		137
	$	9,423	$	5,031
Disclosed as non-current:
Supplier advances and deposits		1,192		549
Deferred transaction costs		-		996
	$	1,192	$	1,545
	$	10,615	$	6,576

(a) On July 2, 2025, the Company acquired, for $1,800, approximately $49,509 ("Face Value") of indebtedness (the "Senior Secured Debt") owing by Elevation Gold Mining Corporation ("Elevation") to Maverix Metals Inc. ("Maverix"), the senior secured creditor of Elevation under its Companies' Creditors Arrangement Act ("CCAA") proceedings before the Supreme Court of British Columbia. As a result of this acquisition, the Monitor in Elevation's CCAA proceedings will now facilitate any distributions to Mako as the principal secured creditor in place of Maverix. However, expected recoveries are significantly below the Senior Secured Debt's Face Value. As of September 30, 2026, the CCAA proceedings remain ongoing, and the Company continues to assess that the carrying amount of investment in debt will be recovered.

8 INVENTORIES

		As at September 30, 2026		As at December 31, 2025
Stockpiled ore	$	14,795	$	10,696
Ore in-circuit		2,964		1,584
Heap leach ore		17,811		11,262
Finished metal		1,375		1,621
Supplies and spare parts		4,366		4,015
	$	41,311	$	29,178

Disclosed as non-current:
Stockpiled ore		5,257		6,977
Heap leach ore		5,052		3,371
Supplies and spare parts		1,888		2,481
	$	12,197	$	12,829
	$	53,508	$	42,007

As at September 30, 2026 and 2025, non-current inventory is comprised of low-grade stockpiled ore at the San Albino Mine expected to be processed after 12 months, heap-leach ore at the Moss Mine not expected to be recovered within 12 months and supplies and spare parts intended for use after more than 12 months.

During the period ended September 30, 2026, the Company recognized a provision of $127 (2025: Nil) related to non-current supplies and spare parts. No net realizable value adjustments were required for low-grade stockpiled ore or heap-leach ore as at September 30, 2026 or 2025.

9 MINING INTERESTS, PLANT AND EQUIPMENT

		Mineral properties			Building, Plant & Equipment			Exploration & Evaluation Assets			Development Asset			Total
Cost
As at December 31, 2025	$	46,318		$	49,114		$	38,448		$	7,463		$	141,343
Additions		-			10,230			741			4,986			15,957
Capitalized exploration expenditures		6,124			-			-			-			6,124
Acquisition Mt. Hamilton Project (Refer to note 5)		-			-			43,630			-			43,630
Asset retirement obligation		(246	)		(60	)		-			(1,891	)		(2,197	)
Deferred stripping		-			-			-			1,047			1,047
Foreign currency translation adjustment		-			(9	)		(27	)		-			(36	)
As at September 30, 2026	$	52,196		$	59,275		$	82,792		$	11,605		$	205,868
Accumulated depreciation
As at December 31, 2025	$	23,222		$	37,540		$	-		$	-		$	60,762
Depreciation		5,152			3,286			-			-			8,438
Foreign currency translation adjustment		-			-			-			-			-
As at September 30, 2026	$	28,374		$	40,826		$	-		$	-		$	69,200
Net book value as at December 31, 2025	$	23,096		$	11,574		$	38,448		$	7,463		$	80,581
Net book value as at September 30, 2026	$	23,822		$	18,449		$	82,792		$	11,605		$	136,668

Exploration and evaluation asset includes $765 (2025: $765) for Potrerillos and El Jicaro in Nicaragua, $37,657 (2025: $37,683) for Eagle Mountain Project in Guyana, and $44,370 (2025: nil) for Mt. Hamilton Project in the USA.

Exploration and evaluation assets for the Mt. Hamilton Project include advance royalty payments that are creditable against NSR royalties payable on future production.

Royalty arrangements

Certain of the Company's mineral properties are subject to royalty arrangements. At September 30, 2026, the Company's significant royalty arrangements were as follows:

San Albino: 2% NSR royalty payable to Sailfish.

Mt. Hamilton: Royalties payable on mineral interest at Mt. Hamilton Project include:

• a 2.4% NSR royalty on gold and silver production held by Sandstorm Gold Ltd., which is not subject to buyback.

• an additional 3.0% to 6.0% NSR royalty payable to other counterparties, on specified minerals (the "Other Royalties"), which are subject to optional buydown provisions that may be exercised by the Company prior to the commencement of commercial production, or within defined periods thereafter. The Other Royalties may be reduced to between 0.5% and 1.0% through aggregate cash payments of up to $13,000. In addition, the Company is required to make annual advance minimum royalty payments under these agreements, which are recoverable against future NSR royalties payable on production (refer to Note 5).

Moss Mine: During 2025, the Company's subsidiary Mako US acquired EGA, from Wexford EG Acquisition LLC ("Wexford"). EGA owns 100% of the shares of GVC, which owns the Moss Mine. Wexford acquired GVC from Elevation Gold Mining Corporation ("Elevation") under a Companies' Creditors Arrangement Act ("CCAA") proceeding and related Chapter 15 proceeding in the United States (collectively, the "Bankruptcy Process") on December 31, 2024. At the time of acquisition, Elevation challenged, through the Bankruptcy Process, the real property interest and validity of a 3% NSR royalty at the Moss Mine held by Patriot Gold Corporation ("Patriot") and a 0.5% to 3% NSR royalty held by Sandstorm Gold Ltd. (acquired by Royal Gold, Inc.) (collectively, the "Royalty Holders").

On October 22, 2025, the United States Bankruptcy Court for the District of Arizona (the "US Court") asserted Patriot real property interest in certain mineral interest at the Moss Mine.

At September 30, 2026, the US Court has not concluded on Sandstorm's real property interest.

10 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	Note		As at September 30, 2026		As at December 31, 2025
Accounts payable and accrued liabilities		$	18,572	$	13,722
Lease liability			188		69
Income taxes payable			20,825		13,925
Due to related parties	17		677		782
Total current liabilities		$	40,262	$	28,498

Non-current liability
Lease liability			1,314		-
Severance obligations			1,084		1,062
Total non-current liabilities			2,398		1,062
Total accounts payable and accrued liabilities		$	42,660	$	29,560

11 SAILFISH GOLD STREAM

On March 24, 2026, the Company closed a series of transactions with Sailfish in connection with the acquisition of MHC, which included the execution of a gold stream agreement requiring the delivery of refined gold to Sailfish ("Sailfish Gold Stream") under the following terms:

• Initial Stream Term (60 months): The Company is required to deliver 341.7 ounces of refined gold per month for a period of 60 months. The monthly delivery is subject to an adjustment mechanism designed to ensure that the monthly delivery value is not less than $738 and not greater than $1,011, which is equivalent to a gold price range of approximately $2,700 per ounce to $3,700 per ounce after application of the adjustment formula.

• Additional Stream Term (72 months): Following the completion of the Initial Stream Term, the Company is required to deliver 100 ounces of refined gold per month for an additional period of 72 months. Deliveries during this term are not subject to any adjustment mechanism.

For all ounces delivered under the Sailfish Gold Stream, Sailfish will pay the Company an amount equal to 20% of the London PM Fix price for refined gold, expressed in United States dollars, as determined by the London Bullion Market Association (or any successor organization) on the date of delivery. Deliveries under the stream arrangement commenced in April 2026.

The Sailfish Gold Stream is recognized as a financial liability and is measured at fair value through profit or loss. The fair value of the liability at initial recognition was determined as $42,342 using a discounted cash flow model. Management applied a discount rate of 25.06% and used the forward gold prices as summarized below.

During the three months and nine months ended September 30, 2026, the Company delivered 905 and 1,732 ounces of refined gold for cash considerations of $759 and $1,517, respectively. Based on the London PM Fix price, the delivered refined gold was valued at $3,793 and $7,585, respectively.

As at September 30, 2026, the fair value of the liability was determined as $39,740 using a discount rate of 26.38% and the forward gold prices as summarized below.

Gold Price ($ per ounce)	2026	2027	2028	2029	2030-2037
At March 24, 2026	4,600	4,784	5,009	5,218	5,421
At September 30, 2026	4,337	4,443	4,673	4,944	5,191

For the three months and nine months ended September 30, 2026, the Company recognized a loss of $1,061 and $3,466, respectively, due to the change in fair value.

		As at September 30, 2026
Current portion	$	13,147
Non-current portion		26,593
	$	39,740

12 RECLAMATION AND REHABILITATION OBLIGATION ("ARO")

		San Albino Mine			Eagle Mountain Project			Moss Mine			Mt. Hamilton Project		Total
As at December 31, 2025	$	3,875		$	1,352		$	15,214		$	-	$	20,441
Liability acquired on acquisition of Mt. Hamilton Project (Refer to note 5)		-			-			-			139		139
Changes in estimate		(306	)		-			(1,891	)		-		(2,197	)
Accretion expense		140			51			430			-		621
Foreign currency translation adjustment		-			(1	)		-			-		(1	)
As at September 30, 2026	$	3,709		$	1,402		$	13,753		$	139	$	19,003

13 SHARE CAPITAL

(a) Authorized - Unlimited number of common shares, without par value.

(b) Share options

The Company may grant stock options to its directors, executive officers, employees, and consultants to acquire common shares, exercisable for up to five years from the grant date and subject to vesting conditions, which generally occur in three equal annual tranches. The following table summarizes information about the movement of the share options outstanding under the Company's plan:

	September 30, 2026			December 31, 2025
	Number of options		WAEP	Number of options		WAEP
Opening balance	1,734,334		C$3.25	1,805,050		C$2.83
Granted	701,800		9.40	740,000		4.47
Exercised	(425,234	)	3.15	(500,966	)	3.04
Forfeited	(56,000	)	4.31	(30,000	)	4.47
Expired	(5,000	)	8.80	(279,750	)	4.02
Ending balance	1,949,900		C$5.44	1,734,334		C$3.25
Options exercisable	756,600		C$2.46	845,166		C$2.36
Weighted average remaining contractual life (in years)	3.29			3.14
Weighted average market price of shares on the dates share options were exercised	C$11.15			C$4.55

* WAEP = Weighted average exercise price

For the three and nine months ended September 30, 2026, total share-based compensation relating to options was $375 and $923 (2025: $181 and $414), all of which is included in general and administrative expenses.

(c) Restricted share units ("RSU")

Under the terms of the Company's RSU Plan, the Board of Directors may grant RSUs to directors, officers, employees, and consultants, subject to vesting conditions, which generally occur over three years, and RSU's are settled in equity. The following table summarizes the RSU movements:

		September 30, 2026			December 31, 2025
Opening balance		1,092,619			586,985
Granted		640,124			509,285
Shares issued		(255,921	)		(3,651	)
Net settlement for tax withholding		(42,245	)		-
Ending balance		1,434,577			1,092,619
Weighted average market price of shares on the dates shares were issued	C$	10.23		C$	4.54

For the three and nine months ended September 30, 2026, total share‐based compensation relating to RSUs was $846 and $1,826 (2025: $240 and $501), of which all is included in general and administrative expenses. Additionally, the Company recognized $268 of share-based compensation related to RSUs withheld for tax purposes, reflecting the difference between settlement-date fair value and grant-date fair value.

Subsequent to September 30, 2026, the compensation committee approved a one-time cash settlement of 391,668 vested RSUs outstanding as at September 30, 2026. The total cash consideration paid upon settlement was $2,644.

(d) Deferred share units ("DSU")

Under the terms of the Company's DSU Plan, the Board of Directors may grant DSUs to directors, which vest immediately and are settled in equity when director ceases to be a member of the Board of Directors. The following table summarizes the DSU movements:

	September 30, 2026	December 31, 2025
Opening balance	370,040	315,640
Granted	48,443	145,000
Shares issued	-	(90,600	)
Ending balance	418,483	370,040
Weighted average market price of shares on the dates shares were issued	C$-	C$5.17

For the three and nine months ended September 30, 2026, total share‐based compensation relating to DSUs was nil and $315 (2025: $139 and $223), of which all is included in general and administrative expenses.

14 GENERAL AND ADMINISTRATIVE EXPENSES

		Three months ended				Nine months ended
		September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Accounting, consulting and legal	$	615	$	564	$	1,946	$	1,030
Salaries and benefits		1,392		1,143		4,052		3,443
Stock-based compensation		1,221		560		3,332		1,138
Directors' fees		126		150		456		323
Depreciation		30		32		112		103
General office expenses		611		364		1,742		954
Investor relations and communications		64		62		176		134
Transfer agent fees and regulatory fees		15		18		349		72
	$	4,074	$	2,893	$	12,165	$	7,197

15 ACCRETION AND INTEREST EXPENSE

			Three months ended				Nine months ended
	Note		September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Accretion on asset retirement obligation	12	$	224	$	118	$	621	$	365
Interest and accretion expense on the Wexford Loan			-		229		-		679
Interest expense - other			101		-		315		6
		$	325	$	347	$	936	$	1,050

16 OTHER INCOME (EXPENSE)

			Three months ended					Nine months ended
	Note		September 30, 2026			September 30, 2025		September 30, 2026			September 30, 2025
(Loss) gain on derivative instruments	11	$	(1,061	)	$	180	$	(3,466	)	$	(95	)
Gain on elimination of contingent consideration			-			-		-			1,000
Foreign exchange gain (loss)			109			367		(5	)		872
Dividend income	6		99			-		99			-
Gain on marketable securities	6		7,004			-		8,052			-
Miscellaneous income			16			44		106			44
		$	6,167		$	591	$	4,786		$	1,821

17 RELATED PARTY TRANSACTIONS

(a) Key management compensation

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprise the Company's Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President and Directors.

		Three months ended				Nine months ended
		September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Director fees	$	126	$	150	$	456	$	323
Salaries, consulting and management fees		289		263		1,534		1,097
Share-based compensation		835		257		2,456		557
Total	$	1,250	$	670	$	4,446	$	1,977

As at		September 30, 2026			September 30, 2025
Amount included in accounts payable and accrued liabilities		8			25

(b) Sailfish Royalty Corp.

Sailfish is a publicly traded company related by a significant shareholder, directors and officers. In addition to the acquisition of MHC (Note 5) and the Sailfish Gold Stream (Note 11), during the period ended September 30, 2026, the Company had the following transactions with Sailfish:

		Three months ended				Nine months ended
		September 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
1) 2% NSR royalty of the production of all gold and silver ounces from certain deposits from San Albino Mine	$	669	$	427	$	2,515		$	1,590
2) Production service revenue recognized from delivery of gold ounces from Nicoz
- Number of gold ounces delivered		24		25		31			51
- Transaction amount for gold ounces delivered	$	25	$	21	$	33		$	41
3) Delivery of silver pursuant to the option exercised by Sailfish pursuant to the terms of silver loan
- Number of silver ounces delivered		8,925		9,329		28,248			11,002
4) Dividend income from Company's investment in Sailfish Royalty Corp. shares	$	99	$	-	$	99		$	-
As at						September 30, 2026			September 30, 2025
Amount payable					$	(669	)	$	(427	)
Amount receivable					$	25		$	21

(c) Tes-Oro Mining Group, LLC ("Tes-Oro")

Tes-Oro is a private company controlled by the Company's Chief Operating Officer. Tes-Oro is a full-service engineering, procurement and construction management firm working with the Company.

		Three months ended				Nine months ended
		September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Consulting and other services	$	65	$	59	$	304	$	199
Vehicles purchased		36		-		36		-
As at						September 30, 2026		September 30, 2025
Amount payable					$	-	$	(26	)

(d) Cruztel De Sonora, LLC ("Cruztel")

Cruztel is an entity controlled by the Company's Chief Operating Officer and has entered into a lease arrangement with the Company for an office building.

		Three months ended				Nine months ended
		September 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
Right to use asset acquired pursuant to a leasing contract	$	1,515	$	-	$	1,515		$	-
Deposit pursuant to leasing contract		47		-		47			-
Lease payments		37		-		37			-
As at						September 30, 2026			September 30, 2025
Amount payable					$	(1,502	)	$	-

18 SEGMENTED INFORMATION

In determining the Company's segment structure, the basis on which management reviews the financial and operational performance was considered and whether any of the Company's mining operations share similar economic, operational and regulatory characteristics. The Company considers its San Albino Mine in Nicaragua, its Moss Mine in the United States, its Mt. Hamilton Project in the United States and its Eagle Mountain Project in Guyana as its reportable segments. The corporate headquarters include operations in Canada and the United States and is presented for reconciliation purposes.

For the three and nine months ended September 30, 2026, and 2025, the Company's principal products were gold (98%) and silver (2%) sold to refineries (three customers) at spot market prices.

The Company's segments are summarized as follows:

		San Albino			Moss Mine			Mt. Hamilton Project			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Nine months ended September 30, 2026
Revenue	$	132,548		$	49,391		$	-		$	-		$	181,939		$	-		$	181,939
Production costs		(44,660	)		(34,642	)		-			-			(79,302	)		-			(79,302	)
Depreciation, depletion and amortization		(6,465	)		-			-			-			(6,465	)		-			(6,465	)
Gross profit	$	81,423		$	14,749		$	-		$	-		$	96,172		$	-		$	96,172
Exploration and evaluation expense		(3,884	)		-			(1,194	)		(4,323	)		(9,401	)		-			(9,401	)
General and administrative expenses		-			-			(130	)		(37	)		(167	)		(11,998	)		(12,165	)
Accretion and interest expense		(421	)		(464	)		-			(53	)		(938	)		2			(936	)
Interest income		1,102			9			-			-			1,111			382			1,493
Other income (expense)		1,272			(5	)		-			43			1,310			3,476			4,786
Income and deferred taxes		(24,785	)		(1,175	)		-			-			(25,960	)		(535	)		(26,495	)
Income for the period	$	54,707		$	13,114		$	(1,324	)	$	(4,370	)	$	62,127		$	(8,673	)	$	53,454
Total assets	$	160,026		$	48,237		$	47,532		$	39,853		$	295,648		$	22,358		$	318,006
Total liabilities	$	(42,830	)	$	(20,626	)	$	(1,168	)	$	(2,009	)	$	(66,633	)	$	(43,474	)	$	(110,107	)
Capital expenditures	$	9,566		$	6,692		$	3,354		$	425		$	20,037		$	2,044		$	22,081

		San Albino			Moss Mine			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Nine months ended September 30, 2025
Revenue	$	86,214		$	11,864		$	-		$	98,078		$	-		$	98,078
Production costs		(36,338	)		(10,944	)		-			(47,282	)		-			(47,282	)
Depreciation, depletion and amortization		(5,520	)		(34	)		-			(5,554	)		-			(5,554	)
Gross profit	$	44,356		$	886		$	-		$	45,242		$	-		$	45,242
Exploration and evaluation expense		(3,060	)		(165	)		(3,301	)		(6,526	)		-			(6,526	)
General and administrative expenses		-			-			-			-			(7,197	)		(7,197	)
Accretion and interest expense		(47	)		(276	)		(48	)		(371	)		(679	)		(1,050	)
Interest income		179			12			-			191			27			218
Other income (expense)		260			33			22			315			1,506			1,821
Income and deferred taxes		(12,936	)		-			-			(12,936	)		(134	)		(13,070	)
Income for the period	$	28,752		$	490		$	(3,327	)	$	25,915		$	(6,477	)	$	19,438
Total assets	$	83,769		$	25,411		$	38,632		$	147,812		$	3,601		$	151,413
Total liabilities	$	(27,684	)	$	(17,067	)	$	(1,410	)	$	(46,161	)	$	(7,385	)	$	(53,546	)
Capital expenditures	$	8,378		$	1,157		$	88		$	9,623		$	24		$	9,647

		San Albino			Moss Mine			Mt. Hamilton Project			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Three months ended September 30, 2026
Revenue	$	37,495		$	13,252		$	-		$	-		$	50,747		$	-		$	50,747
Production costs		(14,631	)		(10,213	)		-			-			(24,844	)		-			(24,844	)
Depreciation, depletion and amortization		(1,912	)		4			-			-			(1,908	)		-			(1,908	)
Gross profit	$	20,952		$	3,043		$	-		$	-		$	23,995		$	-		$	23,995
Exploration and evaluation expense		(1,315	)		-			(1,008	)		(1,686	)		(4,009	)		-			(4,009	)
General and administrative expenses		-			-			(130	)		(37	)		(167	)		(3,907	)		(4,074	)
Accretion and interest expense		(163	)		(164	)		-			(18	)		(345	)		20			(325	)
Interest income		380			1			-			-			381			72			453
Other income (expense)		1,635			(27	)		-			8			1,616			4,551			6,167
Income and deferred taxes		(6,069	)		775			-			-			(5,294	)		(472	)		(5,766	)
Income for the period	$	15,420		$	3,628		$	(1,138	)	$	(1,733	)	$	16,176		$	265		$	16,441
Capital expenditures		4,245			3,121			1,583			110			9,059			2,010			11,069

		San Albino			Moss Mine			Eagle Mountain Project			Total Operating Segments			Corporate		Total
Three months ended September 30, 2025
Revenue		23,879			3,696			-			27,575			-		27,575
Production costs		(12,227	)		(4,336	)		-			(16,563	)		-		(16,563	)
Depreciation, depletion and amortization		(1,533	)		(7	)		-			(1,540	)		-		(1,540	)
Gross profit		10,119			(647	)		-			9,472			-		9,472
Exploration and evaluation expense		(1,541	)		(117	)		(1,129	)		(2,787	)		-		(2,787	)
General and administrative expenses		(29	)		-			-			(29	)		(2,864	)	(2,893	)
Accretion and interest expense		29			(131	)		(16	)		(118	)		(229	)	(347	)
Interest income		179			12			-			191			10		201
Other income (expense)		257			(48	)		10			219			372		591
Income and deferred taxes		(3,040	)		-			-			(3,040	)		(1	)	(3,041	)
Income for the period		5,974			(931	)		(1,135	)		3,908			(2,712	)	1,196
Capital expenditures	$	2,418		$	860		$	61		$	3,339		$	8		3,347

19 SUPPLEMENTAL CASH FLOW INFORMATION

		Three months ended						Nine months ended
		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025

(a) Changes in non-cash working capital:
Change in receivables	$	(1,061	)	$	86		$	(1,657	)	$	(627	)
Change in inventories		(3,092	)		(1,612	)		(11,501	)		(2,338	)
Change in prepaid expenses, and other		(804	)		(1,183	)		433			(1,303	)
Change in accounts payable and accrued liabilities		657			1,990			2,472			2,150
Change in due to related parties		(191	)		(12	)		668			(261	)
Change in tax liability / asset		1,352			1,012			5,670			2,472
	$	(3,139	)	$	281		$	(3,915	)	$	93
(b) The significant non-cash financing and investing transactions:
Gold stream deliveries, own production		(1,103	)		-			(2,114	)		-
Repayment of Sailfish Silver Loan (non-cash)		-			-			-			(461	)
Change in current liabilities relating to mining interest expenditures		(272	)		1,346			1,495			99

20 FINANCIAL INSTRUMENTS

Financial Instruments measured at fair value are classified into one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company's financial instruments include cash and cash equivalents, receivables, Secured Debt Investment, marketable securities, Sailfish Gold Stream and accounts payable. The carrying values of cash and cash equivalents, receivable, Secured Debt Investment, and accounts payable approximate fair value because of the short-term nature of these instruments or capacity of prompt liquidation. The Company's marketable securities consist of publicly traded equity securities measured at fair value through profit or loss. The fair value of these securities is determined using unadjusted quoted market prices in active markets and is classified as Level 1 within the fair value hierarchy. The Sailfish Gold Stream is carried at fair value determined by using a discounted cash flow model (refer to note 11). The Sailfish Gold Stream is measured using level 3 inputs.

During the nine months ended September 30, 2026 , and 2025, there were no transfers between level 1, level 2 and level 3 classified assets and liabilities.

Liquidity risk

Liquidity risk represents the risk that the Company will be unable to meet its obligations associated with its financial liabilities as they fall due. The Company manages liquidity risk by preparing an annual budget for approval by the Board of Directors and preparing cash flow and liquidity forecasts on a regular basis. The Company's objective when managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company uses cash to settle its financial obligations. The ability to do this relies on the Company collecting its trade receivables in a timely manner and maintaining sufficient cash on hand through debt financing.

Based on the Company's forecasted cash flows and the current working capital, the Company estimates that it will have sufficient liquidity to meet its obligations and operating requirements for at least the next twelve months.

The following are the contractual maturities of financial liabilities:

Payment due by period
		Carrying Amount		Total cash outflow		Within 1 year		1 to 3 years		4 to 5 years		Above 5 years
Accounts payable and accrued liabilities	$	40,074	$	40,074	$	40,074	$	-	$	-	$	-
Lease liabilities		1,502		2,113		188		393		417		1,115
Sailfish Gold Stream		39,740		84,607		13,147		24,272		20,082		27,106
Total	$	81,316	$	126,794	$	53,409	$	24,665	$	20,499	$	28,221

Interest rate risk

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates.

The Company is exposed to interest rate risk to the extent that the cash maintained at financial institutions is subject to a floating rate of interest. The interest rate risk on cash is considered insignificant due to the short-term nature of its holdings.

In addition, the Company is exposed to interest rate risk in connection with its Level 3 financial instruments, the fair value of which is determined using a discounted cash flow model. The discount rate applied in the model is a key unobservable input and is sensitive to changes in market interest rates. A 1% increase in the discount rate would decrease the estimated fair value of the instrument by approximately $779, while a 1% decrease in the discount rate would increase the estimated fair value by approximately $813.

Price risk

The Company is exposed to price risk arising from fluctuations in the market price of gold. Gold price risk affects the Company's financial instruments in the following ways:

Sailfish Gold Stream (Level 3)

Gold price is a key input in the fair valuation of the Sailfish Gold Stream. The gold price assumption is based on observable forward curve data. A 5% increase or decrease in the gold price would result in an increase or decrease in the fair value of the Sailfish Gold Stream by approximately $282.

SPDR Gold Shares (Level 1)

The Company holds SPDR Gold Shares, which are exchange-traded and measured at fair value using quoted market prices in an active market (Level 1). The fair value of these shares is directly linked to the spot price of gold. A 5% increase / decrease in the gold price would result in an increase / decrease in the fair value of the SPDR Gold Shares of approximately $2,604.

21 CAPITAL MANAGEMENT

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maintain a flexible capital structure, which optimizes the costs of capital to an acceptable risk. The capital structure of the Company currently consists of common shares. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions, its expected funding requirements, and risk characteristics of the underlying assets. The Company's funding requirements are based on cash forecasts. In order to maintain or adjust the capital structure, the Company may issue new shares, debt and/or consider strategic alliances. Management reviews its capital management approach on a regular basis. The Company is not subject to any externally imposed capital requirements.

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and nine months ended September 30, 2026 and 2025

CONTENTS
Business Overview	3
Financial and Operational Highlights, Major Activities and Significant Subsequent Events	4
Results of Operations	6
Exploration and Mineral Property Development Update	9
Trend Analysis	14
Financial Results	14
Liquidity and Capital Resources	17
Outstanding Securities	19
Transactions with Related Parties	19
Mt. Hamilton Project Acquisition	19
Significant Accounting Estimates	21
Changes in Accounting Policies	22
Internal Control over Financial Reporting	22
Mineral Resource Estimates and Related Cautionary Note to U.S. Investors	23
Non-IFRS Measures	24
Risk and Uncertainties	25
Technical Information	27
Forward-Looking Information	27

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

This Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Mako Mining Corp.'s (the "Company" or "Mako") operations, financial position, and current and future business environment. This MD&A should be read in conjunction with Mako's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2026 and the annual consolidated financial statements and the notes thereto of the Company for the year ended December 31, 2025. The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), as applicable to the preparation of interim financial statements, including International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). The annual consolidated financial statements for the year ended December 31, 2025 have been prepared in accordance with IFRS Accounting Standards.

Mako was incorporated on April 1, 2004, under the laws of the Yukon Territory and continued into British Columbia under the Business Corporations Act (British Columbia) on November 14, 2007. The Company is listed on the TSX Venture Exchange ("TSX-V") under the symbol "MKO". On March 30, 2026, the Company's common shares were listed and commenced trading on the NASDAQ Stock Market LLC ("NASDAQ") under the symbol "MAKO". Additional information regarding Mako, including additional risks related to the business and those that are reasonably likely to affect Mako's financial statements in the future, is contained in the Company's financial statements and other continuous disclosure filings, including the most recent Annual Information Form of the Company and Annual Report Form 40-F, which are available under the Company's profile on SEDAR+ website at www.sedarplus.ca and on EDGAR at www.sec.gov, respectively.

This MD&A has been prepared as of November 12, 2026. All amounts are expressed in United States (US) dollars ("$"), unless otherwise stated. References to "C$" are to the Canadian dollar.

BUSINESS OVERVIEW

The Company's principal business activities are the production of gold and the exploration of its mineral interests in Nicaragua, Guyana and the United States of America (the "USA" or "United States").

On March 24, 2026, the Company completed the acquisition of Mt. Hamilton LLC ("MHC") whereby Mako US Corp. ("Mako US"), a wholly-owned subsidiary of the Company, acquired all the registered membership interests of MHC (the "Mt. Hamilton Transaction"). MHC owns the Mt. Hamilton Project located in Nevada, USA. Refer to MT. HAMILTON PROJECT ACQUISITION in this MD&A for additional details.

On March 27, 2025, the Company completed the acquisition of the Moss gold mine located in Arizona, USA (the "Moss Mine"). The acquisition was completed through Mako US, which purchased all the membership interests in EG Acquisition LLC ("EGA") from Wexford EG Acquisition LLC ("Wexford EGA"), the vendor, a private company controlled by Wexford Capital LP ("Wexford"). EGA owns 100% of the shares of Golden Vertex Corp. ("GVC"), the operating subsidiary of the Moss Mine.

The Company's main assets include the producing San Albino and Las Conchitas gold deposits (collectively the "San Albino Mine") located within the San Albino-Murra Property in Nueva Segovia, Nicaragua and the Moss Mine, an open pit operation currently ramping up to commercial production. In addition to its mining operations, Mako continues to explore its other concessions in Nicaragua and the USA and to advance the Eagle Mountain Project in Guyana and the Mt. Hamilton Project in Nevada, USA in preparation for development.

The projected cash flow from the San Albino Mine and Moss Mine is anticipated to fund exploration on Mako's prospective land package in Nicaragua, pre-development activities at the Mt. Hamilton Project in Nevada, USA, and ongoing engineering and project permitting activities at the Eagle Mountain Project in Guyana.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

FINANCIAL AND OPERATIONAL HIGHLIGHTS, MAJOR ACTIVITIES AND SIGNIFICANT SUBSEQUENT EVENTS

Highlights for the three months and nine months ended September 30, 2026 ("Q3 2026" and "YTD 2026" respectively) include:

● Revenues of $50.7 million and $181.9 million in Q3 2026 and YTD 2026 (for the three months and nine months ended September 30, 2025 ("Q3 2025" and "YTD 2025"): $27.6 million and $98.1 million), respectively.

● Consolidated sales of 11,581 ounces ("oz") and 39,912 oz of gold in Q3 2026 and YTD 2026 (7,830 oz and 30,123 oz in Q3 2025 and YTD 2025), respectively.

● Net income of $16.4 million and $53.5 million in Q3 2026 and YTD 2026 ($1.2 million and $19.4 million in Q3 2025 and YTD 2025), respectively.

● Consolidated production of 11,910 oz and 40,255 oz of gold in Q3 2026 and YTD 2026 (7,822 oz and 28,628 oz in Q3 2025 and YTD 2025), respectively.

● Cash flows from operating activities of $11.1 million and $56.0 million in Q3 2026 and YTD 2026 ($4.6 million and $31.0 million in Q3 2025 and YTD 2025), respectively.

● Proposed Gold Stream Transaction with Sailfish Royalty Corp.

On September 11, 2026, the Company entered into a non-binding letter of intent with Sailfish Royalty Corp. ("Sailfish"), in connection with a proposed corporate-level gold stream transaction, excluding the Company's Mt. Hamilton Project (the "Proposed Transaction"). Under the proposed non-binding terms, Sailfish would purchase refined gold from Mako over a 240-month term at a delivery price equal to 25% of the LBMA PM Fix price on the date of delivery. Monthly delivery volumes would increase in four tranches: 650 oz until August 1, 2028; 750 oz until February 1, 2031; 900 oz until February 1, 2037; and 1,000 oz for the remainder of the term. Additionally, concurrent with the completion of the Proposed Transaction, Mako would subscribe for, and Sailfish would issue 70,000,000 Sailfish common shares to Mako at a price of C$5.76 per share (based on a 5-day VWAP immediately prior to the signing of the non-binding letter of intent). Upon completion of the Proposed Transaction, it is anticipated that Mako would own approximately 47% of the issued and outstanding common shares of Sailfish. Sailfish and Mako also intend to enter into an investment agreement providing for certain rights and restrictions of each of the parties governing the Sailfish shares to be purchased by Mako. The Proposed Transaction is aimed at allowing Mako to capitalize on the cost-of-capital differential between gold royalty and streaming companies and operating companies, including enhancing Mako's ability to access lower-cost financing structures and pursue acquisition opportunities of a size and quality materially greater than those historically available to the Company, through potentially using the Sailfish Shares as financing collateral or as consideration for future acquisitions. In addition, Mako's anticipated ability to access lower-cost financing structures through the use of the Sailfish shares as collateral is expected to enable Mako to make returns to shareholders in the form of dividends, assuming such amount is not otherwise utilized for higher returning acquisitions that may be available to Mako in the future.

The Proposed Transaction would constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Pursuant to the requirements of MI 61-101, Mako is required to obtain an independent formal valuation and minority shareholder approval for completion of the Proposed Transaction. The Proposed Transaction remains subject to a number of conditions, including the completion of negotiations and the execution of a definitive gold purchase agreement, subscription agreement and investment agreement, among other ancillary documentation, and obtaining the requisite special committee and board approvals, TSX Venture Exchange ("TSXV") approval, and shareholder approvals by each of the parties, as well as obtaining the independent valuation and independent fairness opinion by Mako. There can be no assurance that the Proposed Transaction will be completed on the terms proposed or at all.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

● Mineral Reserve estimate and project economics for the Moss Mine

On August 21, 2026, the Company filed an independent technical report titled "NI 43-101 Technical Report for the Mineral Resources, Mineral Reserves and Mine Plan for the Moss Mine, Oatman Mining District, Mohave County, Arizona", dated August 17, 2026, with an effective date of June 30, 2026 (the "Moss Technical Report"). The Mineral Reserve estimate outlines Proven Mineral Reserves of 12.5 million short tons ("st") containing 119,134 oz of gold ("Au") and 1.5 million oz of silver ("Ag") and Probable Mineral Reserves of 50.1 million st containing 478,610 oz Au and 4.8 million oz Ag. The Mineral Reserves were estimated using a cut-off grade of 0.004 ounces per short ton ("opt") Au, metal prices of $3,500/oz gold and $50/oz silver, and are based on the mining and processing methods currently employed at the Moss Mine, including conventional open pit mining using truck-and-shovel method and processing by crushing, heap leaching and Merrill-Crowe recovery. The Company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect the Mineral Reserve estimate.

The Moss Mine Technical Report demonstrates robust project economics, with an estimated after-tax net present value of $254 million based on metal prices of $3,500/oz gold and $50/oz silver and 5% discount rate. The mine plan contemplates a 15-year life of mine, during which approximately 442,904 ounces of gold and 2.1 million ounces of silver are expected to be produced, reflecting average metallurgical recoveries of 75% and 33%, respectively. Average annual gold production is projected at 30,900 ounces from 2026 to 2039, with peak production of 46,100 ounces anticipated in 2031. The estimated life-of-mine sustaining capital expenditures⁽¹⁾ of $86 million are expected to be funded from operating cash flows.

Refer to the Moss Technical Report for all assumptions, parameters and methods used to estimate the Mineral Reserves and for the economic analysis, which is available under the Company's profile at www.sedarplus.ca and on the Company's website.

● Mineral Agreement for the Eagle Mountain Project

On September 9, 2026, the Company and its wholly owned Guyanese subsidiary, Stronghold Guyana Inc. ("Stronghold"), signed a mineral agreement (the "Eagle Mountain Mineral Agreement") with the Cooperative Republic of Guyana and the Guyana Geology and Mines Commission ("GGMC"). The Eagle Mountain Mineral Agreement provides the Company and Stronghold, with a stability framework covering legal, fiscal and operating conditions for the Eagle Mountain Project in Guyana.

● San Albino Eureka Concession

Mako Mining's wholly-owned Nicaraguan subsidiary, Nicoz Resources, S.A. ("Nicoz"), has successfully finalized the definitive legal registration and granting of the "Eureka" mineral concession, located in the department of Nueva Segovia, Nicaragua. The Eureka concession encompasses approximately 3,000 hectares ("ha") of highly prospective terrain immediately to the west of the San Albino-Murra and El Jicaro concessions, expanding Mako's total land package to 254 km². This secures exclusive, long-term exploration and exploitation rights over ground immediately adjacent to the Company's operating San Albino and Las Conchitas mining areas.

^{_____________________________________________________
1} A Non-IFRS financial measure. Refer to the "Non-IFRS Measures" section in this MD&A for more information.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

In October 2026, Nicoz received drilling permits to begin exploration on the Eureka mineral concession.

● Mt. Hamilton Project Acquisition

On March 24, 2026, the Company completed the acquisition of 100% of the membership interests of MHC, the owner of the Mt. Hamilton Project in Nevada, USA from Sailfish Royalty Corp ("Sailfish"). The consideration payable to Sailfish consisted of two gold stream commitments ("Sailfish Gold Stream"). Refer to MT. HAMILTON PROJECT ACQUISITION in this MD&A for additional details.

● Eagle Mountain Project

On March 25, 2026, the Company submitted to the Guyana Environmental Protection Agency ("EPA") the Environmental and Social Impact Assessment ("ESIA"). The ESIA reflects the Project's baseline studies for environmental, social, cultural, engineering, community engagement as well as expected impacts and mitigation measures. Its filing marked a critical step in the regulatory review process in respect of the Environmental Authorization to be issued by the EPA.

RESULTS OF OPERATIONS

Consolidated Financial Performance (in $000's unless otherwise specified)	Three months ended			Nine months ended
	September 30, 2026	September 30, 2025	Change	September 30, 2026	September 30, 2025	Change
Revenue	50,747	27,575	23,172	181,939	98,078	83,861
Income for the period	16,441	1,196	15,245	53,454	19,438	34,016
Operating cash inflows before changes in non-cash working capital	14,255	4,314	9,941	59,909	29,431	30,478
Net cash provided by operating activities	11,116	4,595	6,521	55,994	31,027	24,967
Average realized gold price ($/oz sold) ⁽¹⁾	4,292	3,454	838	4,469	3,208	1,260
Cash cost ($/oz Au sold) ⁽¹⁾	2,145	2,115	30	1,987	1,570	417
AISC ($/oz Au sold) ⁽¹⁾	2,890	2,561	329	2,469	1,820	649
EBITDA ⁽¹⁾	25,078	5,956	19,122	89,435	38,997	50,438
Adjusted EBITDA ⁽¹⁾	30,308	9,303	21,005	102,168	46,661	55,507

Financial Condition (in $000's)	At September 30, 2026	At December 31, 2025	Change
Cash and cash equivalents	50,291	77,277	(26,986	)
Marketable securities	66,924	236	66,688
Working capital ⁽¹⁾	114,145	82,874	31,271

⁽¹⁾ Working capital; Average realized gold price; Cash cost; AISC; EBITDA; and Adjusted EBITDA, are non-IFRS financial measures or ratios. Refer to the "Non-IFRS Measures" section in this MD&A for more information, including reconciliations to IFRS measures.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

San Albino Property, Nueva Segovia, Nicaragua

The Company holds a 100% interest in six mineral concessions including the newly granted Eureka mineral concession in Nueva Segovia, Nicaragua, for a total land package of approximately 254 km². The San Albino and Las Conchitas gold deposits, located within the San Albino-Murra concession, are currently the focus of mining operations. The San Albino gold deposit was a historical small-scale underground gold mine, commencing production in the early 1900's and operating on and off until approximately 1940.

On August 24, 2020, the Nicaraguan Ministry of Environmental and Natural Resources ("MARENA") amended the environmental permit granted to the Company in 2017 to allow for the processing of up to 1,000 tonnes per day ("tpd") at the San Albino-Murra Property. The amendment was initially effective for a period of five years and can be renewed indefinitely so long as the Company complies with the conditions set forth by MARENA. The permit was renewed and expires on June 24, 2029. All other provisions contained in the environmental permit granted in 2017 remain in force and are fully applicable apart from the increased throughput from 500 tpd to 1,000 tpd; total capacity of the two mills on site is 1,000 tpd.

At the end of 2025, the Company received from the MARENA a modification to the environmental permit for mining at the Las Conchitas deposit, located within the San Albino-Murra Concession, Nicaragua. In addition to the previously authorized open-pit mining activities, the modified permit allows the Company to conduct underground mining through two adits. During the quarter, the Company engaged a contractor to build the portal for the planned underground mine.

The table below shows the main variables used by Company management to measure operating performance of the San Albino Mine.

		Three months ended							Nine months ended
		September 30, 2026		September 30, 2025		Change			September 30, 2026		September 30, 2025		Change
Total tonnes mined (metric tonnes ("mt"))		1,774,621		2,549,796		(775,175	)		5,833,721		7,184,304		(1,350,583	)
Mineralized tonnes mined (mt)		42,565		48,911		(6,346	)		141,688		152,078		(10,390	)
Tonnes milled		53,046		52,554		492			159,804		158,811		993
Mill availability		98%		97%		1%			98%		97%		1%
Average tonnes (mt) per day		587		591		(4	)		600		598		2
Mill recovery %		81%		81%		(1)%			80%		83%		(3)%
Gold grade (grams per mt ("g/t"))		6.7		5.0		1.7			7.3		6.2		1.1
Gold produced (oz)		9,145		6,879		2,266			30,177		26,276		3,901
Gold sold (oz)		8,768		6,918		1,850			29,779		26,903		2,876
Average realized gold price ($/oz sold) ⁽¹⁾	$	4,276	$	3,452	$	825		$	4,451	$	3,198	$	1,253
Cash cost ($/oz Au sold) ⁽¹⁾	$	1,669	$	1,770	$	(101	)	$	1,500	$	1,351	$	149
AISC ($/oz Au sold) ⁽¹⁾⁽²⁾	$	1,889	$	2,067	$	(178	)	$	1,636	$	1,502	$	134

⁽¹⁾ Refer to the "Non-IFRS Measures" section in this MD&A for more information, including reconciliations to IFRS measures.

⁽²⁾ AISC excludes corporate general and administrative expenses.

Tonnes mined and milled: Mining and milling operations remained stable in Q3 2026 or in YTD 2026.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

Gold ounces produced and sold: Gold production and sales increased in Q3 2026 and YTD 2026 as compared to Q3 2025 and YTD 2025, respectively, driven by higher grades processed during 2026.

Average realized gold price: Average realized gold prices were higher in Q3 2026 and YTD 2026 than in the corresponding periods of 2025.

Cash cost and AISC: In YTD 2026, cash costs and AISC increased as compared to 2025, driven largely by higher royalty costs arising from higher gold prices, along with increased salaries, blasting, diesel, and maintenance expenses. In Q3 2026, however, cash costs and AISC declined relative to 2025, as these cost increases were offset by greater gold production resulting from higher grades processed during the period.

Moss Mine, Arizona, USA

The Company holds a 100% in the Moss Mine through its wholly-owned subsidiary Golden Vertex Corp. The Moss Mine is an open pit heap leach operation located in the historic Oatman District in western Arizona. The mine has produced gold since 2018 and holds significant potential for both near-mine and regional resource expansion.

The Moss Mine is currently mining the Moss vein system, which consists of fault-hosted epithermal quartz-calcite veins with associated vein stockwork that are younger than and cut across the Moss quartz monzonite porphyry host rock in the vicinity of the mine. The Moss vein system includes the Moss and Ruth veins, as well as associated hanging wall and, locally, footwall vein stockwork.

Following the Company's acquisition of the Moss Mine, it operated at limited capacity; however, heap leaching continued to operate, producing gold and silver. In the third quarter of 2025, the Company appointed a new mining contractor, and operations recommenced with the mobilization of a partial mining fleet. Through the fourth quarter of 2025 and into the first nine months of 2026, the Moss Mine continued to ramp up toward more stable and consistent operations, with mining activities remaining focused on the Moss vein system and associated stockwork material. Over this period, the Company advanced a series of operational improvements across the site, including enhancements to material handling, crushing circuit reliability, and overall plant performance, collectively supporting more consistent stacking rates and the continued optimization of heap leach operations.

During the third quarter of 2026, crushing plant throughput averaged 5,113 st per day (4,638 mt per day), below the initial throughput target of 8,500 st per day (7,710 mt per day) for 2026-2027 outlined in the Moss Technical Report, primarily due to mechanical constraints and operational bottlenecks. In response, the Company completed extensive maintenance and improvement work on the crushing circuit to enhance equipment reliability and reduce unplanned downtime. In parallel, a new production well has been commissioned to supply 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 going forward.

As at September 30, 2026, the Moss Mine did not reach commercial production.

All operating permits remain in good standing.

The table below shows the main variables used by Company management to measure operating performance of the Moss Mine.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

		Three months ended							Nine months ended
		September 30, 2026		September 30, 2025		Change			September 30, 2026		September 30, 2025		Change
Tonnes mined (mt)		1,460,247		226,409		1,233,838			4,374,087		226,409		4,147,678
Ore tonnes mined (mt)		489,525		122,788		366,737			1,544,223		122,788		1,421,435
Ore stacked (mt)		426,755		72,851		353,904			1,398,723		78,368		1,320,355
Gold grade (g/t)		0.35		0.24		0.11			0.32		0.31		0.02
Gold recovered (ounces)		2,765		937		1,828			10,078		2,346		7,732
Gold sold (ounces)		2,812		912		1,900			10,133		3,219		6,914
Silver sold (ounces)		16,048		13,308		2,740			49,083		34,493		14,590
Average realized gold price ($/oz sold) ⁽¹⁾	$	4,343	$	3,476	$	868		$	4,521	$	3,297	$	1,224
Cash cost ($/oz Au sold) ⁽¹⁾	$	3,632	$	4,784	$	(1,152	)	$	3,388	$	3,407	$	(19	)
AISC ($/oz Au sold) ^{(1) (2)}	$	4,634	$	4,624	$	10		$	3,770	$	3,337	$	433

⁽¹⁾ Refer to Non-IFRS Measures.

⁽²⁾ AISC excludes corporate general and administrative expenses. For the nine months ended September 30, 2025, AISC is lower than the cash cost as a result of silver sales credits.

Tonnes mined, ore stacked, gold ounces recovered, gold and silver sold: Following the acquisition on March 27, 2025, the Moss Mine remained under care and maintenance through September 2025, with no mining activities conducted during this period. Gold ounces recovered in 2025 represent ounces leached from mineralized material that had been placed on the leach pad prior to acquisition. Gold and silver sales recorded in 2025 also include ounces acquired as part of the acquisition. Gold ounces recovered, and gold and silver ounces sold, during Q3 2026 and YTD 2026 reflect recoveries and sales from ore mined and placed on the leach pad following the resumption of operations.

Average realized gold price: Average realized gold prices were higher in Q3 2026 and YTD 2026 than in the corresponding periods of 2025.

Cash cost and AISC: The increase in cash costs in 2026 relative to 2025 reflects higher mining and crushing costs associated with the resumption of operations. Notwithstanding this, the Q3 2025 and YTD 2025 comparative figures were adversely impacted by non-recurring mobilization costs incurred during Q3 2025. An increase in sustaining capital expenditures during 2026 resulted in higher AISC for YTD 2026 compared to YTD 2025; however, Q3 2025 AISC remained elevated above the YTD 2026 figure as a result of those non-recurring costs.

EXPLORATION AND MINERAL PROPERTY DEVELOPMENT UPDATE

Nicaragua

During Q3 2026, the Company completed 13,565 m of reverse circulation ("RC") drilling and 9,049 m of diamond drilling. Drilling was completed using six drill rigs, including two RC drill rigs, three combination diamond / RC drill rigs and one diamond drill rig.

The objectives of this drilling program were two-fold:

• To test extensions of high-grade gold mineralization directly adjacent to current and future mining areas, but outside of the limits defined by the Company's current Mineral Resource estimate for the San Albino Project (see press release dated June 13, 2024 and the technical report titled "Amended Technical Report and Estimate of Mineral Resources for the San Albino Project Comprised of the San Albino and Las Conchitas Deposits, Nueva Segovia, Nicaragua", dated June 10, 2024, with an effective date of October 11, 2023 available under the Company's profile at www.sedarplus.ca and on the Company's website); and

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

• To test additional high-grade mineralization, as a part of the Company's regional drill program on its 254 km²district-scale, underexplored land package.

On November 18, 2024, Nicoz was granted a new concession by Nicaraguan Ministry of Energy and Mines. The new concession, called Tiburon, covers an area of 3,605 ha (approximately 36.05 km²) and is contiguous to the east of the Company's San Albino-Murra concession and north of the El Jicaro concession in Nueva Segovia, Nicaragua. The Tiburon concession allows for both exploration and exploitation and is valid for a period of 25 years, until November 18, 2049.

On September 19, 2025, the Company was granted an exploration permit for the Tiburon concession which is valid for 10 years and allows the Company to drill 800,000 m on this concession.

On June 24, 2026, the Exploration Permit for the Company's El Jícaro concession was renewed for an additional 10 years, which permits the Company to conduct surface prospecting, mapping, 12,500 m of trenching and a total of 900,000 m of drilling.

On July 15, 2026, a new concession called Eureka was granted to Nicoz and successfully finalized the definitive legal registration and granting of the "Eureka" mineral concession, located in the department of Nueva Segovia, Nicaragua and is valid for a period of 25 years. The Eureka concession encompasses approximately 3,000 ha of highly prospective terrain immediately to the west of the San Albino-Murra and El Jicaro concessions. This acquisition secures exclusive, long-term exploration and exploitation rights over ground immediately adjacent to the Company's operating San Albino and Las Conchitas mining areas.

On October 7, 2026, the Company was granted an exploration permit for the Eureka concession which is valid for 10 years and allows the Company to drill 511,000 m.

The San Albino-Murra Concession was successfully renewed on August 17, 2026. The renewal grants Nicoz the exclusive rights to explore for minerals, exploit resources, and establish mineral processing plants within the 8,700 ha "San Albino Murra" concession for an additional 25 years. In addition, the exploration permit was increased to include up to 12,500m of trenching and 900,000 meters of drilling.

The Company now holds 100% of six mineral concessions in Nueva Segovia, Nicaragua for a total land package of approximately 254 km².

Las Conchitas Area

Las Conchitas is situated between two past-producers, the San Albino Mine and the El Golfo Mine. It covers an area of approximately 3.75 km² and is 2 km south of the San Albino Mine, and immediately to the north of the historical El Golfo Mine that is within the Company's El Jicaro Concession.

Las Conchitas contains numerous mineralized structures over a 1,700 m by 800 m area, which has been subdivided into three primary areas: Las Conchitas Norte, Las Conchitas Central and Las Conchitas Sur. Each area features multiple subparallel, northeast-southwest striking and gently dipping mineralized veins.

During Q3 2026, drilling at Las Conchitas was focused on two areas: 1) Inside the limits of the fully permitted ultimate pit area (Mina Francisco, Crucita, Intermediate, Cruz Grande Bayacun and Candelaria) and 2) outside the limits of the ultimate pit, but within the permitted project area.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

During Q3 2026, within the limits of the fully permitted ultimate pit area, a total of 217 m of diamond drilling and 5,797 m of RC drilling were completed. In addition, 2,139 m of diamond drilling and 6,958 m of RC drilling were completed outside the limits of the ultimate pit, but within the permitted project area. The objective of this drilling is to extend known mineralization within the existing pit areas and to test for new, high-grade mineralization. Assay results are pending for both areas.

El Jicaro Concession

El Jicaro Concession encompasses the southwest extension of the mineralized structures identified on the Corona de Oro Gold Belt. It covers an area of 5,071 ha (51 km2). Several prospective exploration targets were prioritized for detailed mapping and sampling. Drilling continued to test high-priority targets at El Golfo, located approximately 1 km to the south of Las Conchitas area. In addition, the Company continues to drill on the El Cortez prospect, located approximately 2.5 km from the current Limon-Mango-Bayacun pit area.

During Q3 2026, the Company completed a total of 4,673 m of diamond drilling at El Golfo using one drill rig. The objective of this drilling was to test the extension of high-grade gold mineralization identified in 2025. Assay results are pending.

At El Cortez, high-grade gold mineralization trends have been outlined by geochemical soil surveys, geological mapping and prospecting. Mapping and sampling were carried out on numerous historical workings including adits, mine dumps and artisanal underground tunnels. Several linear anomalous trends have been outlined which are oriented in a northeast-southwest direction, with the largest anomaly extending over 1km in length.

The drilling program is designed to test a conceptual model for the El Cortez mineralization. This model consists of multiple subparallel gold-bearing quartz veins with a northeast-southwest strike and a gentle northwest dip. During Q3 2026, the Company completed 810 m of RC drilling and 2,020 m of diamond drilling. Assay results are pending.

For details on all previously reported drill results, please see the Company's press releases and other filings on the Company's website at www.makominingcorp.com and on SEDAR+ at www.sedarplus.ca

Moss Mine, Arizona, USA

The vast majority of the Moss Mine property remains untested despite the presence of numerous prospective structural and geochemical targets identified through surface prospecting. To accelerate target generation, the Company has completed a property-wide hyperspectral survey that will help prioritize drill targets across the broader concession package, underscoring the significant exploration potential beyond the known deposits. Survey results and their interpretation are pending.

Eagle Mountain Project, Guyana

Stronghold has a 100% interest in the Eagle Mountain Prospecting License ("EMPL") and the Kilroy Mining Permit (collectively the "Guyana Property"). The Guyana Property covers an area of 5,050 ha (approximately 50km²) in central Guyana: 4,784 ha related to the Eagle Mountain Prospecting License and 266 ha relate to the Medium-Scale Mining Permit held by Kilroy Mining Inc. ("Kilroy"), a Guyanese Company, on which Stronghold has a long-term lease with a 2% net smelter return ("NSR") royalty.

The long-term lease and NSR royalty arrangement was established in 2014 to support a pilot plant operation. Pursuant to Stronghold's agreement with Kilroy, Kilroy is obligated to surrender the existing mining permits upon instruction from Stronghold. The Company anticipates issuing such instruction in conjunction with its application for, and the subsequent issuance by GGMC of, a Large-Scale Mining License, upon which the lease and NSR royalty will terminate and the underlying claims will be consolidated into the new license.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

On September 30, 2024, GGMC approved the renewal of the EMPL. Pursuant to the Guyana Mining Act, the term of prospecting licenses is three years with two rights of extension of one year each, for a total of five years. Stronghold was granted two other renewals in 2013 and 2019. The EMPL provides the Company with the right to explore the area for gold, valuable minerals, and base metals. It also provides the Company with the right to apply for a mining license over the EMPL area.

The terms of the prospecting license include the payment of an annual rental fee to GGMC equal to $0.92 per English acre for the first year, a requirement to allow the GGMC to inspect the operations within the prospecting license area as often as deemed necessary by the GGMC, the submission of a technical data report related to the prospecting license activities on a semi-annual basis to the GGMC, and the annual submission of audited annual financial statements to the GGMC. As part of the prospecting license renewal application, the Company submitted a work program and budget for the EMPL. Under the terms of the renewed license, the Company was required to incur a minimum of $2.56 million in expenditures toward the execution of the work program by September 30, 2025, a requirement that was satisfied as of that date. Additionally, on October 11, 2024, the Company submitted a work performance bond of $0.3 million to the GGMC in accordance with the prospecting license requirements.

On March 25, 2026, the Company submitted a draft ESIA for the Eagle Mountain Project to the Guyana Environmental Protection Agency ("EPA"). The ESIA incorporates environmental, social, cultural, engineering and project-design baseline studies and describes anticipated impacts and proposed mitigation measures. The submission initiated a 60-day public comment period, which included disclosure meetings during Q2 2026 in communities near the Eagle Mountain Project and in Georgetown.

As expected and part of the regulatory review process, subsequent to Q3 2026, the EPA provided their comments on the draft ESIA, identifying areas requiring additional detail or clarification. The Company and lead ESIA consultants are addressing the EPA's comments and expect to submit a final ESIA in the fourth quarter of 2026. The timing and outcome of the EPA's review, including any approval of the ESIA and issuance of an environmental authorization, remain subject to the regulatory process.

On September 9, 2026, the Company and Stronghold signed the Eagle Mountain Mineral Agreement with the Cooperative Republic of Guyana and the GGMC. The Agreement provides the Company and its 100%-owned subsidiary, Stronghold Guyana Inc., with a stability framework covering legal, fiscal and operating conditions for the Eagle Mountain Project in Guyana.

The Agreement is structured as a mineral agreement under Guyana's Mining Act and provides legal stability for mining licences, prospecting licences, authorizations as well as fiscal terms for 10 years, subject to specific environmental provisions. Following the initial 10-year term, the parties may negotiate modifications in good faith or renew on the same terms and conditions. Terms related to royalties, taxes, protections, government undertakings and Company commitments in respect of training and the prioritization of qualified Guyanese workers, goods, services and contractors are consistent with current standard terms as established in prior mineral agreements in Guyana.

The Agreement also sets out commitments relating to environmental initiatives, community development and social programs. The Company is required to provide annual funding of $250,000 beginning no later than 24 months after the grant of the mining licence or 12 months after the commencement of production, whichever occurs first. The Company is also required to contribute $150,000 annually to the Ministry of Natural Resources' Training Centre for training, capacity building and institutional development.

The technical program for 2026 includes a continuation of the geotechnical drilling as well as metallurgical and infill drilling using both the Company-owned drill rig and a contractor rig. Following mobilization of the contractor rig and onset of the dry season in Q3 2026, the pace of drilling activities increased significantly. During Q3 2026, 54 drill holes totaling 4,467 m were completed, comprising 4 geotechnical holes for 185 m; 26 large diameter metallurgical holes for 2,001 m; and 24 infill/exploration holes for 2,281 m. By comparison, during the first six months of 2026, the Company completed 45 holes totaling 2,253 m, comprising 25 geotechnical holes totaling 907 m, 11 metallurgical holes totaling 771 m, and nine infill holes totaling 575 m.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

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 Q4 2026.

Mt. Hamilton Project, Nevada USA

On March 24, 2026, the Company completed the acquisition of 100% of the membership interests of MHC, the owner of the Mt. Hamilton Project located in White Pine County, Nevada, USA. The Mt. Hamilton Project has all major state and federal permits to allow construction of an open pit, heap leach gold-silver project. The Mt. Hamilton Project also hosts a tungsten target, located below and independent of the gold and silver mineralization. The tungsten target has been defined by over 100,000 ft of historical exploration drilling. In a report by the Department of the Interior, dated August 25, 2025, tungsten was identified as one of the top 10 critical metals based on its probability weighted impact of supply disruptions on the U.S. economy. Tungsten is considered a critical metal for the U.S. Government, particularly for national security, defense, and advanced industrial applications.

In Q2 2026, the Board approved predevelopment activities and a corresponding budget for 2026 but has not yet made a production decision. The timing and scope of construction activities are subject to ongoing technical reviews, permitting requirements and other project development considerations.

Predevelopment activities continued during Q3 2026, with six full-time employees added across accounting, procurement, environmental, and operations functions. The project also added seven pieces of heavy equipment to the on-site fleet, including motor graders, dozers, water trucks, and excavators to support on-site predevelopment activities.

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 $292,933 reclamation bond had been posted and accepted by the USFS. This was the principal bottleneck to begin full scale construction. The USFS will continue to review the amended plan of operation which calls for a minor adjustment to the crusher and overland conveyor placement. The Company anticipates approval for this modification to occur later this year, and management does not anticipate the timing of this approval to impact the construction schedule.

Long lead items for the Mt. Hamilton construction project, including the crusher and overland conveyor, will be procured during Q4 2026. The first gold pour is anticipated in December 2027, subject to timely receipt of all required permits, equipment delivery and availability of labor and materials.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

TREND ANALYSIS

Summary of Quarterly Results

(in $000's excluding per share)	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024

Revenue	50,747		62,596		68,595		50,394		27,575		38,715		31,788		28,849
Cost of sales	(26,752	)	(31,769	)	(27,246	)	(20,825	)	(18,103	)	(19,682	)	(14,926	)	(12,586	)
Gross profit	23,995		30,827		41,349		29,569		9,472		19,033		16,862		16,263
E&E expenses	(4,009	)	(2,891	)	(2,501	)	(2,837	)	(2,787	)	(2,209	)	(1,530	)	(1,241	)
G&A expenses	(4,074	)	(3,702	)	(4,388	)	(3,611	)	(2,893	)	(2,603	)	(1,701	)	(2,096	)
Accretion and interest expense	(325	)	(307	)	(305	)	(550	)	(347	)	(421	)	(282	)	(357	)
Interest income	453		531		509		348		201		13		4		4
Other income (expense)	6,167		(1,937	)	556		(726	)	591		1,984		(880	)	(2,004	)
Tax expense	(5,766	)	(8,658	)	(12,071	)	(7,886	)	(3,041	)	(6,979	)	(3,050	)	(5,912	)
Net income	16,441		13,863		23,149		14,307		1,196		8,818		9,423		4,657
Basic income per common share	0.19		0.16		0.26		0.17		0.01		0.11		0.12		0.06
Diluted income per common share	0.18		0.15		0.26		0.16		0.01		0.11		0.12		0.06
Consolidated gold ounces produced	11,910		14,476		13,869		12,105		7,822		11,074		9,820		11,070
Consolidated gold ounces sold	11,581		14,610		13,721		11,564		7,830		11,476		10,817		10,888
Average realized gold price ($/oz)¹	4,292		4,201		4,902		4,313		3,454		3,321		2,915		2,650

The sum of the quarters may not equal the annual results due to rounding.

⁽¹⁾ Refer to "Non-IFRS Measures" section in this MD&A for more information.

Revenue: The variation between quarters resulted from changes in the number of ounces sold and the average prices realized for gold. Additionally, the revenues for periods subsequent to the quarter ended March 31, 2025 are impacted by the acquisition of the Moss Mine.

Cost of sales: The cost per ounce increased across quarters due to higher cost of sales at the Moss mine; however, quarter-to-quarter fluctuations are further influenced by corresponding changes in production output.

Exploration and evaluation ("E&E") expenses: E&E expenses increased on a quarter-over-quarter basis, reflecting expanded drilling programs to define new Mineral Resources at El Jicaro, La Segoviana, Potrerillo, Tiburon, and San Albino-Murra outside Las Conchitas pit area in Nicaragua, and the ongoing advancement of the Eagle Mountain Project and the Mt. Hamilton Project.

Other income (expense): Other income (expense) through June 30, 2025 was impacted by quarter-over-quarter changes in the fair value of the embedded derivative on the Sailfish silver loan. Additionally, the quarter ended June 30, 2025 included a $1 million gain arising from the elimination of the contingent consideration payable and the quarter ended December 31, 2025 included a $1.3 million loss on the extinguishment of the Wexford Loan.

In the quarters ended June 30, 2026 and September 30, 2026, other income (expense) included losses of $2.4 million and $1.1 million, respectively, arising from movements in the fair value of the Sailfish gold stream. These losses were partially offset by mark-to-market gains of $7.2 million and $0.8 million, respectively, on marketable securities.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

FINANCIAL RESULTS

Financial results for the three and nine months ended September 30, 2026:

(in $000's excluding per share)	Three months ended						Nine months ended
	September 30, 2026		September 30, 2025		Change		September 30, 2026		September 30, 2025		Change
Revenue	50,722		27,553		23,169		181,906		98,037		83,869
Production services revenue	25		22		3		33		41		(8	)
	50,747		27,575		23,172		181,939		98,078		83,861
Cost of sales
Production costs	(24,844	)	(16,563	)	(8,281	)	(79,302	)	(47,282	)	(32,020	)
Depreciation, depletion and amortization	(1,908	)	(1,540	)	(368	)	(6,465	)	(5,554	)	(911	)
	(26,752	)	(18,103	)	(8,649	)	(85,767	)	(52,836	)	(32,931	)
Gross profit	23,995		9,472		14,523		96,172		45,242		50,930
Exploration and evaluation expenses	(4,009	)	(2,787	)	(1,222	)	(9,401	)	(6,526	)	(2,875	)
General and administrative expenses	(4,074	)	(2,893	)	(1,181	)	(12,165	)	(7,197	)	(4,968	)
Accretion and interest expense	(325	)	(347	)	22		(936	)	(1,050	)	114
Interest income	453		201		252		1,493		218		1,275
Other income (expense)	6,167		591		5,576		4,786		1,821		2,965
Income before income taxes	22,207		4,237		17,970		79,949		32,508		47,441
Tax expense	(5,766	)	(3,041	)	(2,725	)	(26,495	)	(13,070	)	(13,425	)
Income for the period	16,441		1,196		15,245		53,454		19,438		34,016

Revenue:

	Three months ended			Nine months ended
(in $000's unless otherwise specified)	September 30, 2026	September 30, 2025	Change	September 30, 2026	September 30, 2025	Change
Gold revenue	49,709	27,046	22,663	178,357	96,645	81,712
Silver revenue	1,038	529	509	3,582	1,433	2,149
Gold sold (oz)	11,581	7,830	3,751	39,912	30,123	9,789
Silver sold (oz)	16,048	13,308	2,740	49,083	40,036	9,048
Average realized gold price ($/oz sold) ⁽¹⁾	4,292	3,454	838	4,469	3,208	1,260

⁽¹⁾ Refer to "Non-IFRS Measures" section in this MD&A for more information.

Revenue: Revenue in Q3 2026 and YTD 2026 is higher than for Q3 2025 and YTD 2025, respectively, as the Company realized higher gold prices compared to 2025. In addition, the recommencement of mining and crushing operations at the Moss Mine, along with the placement of fresh ore on the leach pad, contributed to higher production and sales during 2026 periods.

Cost of sales: The increase in cost of sales in Q3 2026 and YTD 2026 as compared to Q3 2025 and YTD 2025, respectively, was primarily driven by higher royalty expenses arising from higher gold prices, increased salaries, blasting, diesel, and maintenance costs at the San Albino Mine, and higher mining and crushing costs attributable to Moss Mine operations in 2026.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

Exploration and evaluation expenses:

Expenses by property	Three months ended				Nine months ended
(in $000's)	September 30, 2026	September 30, 2025	Change		September 30, 2026	September 30, 2025	Change
Eagle Mountain Project	1,686	1,131	555		4,323	3,303	1,020
Nicaragua exploration concessions	1,315	1,539	(224	)	3,884	3,058	826
Mt. Hamilton Project	1,008	-	1,008		1,194	-	1,194
Moss Mine	-	117	(117	)	-	165	(165	)
	4,009	2,787	1,222		9,401	6,526	2,875

E&E expenses increased in Q3 2026 and YTD 2026 as compared to Q3 2025 and YTD 2025, respectively, reflecting expanded drilling programs to define new Mineral Resources at El Jicaro, La Segoviana, Potrerillo, Tiburon, and San Albino-Murra outside Las Conchitas pit area in Nicaragua, and the ongoing advancement of the Eagle Mountain Project and the Mt. Hamilton Project.

General and administrative expenses:

	Three months ended				Nine months ended
(in $000's)	September 30, 2026	September 30, 2025	Change		September 30, 2026	September 30, 2025	Change
Accounting and legal	615	564	51		1,946	1,030	916
Directors' fees	126	150	(24	)	456	323	133
Depreciation	30	32	(2	)	112	103	9
General office expenses	611	364	247		1,742	954	788
Investor relations and communications	64	62	2		176	134	42
Salaries and benefits	1,392	1,143	249		4,052	3,443	609
Stock-based compensation	1,221	560	661		3,332	1,138	2,194
Transfer agent fees and regulatory fees	15	18	(3	)	349	72	277
	4,074	2,893	1,181		12,165	7,197	4,968

For the three months ended September 30, 2026, general and administrative expenses increased by $1.2 million compared to the same period in 2025. The increase was primarily due to a $0.7 million increase in stock-based compensation expense, mainly attributable to stock options, deferred stock units ("DSUs"), and restricted share units ("RSUs") granted during Q2 2026.

For the nine months ended September 30, 2026, general and administrative expenses increased by $5.0 million compared to the same period in 2025. The increase resulted from the following:

• Stock-based compensation increased by $2.2 million, primarily due to stock options, DSUs and RSUs granted in Q2 2026, as well as additional stock-based compensation expense of $0.3 million recognized for RSUs withheld for tax purposes.

• Accounting and legal fees increased by $0.9 million primarily driven by incremental compliance costs related to the Company's NASDAQ listing.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

• General office expenses increased by $0.8 million as a result of increased travelling by corporate employees to mine sites.

Other income (expense)

	Three months ended						Nine months ended
(in $000's)	September 30, 2026		September 30, 2025	Change			September 30, 2026			September 30, 2025			Change
(Loss) gain on derivative instruments	(1,061	)	180	(1,241	)	$	(3,466	)	$	(95	)	$	(3,371	)
Gain on elimination of contingent consideration	-		-	-			-			1,000			(1,000	)
Foreign exchange gain (loss)	109		367	(258	)		(5	)		872			(877	)
Dividend income	99		-	99			99			-			99
Gain on marketable securities	7,004		-	7,004			8,052			-			8,052
Miscellaneous income	16		44	(28	)		106			44			62
	6,167		591	5,576			4,786			1,821			2,965

(Loss) gain on derivative instruments: The gold stream arrangement with Sailfish is accounted for as a financial liability measured at fair value through profit or loss. The loss recognized in 2026 periods reflects the change in the fair value of the financial liability from the initial recognition. In 2025, the Company's derivative liabilities were primarily related to the silver loan arrangement with Sailfish.

Foreign exchange (loss) gain: The foreign exchange (loss) gain arises primarily on cash and cash equivalents and intercompany loans held in US dollars at its corporate entity in Canada, which has a Canadian dollar functional currency. The Canadian dollar depreciated in Q3 2026, whereas it appreciated in Q3 2025. As a result, the Company recorded a foreign exchange loss in Q3 2026, compared to a foreign exchange gain in Q3 2025.

Dividend income in 2026 is earned on shares of Sailfish Royalty Corp.

Gain on marketable securities include realized gain of $0.9 million and unrealized gain of $7.1 million for the nine months ended September 30, 2026 and realized gain of $0.9 million and unrealized gain of $6.1 million for the three months ended September 30, 2026.

Interest income: During 2026, the Company earned interest on cash generated in 2025 and 2026. Lower interest income was earned in 2025, as no significant excess cash was available to the Company until June 30, 2025.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

		Three months ended									Nine months ended
(in $000's)		September 30, 2026			September 30, 2025			Change			September 30, 2026			September 30, 2025			Change
Net cash flows provided by operating activities		11,116			4,595			6,521			55,994			31,027			24,967
Net cash flows used in investing activities		(30,775	)		(5,152	)		(25,623	)		(80,072	)		(16,946	)		(63,126	)
Net cash used in financing activities		(1,829	)		(255	)		(1,574	)		(3,079	)		(847	)		(2,232	)
Effect of foreign exchange on cash and cash equivalents		(134	)		(63	)		(71	)		171			(36	)		207
Change in cash and cash equivalents	$	(21,622	)	$	(875	)	$	(20,747	)	$	(26,986	)	$	13,198		$	(40,184	)

For the three months ended September 30, 2026:

The Company generated positive cash flow from operations of $11.1 million, an increase of $6.5 million as compared to the same period in 2025. The increase in cash flows provided by operating activities is primarily attributable to an increase in revenue driven by higher gold prices and higher quantity of gold ounces sold. Cash used in investing activities included: (i) $19.9 million in marketable securities; and (ii) $10.9 million for capital expenditures incurred on mining interest, plant and equipment. The net cash used in financing activity included stream deliveries valued at $1.9 million after consideration was received.

For the nine months ended September 30, 2026:

The Company generated positive cash flow from operations of $56.0 million, an increase of $25.0 million as compared to the same period in 2025. The increase in cash flows provided by operating activities is primarily attributable to an increase in revenue driven by higher gold selling prices and a higher quantity of gold ounces sold. Cash used in investing activities included: (i) $59.1 million in marketable securities; and (ii) $20.5 million for capital expenditures incurred on mining interest, plant and equipment. The net cash used in financing activity included stream deliveries valued at $4.0 million after consideration was received, partially offset by $1.0 million generated from the exercise of stock options.

Financial condition and liquidity risk

Financial Condition (in $000's)		At September 30, 2026		At December 31, 2025		Change
Cash and cash equivalents	$	50,291	$	77,277	$	(26,986	)
Marketable securities		66,924		236		66,688
Working capital ⁽¹⁾		114,145		82,874		31,271

⁽¹⁾ Refer to "Non-IFRS Measures" section of this MD&A for more information.

The Company's working capital (defined as current assets less current liabilities) as at September 30, 2026 increased primarily due to strong cash flows generated from higher gold prices. With sustained higher gold prices, the Company expects to continue generating operating cash flow to support technical and engineering activities at the Mt. Hamilton and Eagle Mountain Project, pre-development activities at Mt. Hamilton, the ramp-up of mining activities at the Moss Mine to achieve commercial production, and exploration programs at San Albino. Management expects that available liquidity, together with projected cash flows from ongoing mining operations, will be sufficient to meet all contractual obligations and planned expenditures and does not anticipate any liquidity constraints over the next 12 months.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

As at September 30, 2026, the Company has the following contractual obligations:

Payment due by period
(in $000's)	Carrying Amount	Total cash outflow	Within 1 year	1 to 3 years	4 to 5 years	Above 5 years
Accounts payable and accrued liabilities	40,074	40,074	40,074	-	-	-
Lease liabilities	1,502	2,113	188	393	417	1,115
Sailfish Gold Stream	39,740	84,607	13,147	24,272	20,082	27,106
Reclamation and Rehabilitation obligation	19,003	24,035	-	3,709	4,295	16,031
Severance obligations	1,084	1,340	-	1,340	-	-
Total	101,403	152,169	53,409	29,714	24,794	44,252

The consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that it will be able to meet its existing obligations and commitments and fund ongoing operations in the normal course of business for at least 12 months from September 30, 2026.

The Company's financial performance is dependent upon many external factors. Exploration, development and mining of precious metals involve numerous inherent risks including but not limited to metal price risk as the Company derives its revenue from the sale of gold, currency risks as the Company reports its financial statements in US dollars whereas the Company operates in jurisdictions where it conducts its business in other currencies. Although the Company minimizes these risks by applying high operating standards, including careful planning and management of its facilities, hiring highly qualified personnel and giving adequate training, these risks cannot be eliminated.

OUTSTANDING SECURITIES

As of the date of this MD&A, the Company had 87,690,077 common shares issued and outstanding, plus 1,142,909 RSUs, 418,483 DSUs and 1,944,900 stock options outstanding.

TRANSACTIONS WITH RELATED PARTIES

The Company enters into related party transactions that are in the normal course of business and are recorded at the amount paid or received as established by contract or as agreed upon by the Company and the related party. Related party disclosures can be found in Note 17 Related party transactions of the condensed interim consolidated financial statements for the three and nine months ended September 30, 2026.

MT. HAMILTON PROJECT ACQUISITION

On March 24, 2026, the Company completed the acquisition of 100% of the membership interests of MHC, the owner of the Mt. Hamilton Project located in Nevada, United States, from Sailfish. Management determined that substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset, being the mineral property associated with the Mt. Hamilton Project. Accordingly, the transaction was accounted for as an asset acquisition.

The total consideration for the acquisition consisted of consideration in the form of the Sailfish Gold Stream under the following terms:

• Initial Stream Term (60 months): The Company is required to deliver 341.7 ounces of refined gold per month for a period of 60 months. The monthly delivery is subject to an adjustment mechanism designed to ensure that the monthly delivery value is not less than $738 thousand and not greater than $1,011 thousand, which is equivalent to a gold price range of approximately $2,700 per ounce to $3,700 per ounce after application of the adjustment formula.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

For all ounces delivered under the Sailfish Gold Stream, Sailfish will pay the Company an amount equal to 20% of the London PM fixed price for refined gold, expressed in United States dollars, as determined by the London Bullion Market Association (or any successor organization) on the date of delivery. Deliveries under the stream arrangement commenced in April 2026.

Total purchase price was determined as follows:

		Amount in $000's
Fair value of Sailfish Gold Stream		42,342
External legal and advisory fees and due diligence costs		1,286
Total consideration		43,628

	Amount in $000's
Assets acquired and liabilities assumed:
- Exploration and evaluation asset	43,630
- Reclamation bond	139
Less:
- Accounts payable and accrued liabilities	(2	)
- Reclamation and rehabilitation obligation	(139	)
	43,628

Sailfish Gold Stream:

The Sailfish Gold Stream is recognized as a financial liability and is measured at fair value through profit or loss. The fair value of the liability at initial recognition was determined as $42.3 million using a discounted cash flow model. Management applied a discount rate of 25.06% and used the following gold price assumptions in estimating the fair value as of March 24, 2026, the date of initial recognition.

Gold Price ($ per ounce)		2026			2027			2028			2029			2030-2037
At March 24, 2026	$	4,600		$	4,784		$	5,009		$	5,218		$	5,421

Minimum Royalty Payments:

The Mt. Hamilton Project consists of four mineral property leases that require annual advance minimum royalty payments (the "Minimum Royalty Payments"). Two of the leases are governed by separate agreements with Centennial Minerals Company and require Minimum Royalty Payments of $300 thousand and $80 thousand, respectively. The agreement with Carrington requires an annual Minimum Royalty Payment of $130 thousand, which increases by $2 thousand each year. The agreement with Osisko Mining (USA) Inc. requires a Minimum Royalty Payment equal to the greater of $33 thousand or the cash equivalent of 33 ounces of gold. As of the acquisition date, aggregate Minimum Royalty Payments totaling $9.02 million had been made.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

Subject to the terms of the respective agreements, the Minimum Royalty Payments are creditable against future NSR royalties payable upon commencement of commercial production. Upon acquisition, the Mt. Hamilton Project was classified as an exploration and evaluation asset in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources. Given the inherent uncertainty related to the recoverability of these advance payments prior to the determination of technical feasibility and commercial viability, no separate asset was recognized for the Minimum Royalty Payments. Accordingly, such payments were capitalized as part of the exploration and evaluation asset for the Mt. Hamilton Project. These advance payments will be separately assessed and reclassified, as appropriate, upon a decision to proceed with development.

SIGNIFICANT ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Significant assumptions and judgments about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, which could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to the following areas:

● Estimated Mineral Resources and estimated Mineral Reserves;

● Reclamation and rehabilitation obligation;

● Depreciation, depletion and amortization;

● Exploration versus development expenditures;

● Business combinations and asset acquisitions;

● Deferred income taxes;

● Impairment of non-current assets;

● Valuation of stockpiled mineralized material and heap leach ore;

● Achievement of commercial production; and

● Gold stream valuation.

Refer to Note 5 of the Company's audited consolidated financial statements for the year ended December 31, 2025 and to Note 4 in the condensed interim consolidated financial statements for the three and nine months ended September 30, 2026, for a detailed discussion of these accounting estimates and judgments.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

CHANGES IN ACCOUNTING POLICIES

Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: Disclosures

IFRS pronouncements issued but not effective

IFRS 18, Presentation and disclosure in financial statements

INTERNAL CONTROL OVER FINANCIAL REPORTING

Management's Report on Internal Controls over Financial Reporting

In connection with the preparation and audit of the consolidated financial statements as of and for the year ended December 31, 2025, the Company identified deficiencies with respect to the design and operation of its internal control over financial reporting ("ICFR") which were deemed to aggregate to a material weakness. A "material weakness" is a deficiency, or a combination of deficiencies, in ICFR such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness relates primarily to deficiencies in the Company's information technology general controls ("ITGCs"), resulting in a lack of adequate segregation of duties in the design and operation of controls over the creation and posting of journal entries. Until remediated, the material weakness could result in a material misstatement to the annual or interim financial statements that would not be prevented or detected.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

The Company has developed and initiated a comprehensive remediation plan designed to strengthen the Company's internal control environment and support sustainable public-company compliance, including:

● Implementing automated control within the accounting system that prevents any individual from posting a journal entry they created.

● Enforcing review workflows to ensure personnel with the appropriate level of expertise and authorization are performing the journal entry review.

● Amending "super user" roles within the accounting system to improve segregation of duties.

While management is making improvements to the Company's control environment and business processes to support and scale with its growing operations, the remediation process is ongoing and the material weakness has not yet been fully remediated. The Company may not be able to fully remediate the material weakness until these steps have been completed and the internal controls have been operating effectively for a sufficient period of time.

The evaluation process, including the effectiveness of the remediation efforts, is expected to be substantially concluded prior to December 31, 2026. The material weakness did not result in any adjustments to the September 30, 2026 condensed interim consolidated financial statements.

There has been no significant change in internal control over financial reporting during the period beginning on September 1, 2026 and ending on September 30, 2026.

Notwithstanding the material weakness, the certifying officers have concluded that the Company's condensed interim consolidated financial statements as of and for the three and nine months ended September 30, 2026, present fairly in all material respects, the Company's financial position, results of operation, changes in equity and cash flows in accordance with IFRS Accounting Standards. There were no changes to previously released financial results.

Disclosure Controls and Procedures

Management, with the participation of the certifying officers, assessed the effectiveness of disclosure controls and procedures ("DC&P") as of September 30, 2026. As a result of the aforementioned material weakness, the certifying officers concluded that the Company's DC&P were not effective as at September 30, 2026 in providing reasonable assurance that the information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is (a) recorded, processed, summarized and reported within the time periods specified in the securities legislation, and (b) accumulated and communicated to management, including the certifying officers, as appropriate, to allow timely decisions regarding required disclosure.

Control and Procedure Limitations

The Company's management, including the certifying officers, recognize that any ICFR and DC&P, no matter how well designed or operated, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance that the objectives of the control system are achieved.

MINERAL RESOURCE ESTIMATES AND RELATED CAUTIONARY NOTE TO U.S. INVESTORS

The Company's Mineral Resource estimates are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic U.S. companies. The reader may not be able to compare the Mineral Resources information in this MD&A with similar information made public by domestic U.S. companies. The reader should not assume that:

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

• the Mineral Resources defined in this MD&A qualify as resource under SEC standards

• the measured and indicated Mineral Resources in this MD&A will ever be converted to Mineral Reserves; and

• the inferred Mineral Resources in this MD&A are economically mineable or will ever be upgraded to a higher category.

Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

NON-IFRS MEASURES

The Company has included non-IFRS measures such as EBITDA, adjusted EBITDA, working capital, sustaining capital expenditures, and non-IFRS ratios such as cash cost per ounce sold, AISC per ounce sold, and average realized gold price in this MD&A. These non-IFRS 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 Accounting Standards. In the gold mining industry, these are commonly used performance measures, however these measures do not have any standardized meaning prescribed under the IFRS Accounting Standards and therefore may not be comparable to other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, 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 obligations, lease obligations and change in fair value of liabilities measured at fair value through profit or loss), income taxes and depreciation, depletion and amortization.

"Adjusted EBITDA" represents EBITDA adjusted to exclude exploration activities and share-based compensation.

The following table provides EBITDA and Adjusted EBITDA calculations:

		Three months ended						Nine months ended
(in 000's)		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Income for the period	$	16,441		$	1,196		$	53,454		$	19,438
Income tax expense		4,326			1,865			25,317			9,363
Deferred tax expense		1,440			1,176			1,178			3,707
Accretion and interest expense		325			347			936			1,050
Fair value adjustment on gold stream		1,061			-			3,466			-
Interest income		(453	)		(201	)		(1,493	)		(218	)
Depreciation, depletion and amortization		1,938			1,573			6,577			5,657
EBITDA	$	25,078		$	5,956		$	89,435		$	38,997
Share-based compensation expense		1,221			560			3,332			1,138
Exploration activities		4,009			2,787			9,401			6,526
ADJUSTED EBITDA	$	30,308		$	9,303		$	102,168		$	46,661

"Cash costs per ounce sold" is production costs divided by the number of gold ounces sold.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

"AISC per ounce sold" includes cash costs (as defined above) and adds the sum of general and administrative expenses, sustaining capital expenditures, sustaining lease payments, provision for environmental fees, if applicable, and rehabilitation costs paid, all divided by the number of gold ounces sold. As this measure seeks to reflect the full cost of gold sold 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.

The following table provides a reconciliation of production costs to cash costs and AISC and calculation of cash cost per ounce sold and AISC per ounce sold:

(in $000's unless otherwise specified)		Three months ended						Nine months ended
		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Production costs	$	24,844		$	16,563		$	79,302		$	47,282
Adjustment to reflect a non-recurring change in estimate in the appropriate reporting periods	$	-		$	-		$	(316	)	$	23
Total Cash Cost		24,844			16,563			78,986			47,305
Silver sales		(1,038	)		(528	)		(3,582	)		(1,138	)
Supporting general and administrative expenses		203			698			557			1,845
General and administrative expenses		3,872			1,580			11,608			3,727
Sustaining capital expenditures		5,376			1,765			10,390			3,070
Accretion of the asset retirement costs (ARO) (Non-cash)		207			(28	)		570			46
Total AISC	$	33,464		$	20,050		$	98,529		$	54,855
Gold ounces sold		11,581			7,830			39,912			30,123
Cash cost ($/oz Au sold)	$	2,145		$	2,115		$	1,987		$	1,570
AISC ($/oz Au sold)	$	2,890		$	2,561		$	2,469		$	1,820

"Average realized gold price" is calculated by dividing total gold revenue by the total gold ounces sold into the spot market.

"Working capital" is current assets less current liabilities.

"Sustaining capital expenditures" includes expenditures required to maintain ongoing production and operations.

RISK AND UNCERTAINTIES

The Company's principal activity of mineral exploration and exploitation is generally considered to be high risk. It is exposed to a number of risks and uncertainties that are common to other mining, exploration and development companies. The industry is capital intensive at all stages and is subject to variations in commodity prices, market sentiment, inflation and other risks. The Company's mineral properties are in Nicaragua, Guyana and the United States, which exposes the Company to risks associated with possible political or economic instability, changes to applicable laws, and impairment or loss of mining title or other mineral rights.

Some of the other risks include, but are not limited to:

• Implementation of additional directives, following the October 24, 2022, announcement by the United States Department of the Treasury's Office of Foreign Assets Controls relating to new U.S. sanctions imposed on the General Directorate of Mines in Nicaragua pursuant to Executive Order 13851, as well as the issuance of EO 14088.

• Maintaining the Company's operating and development permits, title, rights and licenses in good standing.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

• The Company utilizes heap leach processing for certain deposits, which presents specific risks and uncertainties that could materially impact operational and financial performance. Key considerations include:

• Recovery Variability: Recovery rates can fluctuate due to ore composition, changes in mineralogy, and environmental conditions affecting leaching efficiency.

• Operational Challenges: Factors such as liner integrity, solution distribution, and reagent consumption can influence overall effectiveness and profitability.

• Environmental and Regulatory Compliance: Stringent environmental laws on cyanide management and waste disposal may lead to delays or increased costs.

• Market and Economic Factors: Commodity price volatility directly impacts the economic viability of heap leach projects. Fluctuations in input costs such as reagents and energy can also affect margins.

• Climate and Weather: Extreme conditions can disrupt leach kinetics and infrastructure stability.

• Technical and Engineering Risks: Design and execution of heap leach pads require careful planning. Poor construction or operational practices can lead to structural failures and suboptimal recoveries.

• Mineral Resource and Mineral Reserve amounts are estimates only and may be unreliable. The Company cannot be certain that any specified level of recovery of minerals from ore and /or mineralized material will, in fact, be realized or that any of its mineral property interests or any other mineral deposit will ever qualify as a commercially mineable ore body that can be economically exploited. Material changes in the quantity of mineralization, grade or stripping ratio or gold price volatility and foreign exchange risks may affect the economic viability of the properties. The production decision at the San Albino Mine was supported by existing mining infrastructure, prior operating experience, and established Mineral Resources, rather than a pre-feasibility study or feasibility study of Mineral Reserves demonstrating economic and technical viability. As a result, there is a higher degree of risk and uncertainty given the production decision at San Albino was based on Mineral Resources which are not Mineral Reserves and do not have demonstrated economic viability.

• The emerging mid-tier market where the Company raises funds is extremely volatile, companies are subject to high level of competition for the same pool of investment dollars, and there is no guarantee that the Company will be able to raise adequate funds in a timely manner to carry out its business plans.

• Although the Company has taken steps to verify title to its exploration and other assets, there is no guarantee that the exploration and other assets will not be subject to title disputes or undetected defects.

• The Company is subject to laws and regulations related to environmental matters, including provisions for reclamation, discharge of hazardous material and other matters. The Company conducts its activities in compliance with applicable environmental legislation and is not aware of any existing environmental problems related to its mineral property interests that may be the cause of material liability to the Company.

• There is no assurance that any countries in which Mako operates or may operate in the future will not impose restrictions or taxes on the repatriation of earnings to foreign entities.

• Nicaraguan and Guyanese political and economic risks including social unrest.

• Communication and customs risk associated with working in Nicaragua and Guyana.

• Loss of key personnel and dependence on key personnel.

• Nicaragua is susceptible to hurricanes, earthquakes and volcanoes which could materially impact the Company's operations in the future.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

• The Company not successfully remediating the material weakness in ICFR and DC&P identified at year end within the timeframe expected.

• The Bolivarian Republic of Venezuela's ("Venezuela") claims that the Essequibo area, which is within Guyana (west of the Essequibo River extending to the border of Venezuela) belongs to Venezuela. The internationally recognized border between Guyana and Venezuela was established in 1899 by an arbitration panel. The territory of Guyana, including the Essequibo area, has been continuously administered and controlled by Guyana since that time. The Company's Eagle Mountain Project falls within this Essequibo area, the sovereign territory of Guyana. The Company's activities at Eagle Mountain, including exploration, technical and environmental studies, and ongoing coordination with governmental agencies, remain unaffected by Venezuela's claims, though the Company will continue to monitor the situation closely. Uncertainty caused by the political conflict may negatively impact the Company's financial position, financial performance, cash flows, and its ability to raise capital. The impact of the conflict on the Company's planned exploration activities, including technical and engineering studies, cannot be reasonably estimated at this time.

The potential introduction of protectionist or retaliatory international trade tariffs, domestic "buy local" policies, sanctions or other barriers to international commerce, may impact the Company's ability to import materials needed to construct projects or conduct operations at prices that are economically feasible to be competitive, or at all. Any change to tariffs and/or international trade regulations may have a material adverse effect on global economic conditions and the stability of global financial markets, and may, as a result, have a material adverse effect on our business, financial conditions including cash flows, and results of operations.

An investment in the Company's common shares is highly speculative and subject to a number of risks and uncertainties. An investor should carefully consider the risks described above, as well as the risks described in the Company's financial statements, Annual Information Form and Annual Report on Form 40-F filed under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov before investing in the Company's common shares. The risks described are not the only ones faced. Additional risks that the Company currently believes are immaterial may become important factors that affect the Company's business. If any of these risks occur, or if others occur, the Company's business, operating results and financial condition could be seriously harmed, and investors may lose all of their investment.

TECHNICAL INFORMATION

Technical disclosure related to the Mineral Reserve estimate for the Moss Mine in this MD&A has been reviewed and approved by Mr. Chris Keech, P Geo, a Qualified Person under NI 43-101. Mr. Keech is independent of the Company.

Unless otherwise stated, John Rust, Chief Metallurgist of Mako, and Eric Fier, CPG, P.Eng, Chairman of Mako, are the qualified persons under NI 43-101 for Mako that have reviewed and approved the scientific and technical disclosure in this MD&A, and who have verified the data disclosed.

FORWARD-LOOKING INFORMATION

This MD&A contains "forward-looking information" including "future oriented financial information" under applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable U.S. securities legislation. 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 MD&A includes, without limitation, statements with respect to:

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

• the Company's expectations in connection with the production and exploration, development plans at the Company's projects discussed herein being met;

• the Company's expectations relating to the performance of its mineral properties;

• the estimation of Mineral Reserves and Mineral Resources;

• the timing and amount of estimated future production;

• the timing and amount of estimated future capital and operating costs;

• the costs and timing of exploration and development activities;

• the Company's expectations regarding the timing of mining studies and reports;

• financing, capitalization and liquidity risks;

• the nature and impact of drill results and future exploration;

• regulatory risks relating to mineral tenure, permitting, environmental protection, taxation, and royalties;

• volatility of currency exchange rates, metal prices and metal production;

• the timing for remediation of the identified material weakness in the Company's ICFR and DC&P; and

• the Company's expectations in connection with the Proposed Transaction.

Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at 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, without limitation, the Company's dependence on products produced from its key mining assets; fluctuating price of gold and silver; 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 Guyana, 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; risks associated with regulatory and permitting activities; risks related to financing of the Company's acquisitions and other activities, exploration, development and operation of mining properties; risks related to the timing and plans to remediate the identified material weakness in its ICFR and DC&P, risks related to the timing and plans to complete the Proposed Transaction, including settling definitive documentation and obtaining all required approvals, and the overall impact of misjudgments made in good faith in the course of preparing forward-looking information as well as other risks and uncertainties referenced under "Risks and Uncertainties" in this MD&A.

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2026

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.

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Akiba Leisman, the Chief Executive Officer of Mako Mining Corp., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Mako Mining Corp. (the "issuer") for the interim period ended September 30, 2026.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings,

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (COSO Framework 2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR - material weakness relating to design: The issuer has disclosed in its interim MD&A for each material weakness relating to design existing at September 30, 2026

(a) a description of the material weakness;

(b) the impact of the material weakness on the issuer's financial reporting and its ICFR; and

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 12, 2026

/s/ Akiba Leisman

Akiba Leisman

Chief Executive Officer

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Ezequiel Sirotinsky, the Chief Financial Officer of Mako Mining Corp., certify the following:

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings,

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - material weakness relating to design: The issuer has disclosed in its interim MD&A for each material weakness relating to design existing at September 30, 2026

(a) a description of the material weakness;

(b) the impact of the material weakness on the issuer's financial reporting and its ICFR; and

5.3 Limitation on scope of design: N/A

Date: November 12, 2026

/s/ Ezequiel Sirotinsky

Ezequiel Sirotinsky

Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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