Mako Mining (MAKO) doubles H1 revenue, adds $254M Moss Mine NPV

Rhea-AI Filing Summary

Mako Mining Corp. reported Q2 2026 revenue of $62.6M and YTD 2026 revenue of $131.2M, up from $38.7M and $70.5M a year earlier, driven by higher realized gold prices and added contribution from the Moss Mine. Net income rose to $13.9M in Q2 and $37.0M YTD, compared with $8.8M and $18.2M in 2025, while operating cash flow increased to $26.0M in Q2 and $45.9M YTD.

Consolidated gold sales reached 14,610 oz in Q2 and 28,332 oz YTD, versus 11,476 oz and 22,293 oz in the prior-year periods. Average realized gold prices climbed to $4,201/oz in Q2 and $4,541/oz YTD$1,996/oz and $2,286/oz in Q2 as royalties, mining and sustaining capital spending increased, particularly at the ramping Moss Mine.

Total assets grew to $296.5M from $208.4M at year-end 2025, reflecting the acquisition of the Mt. Hamilton Project and investment in SPDR Gold Shares. Shareholders’ equity increased to $190.3M and the deficit turned into a $6.1M surplus. Mako closed the Mt. Hamilton acquisition using a Sailfish Gold Stream valued at $42.3M and later recognized a $41.7M related liability. The company also published a Moss Mine reserve and economic study with an after-tax NPV of $254M and continues advancing exploration in Nicaragua, Nevada and Guyana.

Positive

• Revenue nearly doubled year-over-year, rising to $131.2M YTD 2026 from $70.5M, supported by higher gold prices and Moss Mine contribution.
• YTD net income increased to $37.0M from $18.2M, with operating cash flow up to $45.9M, strengthening internal funding capacity.
• Moss Mine technical study outlines an after-tax NPV of $254M at US$3,500/oz gold and a 15-year mine life.
• Total assets expanded to $296.5M and shareholders’ equity to $190.3M, with the accumulated deficit shifting to a $6.1M surplus.
• Consolidated gold sales grew to 28,332 oz YTD 2026 from 22,293 oz, reflecting higher production at both San Albino and Moss.

Negative

• Company entered into a long-term Sailfish Gold Stream, creating a fair value liability of $41.7M and total expected stream cash outflows of $86.3M.
• Cash costs and AISC increased materially, with Q2 2026 AISC rising to $2,286/oz from $1,668/oz year-over-year, pressuring margins.
• Cash and cash equivalents declined from $77.3M at December 31, 2025 to $71.9M at June 30, 2026, as investing outflows exceeded operating inflows.

Key Figures

H1 2026 Revenue: $131,192 H1 2026 Net Income: $37,013 Operating Cash Flow H1 2026: $45,887 +5 more

8 metrics

H1 2026 Revenue $131,192 Total revenue for the six months ended June 30, 2026

H1 2026 Net Income $37,013 Income for the six months ended June 30, 2026

Operating Cash Flow H1 2026 $45,887 Net cash provided by operating activities for the six months ended June 30, 2026

Total Assets $296,505 Total assets as at June 30, 2026

Sailfish Gold Stream Liability $41,712 Fair value of Sailfish Gold Stream liability as at June 30, 2026

H1 2026 Gold Sold 28,332 oz Consolidated gold ounces sold for the six months ended June 30, 2026

Q2 2026 AISC $2,286/oz All-in sustaining cost per ounce of gold sold in Q2 2026

Moss Mine After-Tax NPV $254 million NPV at 5% based on US$3,500/oz gold and US$50/oz silver

Key Terms

Sailfish Gold Stream, Net smelter return ("NSR") royalty, All-in sustaining cost ("AISC"), Exploration and evaluation asset, +1 more

5 terms

Sailfish Gold Stream financial

"execution of a gold stream agreement requiring the delivery of refined gold to Sailfish"

Net smelter return ("NSR") royalty financial

"a 2.4% NSR royalty on gold and silver production held by Sandstorm Gold Ltd."

A net smelter return ("NSR") royalty is a percentage of the revenue generated from selling minerals or metals extracted from a mine, after deducting certain costs like refining and transportation. It functions like a continuous payment to a landowner or investor based on production, similar to earning a small share of the profits from a product sold. This type of royalty provides a steady income stream without the owner needing to operate the mine themselves.

All-in sustaining cost ("AISC") financial

"AISC ($/oz Au sold) (1) | | 2,286 | | | 1,668"

Exploration and evaluation asset financial

"Upon acquisition, the Mt. Hamilton Project was classified as an exploration and evaluation asset"

Companies' Creditors Arrangement Act ("CCAA") regulatory

"indebtedness under its Companies' Creditors Arrangement Act ("CCAA") proceedings"

FAQ

How did Mako Mining (MAKO) perform financially in Q2 2026?

Mako Mining generated Q2 2026 revenue of $62.6M and net income of $13.9M, up from $38.7M and $8.8M in Q2 2025. Stronger gold prices and increased sales volumes, including Moss Mine contributions, drove higher gross profit and cash flow.

What were Mako Mining’s (MAKO) gold production and sales for the first half of 2026?

For the six months ended June 30, 2026, Mako sold 28,332 oz of gold versus 22,293 oz a year earlier. Consolidated production reached 28,345 oz, reflecting steady output at San Albino and ramp-up at the Moss Mine in Arizona.

How have Mako Mining’s (MAKO) costs and AISC changed in 2026?

In Q2 2026, Mako reported cash costs of $1,996/oz and AISC of $2,286/oz, compared with $1,509/oz and $1,668/oz in Q2 2025. The increase stems from higher royalties, mining and crushing costs, and sustaining capital spending, especially at the Moss Mine.

What is the significance of the Moss Mine reserve and economic study for Mako Mining (MAKO)?

The Moss Mine study outlines 597,744 oz of proven and probable gold reserves and an after-tax NPV of $254M at US$3,500/oz gold. It contemplates a 15-year life of mine with average annual production of 30,900 oz from 2026 to 2039.

What is the Sailfish Gold Stream and how does it affect Mako Mining (MAKO)?

To acquire Mt. Hamilton, Mako entered the Sailfish Gold Stream, obligating monthly gold deliveries over up to 11 years. The stream’s fair value liability was $41.7M at June 30, 2026, with total expected cash outflows of $86.3M over its term.

What is Mako Mining’s (MAKO) liquidity and working capital position as of June 30, 2026?

As of June 30, 2026, Mako held $71.9M in cash and cash equivalents and reported working capital of $106.2M. Management states that forecasted cash flows and existing working capital are expected to cover obligations for at least the next 12 months.

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

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/14/2026 - 06:06 AM Accepted by SEC EDGAR 08/13/2026 - 08:32 PM Learn about SEC filing dates

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 August, 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 six months ended June 30, 2026 and 2025
99.2	Management's Discussion and Analysis for the three and six months ended June 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: August 13, 2026	By:	/s/ Akiba Leisman
	Name:	Akiba Leisman
	Title:	Chief Executive Officer

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended June 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	9
8 Inventories	10
9 Mining interests, plant and equipment	10
10 Accounts payable and accrued liabilities	12
11 Sailfish Gold Stream	12
12 Reclamation and Rehabilitation Obligation ("ARO")	13
13 Share Capital	13
Consolidated Statements of Income and Comprehensive Income
14 General and administrative expenses	15
15 Accretion and interest expense	15
Other Disclosures
16 Related party transactions	15
17 Segmented information	16
18 Supplemental cash flow information	19
19 Financial instruments	19
20 Capital management	20

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

	Note		As at June 30, 2026			As at December 31, 2025
ASSETS
Current
Cash and cash equivalents		$	71,913		$	77,277
Marketable securities	6		40,111			236
Receivables, prepaids and other assets	7		6,286			5,031
Inventories	8		38,290			29,178
Total current assets		$	156,600		$	111,722
Inventories	8		12,126			12,829
Other assets	7		782			1,545
Restricted cash			-			1,768
Mining interest, plant and equipment	9		126,997			80,581
TOTAL ASSETS		$	296,505		$	208,445
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	10	$	36,851		$	28,498
Deferred gain on sale of mineral interest			404			350
Current portion of Sailfish Gold Stream	11		13,147			-
Total current liabilities		$	50,402		$	28,848
Accrued liabilities	10		1,197			1,062
Provision for reclamation and rehabilitation	12		19,160			20,441
Deferred income taxes			6,700			6,962
Deferred gain on sale of mineral interest			212			399
Sailfish Gold Stream	11		28,565			-
Total liabilities		$	106,236		$	57,712
Shareholders' equity
Share capital	13		163,829			162,447
Contributed surplus	13		18,010			16,817
Accumulated other comprehensive income			2,298			2,350
Surplus (Deficit)			6,132			(30,881	)
Total shareholders' equity		$	190,269		$	150,733
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	296,505		$	208,445

Approved by the Board of Directors on August 13, 2026

"John Hick", Audit Committee Chair "Akiba Leisman", Director

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

1

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

			Three months ended						Six months ended
	Note		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Revenue		$	62,595		$	38,709		$	131,184		$	70,484
Production services revenue			1			6			8			19
		$	62,596		$	38,715		$	131,192		$	70,503
Cost of sales
Production costs			(29,163	)		(17,315	)		(54,458	)		(30,719	)
Depreciation, depletion and amortization			(2,606	)		(2,413	)		(4,557	)		(4,014	)
		$	(31,769	)	$	(19,728	)	$	(59,015	)	$	(34,733	)
Gross profit		$	30,827		$	18,987		$	72,177		$	35,770
Exploration and evaluation expenses			(2,891	)		(2,209	)		(5,392	)		(3,739	)
General and administrative expenses	14		(3,702	)		(2,603	)		(8,090	)		(4,304	)
Other income (expense)
Accretion and interest expense	15		(307	)		(421	)		(612	)		(703	)
Loss (gain) on derivative instruments			(2,405	)		5			(2,405	)		(275	)
Gain on elimination of Contingent Consideration			-			1,000			-			1,000
Foreign exchange (loss) gain			(491	)		1,025			(114	)		506
Interest income			531			13			1,040			17
Other income			959			-			1,138			-
Income before income taxes		$	22,521		$	15,797		$	57,742		$	28,272
Income tax expense			(10,278	)		(4,448	)		(20,991	)		(7,498	)
Deferred tax (recovery) expense			1,620			(2,531	)		262			(2,531	)
Income for the period		$	13,863		$	8,818		$	37,013		$	18,243
Other comprehensive income (loss)
Items subject to reclassification into statement of income:
Foreign currency translation adjustment			447			(868	)		(52	)		(357	)
Comprehensive income for the period		$	14,310		$	7,950		$	36,961		$	17,886
Basic income per common share		$	0.16		$	0.11		$	0.42		$	0.23
Diluted income per common share		$	0.15		$	0.11		$	0.41		$	0.23
Weighted average common shares outstanding - basic (thousands)			87,992			79,701			87,873			79,383
Weighted average common shares outstanding - diluted (thousands)			90,466			81,327			90,297			81,009

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

2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS' EQUITY
Expressed in thousands of United States dollars, except per share amounts
(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		474			1,584			(570	)		-			-			1,014
Shares issued on exercise of warrants		794			2,088			(682	)		-			-			1,406
Common shares issued on RSU vesting		4			6			(6	)		-			-			-
Share-based compensation		-			-			578			-			-			578
Net income		-			-			-			-			18,243			18,243
Other comprehensive loss		-			-			-			(357	)		-			(357	)
Balance at June 30, 2025		79,986		$	124,707		$	15,641		$	2,480		$	(46,378	)	$	96,450
Private placement		6,906			37,438			-			-			-			37,438
Shares issued on exercise of options		27			136			(53	)		-			-			83
Common shares issued on DSU vesting		90			166			(166	)		-			-			-
Share-based compensation		-			-			1,395			-			-			1,395
Net income		-			-			-			-			15,497			15,497
Other comprehensive loss		-			-			-			(130	)		-			(130	)
Balance at December 31, 2025		87,009		$	162,447		$	16,817		$	2,350		$	(30,881	)	$	150,733
Shares issued on exercise of options		335			1,132			(360	)		-			-			772
Common shares issued on RSU vesting		251			250			(250	)		-			-			-
Share-based compensation		-			-			1,803			-			-			1,803
Net income		-			-			-			-			37,013			37,013
Other comprehensive loss		-			-			-			(52	)		-			(52	)
Balance at June 30, 2026		87,595		$	163,829		$	18,010		$	2,298		$	6,132		$	190,269

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

3

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

			Three months ended						Six months ended
	Note		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Operating activities
Income for the period		$	13,863		$	8,818		$	37,013		$	18,243
Non-cash items:
Accretion and interest expense			346			422			397			704
Depreciation, depletion and amortization			3,641			2,498			6,376			4,180
Deferred tax (recovery) expense			(1,620	)		2,531			(262	)		2,531
Other income			(810	)		-			(989	)		-
Gain on elimination of Contingent Consideration			-			(1,000	)		-			(1,000	)
Change in fair value of derivative liability			2,405			(5	)		2,405			275
Interest income - accrued			-			2			-			-
Share-based payments			1,468			431			1,803			578
Unrealized foreign exchange gain			(28	)		(899	)		(80	)		(395	)
		$	19,265		$	12,798		$	46,663		$	25,116
Changes in non-cash working capital	18		6,737			5,942			(776	)		(188	)
Restricted cash - refunded			-			1,503			-			1,503
Net cash provided by operating activities		$	26,002		$	20,243		$	45,887		$	26,431
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			-			(110	)		-			(351	)
Acquisition of Mt. Hamilton LLC, transaction costs			-			-			(502	)		-
Sailfish Silver Option Payment			-			1,000			-			1,000
Purchase of marketable securities			(38,523	)		-			(39,238	)		-
Expenditures on mining interest, plant and equipment			(6,255	)		(3,909	)		(9,557	)		(6,300	)
Net cash used in investing activities		$	(44,778	)	$	(3,019	)	$	(49,297	)	$	(11,794	)
Financing activities
Purchase of common shares - NCIB			-			-			-			(1,357	)
Proceeds from exercise of warrants			-			672			-			1,406
Proceeds from exercise of options			72			690			773			1,014
Repayment of Sailfish Silver Loan			-			(387	)		-			(1,286	)
Repayment of interest on the Revised Wexford Loan			-			-			-			(317	)
Payments on lease liability			-			(26	)		-			(52	)
Gold stream deliveries			(3,034	)		-			(3,034	)		-
Net cash (used) generated in financing activities		$	(2,962	)	$	949		$	(2,261	)	$	(592	)
Effect of foreign exchange on cash and cash equivalents			677			21			307			28
Change in cash and cash equivalents		$	(21,061	)	$	18,194		$	(5,364	)	$	14,073
Cash and cash equivalents, beginning of the period		$	92,974		$	10,400		$	77,277		$	14,521
Cash and cash equivalents, end of period		$	71,913		$	28,594		$	71,913		$	28,594
Other information
Taxes paid in cash			(1,840	)		(944	)		(16,673	)		(6,016	)
Interest received			531			13			1,040			17

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

4

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the three and six months ended June 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 August 13, 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.

(c)    Basis of consolidation

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.

5

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

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.

6

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

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 June 30, 2026, the Moss Mine did not reach commercial production.

(c)    Gold stream obligations

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.

7

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

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 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.

8

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

6     MARKETABLE SECURITIES

		As at June 30, 2026			As at December 31, 2025
SPDR Gold shares (Refer (a) below)	$	31,904		$	-
Shares of public mining companies		8,207			236
	$	40,111		$	236

(a) During the quarter ended June 30, 2026, the Company purchased 86,600 units of SPDR Gold Shares for total consideration of $32,483. The investment was classified as fair value through profit or loss (FVTPL).

During the three months and six months ended June 30, 2026, the Company recognized an unrealized mark-to-market loss of $901 and $856 respectively on marketable securities.

7     RECEIVABLES, PREPAIDS AND OTHER ASSETS

		As at June 30, 2026			As at December 31, 2025
Trade receivable	$	847		$	251
Prepaid expenses		2,097			1,872
Supplier advances and deposits		1,254			971
Senior Secured Debt (Refer (a) below)		1,800			1,800
Other		288			137
	$	6,286		$	5,031
Disclosed as non-current:
Supplier advances and deposits		782			549
Deferred transaction costs		-			996
	$	782		$	1,545
	$	7,068		$	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 June 30, 2026, the CCAA proceedings remain ongoing, and the Company continues to assess that the carrying amount of investment in debt will be recovered.

9

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

8     INVENTORIES

		As at June 30, 2026			As at December 31, 2025
Stockpiled ore	$	14,389		$	10,696
Ore in-circuit		2,235			1,584
Heap leach ore		15,824			11,262
Finished metal		1,652			1,621
Supplies and spare parts		4,190			4,015
	$	38,290		$	29,178
Disclosed as non-current:
Stockpiled ore		5,647			6,977
Heap leach ore		3,595			3,371
Supplies and spare parts		2,884			2,481
	$	12,126		$	12,829
	$	50,416		$	42,007

As at June 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 June 30, 2026, the Company recognized a provision of $4 (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 June 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		-			4,588			210			2,614			7,412
Capitalized exploration expenditures		3,600			-			-			-			3,600
Acquisition Mt. Hamilton Project (Refer to note 5)		-			-			43,630			-			43,630
Asset retirement obligation		74			1			-			(1,891	)		(1,816	)
Foreign currency translation adjustment		-			(9	)		(28	)		-			(37	)
As at June 30, 2026	$	49,992		$	53,694		$	82,260		$	8,186		$	194,132
Accumulated depreciation
As at December 31, 2025	$	23,222		$	37,540		$	-		$	-		$	60,762
Depreciation		4,292			2,084			-			-			6,376
Foreign currency translation adjustment		-			(3	)		-			-
As at June 30, 2026	$	27,514		$	39,621		$	-		$	-		$	67,135
Net book value as at December 31, 2025	$	23,096		$	11,574		$	38,448		$	7,463		$	80,581
Net book value as at June 30, 2026	$	22,478		$	14,073		$	82,260		$	8,186		$	126,997

10

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

Exploration and evaluation asset includes $765 (2025: $765) for Potrerillos and El Jicaro in Nicaragua,  $37,655 (2025: $37,683) for Eagle Mountain Project in Guyana, and $43,840 (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 June 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, 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) and (collectively, the "Royalty Holders") were being disputed by Elevation as part of the Bankruptcy Process whereby the court was asked to declare the validity of the real property interests asserted by the Royalty Holders. On October 22, 2025, the United States Bankruptcy Court for the District of Arizona (the "US Court") granted Patriot real property interest in certain mineral interest at the Moss Mine. At June 30, 2026, the US Court has not concluded on the Sandstorm's real property interest.

11

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

10  ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	Note		As at June 30, 2026			As at December 31, 2025
Accounts payable and accrued liabilities		$	17,714		$	13,722
Lease liability			26			69
Income taxes payable			18,243			13,925
Due to related parties	16		868			782
Total current liabilities		$	36,851		$	28,498
Non-current liability
Severance obligations			1,197			1,062
Total non-current liabilities			1,197			1,062
Total accounts payable and accrued liabilities		$	38,048		$	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 US$738 and not greater than US$1,011, which is equivalent to a gold price range of approximately US$2,700 per ounce to US$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 ended June 30, 2026, the Company delivered 827 ounces of refined gold for a cash consideration of $759. The value of refined gold delivered, based on the London PM Fix price, was $3,792. As at June 30, 2026, the fair value of the liability was determined as $41,712 using a discount rate of 24.59% and the forward gold prices as summarized below. As a result, the Company recognized a loss of $2,405 due to the change in fair value.

12

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

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 June 30, 2026		4,268			4,293			4,496			4,721			4,963

		As at June 30, 2026
Current portion	$	13,147
Non-current portion		28,565
	$	41,712

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		75			-			(1,891	)		-			(1,816	)
Accretion expense		81			35			282			-			398
Foreign currency translation adjustment		-			(2	)		-			-			(2	)
As at June 30, 2026	$	4,031		$	1,385		$	13,605		$	139		$	19,160

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:

		June 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		641,800			8.98			740,000			4.47
Exercised		(334,816	)		3.14			(500,966	)		3.04
Forfeited		(56,000	)		4.31			(30,000	)		4.47
Expired		-			-			(279,750	)		4.02
Ending balance		1,985,318			C$5.09			1,734,334			C$3.25
Options exercisable		847,018			C$2.53			845,166			C$2.36
Weighted average remaining contractual life (in		3.47						3.14
Weighted average market price of shares on the dates share options were exercised		C$10.44						C$4.55

13

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

* WAEP = Weighted average exercise price

For the three and six months ended June 30, 2026, total share-based compensation relating to options was  $372 and $548 (2025: $178 and $234), 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:

		June 30, 2026			December 31, 2025
Opening balance		1,092,619			586,985
Granted		640,124			509,285
Shares issued		(250,909	)		(3,651	)
Net settlement for tax withholding		(40,758	)		-
Ending balance		1,441,076			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 six months ended June 30, 2026, total share‐based compensation relating to RSUs was $780 and $980 (2025: $200 and $260), 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.

(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:

		June 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 six months ended June 30, 2026, total share‐based compensation relating to DSUs was $315 and $315 (2025: $52 and $83), of which all is included in general and administrative expenses.

14

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

14   GENERAL AND ADMINISTRATIVE EXPENSES

		Three months ended						Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Accounting, consulting and legal	$	271		$	338		$	1,331		$	466
Salaries and benefits		1,130			1,415			2,660			2,300
Stock-based compensation		1,468			431			2,111			578
Directors' fees		190			69			329			172
Depreciation		52			35			82			71
General office expenses		427			269			1,131			591
Investor relations and communications		43			24			112			72
Transfer agent fees and regulatory fees		121			22			334			54
	$	3,702		$	2,603		$	8,090		$	4,304

15   ACCRETION AND INTEREST EXPENSE

			Three months ended						Six months ended
	Note		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Accretion on asset retirement obligation	12	$	213		$	191		$	398		$	247
Interest and accretion expense on the Wexford Loan			-			229			-			450
Interest expense - other			94			1			214			6
		$	307		$	421		$	612		$	703

16   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.

(in '000)		Three months ended						Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Director fees	$	190		$	69		$	329		$	173
Salaries, consulting and management fees		264			625			1,245			834
Share-based compensation		1,105			215			1,621			300
Total	$	1,559		$	909		$	3,195		$	1,307

As at		June 30, 2026			June 30, 2025
Amount included in accounts payable and accrued liabilities		5			46

15

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

(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 June 30, 2026, the Company had the following transactions with Sailfish:

Royalty fee

Sailfish is entitled to a 2% NSR royalty of the production of all gold and silver ounces from certain deposits from San Albino Mine, as defined in the amended gold stream agreement entered into in November 2018.

During the three and six months ended June 30, 2026, a royalty fee of $847 and $1,846 (2025: $627 and $1,163) was payable to Sailfish and is included in production costs in the consolidated statement of income.

As at June 30, 2026, a balance of $846 (December 31, 2025: $773) was payable to Sailfish and is included in accounts payable and accrued liabilities.

Silver Option Agreement

During the three and six months ended June 30, 2026, the Company delivered 10,475 and 19,399 ounces of silver (2025: 1,672 and 1,672 ounces) to Sailfish pursuant to the option exercised by Sailfish under the terms of the silver loan with Sailfish.

(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. During the three and six months ended June 30, 2026, the Company received consulting and other services amounting to $170 and $239 (2025:$109 and $140). Amounts payable to Tes-Oro as at June 30, 2026, were $18 (December 31, 2025: $9).

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

16

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

The Company's segments are summarized as follows:

		San Albino			Moss Mine			Mt. Hamilton Project			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Six months ended June 30, 2026
Revenue	$	95,053		$	36,139		$	-		$	-		$	131,192		$	-		$	131,192
Production costs		(30,029	)		(24,429	)		-			-			(54,458	)		-			(54,458	)
Depreciation, depletion and amortization		(4,553	)		(4	)		-			-			(4,557	)		-			(4,557	)
Gross profit	$	60,471		$	11,706		$	-		$	-		$	72,177		$	-		$	72,177
Exploration and evaluation expense		(2,569	)		-			(186	)		(2,637	)		(5,392	)		-			(5,392	)
General and administrative expenses		-			-			-			-			-			(8,090	)		(8,090	)
Other income (expense)		102			(270	)		-			-			(168	)		(785	)		(953	)
Income and deferred taxes		(18,716	)		(1,950	)		-			-			(20,666	)		(63	)		(20,729	)
Income for the period	$	39,288		$	9,486		$	(186	)	$	(2,637	)	$	45,951		$	(8,938	)	$	37,013
Total assets	$	144,493		$	46,702		$	45,572		$	40,034		$	276,801		$	19,704		$	296,505
Total liabilities	$	(37,920	)	$	(22,995	)	$	(141	)	$	(1,841	)	$	(62,897	)	$	(43,339	)	$	(106,236	)
Capital expenditures	$	5,321		$	3,571		$	1,771		$	315		$	10,978		$	34		$	11,012

		San Albino			Moss Mine			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Six months ended June 30, 2025
Revenue	$	62,335		$	8,168		$	-		$	70,503		$	-		$	70,503
Production costs		(24,111	)		(6,608	)		-			(30,719	)		-			(30,719	)
Depreciation, depletion and amortization		(3,987	)		(27	)		-			(4,014	)		-			(4,014	)
Gross profit	$	34,237		$	1,533		$	-		$	35,770		$	-		$	35,770
Exploration and evaluation expense		(1,519	)		(48	)		(2,172	)		(3,739	)		-			(3,739	)
General and administrative expenses		29			-			-			29			(4,333	)		(4,304	)
Other income (expense)		(73	)		(64	)		(20	)		(157	)		702			545
Income and deferred taxes		(9,896	)		-			-			(9,896	)		(133	)		(10,029	)
Income for the period	$	22,778		$	1,421		$	(2,192	)	$	22,007		$	(3,764	)	$	18,243
Total assets	$	77,480		$	24,631		$	38,777		$	140,888		$	3,437		$	144,325
Total liabilities	$	(19,996	)	$	(15,316	)	$	(1,410	)	$	(36,722	)	$	(11,153	)	$	(47,875	)
Capital expenditures	$	5,960		$	297		$	27		$	6,284		$	16		$	6,300

17

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

		San Albino			Moss Mine			Mt. Hamilton Project			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Three months ended June 30, 2026
Revenue	$	44,109		$	18,488		$	-		$	-		$	62,597		$	-		$	62,597
Production costs		(15,083	)		(14,080	)		-			-			(29,163	)		-			(29,163	)
Depreciation, depletion and amortization		(2,602	)		(4	)		-			-			(2,606	)		-			(2,606	)
Gross profit	$	26,424		$	4,404		$	-		$	-		$	30,828		$	-		$	30,828
Exploration and evaluation expense		(1,377	)		-			(106	)		(1,408	)		(2,891	)		-			(2,891	)
General and administrative expenses		-			-			-			-			-			(3,702	)		(3,702	)
Other income (expense)		(242	)		(129	)		-			6			(365	)		(1,348	)		(1,713	)
Income and deferred taxes		(8,045	)		(550	)		-			-			(8,595	)		(63	)		(8,658	)
Income for the period	$	16,760		$	3,725		$	(106	)	$	(1,402	)	$	18,977		$	(5,113	)	$	13,864
Capital expenditures		3,346			2,712			1,290			294			7,642			34			7,676

		San Albino			Moss Mine			Eagle Mountain Project			Total Operating Segments			Corporate			Total
Three months ended June 30, 2025
Revenue		33,734			4,981			-			38,715			-			38,715
Production costs		(13,867	)		(3,448	)		-			(17,315	)		-			(17,315	)
Depreciation, depletion and amortization		(2,386	)		(27	)		-			(2,413	)		-			(2,413	)
Gross profit		17,481			1,506			-			18,987			-			18,987
Exploration and evaluation expense		(1,026	)		(48	)		(1,135	)		(2,209	)		-			(2,209	)
General and administrative expenses		29			-			-			29			(2,632	)		(2,603	)
Other income (expense)		(24	)		(57	)		(6	)		(87	)		1,709			1,622
Income and deferred taxes		(6,846	)		-			-			(6,846	)		(133	)		(6,979	)
Income for the period		9,614			1,401			(1,141	)		9,874			(1,056	)		8,818
Capital expenditures	$	3,585		$	297		$	18		$	3,900		$	9			3,909

18

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

18   SUPPLEMENTAL CASH FLOW INFORMATION

		Three months ended						Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
(a) Changes in non-cash working capital:
Change in receivables	$	2,240		$	2,589		$	(596	)	$	(713	)
Change in inventories		(3,078	)		1,231			(8,409	)		(726	)
Change in prepaid expenses, and other		868			(104	)		1,237			(120	)
Change in accounts payable and accrued liabilities		(933	)		(1,054	)		1,815			160
Change in due to related parties		(798	)		(91	)		859			(249	)
Change in tax liability		8,438			3,371			4,318			1,460
	$	6,737		$	5,942		$	(776	)	$	(188	)
(b) The significant non-cash financing and investing transactions:
Repayment of Sailfish Silver Loan (non-cash)	$	-		$	(60	)	$	-		$	(461	)
Change in current liabilities relating to mining interest expenditures		1,767			(1,058	)		1,767			(1,247	)

19   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, marketable securities, and accounts payable approximate fair value because of the short-term nature of these instruments or capacity of prompt liquidation. 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 six months ended June 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.

19

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		36,851			36,851			36,851			-			-			-
Sailfish Gold Stream		41,712			86,320			13,147			24,272			21,799			27,102
Total		78,563			123,171			49,998			24,272			21,799			27,102

20   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.

20

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2026 and 2025

CONTENTS
Business Overview	3
Financial and Operational Highlights, Major Activities and Significant Subsequent Events	4
Results of Operations	5
Exploration and Mineral Property Development Update	8
Trend Analysis	11
Financial Results	12
Liquidity and Capital Resources	14
Outstanding Securities	15
Transactions with Related Parties	16
Mt. Hamilton Project Acquisition	16
Significant Accounting Estimates	17
Changes in Accounting Policies	18
Internal Control over Financial Reporting	18
Mineral Resource Estimates and Related Cautionary Note to U.S. Investors	19
Non-IFRS Measures	20
Risk and Uncertainties	22
Technical Information	23
Forward-Looking Information	23

2

 
Management’s Discussion and Analysis
For the three and six months ended June 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 six months ended June 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 unaudited condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025, which 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 August 13, 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 activities at the Eagle Mountain Project in Guyana.

3

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

FINANCIAL AND OPERATIONAL HIGHLIGHTS, MAJOR ACTIVITIES AND SIGNIFICANT SUBSEQUENT EVENTS

Highlights for the three months and six months ended June 30, 2026 ("Q2 2026" and "YTD 2026" respectively) include:

● Revenues of $62.6 million and $131.2 million in Q2 2026 and YTD 2026 (for the three months and six months ended June 30, 2025 ("Q2 2025" and "YTD 2025"): $38.7 million and $70.5 million), respectively.

● Consolidated sales of 14,610 ounces ("oz") and 28,332 oz of gold in Q2 2026 and YTD 2026 (11,476 oz and 22,293 oz in Q2 2025 and YTD 2025), respectively.

● Net income of $13.9 million and $37.0 million in Q2 2026 and YTD 2026 ($8.8 million and $18.2 million in Q2 2025 and YTD 2025), respectively.

● Consolidated production of 14,476 oz and 28,345 oz of gold in Q2 2026 and YTD 2026 (10,370 oz and 20,806 oz in Q2 2025 and YTD 2025), respectively.

● Cash flows from operating activities of $26.0 million and $45.9 million in Q2 2026 and YTD 2026 ($20.2 million and $26.4 million in Q2 2025 and YTD 2025), respectively.

● Mineral Reserves estimate ("MRE") and project economics for the Moss Mine

On July 7, 2026, the Company announced an MRE and project economics for its Moss Mine effective June 30, 2026. The MRE outlines proven and probable Mineral Reserves of 56.8 million tonnes ("Mt") grading 0.327 grams per tonne ("g/t") gold and 3.45 g/t silver, containing 597,744 oz of gold ("Au") and 6.3 million oz of silver ("Ag"). The Mineral Reserves were estimated using a cut-off grade of 0.14 g/t Au, metal prices of US$3,500/oz gold and US$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 MRE. Refer to the Company's press release dated July 7, 2026 for all assumptions, parameters and methods used to estimate the MRE available under the Company's profile at www.sedarplus.ca.

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 US$3,500/oz gold and US$50/oz silver and 5% discount rate. The mine plan contemplates a 15-year life of mine, during which approximately 442,904 ounces of recovered gold and 2.1 million ounces of recovered 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 operation is based on an average heap leach grade of 0.327 g/t gold and 3.45 g/t silver and a strip ratio of 1.3:1 (waste-to-ore). The estimated life-of-mine sustaining capital expenditures⁽¹⁾ of $86 million is expected to be funded from operating cash flows. The technical report supporting the MRE is expected to be filed by August 21, 2026.

● San Albino Eureka Concession

Mako Mining's wholly-owned Nicaraguan subsidiary, Nicoz Resources, S.A., 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 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.

4

 
Management’s Discussion and Analysis
For the three and six months ended June 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 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 marks 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 $000's unless otherwise specified)		Three months ended									Six months ended
		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Revenue		62,596			38,715			23,881			131,192			70,503			60,689
Income for the period		13,863			8,818			5,045			37,013			18,243			18,770
Operating cash inflows before changes in non-cash working capital		19,265			12,798			6,467			46,663			25,116			21,547
Net cash provided from operating activities		26,002			20,243			5,759			45,887			26,431			19,456
Average realized gold price ($/oz sold) (1)		4,201			3,321			880			4,541			3,122			1,419
Cash cost ($/oz Au sold) (1)		1,996			1,509			487			1,922			1,378			544
AISC ($/oz Au sold) (1)		2,286			1,668			618			2,297			1,543			754
EBITDA (1)		27,360			18,665			8,695			64,358			33,059			31,299
Adjusted EBITDA (1)		31,719			21,305			10,414			71,861			37,376			34,485

Financial Condition (in $000's)		At June 30, 2026			At December 31, 2025			Change
Cash and cash equivalents		71,913			77,277			(5,364	)
Working capital (1)		106,198			82,874			23,324

⁽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.

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.

5

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

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

		Three months ended									Six months ended
		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Tonnes mined		1,804,919			2,313,220			(508,301	)		4,059,099			4,634,508			(575,409	)
Mineralized tonnes mined		48,889			54,354			(5,465	)		99,122			103,167			(4,045	)
Tonnes milled		53,120			52,705			415			106,758			106,256			502
Mill availability		97%			97%			-%			97%			98%			(1)%
Average tonnes per day		599			595			4			606			603			3
Mill recovery %		81%			80%			1%			80%			83%			(3)%
Gold grade (g/t)		7.5			6.6			0.9			7.6			6.8			0.8
Gold produced (oz)		10,392			8,961			1,431			21,032			19,397			1,635
Gold sold (oz)		10,612			10,104			508			21,011			19,985			1,026
Average realized gold price  ($/oz sold) (1)	$	4,156		$	3,321		$	835		$	4,524		$	3,110		$	1,414
Cash cost ($/oz Au sold) (1)	$	1,421		$	1,372		$	49		$	1,429		$	1,206		$	223
AISC ($/oz Au sold) (1)(2)	$	1,535		$	1,507		$	28		$	1,531		$	1,306		$	225

⁽¹⁾ Refer to Non-IFRS Measures.

⁽²⁾ AISC excludes corporate general and administrative expenses.

Tonnes mined and milled: Mining and milling operations remained stable in Q2 2026 or in YTD 2026.

Gold ounces produced and sold: Gold production and sales in Q2 2026 and YTD 2026 remained relatively unchanged compared to Q2 2025 and YTD 2025, respectively.

Average realized gold price: Average realized gold prices were higher during the current periods than in the corresponding periods of 2025.

Cash cost and AISC: Cash costs and AISC increased during the current periods as compared to the corresponding periods in 2025, primarily due to higher royalty costs resulted from increased gold prices.

Moss Mine, Arizona, USA

On March 27, 2025, the Company acquired EGA, whereby Mako US acquired all of EGA's issued and outstanding common shares, resulting in the acquisition of the Moss Mine, in Arizona, USA. 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.

During the initial period following the acquisition, the operation was at limited capacity; however, heap leaching continued to operate, producing gold and silver. During the third quarter of 2025, the Company engaged a new mining contractor, and operations resumed with the mobilization of a partial mining fleet. Activity increased in the fourth quarter of 2025 as the operation continued to ramp up. As at June 30, 2026, the Moss Mine did not reach commercial production.

During the first six months of 2026, the Moss Mine continued to ramp up toward more stable and consistent operations. Mining activities remained focused on the Moss vein system and associated stockwork material. The Company advanced operational improvements across the site, including enhancements to material handling, crushing circuit reliability, and overall plant performance, supporting more consistent stacking rates and continued optimization of heap leach operations.

6

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

Gold and silver production during the quarter continued to be supported by active stacking and solution management practices. The Company remains focused on improving operating efficiencies and establishing sustainable throughput levels as part of its ongoing optimization strategy.

All operating permits remain in good standing.

On July 7, 2026, the Company announced MRE and project economics for its Moss Mine effective June 30, 2026. Refer to FINANCIAL AND OPERATIONAL HIGHLIGHTS, MAJOR ACTIVITIES AND SIGNIFICANT SUBSEQUENT EVENTS for more details. 

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

		Three months ended									Six months ended
		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Tonnes mined		1,362,934			-			1,362,934			2,913,840			-			2,913,840
Mineralized tonnes mined		526,154			-			526,154			1,054,698			-			1,054,698
Ore stacked		481,812			-			481,812			971,968			-			971,968
Gold grade (g/t)		0.32			-			0.32			0.31			-			0.31
Gold ounces recovered		4,084			1,409			2,675			7,313			1,409			5,904
Gold sold (ounces)		3,998			1,372			2,626			7,321			2,308			5,013
Silver sold (ounces)		17,013			12,623			4,390			33,035			21,185			11,850
Average realized gold price ($/oz sold) (1)	$	4,321		$	3,321		$	999		$	4,589		$	3,226		$	1,363
Cash cost ($/oz Au sold) (1)	$	3,331		$	2,513		$	817		$	3,294		$	2,863		$	430
AISC ($/oz Au sold) (1) (2)	$	3,708		$	2,392		$	1,316		$	3,438		$	2,665		$	773

⁽¹⁾ Refer to Non-IFRS Measures.

⁽²⁾ AISC excludes corporate general and administrative expenses. For the three and six months ended June 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. Furthermore, gold and silver sales recorded in 2025 include ounces acquired as part of the acquisition. Gold ounces recovered, and gold and silver ounces sold, during the three- and six-month periods ended June 30, 2026 reflect recoveries and sales from mineralized material mined and placed on the leach pad subsequent to the resumption of operations.

Average realized gold price: Average realized gold prices were higher during the current periods than in the corresponding periods of 2025.

Cash cost and AISC: Cash costs increased during the current periods compared to the corresponding periods in 2025, primarily due to higher mining and ore-crushing costs associated with resumed operations, compared to the cost of inventory acquired as part of the acquisition. In addition, an unfavorable settlement of the Moss Mine royalty interest in December 2025 contributed to higher royalty expense during 2026 as compared to 2025. Refer to note 9 of the condensed interim consolidated financial statements for the three and six months ended June 30, 2026. AISC further increased due to higher sustaining capital costs incurred during the current periods.

7

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

EXPLORATION AND MINERAL PROPERTY DEVELOPMENT UPDATE

Nicaragua

During Q2 2026, the Company completed 13,056 m of reverse circulation ("RC") drilling and 9,349 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 MRE for the San Albino Project (see press release dated June 13^th, 2024 and 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

• To test additional high-grade mineralization, as a part of the Company's regional drill program on its 254 km² district-scale, underexplored land package.

On November 18, 2024, the Company's wholly owned subsidiary Nicoz Resources S.A. was granted a new concession by Nicaraguan Ministry of Energy and Mines ("MEM"). 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 July 15, 2026, the Company through its wholly-owned Nicaraguan subsidiary, Nicoz Resources, S.A., 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 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.

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 Q2 2026, drilling was focussed on the southern portion of Las Conchitas where, three areas were drilled: 1) Candelaria, 2) California and 3) Los Centenos. At Candelaria, 7,862 m of RC drilling and 1,418 m of diamond drilling were completed. The objective of this drilling is to identify new high-grade gold mineralization directly adjacent to the current Limon/Mango/Bayacun pit ("LMB") within a fully permitted area. For exploration results from Candelaria, see press release dated May 4, 2026. At California, 3,307 m of RC drilling was completed. At Los Centenos, 1,038 m of RC drilling was completed and 565 m of diamond drilling was completed. The objective of this drilling was to test for new high-grade mineralization. Assay results are pending for both areas.

8

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

El Jicaro Concession

El Jicaro 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 initiated a drill campaign on the El Cortez prospect, located approximately 2.5 km from the current LMB pit.

During Q2 2026, the Company completed a total of 5,666 m of diamond drilling and 72 m of RC drilling at El Golfo using two drill rigs. 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 mineralization trends have been outlined by geochemical soil surveys, geological mapping and prospecting. Mapping and sampling was conducted 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 biggest anomaly over 1km in length.

The initial drilling was 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 Q2 2026, the Company completed 777 m of RC drilling and 1,438 m of diamond drilling. Assays results are pending.

For details on all previously reported drill results, please see the Company's press release, 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 is currently completing 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.

Eagle Mountain Project, Guyana

The Company's subsidiary, Stronghold Guyana Inc. ("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 expects to issue such instruction in connection with its application for a Large-Scale Mining License, at which point the lease and NSR royalty will terminate and the underlying claims will be consolidated into the new license.

On September 30, 2024, the Guyana Geology and Mines Commission ("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. The Company was obliged to spend, by September 30, 2025, a minimum of $2.56 million on the execution of the work program during the first year of the renewed prospecting license. The minimum expenditure requirement was met as of September 30, 2025. As per the requirements of the prospecting license, the Company submitted to the GGMC a work performance bond of $0.3 million on October 11, 2024.

9

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

On March 25, 2026, the Company filed the ESIA for the Eagle Mountain Project with the EPA. The ESIA incorporates results of baseline studies for environmental, social, cultural, engineering, and project design layouts with expected impacts and mitigation measures. The filing of the ESIA initiated a 60-day public comment period. In Q2 2026 this process included disclosure meetings in communities proximal to the Eagle Mountain Project and in the capital, Georgetown. Comments received during the public comment period will be addressed in the Final ESIA document. The Company anticipates filing the Final ESIA in the second half of 2026 following which the EPA is expected to make a determination on ESIA approval and then the Environmental Authorization (permit) for the Project.

The engineering program for 2026 includes a continuation of geotechnical drilling using the Company-owned drill rig.

In Q1 2026, geotechnical drilling was primarily focused on areas proposed for the tailings and waste storage facilities and the site of the processing plant to generate geotechnical data and hydrological information from packer tests to assist with design parameters for project infrastructure. Twenty ("20") geotechnical holes totaling 649m were completed.

The geotechnical program continued into early Q2 2026 with five geotechnical holes completed for 258m, prior to the start of the wet season, with a focus on drilling in areas of the pit walls for mine design optimization. The balance of the geotechnical holes is planned for the Q3 2026 dry season.

Together with a contractor rig, the 2026 drill program also includes an estimated 5,000 m of infill and metallurgical-focused drilling. Infill drilling is focused on the Eagle Mountain and Salbora deposits. The metallurgical drilling program using large diameter drill core is designed to generate sample for follow-up test work with a focus on the deeper fresh rock mineralization. During Q2 2026, the Company completed 7 infill drill holes totaling 474 m and 11 metallurgical-focused drill holes totaling 771 m.

In total during the first half of 2026, the Company completed 25 geotechnical boreholes totaling 907 m; 11 larger diameter drill holes for metallurgical samples totaling 771 m; and 9 infill drill holes totaling 575 m.

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.

10

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

In Q2 2026, the Board approved predevelopment activities and a capex budget for the construction of the project 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 the quarter, 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.

A condemnation drilling program is expected to be completed by October 2026 to finalize engineering decisions regarding the placement of the three-stage crusher and conveyance system. Once complete, full-scale construction can commence.

TREND ANALYSIS

Summary of Quarterly Results 

(in $000's excluding per share)		2026						2025												2024
		Apr - Jun			Jan - Mar			Oct - Dec			Jul - Sept			Apr - Jun			Jan - Mar			Oct - Dec			Jul - Sept
Revenue		62,596			68,595			50,394			27,575			38,715			31,788			28,849			15,739
Cost of sales		(31,769	)		(27,246	)		(20,825	)		(18,018	)		(19,682	)		(14,926	)		(12,586	)		(11,242	)
Gross profit		30,827			41,349			29,569			9,557			19,033			16,862			16,263			4,497
E&E expenses		(2,891	)		(2,501	)		(2,837	)		(2,787	)		(2,209	)		(1,530	)		(1,241	)		(1,148	)
G&A expenses		(3,702	)		(4,388	)		(3,611	)		(2,893	)		(2,603	)		(1,701	)		(2,096	)		(1,736	)
Other income (expense)		(1,713	)		760			(928	)		360			1,576			(1,158	)		(2,357	)		(641	)
Tax expense		(8,658	)		(12,071	)		(7,886	)		(3,041	)		(6,979	)		(3,050	)		(5,912	)		(595	)
Net income		13,863			23,149			14,307			1,196			8,818			9,423			4,657			377
Basic income per common share		0.16			0.26			0.17			0.01			0.11			0.12			0.06			0.00
Diluted income per common share		0.15			0.26			0.16			0.01			0.11			0.12			0.06			0.00
The sum of the quarters may not equal the annual results due to rounding.
Consolidated gold ounces produced		14,476			13,869			12,105			7,822			11,074			9,820			11,070			6,327
Consolidated gold ounces sold		14,610			13,721			11,564			7,830			11,476			10,817			10,888			6,532
Average realized gold price ($/oz)1		4,201			4,902			4,313			3,454			3,321			2,915			2,650			2,409

⁽¹⁾ Refer to Non-IFRS Measures.

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 variation between quarters resulted from differences in the deposit and the grade of mineralized material mined during each period.

Exploration and evaluation ("E&E") expenses: Quarter on quarter increase in E&E expenses resulted from increased drilling activities to define new Mineral Reserves and Mineral Resources at El Jicaro in Nicaragua and advancing Eagle Mountain Project in Guyana.

Other income (expense): Other income (expense) for the period up to June 30, 2025, was affected by quarter-over-quarter changes in the fair value of the embedded derivative in the silver loan with Sailfish. During the quarter ended June 30, 2025, the Company recognized a gain of $1 million related to the elimination of the contingent consideration payable. During the quarter ended December 31, 2025, the Company recognized a loss of $1.3 million on the extinguishment of the Wexford Loan. The other income (expense) for the quarter ended June 30, 2026 was impacted by the change in fair value of the gold stream with Sailfish.

11

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

FINANCIAL RESULTS

Financial results for the three and six months ended June 30, 2026:

(in $000's excluding per share)		Three months ended									Six months ended
		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Revenue		62,595			38,709			23,886			131,184			70,484			60,700
Production services revenue		1			6			(5	)		8			19			(11	)
		62,596			38,715			23,881			131,192			70,503			60,689
Cost of sales
Production costs		(29,163	)		(17,315	)		(11,848	)		(54,458	)		(30,719	)		(23,739	)
Depreciation, depletion and amortization		(2,606	)		(2,413	)		(193	)		(4,557	)		(4,014	)		(543	)
		(31,769	)		(19,728	)		(12,041	)		(59,015	)		(34,733	)		(24,282	)
Gross profit		30,827			18,987			11,840			72,177			35,770			36,407
Exploration and evaluation expenses		(2,891	)		(2,209	)		(682	)		(5,392	)		(3,739	)		(1,653	)
General and administrative expenses		(3,702	)		(2,603	)		(1,099	)		(8,090	)		(4,304	)		(3,786	)
Other income (expense)		(1,713	)		1,622			(3,335	)		(953	)		545			(1,498	)
Income before income taxes		22,521			15,797			6,724			57,742			28,272			29,470
Tax expense		(8,658	)		(6,979	)		(1,679	)		(20,729	)		(10,029	)		(10,700	)
Income for the period		13,863			8,818			5,045			37,013			18,243			18,770

Revenue:

		Three months ended									Six months ended
(in $000's unless otherwise specified)		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Gold revenue		61,380			38,109			23,271			128,648			69,599			59,049
Silver revenue		1,216			606			610			2,544			904			1,640
Gold sold (oz)		14,610			11,476			3,134			28,332			22,293			6,039
Silver sold (oz)		17,013			18,069			(1,056	)		33,035			26,727			6,308
Average realized gold price ($/oz sold) (1)		4,201			3,321			880			4,541			3,122			1,419

⁽¹⁾ Refer to Non-IFRS Measures.

Revenue: Revenue in Q2 2026 and YTD 2026 is higher than for Q2 2025 and YTD 2025, respectively, as the Company realized higher gold prices compared to 2025. Additionally, the Moss Mine resumed mining and crushing operations and began placing fresh mineralized material on the leach pad, resulting in higher production.

Cost of sales: The increase in cost of sales in Q2 2026 and YTD 2026 as compared to Q2 2025 and YTD 2025, respectively, was primarily due to higher royalty expenses resulting from increased gold prices, higher mining and crushing costs associated with the resumption of operations at the Moss Mine in 2026, compared to lower acquisition cost of inventory acquired in 2025, and longer hauling distances for waste and mineralized material at the San Albino Mine.

12

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

Exploration and evaluation expenses: 

Expenses by property		Three months ended									Six months ended
(in $000's)		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Eagle Mountain Project		1,408			1,135			273			2,637			2,172			465
San Albino El Jicaro concession		1,377			1,026			351			2,569			1,519			1,050
Mt. Hamilton Project		106			-			106			186			-			186
Moss Mine		-			48			(48	)		-			48			(48	)
		2,891			2,209			682			5,392			3,739			1,653

The increase in E&E expenses in Q2 2026 as compared to Q2 2025 resulted from higher drilling activity at the San Albino El Jicaro concession, aimed at defining new Mineral Reserves and Mineral Resources. In addition, costs incurred at the Eagle Mountain Project were directed toward advancing the project.

General and administrative expenses:

		Three months ended									Six months ended
(in $000's)		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Accounting and legal		271			338			(67	)		1,331			466			865
Directors' fees		190			69			121			329			172			157
Depreciation		52			35			17			82			71			11
General office expenses		427			269			158			1,131			591			540
Investor relations and communications		43			24			19			112			72			40
Salaries and benefits		1,130			1,415			(285	)		2,660			2,300			360
Stock-based compensation		1,468			431			1,037			2,111			578			1,533
Transfer agent fees and regulatory fees		121			22			99			334			54			280
		3,702			2,603			1,099			8,090			4,304			3,786

For the three months ended June 30, 2026, general and administrative expenses increased by $1.1 million compared to the same period in 2025. The increase was primarily due to a $1.0 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 six months ended June 30, 2026, general and administrative expenses increased by $3.8 million compared to the same period in 2025. The increase resulted from the following:

• Stock-based compensation increased by $1.5 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 legal fees related to the Company's NASDAQ listing as well as additional costs incurred by the Company's independent registered public accounting firm in support of their compliance with Public Company Accounting Oversight requirements.

• General office expenses increased by $0.5 million as a result of increase in travelling by corporate employees to mine sites.

13

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

Other income (expense)

		Three months ended									Six months ended
(in $000's)		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Accretion and interest expense		(307	)		(421	)		114		$	(612	)	$	(703	)	$	91
Loss (gain) on derivative instruments		(2,405	)		5			(2,410	)		(2,405	)		(275	)		(2,130	)
Gain on elimination of Contingent Consideration		-			1,000			(1,000	)		-			1,000			(1,000	)
Foreign exchange (loss) gain		(491	)		1,025			(1,516	)		(114	)		506			(620	)
Interest income		531			13			518			1,040			17			1,023
Other income		959			-			959			1,138			-			1,138
		(1,713	)		1,622			(3,335	)		(953	)		545			(1,498	)

Loss 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 Q2 2026 reflects the change in the fair value of the financial liability from the date of initial recognition to June 30, 2026. 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 Q2 2026, whereas it appreciated in Q2 2025. As a result, the Company recorded a foreign exchange loss in Q2 2026, compared to a foreign exchange gain in Q2 2025.

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

Other income in 2026 include net mark-to-market gain on marketable securities.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows

		Three months ended									Six months ended
(in $000's)		June 30, 2026			June 30, 2025			Change			June 30, 2026			June 30, 2025			Change
Net cash flows provided by operating activities		26,002			20,243			5,759			45,887			26,431			19,456
Net cash flows used in investing activities		(44,778	)		(3,019	)		(41,759	)		(49,297	)		(11,794	)		(37,503	)
Net cash (used) generated in financing activities		(2,962	)		949			(3,911	)		(2,261	)		(592	)		(1,669	)
Effect of foreign exchange on cash and cash equivalents		677			21			656			307			28			279
Change in cash and cash equivalents	$	(21,061	)	$	18,194		$	(39,255	)	$	(5,364	)	$	14,073		$	(19,437	)

For the three months ended June 30, 2026:

The Company generated positive cash flow from operations of $26.0 million, an increase of $5.8 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) $38.5 million in marketable securities; and (ii) $6.3 million for capital expenditures incurred on mining interest, plant and equipment. The net cash used in financing activity included stream deliveries valued at $3.0 million after consideration was received.

14

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

For the six months ended June 30, 2026:

The Company generated positive cash flow from operations of $45.9 million, an increase of $19.5 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 selling prices and a higher quantity of gold ounces sold. Cash used in investing activities included: (i) $39.2 million in marketable securities; and (ii) $9.6 million for capital expenditures incurred on mining interest, plant and equipment. The net cash used in financing activity included stream deliveries valued at $3.0 million after consideration was received, partially offset by $0.1 million generated from the exercise of stock options.

Financial condition and Liquidity risk

Financial Condition (in $000's)		At June 30, 2026			At December 31, 2025			Change
Cash and cash equivalents	$	71,913		$	77,277		$	(5,364	)
Working capital (1)		106,198			82,874			23,324

⁽¹⁾ Refer to Non-IFRS Measures.

The Company's working capital (defined as current assets less current liabilities) as at June 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 exploration programs at San Albino, technical and engineering activities at the Eagle Mountain Project, the ramp-up of mining activities at the Moss Mine to achieve commercial production, and pre-development activities at Mt. Hamilton. 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.

As at June 30, 2026, the Company has 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		36,851			36,851			36,851			-			-			-
Sailfish Gold Stream		41,712			86,320			13,147			24,272			21,799			27,102
Reclamation and Rehabilitation obligation		19,160			24,406			-			4,079			2,148			18,179
Total		97,723			147,577			49,998			28,351			23,947			45,281

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 June 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 87,605,909 common shares issued and outstanding, plus 1,434,576 RSUs, 418,483 DSUs and 1,979,068 stock options outstanding.

15

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

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 16 Related party transactions of the condensed interim consolidated financial statements for the three and six months ended June 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 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 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

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:

		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

16

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

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 ("CMC") 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.

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.

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.

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;

17

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

● 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 six months ended June 30, 2026, for a detailed discussion of these accounting estimates and judgments.

CHANGES IN ACCOUNTING POLICIES

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

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 pronouncements issued but not effective

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.

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.

18

 
Management’s Discussion and Analysis
For the three and six months ended June 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 June 30, 2026 condensed interim consolidated financial statements.

There has been no significant change in internal control over financial reporting during the period beginning on April 1, 2026 and ending on June 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 six months ended June 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 June 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 June 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:

19

 
Management’s Discussion and Analysis
For the three and six months ended June 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 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, share-based compensation and change in provision for reclamation and rehabilitation.

The following table provides EBITDA and Adjusted EBITDA calculations:

		Three months ended						Six months ended
(in 000's)		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Income for the period	$	13,863		$	8,818		$	37,013		$	18,243
Income tax expense		10,278			4,448			20,991			7,498
Deferred tax (recovery) expense		(1,620	)		2,531			(262	)		2,531
Accretion and interest expense		307			434			612			720
Fair value adjustment on gold stream		2,405			-			2,405			-
Interest income		(531	)		(13	)		(1,040	)		(17	)
Depreciation, depletion and amortization		2,658			2,447			4,639			4,084
EBITDA	$	27,360		$	18,665		$	64,358		$	33,059
Share-based compensation expense		1,468			431			2,111			578
Exploration activities		2,891			2,209			5,392			3,739
ADJUSTED EBITDA	$	31,719		$	21,305		$	71,861		$	37,376

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

"AISC per ounce sold" includes cash costs (as defined above) and adds the sum of G&A, sustaining capital 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.

20

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

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						Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Production costs	$	29,163		$	17,315		$	54,458		$	30,719
Adjustment to reflect a non-recurring change in estimate in the appropriate reporting periods	$	(766	)	$	-		$	(316	)	$	-
Total Cash Cost		28,397			17,315			54,142			30,719
Silver sales		(1,216	)		(611	)		(2,544	)		(905	)
Supporting general and administrative expenses		19			372			354			796
General and administrative expenses		3,683			1,448			7,736			2,659
Sustaining capital expenditures		2,322			588			5,015			771
Accretion of the asset retirement costs (ARO) (Non-cash)		195			34			363			74
Total AISC	$	33,400		$	19,146		$	65,066		$	34,114
Gold ounces sold		14,610			11,476			28,332			22,293
Cash cost ($/oz Au sold)	$	1,996		$	1,509		$	1,922		$	1,378
AISC ($/oz Au sold)	$	2,286		$	1,668		$	2,297		$	1,530

"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.

21

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

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 Unites 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.

• 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 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 each of the San Albino Mine and the Moss 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 production decisions at these projects were 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.

22

 
Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

• 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.

• 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 MRE 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:

23

 
Management’s Discussion and Analysis
For the three and six months ended June 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 expectation 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 timing for filing the technical report for the Moss Mine MRE.

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, 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.

24

 
Management’s Discussion and Analysis
For the three and six months ended June 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.

25

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 June 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 June 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

(c) the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

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 April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 13, 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:

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 June 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 June 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

(c) the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

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 April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 13, 2026

/s/ Ezequiel Sirotinsky   

Ezequiel Sirotinsky

Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 687.3 KB
• EX-99.2 EXHIBIT 99.2 468.3 KB
• EX-99.3 EXHIBIT 99.3 9.3 KB
• EX-99.4 EXHIBIT 99.4 9.1 KB