VANCOUVER, BC – Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”), a growing force in high-grade gold mining, is proud to announce its operational and financial results for the second quarter of 2025 (“Q2 2025”). The Company delivered its strongest quarterly performance to date, driven by robust production from the San Albino gold mine in northern Nicaragua, steady residual output from the Moss Mine in Arizona, and continued progress at the Eagle Mountain gold project in Guyana. All figures are in U.S. dollars unless otherwise specified.
Exceptional Production Performance at San Albino
During Q2 2025, the San Albino mine maintained its reputation as one of the highest-grade open pit gold mines globally. Operational output was strong across key metrics:
Total Tonnes Mined: 54,354, containing 10,911 ounces (“oz”) of gold (Au) at an impressive average grade of 6.24 grams per tonne (“g/t”) Au, and 12,491 oz of silver (Ag) grading 7.15 g/t Ag.
Diluted Vein Material: 25,022 tonnes yielded 7,981 oz Au at 9.92 g/t Au and 8,829 oz Ag at 10.97 g/t Ag.
Historical Dump & Other Mineralized Material: 29,332 tonnes generated 2,930 oz Au at 3.11 g/t Au and 3,662 oz Ag at 3.88 g/t Ag.
Average Strip Ratio: 38.3:1 (excluding capitalized waste).
Milling Throughput: 52,705 tonnes processed, averaging 6.58 g/t Au and 7.58 g/t Ag, split 41% diluted vein and 59% historical dump/other.
Operational Efficiency: 595 tonnes per day milled with outstanding 97% plant availability.
Gold Recovery: 80.3% recovery rate.
Quarter-End Stockpile: 127,897 tonnes at an average grade of 2.52 g/t Au (containing an estimated 10,352 oz Au), positioning the mine for ongoing production momentum.
Financial Outperformance & Record Revenue
Q2 2025 proved to be a watershed quarter for Mako Mining, as surging gold prices propelled revenue and cash balances to record levels:
Total Gold Sales: 11,476 oz Au, generating $38.1 million in revenue.
San Albino Mine: Sold 10,104 oz Au at a realized price of $3,323/oz.
Moss Mine (Arizona): Sold 1,372 oz Au from residual leaching at $3,321/oz.
Silver Loan Paid: Final 13,500 oz Ag delivered to Sailfish Royalty Corp. for a $0.4 million payment, eliminating a key legacy liability.
Collateral Released: $1.5 million in collateral freed at Moss Mine by Trisura Guarantee Insurance Company.
Ending Cash Balance: $28.6 million as of June 30, 2025—up by $18.2 million from the previous quarter.
Akiba Leisman, CEO of Mako, commented, “In Q2 2025, we achieved a milestone with $38.1 million in revenue—our highest ever. Gold sales volume was consistent with previous quarters, but the realized price per ounce surged, reflecting a bullish gold market. This was also our first full quarter owning the Moss Mine, which contributed additional ounces. Even after aggressive reinvestment in exploration at San Albino, fast-tracking Eagle Mountain in Guyana, and advancing restart preparations at Moss, our cash balance grew by $18.2 million. This profitability underlines the quality of our assets and provides a solid financial foundation as we plan for construction at Eagle Mountain next year.”
San Albino Operational Review
Mining: The mine averaged 597 tpd from diluted vein and other sources. High-grade material came from six veins within the Las Conchitas South (Bayacun-Limon-Mango, Las Dolores) and Las Conchitas Central (Intermediate, Cruz Grande) zones.
Milling: Throughput exceeded nameplate by 19%. Average head grade was 6.58 g/t Au, with gold recovery of 80.3%, reflecting efficient metallurgical performance.
Stockpiling: The robust end-of-quarter stockpile supports consistent production into the next period.
Moss Mine, Arizona – Transitioning to Full Operations
Residual Leaching: 1,372 oz Au sold in Q2 from leach pads.
Restart Preparations: New mining contractor mobilized in June. Over 80,000 tonnes of blasted ore are staged, with a fully refurbished 10,000 tpd plant ready for operation. Full mining restart is expected in early Q3 2025, with steady-state output targeted by year-end.
Eagle Mountain, Guyana – Progressing Toward Construction
Environmental & Engineering Milestones: H1 2025 activities focused on mine design, baseline environmental data, and critical studies for the upcoming Environmental Impact Assessment (EIA) submission to Guyana’s EPA.
Geotechnical & Hydrogeological Studies: Drilling and testing advanced, with results to inform pit optimization and water management strategies.
Regulatory Milestone: Comprehensive Environmental Application and Project Summary documents were submitted to the EPA in March, followed by a site visit in May.
Next Steps: Draft EIS submission anticipated in H2 2025.
Gold Market Context: 24 Months of Unprecedented Growth
Mako Mining’s record results must be seen in the context of a historic bull run in the gold market over the past two years. Since July 2023, gold prices have surged from approximately $1,950/oz to new all-time highs above $3,200/oz by mid-2025—a rise of over 60%. Key drivers of this rally include persistent global inflation, central bank rate cuts, mounting geopolitical tensions, and robust central bank buying (particularly by China and India).
Gold’s performance has dramatically outpaced most asset classes in the period, with year-on-year returns exceeding those of major stock indices, government bonds, and many commodities. In the last 12 months alone, gold appreciated by more than 35%, fueled by investors seeking a hedge against currency devaluation and economic uncertainty. This price appreciation directly benefited producers like Mako, boosting margins, cash flow, and shareholder value.
About Mako Mining Corp.
Mako Mining Corp. is a dynamic gold mining, development, and exploration company with a focus on high-grade, district-scale opportunities. The Company’s flagship San Albino mine in Nicaragua consistently ranks among the world’s highest-grade open pit operations. Mako also owns the Moss Mine in Arizona, a significant open pit asset undergoing restart, and a 100% interest in the Eagle Mountain Project in Guyana, which is rapidly advancing toward construction. Mako’s disciplined approach to growth and exploration is backed by a strong balance sheet and a proven management team.
Qualified Person
The technical content in this release has been reviewed and approved by John Rust, a metallurgical engineer and “qualified person” as defined under NI 43-101. Mr. Rust is a senior metallurgist and a valued consultant to Mako Mining.
For more information, contact:
Akiba Leisman, Chief Executive Officer
Phone: 917-558-5289
Email: [email protected]
Website: www.makominingcorp.com
SEDAR: www.sedarplus.ca
Forward-Looking Statements:
This news release contains forward-looking information, including but not limited to: production expectations at San Albino and Moss, timing of the EIA submission for Eagle Mountain, and other future plans. Risks include, among others, the potential for actual results to differ materially due to operational, regulatory, or market factors, as detailed in Mako’s filings at www.sedarplus.ca. Mako disclaims any intention to update forward-looking information except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Official Source: https://www.makominingcorp.com/news-media/press-releases/index.php?content_id=1064
