The Q1 2026 results confirm Mako's transition to a multi-asset gold producer with strong cash generation at current gold prices. The Nasdaq listing should improve liquidity and institutional access. Key catalysts to watch: (1) Moss Mine reaching commercial production and its impact on unit costs, (2) Mt. Hamilton pre-development progress toward construction in 2026, (3) Eagle Mountain ESIA approval timeline (public comment period ends early June 2026), and (4) remediation of the ICFR material weakness. The gold stream liability of $42.3M with 25% discount rate implies significant future cash outflows — monitor gold price sensitivity.
Price Chart
Executive Summary
Mako Mining reported Q1 2026 results showing revenue of $68.6M (up 116% YoY from $31.8M), net income of $23.1M (up 146% from $9.4M), and operating cash flow of $19.2M (up 210% from $6.2M). The massive growth was driven by the Moss Mine acquisition (closed March 2025) and a 68% increase in the average realized gold price to $4,902/oz. The company also completed the Mt. Hamilton Project acquisition on March 24, 2026, funded via a gold stream liability of $42.3M, and listed on Nasdaq on March 30, 2026. A material weakness in internal controls over financial reporting was disclosed but not yet remediated.
Key Facts
- Revenue of $68.6M in Q1 2026, up 116% from $31.8M in Q1 2025
- Net income of $23.1M, up 146% from $9.4M in Q1 2025
- Operating cash flow of $19.2M, up 210% from $6.2M in Q1 2025
- Average realized gold price of $4,902/oz, up 68% from $2,911/oz in Q1 2025
- Consolidated gold production of 13,869 oz, up 41% from 9,820 oz in Q1 2025
- Cash and cash equivalents of $93.0M, up from $77.3M at Dec 31, 2025
- Completed acquisition of Mt. Hamilton Project (Nevada) on March 24, 2026, for $43.6M via gold stream liability
- Listed on Nasdaq on March 30, 2026 under ticker MAKO
- Moss Mine not yet at commercial production as of March 31, 2026
- Material weakness in ICFR disclosed; remediation expected by Dec 31, 2026
Financial Impact
Revenue increased by $36.8M YoY (+116%), net income increased by $13.7M YoY (+146%), operating cash flow increased by $13.0M YoY (+210%). Cash balance grew by $15.7M to $93.0M.
Risk Factors
- Gold price volatility — a sustained decline would compress margins given AISC of $2,275/oz
- Moss Mine ramp-up risk — not yet at commercial production; heap leach operations face recovery variability
- Sailfish Gold Stream liability of $42.3M with total cash outflow of $92.0M over 132 months; 20% of gold sold at spot creates ongoing margin drag
- Material weakness in ICFR could delay SEC reporting or trigger compliance issues as a new Nasdaq-listed issuer
- Nicaragua political/sanctions risk — U.S. sanctions on Nicaraguan entities could impact San Albino operations
- Guyana/Venezuela territorial dispute over Essequibo region where Eagle Mountain is located
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-002669 |
| Exhibit: exhibit99-2.htm | 0001062993-26-002669 |
| Exhibit: exhibit99-3.htm | 0001062993-26-002669 |
| Exhibit: exhibit99-4.htm | 0001062993-26-002669 |
| Document: form6k.htm | 0001062993-26-002669 |
| Document: 0001062993-26-002669-index-headers.html | 0001062993-26-002669 |
| Document: 0001062993-26-002669-index.html | 0001062993-26-002669 |
| Document: 0001062993-26-002669.txt | 0001062993-26-002669 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $8.95 | awaiting T+60 | — | $8.18 (−8.55%) |
Sep 14, 2026 6w ago | 6-K | $10.06 | awaiting T+60 | — | $8.18 (−18.69%) |
Sep 10, 2026 6w ago | 6-K | $9.82 | awaiting T+60 | — | $8.18 (−16.70%) |
Aug 14, 2026 10w ago | 6-K | $10.12 | awaiting T+60 | — | $8.18 (−19.17%) |
Jul 7, 2026 16w ago | 6-K | $7.73 $9.39 | ▲ +21.47% | ▲ +19.48% | $8.18 (+5.82%) |
May 15, 2026 23w ago | 6-K | $8.21 $9.89 | ▲ +20.46% | ▲ +15.95% | $8.18 (−0.37%) |
May 15, 2026 23w ago | 6-K | $8.21 $9.89 | ▲ +20.46% | ▲ +15.95% | $8.18 (−0.37%) |
May 4, 2026 25w ago | 6-K | $7.55 $7.13 | ▼ −5.56% | ▼ −7.42% | $8.18 (+8.34%) |
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