Monitor Q4 2026 for Moss Mine throughput improvement as new leach pad becomes operational and deferred ounces from Q3 are realized. Watch for Mt. Hamilton construction start following bond posting and plan-of-operation amendment approval.
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Executive Summary
Mako Mining reported Q3 2026 production results with total gold recovered of 12,743 oz and revenue of $50 million. San Albino gold recovered declined sequentially to 9,145 oz (from 10,392 oz in Q2) due to processing a higher proportion of lower-grade historical dump material. The Moss Mine remained mechanically constrained at 5,113 short tons per day throughput, well below the 8,500 tpd target. Positive permitting updates at Mt. Hamilton (condemnation drilling permits received) and Eagle Mountain (mineral agreement executed) support longer-term development timelines.
Key Facts
- Total Q3 2026 gold recovered: 12,743 oz (sales of 11,581 oz) for revenue of $50 million
- San Albino gold recovered: 9,145 oz (sales of 8,768 oz at avg realized price $4,285/oz), down from 10,392 oz in Q2 2026
- Moss Mine gold recovered: 3,599 oz (sales of 2,812 oz at avg realized price $4,343/oz), down from 3,631 oz in Q2 2026
- Cash, securities and trade receivables: $119.3 million as of September 30, 2026
- San Albino feed grade declined to 6.66 g/t from 7.54 g/t in Q2 2026 due to higher proportion of historical dump material (52% vs 47% in Q2)
- Moss Mine crushing plant throughput averaged 5,113 short tons per day, below the 8,500 tpd target in the Technical Report
- Mt. Hamilton received condemnation drilling permits from USFS on October 16, 2026; first gold pour anticipated December 2027
- Eagle Mountain mineral agreement executed with Government of Guyana; final ESIA expected Q4 2026
Financial Impact
Revenue of $50 million in Q3 2026; cash position of $119.3 million
Risk Factors
- San Albino feed grade decline may persist if historical dump processing remains elevated
- Moss Mine mechanical constraints could delay throughput ramp to 12,000 tpd target by Q3 2027
- Mt. Hamilton and Eagle Mountain development timelines subject to permitting and construction execution risk
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-005394 |
| Document: form6k.htm | 0001062993-26-005394 |
| Document: 0001062993-26-005394-index-headers.html | 0001062993-26-005394 |
| Document: 0001062993-26-005394-index.html | 0001062993-26-005394 |
| Document: 0001062993-26-005394.txt | 0001062993-26-005394 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $8.95 | awaiting T+60 | — | $8.06 (−9.89%) |
Sep 14, 2026 6w ago | 6-K | $10.06 | awaiting T+60 | — | $8.06 (−19.88%) |
Sep 10, 2026 6w ago | 6-K | $9.82 | awaiting T+60 | — | $8.06 (−17.92%) |
Aug 14, 2026 10w ago | 6-K | $10.12 | awaiting T+60 | — | $8.06 (−20.36%) |
Jul 7, 2026 16w ago | 6-K | $7.73 $9.39 | ▲ +21.47% | ▲ +19.48% | $8.06 (+4.27%) |
May 15, 2026 23w ago | 6-K | $8.21 $9.89 | ▲ +20.46% | ▲ +15.95% | $8.06 (−1.83%) |
May 15, 2026 23w ago | 6-K | $8.21 $9.89 | ▲ +20.46% | ▲ +15.95% | $8.06 (−1.83%) |
May 4, 2026 25w ago | 6-K | $7.55 $7.13 | ▼ −5.56% | ▼ −7.42% | $8.06 (+6.75%) |
US Market Status
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