Mako Mining sold a record 14,610 ounces of gold in the second quarter, generating approximately US$63 million in revenue from its San Albino mine in Nicaragua and the recently acquired Moss mine in Arizona. The Nasdaq- and TSX Venture-listed company finished June with US$112 million in cash, gold-linked securities and trade receivables, an increase of US$15 million during the quarter despite continued exploration and development expenditure. San Albino accounted for 10,612 ounces of the quarterly sales at an average realised price of US$4,156 per ounce. Moss contributed another 3,998 ounces, sold at an average realised price of US$4,321 per ounce.
San Albino maintains high-grade production
San Albino processed 53,120 tonnes during the quarter at an average grade of 7.54 grams per tonne, with gold recovery reaching 80.7 per cent. The Nicaraguan open-pit operation continues to process relatively high-grade material, although its 35.9-to-one strip ratio reflects the substantial amount of waste that must be moved to maintain ore feed.
Mako has also completed the acquisition and registration of the 3,000-hectare Eureka concession, located immediately west of San Albino. The transaction consolidates concessions around the historic mine and brings the company’s total land position in Nicaragua to 254 square kilometres.
Gold-linked securities increase financial exposure
Approximately US$40 million of Mako’s quarterly financial increase was invested in gold-linked securities. The position gives the company additional exposure to bullion and mining equities alongside its producing operations. Mako also delivered 1,141 ounces under the gold stream associated with the Mt Hamilton acquisition. The stream obligation reduces the economic exposure retained on a portion of production and is separate from the company’s spot-market gold sales.
Mt Hamilton advances toward construction
Cash generated by San Albino and Moss is being allocated to Mako’s development portfolio, including the Mt Hamilton project in Nevada. At Mt Hamilton, the company has expanded its workforce and added seven pieces of heavy equipment. Condemnation drilling for the planned crusher and conveyor configuration has also been completed.
Eagle Mountain moves through environmental assessment
At Eagle Mountain in Guyana, Mako filed an environmental and social impact assessment in March and expects to submit the final document during the second half of 2026. Drilling at the project is being used for pit design, infill resource definition and metallurgical work ahead of an environmental-authorisation decision. The combination of the producing San Albino and Moss operations with development work at Mt Hamilton and Eagle Mountain places the company’s US$112 million financial position alongside several concurrent capital requirements.
