Mako Mining

What Mako Mining does

Mako Mining Corp. is a publicly listed gold mining, development, and exploration company that operates a diversified portfolio of precious metals assets across the Americas. Founded in 2019 and dual-listed on the TSX Venture Exchange (MKO) and NASDAQ (MAKO) since March 2026, the company is controlled by Wexford Capital LP and headquartered in Vancouver, Canada. Mako's portfolio includes two producing mines—the high-grade San Albino open-pit gold mine in Nueva Segovia, Nicaragua, and the Moss Mine heap leach operation in northwestern Arizona—plus two development-stage assets: the fully permitted Mt. Hamilton gold-silver project in White Pine County, Nevada (acquired March 2026, currently under construction), and the PEA-stage Eagle Mountain project in west-central Guyana (acquired via Goldsource Mines in July 2024).

Mako's mining operations use conventional open-pit extraction paired with distinct recovery circuits: the San Albino Mine employs a mill with Carbon-in-Leach (CIL) processing at an average grade of approximately 7.0 g/t Au with 80% gold recovery (ranked among the highest-grade open-pit gold mines globally), while the Moss Mine and Mt. Hamilton Project use heap leach processing with Merrill-Crowe recovery. The aggregate Measured & Indicated resource base totals approximately 2.5 million oz Au across the four assets (679,000 AuEq oz at Moss, 578 Koz Au at Mt. Hamilton, 1,183 Koz Au Indicated at Eagle Mountain, and 250,200 oz Au at San Albino), with ongoing district-scale exploration at Las Conchitas adjacent to San Albino extending permitted mineralization to over 450 m of strike.

Mako generates revenue through the direct sale of gold and silver to refineries and precious metals buyers at prevailing LBMA PM Fix prices, with an average realized gold price of US$4,902 per ounce in Q1 2026. Q1 2026 quarterly revenue reached a record US$68.6 million (+36% sequentially), US$40.1 million in Adjusted EBITDA, a US$96.1 million cash position, and zero debt as of March 31, 2026. Growth has been driven by a disciplined acquisition-led strategy, with three material transactions completed since mid-2024 (Goldsource, Moss, Mt. Hamilton) and an October 2025 C$50.25 million financing supporting development pipeline advancement.

Name

Mako Mining

Legal name

Mako Mining Corp.

Website

https://makominingcorp.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Mako Mining Corp is a dual-listed gold mining company operating the high-grade San Albino Mine in Nicaragua and the Moss Mine in Arizona, with development-stage projects in Nevada and Guyana. It sells gold and silver directly to refineries at market prices, producing record quarterly revenue and EBITDA.

Ownership category

akta.pro rank

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Gold and Silver Production Sales: Mako Mining generates revenue through the production and sale of gold and silver from its operating mines. The company sells gold at market prices with an average realized gold price of $4,902 per oz in Q1 2026. Production comes from the San Albino Mine in Nicaragua and the Moss Mine in Arizona.
2. Gold Streaming (Mt. Hamilton): As part of the Mt. Hamilton acquisition, Mako grants Sailfish Royalty a gold stream arrangement. Sailfish purchases approximately 341.7 troy ounces of gold per month at 20% of LBMA PM Fix price during the initial 60 months, then approximately 100 troy ounces monthly during the following 72 months. This represents a liability/obligation rather than direct revenue.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Mako Mining is a publicly listed gold mining, development, and exploration company operating producing mines and development-stage projects across the Americas. It extracts and sells gold and silver from the high-grade San Albino Mine in Nicaragua and the Moss Mine in Arizona, selling directly to refineries and precious metals buyers at prevailing market prices.

Product overview

Mako Mining Corp is a diversified gold mining, development, and exploration company operating a portfolio of assets across the Americas. The company's core production assets include the San Albino Mine in Nicaragua (one of the world's highest-grade open pit gold mines) and the Moss Mine in Arizona (heap leach operation). Development-stage assets include the Mt. Hamilton Gold-Silver Project in Nevada (fully permitted, under construction) and the Eagle Mountain Project in Guyana (PEA stage). The company leverages integrated mining operations combining open-pit extraction with milling (CIL recovery at San Albino) and heap leach processing (Moss Mine, Mt. Hamilton) to produce gold and silver.

Differentiator

Problem solved

Functional benefit

Products and services

• San Albino Mine A fully permitted and operating high-grade gold mine in Nueva Segovia, Nicaragua, recognized as one of the highest-grade open pit gold mines globally (~7.0 g/t fed to mill with 80% gold recovery), using open-pit/underground mining with milling and CIL recovery. Produces gold and silver for sale to refineries.
• Moss Mine An open-pit, heap leach gold and silver mining operation in northwestern Arizona (~10 miles east of Bullhead City), using conventional open-pit mining with heap leach processing and Merrill-Crowe recovery, supported by grid power and on-site water wells. Produces gold and silver.
• Mt. Hamilton Project A fully permitted, advanced-stage open-pit gold-silver development project in White Pine County, Nevada, currently under construction with a pathway toward near-term production. Mineralization is associated with skarn and epithermal systems.
• Eagle Mountain Project A PEA-stage gold development project in west-central Guyana (~200 km south-southwest of Georgetown), held 100% through Goldsource Mines Inc., using conventional open-pit mining with ongoing engineering, environmental, and permitting activities.

Quantifiable outcome

• Q1 2026 record revenue of $68.6 million, representing 36% increase from previous quarter
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Sailfish Royalty Corp.coreStrategic or Co-development Partner · 24 March 2026Sailfish Royalty Corp. sold the Mt. Hamilton Gold-Silver Project to Mako Mining for US$40 million through a gold streaming arrangement. Sailfish receives gold deliveries at 20% of LBMA PM Fix price over 132 months. Both companies are controlled by Wexford Capital LP, making this a related party transaction. Sailfish holds gold streams on Mako's San Albino mine in Nicaragua.
• Goldsource Mines Inc.coreStrategic or Co-development Partner · 3 July 2024Mako Mining completed acquisition of Goldsource Mines Inc. for CAD$43 million in July 2024. Goldsource owned the Eagle Mountain Gold Project in Guyana, which is now a 100%-owned Mako asset. The acquisition was completed via court-approved plan of arrangement.

Scale indicators16 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Alamos Gold: Alamos Gold is a Canadian intermediate gold producer with operations in Mexico (Mulatos) and Canada (Young-Davidson, Island Lake), offering similar multi-jurisdictional gold exposure but at larger scale and longer operating history.
• New Gold: New Gold is an intermediate gold producer with Rainy River (Ontario) and New Afton (BC) operations — comparable intermediate-producer profile, multi-asset strategy, and Canadian-listed gold mining focus.
• Endeavour Mining: Endeavour Mining is an intermediate gold producer focused on West Africa with comparable portfolio approach to growth via development and acquisitions, though geographically concentrated rather than Americas-focused.
• IAMGOLD: IAMGOLD is a Canadian intermediate gold producer with assets in Canada (Côté Lake), Burkina Faso (Essakane), and Suriname (Rosebel) — comparable multi-jurisdictional Americas-focused gold producer profile.
• Coeur Mining: Coeur Mining is a U.S.-listed precious metals producer with gold and silver operations across North America (Wharf, Kensington, Palmarejo). Notably, Coeur acquired SilverCrest (founded by Mako Chairman Eric Fier) for $1.7B in 2025.
• Centerra Gold: Centerra Gold is a Canadian-based gold and copper miner with Mount Milligan (BC), Öksüt (Turkey), and heap leach operations in Nevada — comparable North American operating footprint and open-pit gold production.
• Equinox Gold: Equinox Gold is a multi-asset gold producer operating across the Americas (Mexico, Brazil, USA, Canada) with comparable geographic diversification strategy and similar tier of producing assets.

Direct peers

• Calibre Mining: Calibre Mining is a mid-tier gold producer operating in Nicaragua (Limón and Libertad mines) — the most directly comparable peer given shared Nicaraguan operating jurisdiction and similar scale of gold production. Calibre's CFO (historically) shares lineage with Mako.
• Argonaut Gold: Argonaut Gold is a multi-asset gold producer with operations in North America (Magino in Ontario, Florida Canyon in Nevada, La Colorada in Mexico) of comparable size to Mako, with similar open-pit heap leach and milling operations.
• Elevation Gold Mining: Elevation Gold (formerly Northern Vertex) operated the Moss Mine in Arizona prior to selling it to Mako in March 2025 — a direct predecessor operator with identical asset, comparable scale, and the same open-pit heap leach gold processing approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MakoMiningCorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mako Mining