Mako Mining Recovers 12,743 Ounces of Gold and Generates Nearly $50 Million in Third-Quarter Revenue
Key Facts
Mako Mining said it recovered 12,743 ounces of gold and sold 11,581 ounces, generating nearly $50 million in gross revenue in the third quarter of 2026. Nasdaq cited the company’s statement as saying the figures combine performance at the San Albino and Moss mines and show production and sales during the period. The gap between ounces recovered and sold shows that not all of the material extracted or processed became sales in the same quarter. At Moss, the company attributed the delay in sales to a longer solution return cycle after increasing the height of the stacking lifts. The company’s shares closed at $7.6 on November 12, according to EL7 data.
San Albino recovered 9,145 ounces in the third quarter and sold 8,768 ounces at $4,285 per ounce. In the second quarter, gold recovered at the mine totaled 10,392 ounces, compared with 10,612 ounces sold. Recovered production therefore declined between the two quarters, as did sales over the same period. The CEO said lower San Albino production was linked to processing a larger share of lower-grade historical stockpile material relative to higher-grade vein ore. Diluted vein material accounted for 48% of material processed in the third quarter, compared with 54% in the first half of 2026.
At Moss, the company recovered about 3,599 ounces and sold 2,812 ounces in the third quarter, at $4,343 per ounce sold. The company said ounces not sold during the period were affected by a longer solution return time after the stacking lifts were raised. It expects those deferred ounces to be included in fourth-quarter 2026 sales, alongside production from material recently stacked. This means sales timing is linked to the mine’s recovery cycle as well as the volume of gold recovered. The company did not specify in the information provided how much revenue the deferred ounces would add when sold.
The company had $119.3 million in cash, securities and trade receivables on September 30, 2026. That balance shows its financial position at quarter-end alongside revenue of nearly $50 million for the period, with the two figures differing in nature and in the periods they measure. At Moss, average throughput at the crushing circuit was 5,113 short tons per day in the third quarter. The 2026–2027 technical report had cited an initial level of 8,500 short tons per day. The company attributed the gap mainly to mechanical constraints and operating bottlenecks.
The company expects a new leach pad to begin operating in the fourth quarter of 2026, enabling lower stacking lifts and shorter gold recovery cycles. It also said equipment to upgrade the Moss crushing circuit had been purchased and that it expects throughput to exceed 12,000 short tons per day by the third quarter of 2027. According to the CEO, that level is 40% above what was stated in the technical report issued in August 2026 and 130% above third-quarter 2026 throughput. The company links the removal of mechanical constraints with its target to increase crushing rates. The announced timing for the capacity increase remains the third quarter of 2027.
Mako reported record revenue of $62.6 million in the second quarter of 2026, with adjusted earnings before interest, taxes, depreciation and amortization of $31.7 million. It also posted net income of $13.9 million, or $0.16 per share, according to that quarter’s results statement. These figures provide a basis for comparison with third-quarter revenue of nearly $50 million, but do not include third-quarter earnings or earnings per share. The company’s latest announcement focuses on production, sales and operations at its two mines. The next steps it identified include selling the deferred ounces and starting operations at the new leach pad in the fourth quarter.