Mako Mining (TSXV: MKO) reported its Q3 2025 results, with revenue jumping 75% year over year to $27.6 million from $15.7 million. This is driven by a 20% increase in gold ounces sold to 7,830 ounces from 6,532 ounces and a 43% jump in average realized gold price to $3,454 per ounce from $2,409 per ounce.
Despite this powerful pricing and volume mix, net income for the quarter was only $1.2 million, implying a modest net margin of about 4%.
Consolidated cash costs were $2,115 per ounce and AISC were $2,561 per ounce, reflecting the impact of lower grade sequencing at San Albino and the early ramp up at Moss.
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EBITDA came in at $6.0 million versus $2.9 million in Q3 2024, more than doubling and lifting the EBITDA margin to roughly 21.6% from 18.4%. Adjusted EBITDA jumped 119% to $9.3 million from $4.3 million, expanding the adjusted margin to about 33.7% from 27.0%.
For Q3 2025, net cash from operating activities was $4.6 million. After removing a $0.3 million favourable change in non-cash working capital, and adding back $2.8 million of exploration expense and $1.7 million of Nicaraguan taxes and royalties, mine OCF reached $8.9 million with a mine OCF margin of roughly 32%.
Subsequent events have strengthened the liquidity profile further. On October 28, 2025, the company closed a series of equity financings totaling $55.3 million of gross proceeds, issuing 7.0 million common shares at $8.00 per share.
The company now holds roughly $66.0 million in cash and has fully eliminated its debt. This balance includes about $37.0 million in net proceeds from its recent equity financing and reflects the repayment of the remaining $6.5 million loan.
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Operationally, Q3 2025 was intentionally a lower grade quarter at San Albino. The mine processed 52,554 tonnes at a feed grade of 5.0 g/t and 81.4% recovery, selling 6,918 ounces of gold at an average realized price of $3,452 per ounce. Site-level cash costs were $1,767 per ounce sold and AISC was $2,064 per ounce.
At Moss, the quarter reflected the tail end of residual leaching and the early stages of restart. The mine moved 122,788 tonnes and crushed 72,851 tonnes at a 0.24 g/t grade, selling 912 ounces of gold and 13,308 ounces of silver. The low throughput and grades translated into elevated unit costs, with cash costs of $4,756 per ounce and AISC of $4,596 per ounce, well above consolidated averages and dilutive to group margins despite a realized gold price of $3,476 per ounce.
The scheduled low-grade mine plan at San Albino and the Moss restart explain why such favourable price dynamics only produced a modest net profit and elevated AISC metrics. Management has indicated that high grade production resumed at San Albino in late October and that Moss stacking rates approached design levels, with expectations for record financial results in Q4 2025 as volumes normalize.
Mako Mining last traded at $7.47 on the TSX Venture.
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