Mako Mining (TSXV: MKO) posted quarterly revenue of $50.4 million in Q4 2025, up from $28.8 million in Q4 2024, on higher realized gold prices and increased ounces sold.
Gold sold increased to 11,564 ounces from 10,888 ounces, while the average realized gold price climbed to $4,313 per ounce from $2,650 per ounce.
For the full year, revenue reached $148.5 million, up from $92.1 million in 2024, as gold sold rose to 41,686 ounces from 39,001 ounces and average realized price increased to $3,515 per ounce from $2,361 per ounce.
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The company then reported $14.3 million in net income in Q4, with adjusted EBITDA rising to $28.3 million from $14.1 million.
However, full-year production costs increased to $65.5 million from $38.2 million. Q4 unit costs remained well below realized prices, with cash costs at $1,572 per ounce sold and AISC at $1,876 per ounce sold.
On the balance sheet, Mako ended 2025 with cash and cash equivalents of $77.3 million, up from $14.5 million a year earlier.
Production data showed San Albino remained the core earnings engine in Q4. The mine processed 54,076 tonnes at a feed grade of 6.77 grams per tonne gold and recovery of 81.8%, selling 9,307 ounces at an average realized price of $4,340 per ounce. Moss Mine sold 2,257 ounces at an average realized price of $4,202 per ounce, with 436,066 tonnes crushed at a grade of 0.20 grams per tonne gold.
Mako Mining last traded at $9.10 on the TSX Venture.
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