Mako Mining Corp (TSX-V: MKO, OTCQX: MAKOF) delivered impressive financial results for the second quarter of 2025, reflecting robust growth driven by higher gold prices and increased operational efficiency. The company sold 11,476 ounces of gold at an average price of $3,323 per ounce, generating record revenue of $38.7 million for the quarter, a significant jump from $28.3 million in the same period last year.
This surge in revenue translated into a record adjusted EBITDA of $21.3 million and net income of $8.8 million, underscoring solid profitability. The company’s earnings per share stood at $0.11, reflecting the strength of its operational execution and market conditions. In addition to earnings growth, Mako Mining saw its cash reserves rise sharply by $18.2 million during the quarter, bringing its cash position to $28.6 million as of June 30, 2025.
The financial performance was anchored by strong production at Mako’s San Albino gold mine in Nicaragua alongside residual leaching activities at the Moss Mine in Arizona. Specifically, the San Albino operation produced 10,104 ounces of gold during the quarter from 54,354 tonnes mined at an impressive grade of 6.24 grams per tonne, while the Moss Mine contributed the remaining 1,372 ounces from residual leaching. These figures reflect solid operational throughput and gold recovery rates, supporting the company’s revenue growth.
Pricing played a key role in the financial uplift. The average spot gold price for the quarter was around $3,280 per ounce, which is roughly 40% higher than in Q2 2024. Mako Mining’s ability to sell its output at the prevailing spot price contributed significantly to the boosted revenue and margins.
Cost management was another highlight. The company reported cash costs of $1,509 per ounce sold and All-In Sustaining Costs (AISC) of $1,668 per ounce, levels that provide healthy margins at the current gold price environment. This cost discipline helped generate a mine operating cash flow of $16.9 million for the quarter.
Beyond the numbers, Mako Mining is actively progressing its projects. The company plans to ramp up operations at the Moss Mine by the end of August 2025, expecting more consistent production in the second half of the year, particularly in the final quarter. The Eagle Mountain gold project in Guyana is also advancing, with environmental and engineering studies underway as the company prepares to submit its draft Environmental Impact Assessment later this year.
Mako Mining’s operational and financial strides demonstrate a company benefiting from favorable market conditions and capable management. With a strong cash position and ongoing project developments, the company appears set to maintain its growth trajectory as it moves deeper into 2025.
This quarter’s results offer a glimpse of how rising gold prices and operational execution combine to strengthen junior mining companies’ financial platforms. For investors and stakeholders, Mako Mining’s quarterly performance provides evidence of sustainable earnings improvement backed by strategic asset management and exploration initiatives.
While challenges such as commodity price volatility and operational risks remain, Mako Mining’s Q2 performance indicates it is navigating the landscape effectively. The company will be one to watch as it pursues further production scale-up and project advancement in the coming months.
