Mako Mining Doubles Revenue to $68.6 Million in First Quarter 2026
Vancouver, Friday, 15 May 2026.
Mako Mining doubled its first-quarter 2026 revenue to $68.6 million, driving a remarkable net income of $23.1 million. This record profitability highlights the company’s strong operational execution.
Detailed Financial Breakdown
According to the detailed financial statements filed on May 14, 2026, the company’s top-line revenue reached exactly US$68.588 million, representing a 115.855 percent increase compared to the US$31.775 million reported during the same three-month period in 2025 [2]. This surge in revenue translated into a net income of US$23.149 million, significantly up from the US$9.424 million recorded in the first quarter of the previous year [2]. The mining firm also generated US$46.1 million in mine operating cash flow, reinforcing its robust liquidity position [1].
Strategic Acquisitions and Expanded Asset Portfolio
A pivotal event during the quarter was the expansion of Mako Mining’s North American footprint. On March 24, 2026, the company completed the acquisition of a 100 percent interest in Mt. Hamilton LLC, which owns the fully permitted Mt. Hamilton Gold-Silver Project in White Pine County, Nevada [1][2]. The transaction, accounted for as an asset acquisition, was valued at US$43.628 million [2]. To finance this acquisition, Mako Mining executed a gold stream agreement with Sailfish Royalty Corp., which provided an initial fair value of US$42.342 million [2]. Deliveries under this 60-month initial stream term commenced in April 2026, requiring Mako Mining to deliver 341.7 ounces of refined gold per month [2].
Liquidity, Capital Strategy, and Future Outlook
Mako Mining’s balance sheet reflects substantial liquidity improvements. As of March 31, 2026, the company held US$92.974 million in cash and cash equivalents, an increase of US$15.697 million from the end of 2025 [2]. Total assets grew to US$274.311 million against total liabilities of US$99.892 million [2]. Chief Executive Officer Akiba Leisman characterized the three-month period as a record quarter for production, revenue, and profitability [1]. Looking ahead, Leisman stated that over the subsequent quarters, the management team will prioritize lowering the company’s cost of capital to further accelerate its accretive growth trajectory [1].