⚠️ PAID-FOR CONTENT

Mako Mining, led by CEO Akiba Leisman, operates the San Albino gold mine in Nicaragua and the Moss Mine in Arizona while advancing the Mt. Hamilton project in Nevada and the Eagle Mountain project in Guyana. This interview focused on Q1 2026 production results, ramp-up at Moss, progress toward construction at Mt. Hamilton, permitting at Eagle Mountain, and the company’s cash position and growth plans.

TL;DR

Q1 2026 saw San Albino produce 13,721 ounces of gold with strong performance in high-grade zones, generating significant free cash flow and leaving the company debt-free with just under US$100 million in cash. Moss is ramping up and turning profitable even in lower-grade material. Environmental approval now allows access to higher-grade east side ore. Mt. Hamilton construction is starting with equipment on site and ~US$85 million capex expected. Eagle Mountain permitting is advancing with mineral agreement signing imminent. Management sees potential for substantial production growth across assets but highlighted execution risks, especially underground development at San Albino.

What have they done for shareholders lately?

San Albino delivered consistent high-grade production through Q1 2026 after a lower-grade Q3 2025 schedule, with mill availability at 97% and recoveries around 80-83%. Moss reached throughput capacity months ago, completed plant debottlenecking work, and generated positive EBITDA even during ramp-up despite lower grades. The company repaid all acquisition and restart capital at Moss, raised US$37 million equity in late 2025 (not strictly needed but to avoid delays), and secured the key environmental assessment amendment for Moss east side mining. Cash increased by US$18 million in Q1 after a US$13.2 million tax payment.

How much money do you have and what are you spending it on?

The company is debt-free with just under US$100 million cash as of the interview date. The recent equity raise and operating cash flow from San Albino and Moss fully fund Mt. Hamilton (US$85 million capex) and position the balance sheet for Eagle Mountain (US$100+ million capex) without further external financing at current gold prices. Capital is prioritized for Mt. Hamilton construction (equipment, dirt moving, long-lead items), Eagle Mountain permitting and early works, and modest underground decline development at San Albino. No active share buybacks recently due to capital needs.

Upcoming catalysts

• Moss east side pre-strip access and higher-grade blending starting, aiming for steady-state ~30,000+ oz/year by early 2027.
• Mt. Hamilton construction ramp and first gold targeted within 14-15 months of formal T0 (imminent).
• Eagle Mountain mineral agreement signing in coming weeks, ESIA public consultation and potential approval late 2026 or Q1 2027.
• San Albino underground decline development in next 2-3 months, Bakun extension drill results expected early May 2026.
• Q2 2026 operational and financial results in mid-May.
• Potential tungsten strategy at Mt. Hamilton over next 4-6 months.

Risks

San Albino faces added complexity and operating risk from starting underground development alongside open pit mining, plus ongoing metallurgical variability from preg-robbing carbonaceous material affecting recoveries. Moss ramp-up continues with plant optimization needed and six-to-seven months of pre-strip before higher grades. Mt. Hamilton construction carries typical capex and schedule risks plus weather challenges at elevation. Eagle Mountain permitting may see delays due to government workload. Overall execution across multiple assets strains management and technical resources. Q3 seasonality at San Albino remains a recurring issue.

Mako Mining CEO Interview

VERY IMPORTANT WARNING

Please note that this company has paid Resource Talks for the creation of this content. This website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.

By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.

The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.