Mako Mining Corp. (NASDAQ: MAKO) (TSXV: MKO) reported second-quarter 2026 earnings per share of $0.16, missing the analyst consensus estimate of $0.18 by 11.11 percent. Despite the miss on profitability metrics, the company posted strong top-line growth, with sales reaching $62.596 million. This represents a 61.68 percent increase over sales of $38.715 million in the same period last year.

The Vancouver-based miner generated record financial results for the quarter, underpinned by an average realized gold price of $4,201 per ounce. This price significantly outpaced the company's All-In Sustaining Cost (AISC) of $2,286 per ounce. Mako sold 14,610 ounces of gold during the three months ended June 30, 2026.

Operational Efficiency and Returns

The company highlighted robust returns on capital, recording a Return on Equity (ROE) of 36.6% and a Return on Assets (ROA) of 23.8%. These metrics reflect the profitability of its underlying assets, particularly the San Albino mine in Nicaragua and the Moss Mine in Arizona.

The AISC varied significantly between operations, with San Albino reporting a cost of $1,535 per ounce compared to $3,708 per ounce at the Moss Mine. This divergence highlights the cost advantage of the Nicaraguan operation within the consolidated results.

What the Numbers Show

While revenue surged 61.68% year-over-year to $62.596 million, the EPS miss indicates that operating leverage did not fully translate into bottom-line gains relative to market expectations. The gap between the average realized gold price ($4,201/oz) and the consolidated AISC ($2,286/oz) resulted in a substantial contribution margin per ounce. However, with net income reaching $13.9 million, the effective net profit margin stands at approximately 22%, suggesting that while high gold prices drove top-line growth, other expenses or one-time items may have impacted the final per-share result against the $0.18 consensus.

Balance Sheet and Outlook

Mako Mining ended the quarter with $112.9 million in cash, trade receivables, and marketable securities. CEO Akiba Leisman stated that this liquidity position, combined with operating cash flow from its two active mines, is sufficient to fund remaining development projects without external capital.

The company spent $2.9 million on exploration and evaluation expenses in Q2, allocating $1.4 million to areas surrounding San Albino, $1.4 million to the Eagle Mountain project in Guyana, and $0.1 million to Mt. Hamilton. Management plans to unveil strategies for lowering its cost of capital in the coming weeks.

Mako Mining Corp achieved record gold sales of 14,610 ounces in Q2 2026, resulting in total revenue of approximately $63.0 million. The company's financial position strengthened, with cash, securities, and trade receivables reaching $112 million as of June 30, 2026, an increase of $15 million from the previous quarter. This growth was driven by sequential production increases at the San Albino mine in Nicaragua and the continued ramp-up of the Moss Mine in Arizona.

Operational Performance

The San Albino mine mined 48,890 tonnes containing 12,390 ounces of gold at an average grade of 7.88 grams per tonne (g/t). Milling operations processed 53,120 tonnes at 599 tonnes per day with 97% availability, achieving a mill recovery rate of 80.7% for gold. The Moss Mine contributed 3,998 ounces of gold sales during the quarter.

Financial Highlights

Mako's total revenue of ~$63.0 million included sales of 10,612 ounces from San Albino at $4,156 per ounce and 3,998 ounces from Moss Mine at $4,321 per ounce. The company also delivered 1,141 ounces of gold related to the Mt. Hamilton Project stream. The average realized gold price per ounce sold was calculated before deductions from Sailfish.

Corporate and Project Updates

Mako's subsidiary, Nicoz Resources, S.A., finalized the acquisition of the Eureka concession in Nicaragua, adding 3,000 hectares to its land package. The Mt. Hamilton Project advanced predevelopment activities, adding six employees and seven pieces of heavy equipment. A condemnation drilling program is expected to conclude in August to finalize engineering decisions.

At the Eagle Mountain Gold Project in Guyana, the Environmental and Social Impact Assessment (ESIA) was filed on March 25, 2026, initiating a 60-day public comment period. The company completed five geotechnical holes totaling 258 meters, seven infill drill holes totaling 474 meters, and 11 metallurgical-focused drill holes totaling 771 meters during Q2 2026.