Mako Mining Corp. (NASDAQ: MAKO)

Mako Mining Corp. is a Canadian based gold mining, development, and exploration company engaged in the production of gold and the advancement of mineral properties in Nicaragua, Guyana, and the United States. The Company's primary focus is the operation of the San Albino Mine, an open pit gold operation in Nicaragua that has achieved commercial production. In addition to its producing asset, Mako continues to explore and develop its other concessions, including the Eagle Mountain Project in Guyana, the Moss Mine in Arizona, and the Mt. Hamilton Project in Nevada. The firm seeks to increase output through expansion of existing mines and advancement of exploration projects toward development.

The Company generates revenue primarily from the sale of refined gold produced at its operating mines, which is sold to international refiners and precious metal traders. Gold production accounts for substantially all of its total sales, while a smaller portion of revenue comes from silver delivered under streaming arrangements. The Company does not rely on a single buyer for its gold, as the precious metal is fungible and traded on global markets.

The company operates through the following segments.

• San Albino Mine: This segment encompasses the open pit gold mine in Nueva Segovia, Nicaragua, which includes the San Albino and Las Conchitas deposits and has been in commercial production since July 2021. The mine produced approximately 40,800 ounces of gold in 2025 and is noted for its high grade ore, ranking among the highest grade open pit gold operations globally. Ongoing efforts focus on pit optimization and exploration of surrounding concessions to extend mine life.

• Eagle Mountain Project: This segment covers the gold project in Guyana, South America, currently at the preliminary economic assessment stage with ongoing engineering, environmental and permitting work. The project hosts a significant gold resource identified through drilling, and the Company is advancing studies to determine potential development pathways. No commercial production has been reported to date.

• Moss Mine: This segment consists of the open pit gold operation in Mohave County, Arizona, United States, which is in the ramp up phase following its acquisition in March 2025. The property contains measured and indicated gold resources, and the Company is working to increase throughput and recover metal from existing stockpiles. Production is expected to rise as the mine moves toward steady state operations.

• Mt. Hamilton Project: This segment comprises the gold silver project in White Pine County, Nevada, United States, owned through the Company's wholly owned subsidiary Mako US Corp. The project hosts both gold and silver mineralization, and the Company is conducting drilling and metallurgical tests to evaluate development potential. Current activities focus on resource definition and preliminary economic analysis.

Within the competitive gold mining industry, Mako Mining Corp. positions itself as an emerging producer with a high grade open pit asset at San Albino that ranks among the top globally, while its diversified portfolio across three jurisdictions provides geographic flexibility and reduces reliance on any single location. The Company competes with larger gold mining firms that possess greater financial and technical resources for property acquisition, skilled labour, and equipment. Mako's competitive advantages include its high grade Nicaraguan asset, its experienced technical team, and its ability to generate cash flow from operating mines to fund exploration.

The Company sells its gold output to refiners and precious metal traders operating on the international bullion market, serving a customer base that includes major metals processors and trading houses. Because gold is a fungible commodity, Mako is not dependent on any particular buyer and can access a broad pool of counterparties worldwide. The Company's revenue streams are therefore supported by the liquidity and transparency of the global gold market.