Mako Mining – Comprehensive Update At All 4 Projects – San Albino, Moss, Mt Hamilton, and Eagle Mountain

Dec 15, 2025

Akiba Leisman, President and CEO of Mako Mining, discusses the company's ambitious projects, including the high-grade San Albino gold mine in Nicaragua. He highlights a strong Q4 outlook, driven by impressive revenues and ongoing exploration. The ramp-up at the Moss Mine in Arizona is also covered, revealing operational challenges and profitability. Akiba elaborates on the permitting process and economic potential of Mount Hamilton, as well as funding pathways for the Eagle Mountain project, showcasing Mako's strategic growth in the mining sector.

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INSIGHT

San Albino Drives Back-End Loaded Cash Surge

San Albino was scheduled light in Q3 but Q4 turned strongly positive as the team accessed two high-grade zones in October and December.
Mako finished the quarter with >US$70M cash after repaying debt and a US$37M equity financing, driving strong year-end positioning.

ADVICE

Run Multi-Rig Programs While Permitting

Keep multiple rigs on-site combining core and RC to advance near-mine and regional targets while preparing for underground mining next year.
Expect exploration results imminently and pursue underground permits to expand production options.

ANECDOTE

Moss Rebooted After New Year's Eve Takeover

Mako took control of Moss on New Year's Eve and spent months refurbishing the plant before restarting mining in late April.
Despite startup hiccups, Moss generated cash through residual leach and early mining without requiring corporate cash draws.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me for a comprehensive review of all 4 company Projects, on an operational, developmental and exploration perspective. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua. Mako owns the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona, which is ramping up production. Mako now controls the permitted Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA as the next key development project in the cue. Mako also holds a 100% interest in the PEA-stage Eagle Mountain Project in Guyana, South America.

Initially we review the San Albino operations, how Q3 was a solid quarter, but not running as optimally as it has been in Q4. San Albino ranks as one of the highest-grade open pit gold mines globally and this is translating over to great revenues in light of the higher metals prices. Akiba points out that really Q4 will be the strongest quarter of the year, and this is what company has been guiding all along, but that December is turning out to be the strongest month operationally thus far. Additionally, we discuss all the district-scale exploration potential and multiple drill rigs turning around the mine and across the land concession.

We also unpack the ramp of mining at the tail end of Q3 and into Q4 at the Moss Mine, in Arizona. Akiba unpacks some of the operational and site layout challenges their team has overcome or has a process in place to address in the year to come. Even though Moss is a lower-grade mine, and has only been operating as partial efficiency, it has still been profitable. As mining increases by accessing better areas of the mine, and debottlenecking certain processes, then costs will come down and it should become a bigger contributor as next year progresses.

The Mt. Hamilton Project has all major state and federal permits to allow construction of an open pit, heap leach gold-silver project, and has a current mineral resource estimate with an effective date of September 23, 2025. We discuss the related-party transaction involving Sailfish Royalty Corp, and some of work flying drones over the property a couple of weeks back before the snowy weather came in, setting them up for development work this April.

Additionally, we discussed the 2nd layer of mineralization and value proposition of the Mt Hamilton Project, because it also hosts a tungsten/copper/molybdenum target, located below and independent of the gold and silver Mt. Hamilton MRE. This tungsten target has been defined by over 100,000 ft of historical exploration drilling. In a report by the Department of the Interior, dated August 25, 2025, tungsten (W) was named as one of the top 10 critical metals listed by their estimated probability-weighted impact of supply disruptions on the U.S. economy. There is the potential to seek government funds allocated for the development of critical minerals for this portion of the deposit down the road as another potential opportunity.

Wrapping up, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in late 2026 and production by H2 of 2027..

If you have any further questions for Akiba regarding Mako Mining, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording and may choose to buy or sell more shares at any time.

Click here for a summary of the recent news out of Mako Mining.

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