Mako Mining Corp.
Mako Mining operates the 100%-owned, high-grade San Albino open-pit gold mine in Nueva Segovia, Nicaragua -- among the highest-grade producing open-pit gold mines globally -- reporting record Q2 2026 production of 14,610 ounces sold, revenues of roughly US$63 million, and a cash and securities balance of US$112 million, while also advancing the Eagle Mountain gold project in California.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
- All-in sustaining cost of $2,275/oz is 26% higher than the peer producer average of $1,800/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Sep 2017 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- May 2021 · Source
- Jul 2021 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Not in place: tailings facility.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 109%Moss
- 15 yrsMoss
Jurisdiction (40%)5/10
Nicaragua carries elevated political risk under an authoritarian government and related sanctions uncertainty, though its mining sector has an established regulatory framework and a track record of foreign-operator production.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at San Albino.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Don David (Arista) (Goldgroup Mining Inc.), 1122 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Don David (Arista) (Goldgroup Mining Inc.), 1122 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Nicaragua: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Director of Mako Mining Corp.; also Executive Chairman & Director of Sailfish Royalty Corp. Former Executive Chairman and Interim CEO of Marlin Gold Mining Ltd. Career: Consultant, Wexford Capital LP (2012-2013, precious metals portfolios); Senior Analyst, Red Kite Capital Management (2010-2012, Mine Finance funds); Associate, Standard Bank (to 2010, Structured Commodity Products and Mine Finance). MBA, New York University; BS Chemical Engineering, Carnegie Mellon University.
Founding Managing Director of FireFly Metals Ltd. (ASX: FFM), and concurrently President of Mako Mining Corp.; also Strategic Advisor to Arc Mineral Royalties Ltd. Previously founding Managing Director of ASX200-listed Bellevue Gold Limited, leading its 3-million-ounce Bellevue gold mine in Western Australia from discovery through construction (through 2023), and founding Managing Director of Gryphon Minerals Ltd., which discovered a multi-million-ounce gold project in Burkina Faso and grew to ASX200 status before its takeover by a North American gold major. Earlier career includes Senior Vice President, Investor Relations and Corporate Communications at Yamana Gold Inc., CEO of Goldsource Mines Inc., and Senior Equity Analyst (precious metals) at National Bank Financial / Wellington West Capital Markets. Holds an honours degree in Geology and is a member of the Australasian Institute of Mining and Metallurgy.
Chief Financial Officer and Corporate Secretary of Mako Mining Corp. Over 25 years of senior-level mining industry finance experience across Argentina, Colombia and Central America, with IFRS reporting and treasury expertise. CPA, University of Buenos Aires.
Chief Operating Officer of Mako Mining Corp. Over 35 years in domestic and international mining, spanning surface and underground mine construction, processing operations and Latin American property negotiations.
Vice President, Corporate Development, at Mako Mining Corp. More than 12 years of combined banking, financial control/budgeting and business development experience in mining. Career: Corporate Head of Cost & Budget then Financial Planning & Management Control, Minsur SA (2017-2021, real major stable Peruvian miner); earlier roles at Sierra Metals Inc., Volcan Compania Minera SAA, Banco de Credito del Peru and Inteligo. MBA, HEC Paris.
VP of Exploration at Mako Mining Corp. Over 39 years of global exploration experience, having led teams on major projects including Las Cristinas and San Albino. BS Geological Engineering, Colorado School of Mines.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Wexford Capital has been Mako's largest shareholder since 2018 and now holds roughly 48% of the company. In October 2025 it exercised a contractual right to participate in a financing and put a further C$15 million of cash in at C$8.00 a share, spread across four of its funds including its dedicated energy and natural resources vehicle. Wexford is a Greenwich manager with a real track record in mining rather than a passive index holder, so that is a considered position rather than an allocation. Pulling the other way, five different directors and officers sold about 411,000 shares in a tight cluster in late January 2026 after the stock had run from C$8 to C$10.50, and none of them bought.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Mako Mining operates the 100%-owned, high-grade San Albino open-pit gold mine in Nueva Segovia, Nicaragua, in commercial production since July 2021, and the Moss mine in Arizona, and it acquired the permitted Mt. Hamilton gold-silver project in Nevada in March 2026. Company-wide measured and indicated resources total 1,474,200 oz of gold (581,000 oz measured, 893,200 oz indicated) plus 272,900 oz inferred, across Moss (646,000 oz), Mt. Hamilton (578,000 oz) and San Albino (250,200 oz). Moss declared its first reserve in 2026, and its technical report (effective 30 June 2026) shows a post-tax NPV5% of US$254M and a 109% IRR over a 15-year life at US$3,500/oz gold and US$50/oz silver. Q2 2026 gold sales were a record 14,610 oz on revenue of about US$63.0M, and consolidated all-in sustaining cost in Q1 2026 was US$2,275 per ounce sold.
Mako Mining's updated San Albino (Nicaragua) mineral resource: Measured+Indicated 250,200 oz Au at 11.61 g/t diluted grade (670,100 t), Inferred 129,900 oz Au at 10.54 g/t diluted grade -- excluded from the cited figure.