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, an open pit gold mine in northwestern Arizona, which is ramping up into commercial production. Mako now controls the permitted development-stage Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA. Mako also holds a 100% interest in the development-stage Eagle Mountain Project in Guyana, South America.

Initially we review the San Albino Q4 operations and preliminary financial results for the company.  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 pointed out that Q4 was the strongest quarter of the year, and that December was 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.

Q4 2025 San Albino Operational Highlights

• 57,577 tonnes mined, containing 12,906 ounces (“oz”) of gold (“Au”) at an average grade of 6.97 grams per tonne (“g/t”) Au and 13,003 oz of silver (“Ag”) at 7.02 g/t Ag
• 54,076 tonnes milled containing 11,767 oz Au and 12,039 oz Ag grading 6.77 g/t Au and 6.92 g/t Ag

Q4 2025 Mako Financial Highlights

• Mako total gold sales of 11,604 oz Au for total revenue of $50.0 million in Q4 2025
  • San Albino Mine sales of 9,307 oz Au at $4,340 per ounce
  • Moss Mine sales of 2,297 oz Au as part of initial ramp up of Moss at $4,202 per ounce
• Repayment of $6.5 million in Debt
• Equity Raise of $37.7 million (net of costs and commissions)
• Cash Balance and trade receivables of $78.1 million as of December 31^st, 2025.

We spent some time unpacking the ramp-up of production at the Moss Mine, in Arizona; where  Akiba reviewed some of the historic operational bottlenecks and site layout challenges that their team has overcome or has a process in place to address with regards to coming permits. As higher-grade portions of the mine are accessed, it will keep bringing costs down and improving output as the 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, some of the ongoing ‘pre-construction’ work, which is setting them up for full-on ‘construction’ work this April, with an eye to first production in Q2 2027.

Additionally, we discussed the 2nd layer of mineralization and value proposition of the Mt Hamilton Project, which also hosts a tungsten/copper/molybdenum target, located below and is independent of the gold and silver Mt. Hamilton MRE. This tungsten target has been defined by over 100,000 ft of historical exploration drilling, and may animate the US government to assist with future development.

Wrapping up, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana along with the resource size, low capex intensity, and impressive production profile of around 60,000 ounces per year.  This will be a 2-phase development process, starting in the Saprolite mineralization for the first 3-4 years, and is set to be in construction in late 2027 and in production by H2 of 2028.

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.

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