Mako Mining (NASDAQ:MAKO) reported robust financial and operational results for the fourth quarter and full year ended December 31, 2025, on Wednesday, April 1, 2026.
For the fourth quarter, Mako generated $50.4 million in revenue after selling 11,564 ounces of gold.
The company benefited from a remarkable average realized gold price of $4,313 per ounce, which substantially outpaced its All-In Sustaining Cost (AISC) of $1,876 per ounce.
This healthy margin drove adjusted EBITDA to $28.3 million and net income to $14.3 million for the three-month period.
The company’s cash generation remained a standout feature, with Mine Operating Cash Flow (OCF) reaching $24.1 million in Q4.
Mako ended the 2025 fiscal year in a formidable liquidity position, reporting approximately $78 million in combined cash and trade receivables.
This financial strength contributed to a full-year Return on Equity (ROE) of 29.6%.
Strategic capital management was a core theme throughout the year.
Mako successfully completed private placements totaling $39.5 million and utilized its strong cash flow to repay a $6.5 million loan, further reducing its debt burden.
Additionally, the company finalized the acquisition of the Mt. Hamilton project, utilizing a gold-stream arrangement as part of the consideration to preserve its cash reserves for future development.