# Q2 2026 MD&A Source Brief: https://evesgoldminers.com/research/source-briefs/mako-mining-corp-q2-2026-md-and-a-8921948b Original source: https://makominingcorp.com/_resources/financials/2026/Mako-Q2-2026-MDA.pdf?v=091207 EGM generated: 2026-09-27 Company: Mako Mining Corp. (MKO) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Q2 2026 MD&A Source: https://makominingcorp.com/_resources/financials/2026/Mako-Q2-2026-MDA.pdf?v=091207 Fetched: 2026-09-12T07:04:55.615+00:00 Source artifact: 8921948b-7ff5-4a35-ad40-4eabe024931f Normalizer input: text ## Content # Q2 2026 MD&A MANAGEMENT’S DISCUSSION AND ANALYSIS For the three and six months ended June 30, 2026 and 2025 CONTENTS Business Overview ............................................................................................................................................. 3 Financial and Operational Highlights, Major Activities and Significant Subsequent Events .................. 4 Results of Operations......................................................................................................................................... 5 Exploration and Mineral Property Development Update .............................................................................. 8 Trend Analysis ..................................................................................................................................................... 11 Financial Results................................................................................................................................................. 12 Liquidity and Capital Resources ....................................................................................................................... 14 Outstanding Securities ....................................................................................................................................... 15 Transactions with Related Parties.................................................................................................................... 16 Mt. Hamilton Project Acquisition ....................................................................................................................... 16 Significant Accounting Estimates ..................................................................................................................... 17 Changes in Accounting Policies ....................................................................................................................... 18 Internal Control over Financial Reporting ....................................................................................................... 19 Mineral Resource Estimates and Related Cautionary Note to U.S. Investors .......................................... 20 Non-IFRS Measures........................................................................................................................................... 20 Risk and Uncertainties ....................................................................................................................................... 22 Technical Information ......................................................................................................................................... 23 Forward-Looking Information ............................................................................................................................ 24 2 Management’s Discussion and Analysis For the three and six months ended June 30, 2026 This Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand Mako Mining Corp.'s (the “Company” or “Mako”) operations, financial position, and current and future business environment. This MD&A should be read in conjunction with Mako’s unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and the annual consolidated financial statements and the notes thereto of the Company for the year ended December 31, 2025. The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), as applicable to the preparation of interim financial statements, including International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). The unaudited condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards. Mako was incorporated on April 1, 2004, under the laws of the Yukon Territory and continued into British Columbia under the Business Corporations Act (British Columbia) on November 14, 2007. The Company is listed on the TSX Venture Exchange (“TSX-V”) under the symbol “MKO”. On March 30, 2026, the Company’s common shares were listed and commenced trading on the NASDAQ Stock Market LLC (“NASDAQ”) under the symbol “MAKO”. Additional information regarding Mako, including additional risks related to the business and those that are reasonably likely to affect Mako’s financial statements in the future, is contained in the Company’s financial statements and other continuous disclosure filings, including the most recent Annual Information Form of the Company and Annual Report Form 40-F, which are available under the Company’s profile on SEDAR+ website at www.sedarplus.ca and on EDGAR at www.sec.gov, respectively. This MD&A has been prepared as of August 13, 2026. All amounts are expressed in United States (US) dollars (“$”), unless otherwise stated. References to “C$” are to the Canadian dollar. BUSINESS OVERVIEW The Company’s principal business activities are the production of gold and the exploration of its mineral interests in Nicaragua, Guyana and the United States of America (the “USA” or “United States”). On March 24, 2026, the Company completed the acquisition of Mt. Hamilton LLC (“MHC”) whereby Mako US Corp. ("Mako US"), a wholly-owned subsidiary of the Company, acquired all the registered membership interests of MHC (the “Mt. Hamilton Transaction”). MHC owns the Mt. Hamilton Project located in Nevada, USA. Refer to MT. HAMILTON PROJECT ACQUISITION in this MD&A for additional details. On March 27, 2025, the Company completed the acquisition of the Moss gold mine located in Arizona, USA (the “Moss Mine”). The acquisition was completed through Mako US, which purchased all the membership interests in EG Acquisition LLC (“EGA”) from Wexford EG Acquisition LLC (“Wexford EGA”), the vendor, a private company controlled by Wexford Capital LP (“Wexford”). EGA owns 100% of the shares of Golden Vertex Corp. ("GVC"), the operating subsidiary of the Moss Mine. The Company’s main assets include the producing San Albino and Las Conchitas gold deposits (collectively the “San Albino Mine”) located within the San Albino-Murra Property in Nueva Segovia, Nicaragua and the Moss Mine, an open pit operation currently ramping up to commercial production. In addition to its mining operations, Mako continues to explore its other concessions in Nicaragua and the USA and to advance the Eagle Mountain Project in Guyana and the Mt. Hamilton Project in Nevada, USA in preparation for development. The projected cash flow from the San Albino Mine and Moss Mine is anticipated to fund exploration on Mako’s prospective land package in Nicaragua, pre-development activities at the Mt. Hamilton Project in Nevada, USA, and ongoing engineering activities at the Eagle Mountain Project in Guyana. 3 Management’s Discussion and Analysis For the three and six months ended June 30, 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS, MAJOR ACTIVITIES AND SIGNIFICANT SUBSEQUENT EVENTS Highlights for the three months and six months ended June 30, 2026 ("Q2 2026" and "YTD 2026" respectively) include: ● Revenues of $62.6 million and $131.2 million in Q2 2026 and YTD 2026 (for the three months and six months ended June 30, 2025 ("Q2 2025" and "YTD 2025"): $38.7 million and $70.5 million), respectively. ● Consolidated sales of 14,610 ounces (“oz”) and 28,332 oz of gold in Q2 2026 and YTD 2026 (11,476 oz and 22,293 oz in Q2 2025 and YTD 2025), respectively. ● Net income of $13.9 million and $37.0 million in Q2 2026 and YTD 2026 ($8.8 million and $18.2 million in Q2 2025 and YTD 2025), respectively. ● Consolidated production of 14,476 oz and 28,345 oz of gold in Q2 2026 and YTD 2026 (10,370 oz and 20,806 oz in Q2 2025 and YTD 2025), respectively. ● Cash flows from operating activities of $26.0 million and $45.9 million in Q2 2026 and YTD 2026 ($20.2 million and $26.4 million in Q2 2025 and YTD 2025), respectively. ● Mineral Reserves estimate ("MRE") and project economics for the Moss Mine On July 7, 2026, the Company announced an MRE and project economics for its Moss Mine effective June 30, 2026. The MRE outlines proven and probable Mineral Reserves of 56.8 million tonnes ("Mt") grading 0.327 grams per tonne ("g/t") gold and 3.45 g/t silver, containing 597,744 oz of gold ("Au") and 6.3 million oz of silver ("Ag"). The Mineral Reserves were estimated using a cut-off grade of 0.14 g/t Au, metal prices of US$3,500/oz gold and US$50/oz silver, and are based on the mining and processing methods currently employed at the Moss Mine, including conventional open pit mining using truck-and-shovel method and processing by crushing, heap leaching and Merrill-Crowe recovery. The Company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect the MRE. Refer to the Company’s press release dated July 7, 2026 for all assumptions, parameters and methods used to estimate the MRE available under the Company’s profile at www.sedarplus.ca. The Moss Mine technical report demonstrates robust project economics, with an estimated after-tax net present value of $254 million based on metal prices of US$3,500/oz gold and US$50/oz silver and 5% discount rate. The mine plan contemplates a 15-year life of mine, during which approximately 442,904 ounces of recovered gold and 2.1 million ounces of recovered silver are expected to be produced, reflecting average metallurgical recoveries of 75% and 33%, respectively. Average annual gold production is projected at 30,900 ounces from 2026 to 2039, with peak production of 46,100 ounces anticipated in 2031. The operation is based on an average heap leach grade of 0.327 g/t gold and 3.45 g/t silver and a strip ratio of 1.3:1 (waste-to- ore). The estimated life-of-mine sustaining capital expenditures(1) of $86 million is expected to be funded from operating cash flows. The technical report supporting the MRE is expected to be filed by August 21, 2026. ● San Albino Eureka Concession Mako Mining’s wholly-owned Nicaraguan subsidiary, Nicoz Resources, S.A., has successfully finalized the definitive legal registration and granting of the "Eureka" mineral concession, located in the department of Nueva Segovia, Nicaragua. The Eureka concession encompasses approximately 3,000 hectares of highly prospective terrain immediately to the west of the San Albino-Murra and El Jicaro concessions, expanding Mako's total land package to 254 km2. This secures exclusive, long-term exploration and exploitation rights over ground immediately adjacent to the Company’s operating San Albino and Las Conchitas mining areas. 1 A Non-IFRS financial measure. Refer to the “Non-IFRS Measures” section in this MD&A for more information. 4 Management’s Discussion and Analysis For the three and six months ended June 30, 2026 ● Mt. Hamilton Project Acquisition On March 24, 2026, the Company completed the acquisition of 100% of the membership interests of MHC the owner of the Mt. Hamilton Project in Nevada, USA from Sailfish Royalty Corp ("Sailfish"). The consideration payable to Sailfish consisted of two gold stream commitments ("Sailfish Gold Stream"). Refer to MT. HAMILTON PROJECT ACQUISITION in this MD&A for additional details. ● Eagle Mountain Project On March 25, 2026, the Company submitted to the Guyana Environmental Protection Agency (“EPA”) the Environmental and Social Impact Assessment (“ESIA”). The ESIA reflects [Excerpt trimmed for readability. Open the original source for the complete filing or document.]