Q1 2026 MD&A

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# Q1 2026 MD&A

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# Q1 2026 MD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the three months ended March 31, 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.................................................................................................................... 15
Mt. Hamilton Acquisition .................................................................................................................................... 15
Significant Accounting Estimates ..................................................................................................................... 16
Changes in Accounting Policies ....................................................................................................................... 17
Internal Control over Financial Reporting ....................................................................................................... 18
Mineral Resource Estimates and Related Cautionary Note to U.S. Investors .......................................... 19
Non-IFRS Measures........................................................................................................................................... 19
Risk and Uncertainties ....................................................................................................................................... 21
Technical Information ......................................................................................................................................... 22
Forward-Looking Information ............................................................................................................................ 22
2
Management’s Discussion and Analysis
For the three months ended March 31, 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 condensed interim consolidated financial statements for the
three months ended March 31, 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 ("AIF"), which is available on the Company’s website at www.makominingcorp.com and under the
Company’s profile on SEDAR+ website at www.sedarplus.ca and on EDGAR at www.sec.gov.
This MD&A has been prepared as of May 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 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 are 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. The Company also
owns 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 months ended March 31, 2026
FINANCIAL AND OPERATIONAL HIGHLIGHTS, MAJOR ACTIVITIES AND SIGNIFICANT SUBSEQUENT
EVENTS
Highlights for the three months ended March 31, 2026 ("Q1 2026") include:
● Revenues of $68.6 million in Q1 2026 (Three months ended March 31, 2025 ("Q1 2025"): $31.8 million).
● Consolidated sales of 13,721 ounces (“oz”) in Q1 2026 (Q1 2025: 10,817 oz).
● Net income of $23.1 million in Q1 2026 (Q1 2025: $9.4 million).
● Consolidated production of 13,869 oz of gold in Q1 2026 (Q1 2025: 9,820 oz).
● Cash flows from operating activities of $19.2 million in Q1 2026 (Q1 2025: $6.2 million).
● Mt. Hamilton 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 ACQUISITION in this MD&A for additional details.
● Updated Mineral Resource Estimate ("MRE") for the Moss Mine
On March 10, 2026, the Company filed a technical report (the “Moss Mine Technical Report”) titled “NI 43-101
Technical Report for the 2025 MRE for the Moss Mine Project, Oatman Mining District, Mohave County,
Arizona, USA“ dated February 27, 2026 for the Moss Mine prepared under National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”).
As outlined in the Moss Mine Technical Report, the Moss Mine contains an estimated measured open pit
mineral resource of 9.55 million tons (“Mt”) averaging 0.36 grams per tonne (“g/t”) gold and 4.56 g/t silver for a
total of 112,000 ounces of gold and 1.4 million ounces of silver, and estimated indicated open pit mineral
resource of 47.52 Mt averaging 0.35 g/t gold and 3.53 g/t silver for a total of 534,000 ounces of gold and 5.4
million ounces of silver. Mineral resources are estimated using at a 0.17 g/t AuEq cutoff grade. There is an
additional estimated Inferred mineral resource of 12.33 Mt averaging 0.31 g/t gold and 1.46 g/t silver.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Gold equivalent
ounces (AuEq) were calculated using silver and gold price assumptions and metallurgical recoveries
mentioned below which resulted in a silver to gold ratio of 194.6:1. These mineral resources are reported
within an optimized constraining open pit shell considering a gold price of $2,500/oz and a silver price of
$29.2/oz with a gold recovery of 75% and a silver recovery of 33%.The Company is not aware of any
environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might
materially affect MRE.
The effective date for MRE is December 18, 2025. The Company anticipates advancing the project toward a
MRE and updated project economics in the second quarter of 2026. For the full MRE, including all key
assumptions and modifying factors, please see the Moss Mine Technical Report available under the
Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company's website.
● 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 the Project’s baseline studies for
environmental, social, cultural, engineering, community engagement as well as expected impacts and
mitigation measures. Its filing marks a critical step in the regulatory review process in respect of the
Environmental Authorization to be issued by the EPA.
4
Management’s Discussion and Analysis
For the three months ended March 31, 2026
RESULTS OF OPERATIONS
Consolidated Financial Performance Three months ended
(in $000's unless otherwise specified) March 31, 2026 March 31, 2025 Change
Revenue $ 68,595 $ 31,788 $ 36,807
Income for the period 23,149 9,424 13,725
Operating cash inflows before changes in non-cash working capital 27,399 12,317 15,082
Net cash provided from operating activities 19,170 6,187 12,983
Average realized gold price ($/oz sold) (1) 4,902 2,911 1,991
Cash cost ($/oz Au sold) (1) 1,843 1,239 604
AISC ($/oz Au sold) (1) 2,275 1,411 864
EBITDA (1) 36,937 14,389 22,548
Adjusted EBITDA (1) $ 40,081 $ 16,066 $ 24,015
At March 31, At December
Financial Condition (in $000's) Change
2026 31, 2025
Cash and cash equivalents $ 92,974 $ 77,277 $ 15,697
Working capital (1) 92,727 82,874 9,853
(1) Working capital; Average realized gold price; Cash cost; AISC; EBITDA; and Adjusted EBITDA, are non-IFRS financial
measures or ratios. Refer

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