Q3 2025 FS

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# Q3 2025 FS

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# Q3 2025 FS
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2025
(Unaudited)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Expressed in thousands of United States dollars
(Unaudited)
September 30, December 31,
As at Note
2025 2024
ASSETS
Current
Cash and cash equivalents $ 27,719 $ 14,521
Receivables, prepaids and other assets 6 3,962 1,733
Inventories 8 22,528 11,087
Secured Debt Investment 7 1,800 -
Gold stream derivative asset 199 33
Total current assets 56,208 27,374
Inventories 8 13,261 9,711
Other assets 6 558 235
Restricted cash 5(a) 1,763 -
Mining interest, plant and equipment 9 79,623 69,762
TOTAL ASSETS $ 151,413 $ 107,082
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities 10 $ 19,539 $ 14,798
Term loans and derivative liabilities 11 159 1,803
Deferred gain on sale of mineral interest 11(b(ii)) 302 -
Total current liabilities 20,000 16,601
Accrued liabilities 10 1,300 1,165
Provision for reclamation and rehabilitation 12 19,792 4,363
Deferred income taxes 19 6,931 3,224
Deferred gain on sale of mineral interest 11(b(ii)) 509 -
Term loans and derivative liabilities 11 5,014 4,806
Total liabilities 53,546 30,159
Shareholders' equity
Share capital 13 125,009 121,778
Contributed surplus 13 15,982 16,321
Accumulated other comprehensive income 2,059 2,837
Deficit (45,183) (64,013)
Total shareholders' equity 97,867 76,923
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 151,413 107,082
Events after the reporting period (Note 21)
Contingency (Note 5)
Commitment (Note 9 (b))
Approved by the Board of Directors on November 19, 2025
“John Hick”, Audit Committee Chair “Akiba Leisman”, Director
The accompanying notes are an integral part of these condensed interim consolidated �inancial statements.
1|Page
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
Expressed in thousands of United States dollars, except per share amounts
(Unaudited)
For the three months For the nine months
ended September 30, ended September 30,
Note 2025 2024 2025 2024
Revenue $ 27,553 $ 15,608 $ 98,037 $ 62,832
Production services revenue 14(c)(ii) 22 131 41 394
27,575 15,739 98,078 63,226
Cost of sales
Production costs (16,563) (9,571) (47,282) (27,283)
Depreciation, depletion and amortization (1,540) (1,671) (5,554) (5,821)
(18,103) (11,242) (52,836) (33,104)
Gross profit 9,472 4,497 45,242 30,122
Exploration and evaluation expenses (2,787) (1,148) (6,526) (2,023)
General and administrative expenses 17 (2,893) (1,736) (7,197) (6,552)
Other income (expense)
Accretion and interest expense 18 (347) (229) (1,050) (614)
Change in provision for reclamation and rehabilitation - 18 - 18
Change in fair value of derivative liability 11(b) - (377) (261) (1,677)
Gain / (loss) on gold stream derivative asset 180 (9) 166 (259)
Loss on settlement of reclamation liability 12(b) - - - (94)
Gain on elimination of Contingent Consideration 5 (b) - - 1,000 -
Gain on exercise of Sailfish Silver Option 44 - 44 -
Foreign exchange gain (loss) 367 (51) 872 (187)
Interest income 201 8 218 45
Income before income taxes 4,237 973 32,508 18,779
Income tax expense 19 (1,865) (595) (9,363) (4,285)
Deferred tax expense 19 (1,176) - (3,707) -
Income for the period $ 1,196 $ 378 $ 19,438 $ 14,494
Other comprehensive income
Items subject to reclassification into statement of income:
Foreign currency translation adjustment (421) (98) (778) 11
Other comprehensive income for the period (421) (98) (778) 11
Comprehensive income for the period $ 775 $ 280 $ 18,660 $ 14,505
Basic income per common share $ 0.01 $ $0.00 $ 0.24 $ 0.21
Diluted income per common share $ 0.01 $ $0.00 $ 0.24 $ 0.21
Weighted average common shares outstanding - basic (thousands) 80,088 77,369 79,621 69,737
Weighted average common shares outstanding - diluted (thousands) 81,714 78,297 80,415 70,664
The accompanying notes are an integral part of these condensed interim consolidated �inancial statements.
2|Page
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’
EQUITY
Expressed in thousands of United States dollars
(Unaudited)
Number Accumulated
of Contributed other
Share capital Deficit Total
shares surplus comprehensive
(000s) income
Balance at December 31, 2023 65,551 $ 87,869 $ 12,552 $ 1,324 $ (81,117) $ 20,628
Shares cancelled (NCIB) (1,997) (2,651) - - (2,047) (4,698)
Shares issued on exercise of options 1,674 3,200 (807) - - 2,393
Shares issued on exercise of warrants 4 10 (3) - - 7
Common shares, replacement options and
warrants issued on the acquisition of 13,160 32,049 2,185 - - 34,234
Goldsource
Common shares issued on RSU vesting 49 104 (104) - - -
Common shares issued to settle
reclamation liability 298 460 - - - 460
Capital contribution (Note 11 (a)) - - 2,088 - - 2,088
Share-based compensation - - 801 - - 801
Net loss - - - - 14,494 14,494
Other comprehensive income - - - 11 - 11
Balance at September 30, 2024 78,739 $ 121,041 $ 16,712 $ 1,335 $ (68,670) $ 70,418
Shares issued on exercise of options 93 236 (110) - - 126
Common shares issued on RSU vesting 346 400 (400) - - -
Common shares issued on DSU vesting 71 101 (101) - - -
Share-based compensation - - 220 - - 220
Net income - - - - 4,657 4,657
Other comprehensive income - - - 1,502 - 1,502
Balance at December 31, 2024 79,249 $ 121,778 $ 16,321 $ 2,837 $ (64,013) $ 76,923
Shares cancelled (NCIB) (535) (749) - - (608) (1,357)
Shares issued on exercise of options 500 1,720 (623) - - 1,097
Shares issued on exercise of warrants 794 2,088 (682) - - 1,406
Common shares issued on RSU vesting 4 6 (6) - - -
Common shares issued on DSU vesting 91 166 (166) - - -
Share-based compensation - - 1,138 - - 1,138
Net income - - - - 19,438 19,438
Other comprehensive loss - - - (778) - (778)
Balance at September 30, 2025 80,103 $ 125,009 $ 15,982 $ 2,059 $ (45,183) $ 97,867
The accompanying notes are an integral part of these condensed interim consolidated �inancial statements.
3|Page
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Expressed in thousands of United States dollars
(Unaudited)
For the three months For the nine months
Note ended September 30, ended September 30,
2025 2024 2025 2024
Operating activities
Income for the period $ 1,196 $ 378 $ 19,438 $ 14,494
Non-cash items:
Accretion and interest expense 345 225 1,044 603
Depreciation, depletion and amortization 1,631 1,741 5,811 5,977
Deferred income tax 1,176 - 3,707 -
Lease interest - 3 7 10
Loss on settlement of reclamation liability - - - 94
Gain on elimination of Contingent Consideration - - (1,000) -
Change in fair value of derivative liability - 377 261 1,677
Loss on gold stream derivative asset (180) 9 (166) 259
Gain on exercise of Sailfish Silver Option (44) - (44) -
Interest income - accrued (1) - (1) -
Share-based payments 560 225 1,138 801
Unrealized foreign exchange (gain) loss (369) (118) (764) (30)
$ 4,314 $ 2,840 $ 29,431 $ 23,885
Changes in non-cash working capital 16 281 1,952 93 (5,361)
Restricted cash - refunded 5(a) - - 1,503 -
Net cash provided by operating activities 4,595 4,792 31,027 18,524
Investing activities
Acquistion of EG Acquisition LLC, proceeds paid - 517 (6,489) 517
Acquistion of EG Acquisition LLC, cash acquired - - 346 -
Acquistion of EG Acquisition LLC, transaction costs (5) (806) (356) (806)
Sailfish Silver Option Payment 11(b)(ii) - - 1,000 -
Secured Debt Investment 7 (1,800) - (1,800) -
Expenditures on mining interest, plant and equipment (3,347) (3,994) (9,647) (7,584)
Net cash used in investing activities $ (5,152) $ (4,283) $ (16,946) $ (7,873)
Financing activities
Purchase of common shares - NCIB - (1,560) (1,357) (4,698)
Proceeds from exercise of warrants - 7 1,406 7
Proceeds from exercise of options 83 2,047 1,097 2,393
Repayment of Sailfish Silver Loan - (935) (1,286) (2,534)
Repayment of interest on the Revised Wexford Loan (312) (314) (629) (314)
Repayment of principal on the Wexford Bridge Loan,
- (1,457) - (1,457)
acquired on acquisition of Goldsource
Repayment of interest on the Wexford Bridge Loan,
- (57) - (57)
acquired on acquisition of Goldsource
Payment to GR Silver on settlement of ARO - - - (500)
Payments on lease liability (26) (26) (78) (76)
Net cash used in financing activities $ (255) $ (2,295) $ (847) $ (7,236)
Effect of foreign exchange on cash and cash equivalents (63) 99 (36) 115
Change in cash and cash equivalents (875) (1,687) 13,198 3,530
Cash and cash equivalents, beginning of the period 28,594 6,715 14,521 1,498
Cash and cash equivalents, end of period $ 27,719 $ 5,028 $ 27,719 $ 5,028
Other information
Taxes paid - cash (845) (672) (6,861) (2,102)
Interest income - cash 154 - 154 -
The accompanying notes are an integral part of these condensed interim consolidated �inancial statements
4|Page
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2025
All tabular amounts are in thousands of United States dollars, unless otherwise stated
(Unaudited)
1. NATURE OF OPERATIONS
Mako Mining Corp. (“Mako” or the “Company”) was incorporated on April 1, 2004, under the laws of the
Yukon Territory and continued into British Columbia under the British Columbia Corporations Act. The
Company is listed on the TSX Venture Exchange (“TSX-V”) under the symbol MKO. The address of the
Company’s corporate of�ice and principal place of business is Suite 700 – 838 West Hastings Street,
Vancouver, BC, V6C 0A6, Canada.
On March 27, 2025, the Company acquired EG Acquisition LLC (individually, or collectively with its
subsidiaries, as applicable, “EGA”), whereby Mako US Corp. acquired all of EGA’s issued and outstanding
common shares, resulting in the acquisition of the Moss mine, in Arizona, USA (the “Moss Transaction”)
(Note 5).
On July 3, 2024, the Company acquired Goldsource Mines Inc. (individually, or collectively with its
subsidiaries, as applicable, “Goldsource”), whereby Mako acquired all of Goldsource’s issued and
outstanding common shares, resulting in the acquisition of the Eagle Mountain Property, in Guyana, South
America.
Mako is a gold mining, development and exploration company. The Company’s primary asset is the San
Albino mine, an open pit mine located in Nicaragua. The Company also holds the Moss mine, an open pit
operation currently undergoing restart and ramp-up activities. In addition to its mining operations, Mako
continues to explore its other concessions in Nicaragua, Guyana and the USA.
2. BASIS OF PRESENTATION
(a) Statement of compliance
These condensed interim consolidated �inancial 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 �inancial statements, including
International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, they do not
include all the information and notes to the consolidated �inancial statements required by IFRS
Accounting Standards for annual �inancial statements and should be read in conjunction with the
Company’s most recent audited consolidated �inancial statements for the year ended December 31, 2024.
These condensed interim consolidated �inancial statements were authorized for issue by the Board of
Directors on November 19, 2025.
(b) Basis of presentation
The accounting policies and methods used in the preparation of these condensed interim consolidated
�inancial statements are the same as those applied in the Company’s most recent audited consolidated
�inancial statements for the year ended December 31, 2024, except for the following changes to
Inventories:
Inventory to include heap leach ore inventory.

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