Q3 2025 MD&A

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# Q3 2025 MD&A

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# Q3 2025 MD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the three and nine months ended September 30, 2025
Management’s Discussion and Analysis
For the three and nine months ended September 30, 2025
This Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the operations,
financial position, and current and future business environment of Mako Mining Corp. (the “Company” or “Mako”).
This MD&A should be read in conjunction with Mako’s unaudited condensed interim consolidated financial
statements for the three and nine months ended September 30, 2025 and the annual consolidated financial
statements and the notes thereto of the Company for the year ended December 31, 2024. 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 financial statements should be read in conjunction with the
annual consolidated financial statements for the year ended December 31, 2024, which have been prepared in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS").
Additional information regarding Mako, including the risks related to the business and those that are reasonably
likely to affect Mako’s financial statements in the future, is contained in the continuous disclosure materials,
including the most recent audited consolidated financial statements, annual MD&A and Management Information
Circular, which are available on the Company’s website at www.makominingcorp.com and under the Company’s
profile on the SEDAR+ website at www.sedarplus.ca. Readers are encouraged to read the Forward-Looking
Information section of this MD&A. Reference should also be made to the Non-IFRS Measures section of this MD&A
for information about non-IFRS measures referred to in this MD&A.
The Company's fiscal year is divided into four quarters, referred to as ‘Q1’, ‘Q2’, ‘Q3’, and ‘Q4’. Cumulative year-to-
date results are denoted as ‘YTD Q1’, ‘YTD Q2’, ‘YTD Q3’ and ‘YTD Q4’, reflecting performance through each
respective reporting period.
This MD&A has been prepared as of November 19, 2025. All amounts are expressed in United States (US) dollars
(“$”), unless otherwise stated. References to “C$” are to the Canadian dollar.
BUSINESS OVERVIEW
Mako Mining Corp. 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” and the OTCQX under the symbol “MAKOF”. The Company’s principal business
activities are the production of gold and the exploration and development of its mineral interests in Nicaragua,
Guyana and the United States.
The Company’s main assets are the producing San Albino and the Las Conchitas gold deposits, collectively the “San
Albino Mine”, located within the San Albino-Murra Property in Nueva Segovia, Nicaragua and the recently acquired
Moss mine located in Arizona, USA.
The projected free cash flow from the San Albino Mine is anticipated to fund exploration on Mako’s prospective 224
square kilometer (“km”) land package in Nicaragua, ongoing engineering activities at the Eagle Mountain Project in
Guyana and the resumption of operations at the Moss mine in Arizona, United States.
FINANCIAL AND OPERATIONAL HIGHLIGHTS, MAJOR ACTIVITIES AND SIGNIFICANT SUBSEQUENT EVENTS
• Consolidated revenues of $27.6 million and $98.1 million (Q3 2024: $15.7 million and YTD Q3 2024: $63.2
million) for the three and nine months ended September 30, 2025 (“Q3 2025” and “YTD Q3 2025”),
respectively.
• Consolidated sales of 7,830 ounces (“oz”) and 30,123 oz of gold (Q3 2024: 6,532 oz and YTD Q3 2024:
28,112 oz) and 13,308 oz and 40,036 oz of silver (Q3 2024: nil oz and YTD Q3 2024: nil oz) in Q3 2025 and
YTD Q3 2025, respectively.
• Net income of $1.2 million and $19.4 million for Q3 2025 and YTD Q3 2025 (Q3 2024: $0.4 million and YTD
Q4 2024: $14.5 million), respectively.
2
Management’s Discussion and Analysis
For the three and nine months ended September 30, 2025
• Production of 7,822 oz and 28,628 oz of gold and 21,088 oz and 54,009 oz of silver produced for Q3 2025
and YTD Q3 2025 (Q3 2024: 6,327 oz and YTD Q3 2024: 27,885 oz of gold and Q3 2024: 6,922 oz and YTD
Q3 2024: 31,556 oz of silver), respectively.
• Cash generated from operating activities of $4.6 million and $31.0 million in Q3 2025 and YTD Q3 2025
(Q3 2024: $4.8 million and YTD Q3 2024: $18.5 million), respectively.
• Delivered nil oz and 54,000 oz of silver on the Sailfish Royalty Corp. (“Sailfish”) Silver Loan during Q3 2025
and YTD Q3 2025 (Q3 2024: 40,500 oz and YTD Q3 2024: 121,500 oz), respectively. The final installment
was delivered in April 2025.
• Delivered 9,329 oz and 11,002 oz of silver on the Sailfish Silver Option during Q3 2025 and YTD Q3 2025
(Q3 2024: nil oz and YTD Q3 2024: nil oz), respectively.
• Mt. Hamilton Project Acquisition
On September 30, 2025, the Company entered into a binding term sheet with Sailfish to acquire 100% of
Mt. Hamilton LLC (“MH LLC”), owner of the Mt. Hamilton Gold-Silver Project (the “Mt. Hamilton Project”)
in Nevada. In exchange, Sailfish will receive a secured gold stream and a 2% net smelter return (“NSR”)
royalty. The stream provides for monthly delivery of approximately 341.7 oz of gold over 60 months at
20% of the London Bullion Market Association (“LBMA”) PM Fix price, subject to margin-based
adjustments. Upon stream completion, the NSR royalty will apply to all mineral production from the Mt.
Hamilton Project.
The acquisition is subject to board, shareholder, and TSX-V approvals. If not obtained, Wexford Capital LP
(“Wexford”) (or its nominee) will acquire MH LLC and the Mt. Hamilton Project in a fallback transaction. In
this event, the stream and royalty agreements will be rescinded without taking effect, and the Company will
have no further obligations to Sailfish. Refer to PROPOSED TRANSACTIONS for additional details.
Subsequent to September 30, 2025:
• Private Placement
On October 28, 2025, the Company completed a brokered private placement issuing 4.4 million common
shares (the “Offered Shares”) at a price of C$8.00 per share (the “Issue Price”), for gross proceeds of
C$35.0 million (the “Brokered Offering”). In addition, the underwriters purchased 0.7 million common
shares at the Issue Price, for additional gross proceeds of C$5.3 million. The underwriters received a
commission of C$2.4 million, equivalent to 6% of the gross proceeds of the Brokered Offering. Additional
share issuance costs incurred totaled C$0.2 million.
The Company also completed a non-brokered private placement with funds managed by Wexford Capital
LP, issuing 1.9 million common shares at the Issue Price per share, for gross proceeds of C$15.0 million.
Net proceeds from the Brokered Offering are to be used for the ramp-up of operations at the Moss mine,
advancement of the Company’s development assets, and general working capital purposes.
• Wexford Loan Repaid
On October 28, 2025, the Company fully repaid the outstanding balance of the Revised Wexford Loan
totaling $6.5 million. The repayment consisted of principal of $6.3 million and accrued interest of
$0.2 million.
• Royalty Agreements
On October 22, 2025, Elevation Gold Mining Corp. (“Elevation”) was unsuccessful in invalidating Patriot
Gold Corporation’s (“Patriot”) royalty agreement when the US Court ruled in favour of Patriot, thereby
removing the Company’s obligation to pay the $1.0 million contingent consideration to Elevation. The
ruling for Sandstorm Gold Ltd. (“Sandstorm”) royalty agreement is still pending. Refer to MOSS MINE
ACQUISITION for additional details.
3
Management’s Discussion and Analysis
For the three and nine months ended September 30, 2025
RESULTS OF OPERATIONS
Consolidated Financial Performance Three months ended Nine months ended
(in $000's) Sept 30, Sept 30, Sept 30, Sept 30,
2025 2024 Change 2025 2024 Change
Revenue $ 27,575 $ 15,739 $ 11,836 $ 98,078 $ 63,226 $ 34,852
Income for the period 1,196 378 818 19,438 14,494 4,944
Operating cash inflows before changes in
non-cash working capital 4,314 2,840 1,474 29,431 23,885 5,546
Net cash provided from operating
activities $ 4,595 $ 4,792 $ (197) $ 31,027 $ 18,524 $ 12,503
Cash cost ($/oz Au sold)(ii) $ 2,115 $ 1,465 $ 650 $ 1,570 $ 971 $ 599
AISC ($/oz Au sold)(ii) $ 2,561 $ 2,383 $ 178 $ 1,820 $ 1,378 $ 442
EBITDA(ii) $ 5,956 $ 2,902 $ 3,054 $ 38,997 $ 25,307 $ 13,690
Adjusted EBITDA(ii) $ 9,303 $ 4,257 $ 5,046 $ 46,661 $ 28,113 $ 18,548
As at As at As at As at
Financial Condition (in $000's) Sept 30, Dec 31, Sept 30, Dec 31, 2024 Change
Cash and cash equivalents $ 27,719 $ 14,521 $ 13,198
Working capital (i) - - 36,208 10,773 25,435
Total assets 79,623 69,762 151,413 107,082 44,331
Equity $ 97,867 $ 76,923 $ 20,944
(i) Working capital calculated as current assets less current liabilities.
(ii) Refer to NON-IFRS MEASURES for additional details.
San Albino Property, Nueva Segovia, Nicaragua
The Company holds a 100% interest in five mineral concessions in Nueva Segovia, Nicaragua, for a total land
package of approximately 22,422 hectares (“ha”) (224 km2). The San Albino and Las Conchitas gold deposits, located
within the San Albino-Murra Property, are currently the focus of mining operations. The San Albino gold deposit
was a historical small-scale underground gold mine, commencing production in the early 1900’s and operating on
and off until approximately 1940.
On August 24, 2020, the Nicaraguan Ministry of Environmental and Natural Resources (“MARENA”) amended the
environmental permit granted to the Company in 2017 to allow for the processing of up to 1,000 tonnes per day
(“tpd”) at the San Albino-Murra Property. The amendment was initially effective for a period of five years and can
be renewed indefinitely so long as the Company complies with the conditions set forth by MARENA. The permit was
renewed and expires on June 24, 2029. All other provisions contained in the environmental permit granted in 2017
remain in force and are fully applicable apart from the increased throughput from 500 tpd to 1,000 tpd; total
capacity of the two mills on site is 1,000 tpd.
On July 1, 2021, the Company declared commercial production on San Albino Mine. During 2021 and 2022 extensive
drilling was conducted to update the mineral resource estimate at the San Albino Mine. This program included
1,232 diamond drill holes and 105,073 meters (“m”) drilled in the San Albino deposit and 718 diamond drill holes
and 78,100 m drilled in the Las Conchitas gold deposit. On October 31, 2023, the Company reported an updated
mineral resource estimate (“MRE”) for both areas (Technical Report and Estimate of Mineral Resources for the San
Albino Mine Comprising the San Albino and Las Conchitas Deposits, Nueva Segovia, Nicaragua, prepared by RESPEC
and dated December 6, 2023) (“MRE”). The MRE reflected the selective open pit mining methods presently being
utilized at San Albino, with a fully diluted open pit grade of 11.61 grams per tonne (“g/t”) gold (“Au”) in the
Measured and Indicated categories.
4
Management’s Discussion and Analysis
For the three and nine months ended September 30, 2025
On June 10, 2024, the Company filed an amended technical report in response to comments received from the
British Columbia Securities Commission (“BCSC”) following a technical compliance review (

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