Q4 2025 FS

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# Q4 2025 FS

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# Q4 2025 FS
CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2025 and 2024
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Mako Mining Corp.
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial position of Mako Mining Corp. and
its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements
of income and comprehensive income, of changes in shareholders’ equity and of cash flows for the years then
ended, including the related notes (collectively referred to as the consolidated financial statements). In our
opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for the
years then ended in conformity with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the Company’s consolidated financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement, whether due to error or
fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated
financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Chartered Professional Accountants
Vancouver, Canada
March 31, 2026
We have served as the Company’s auditor since 2016, which includes periods before the Company became
subject to SEC reporting requirements.
PricewaterhouseCoopers LLP
PwC Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7
T.: +1 604 806 7000, F.: +1 604 806 7806, Fax to mail: ca_vancouver_main_fax@pwc.com
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Expressed in thousands of United States dollars
December 31, December 31,
As at Note
2025 2024
ASSETS
Current
Cash and cash equivalents $ 77,277 $ 14,521
Receivables, prepaids and other assets 8 5,267 1,733
Inventories 9 29,178 11,087
Gold stream derivative asset - 33
Total current assets 111,722 27,374
Inventories 9 12,829 9,711
Other assets 8 1,545 235
Reclamation bonds 6(a) 1,768 -
Mining interest, plant and equipment 10 80,581 69,762
TOTAL ASSETS $ 208,445 $ 107,082
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities 11 $ 28,498 $ 14,798
Term loans and derivative liabilities 12 - 1,803
Deferred gain on sale of mineral interest 12(b) 350 -
Total current liabilities 28,848 16,601
Accrued liabilities 11 1,062 1,165
Reclamation and rehabilitation obligation 13 20,441 4,363
Deferred income tax liability 20 6,962 3,224
Deferred gain on sale of mineral interest 12(b) 399 -
Term loans and derivative liabilities 12 - 4,806
Total liabilities 57,712 30,159
Shareholders' equity
Share capital 14 162,447 121,778
Contributed surplus 14 16,817 16,321
Accumulated other comprehensive income 2,350 2,837
Deficit (30,881) (64,013)
Total shareholders' equity 150,733 76,923
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 208,445 107,082
Events after the reporting period (Note 23)
Approved by the Board of Directors on March 31, 2026
“John Hick”, Audit Committee Chair “Akiba Leisman”, Director
The accompanying notes are an integral part of these consolidated financial statements.
1|Page
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Expressed in thousands of United States dollars, except per share amounts
For the years
ended December 31,
Note 2025 2024
Revenue $ 148,421 $ 91,608
Production services revenue 51 468
148,472 92,076
Cost of sales
Production costs (65,473) (38,222)
Depreciation, depletion and amortization (7,982) (7,469)
(73,455) (45,691)
Gross profit 75,017 46,385
Exploration and evaluation expenses (9,363) (3,263)
General and administrative expenses 18 (10,808) (8,649)
Other income (expense)
Accretion and interest expense 19 (1,600) (971)
Loss on derivative instruments (294) (1,959)
Loss on derecognition or modification of financial liability 12(a) (1,251) (483)
Gain on elimination of Contingent Consideration 6(b) 1,000 -
Foreign exchange gain (loss) 1,397 (1,665)
Interest income 566 48
Other gain (loss) 32 (94)
Income before income taxes 54,696 29,349
Income tax expense 20 (17,218) (6,973)
Deferred tax expense 20 (3,738) (3,224)
Income for the year $ 33,740 $ 19,152
Other comprehensive income
Items subject to reclassification into statement of income:
Foreign currency translation adjustment $ (487) $ 1,513
Other comprehensive (loss) income for the year (487) 0 1,513
Comprehensive income for the year $ 33,253 $ 20,665
Basic income per common share $ 0.41 $ 0.27
Diluted income per common share $ 0.41 $ 0.26
Weighted average common shares outstanding - basic (thousands) 81,704 72,086
Weighted average common shares outstanding - diluted (thousands) 83,226 73,712
The accompanying notes are an integral part of these consolidated financial statements.
2|Page
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Expressed in thousands of United States dollars, except per share amounts
Number Share Contributed Accumulated Deficit Total
of shares capital surplus other
(000s) comprehensive
income
Balance at December 31, 2023 65,551 $ 87,869 $ 12,552 $ 1,324 $ (81,117) $ 20,628
Shares cancelled (NCIB) (Note (1,997) (2,651) - - (2,048) (4,699)
14(b)(iii))
Shares issued on exercise of options 1,767 3,436 (917) - - 2,519
Shares issued on exercise of warrants 4 10 (3) - - 7
Common shares, replacement options 13,160 32,049 2,185 - - 34,234
and warrants issued on the
acquisition of Goldsource (Note 7)
Common shares issued on RSU 396 504 (504) - - -
vesting
Common shares issued on DSU 71 101 (101) - - -
vesting
Common shares issued to settle 297 460 - - - 460
reclamation obligation
Capital contribution (Note 12 (a)) - - 2,087 - - 2,087
Share-based compensation - - 1,022 - - 1,022
Net income - - - - 19,152 19,152
Other comprehensive income - - - 1,513 - 1,513
Balance at December 31, 2024 79,249 121,778 16,321 2,837 (64,013) $ 76,923
Shares cancelled (NCIB) (Note (535) (749) - - (608) (1,357)
14(b)(ii))
Private placements (Note 14(b)(i)) 6,906 37,438 37,438
Shares issued on exercise of options 501 1,720 (623) - - 1,097
Shares issued on exercise of warrants 794 2,088 (682) - - 1,406
Common shares issued on RSU 4 6 (6) - - -
vesting
Common shares issued on DSU 90 166 (166) - - -
vesting
Share-based compensation - - 1,973 - - 1,973
Net income - - - - 33,740 33,740
Other comprehensive loss - - - (487) - (487)
Balance at December 31, 2025 87,009 $ 162,447 $ 16,817 $ 2,350 $ (30,881) $ 150,733
The accompanying notes are an integral part of these consolidated financial statements.
3|Page
CONSOLIDATED STATEMENTS OF CASH FLOWS
Expressed in thousands of United States dollars, except per share amounts
For the year ended December 31,
2025 2024
Operating activities
Income for the year $ 33,740 $ 19,152
Non-cash items:
Accretion and interest expense 1,343 971
Depreciation, depletion and amortization 8,224 7,699
Deferred income tax 20 3,738 3,224
Other miscellaneous (gain) loss (15) 94
Loss on derecognition or modification of financial liability 12(a) 1,251 -
Gain on elimination of Contingent Consideration 6(b) (1,000) -
Loss on derivative instruments 12(b) 294 1,959
Share-based payments 14 1,973 1,022
Unrealized foreign exchange (gain) loss (608) 2,029
$ 48,940 $ 36,150
Changes in non-cash working capital 17 2,534 (1,699)
Restricted cash - refunded 1,503 -
Net cash provided by operating activities 52,977 34,451
Investing activities
Acquisition of EGA, proceeds paid 6 (6,489) -
Acquisition of EGA, cash acquired 6 346 -
Acquisition of EGA, transaction costs 6 (356) -
Mt. Hamilton, transaction costs 23 (717) -
Acquisition of Goldsource cash acquired 7 - 517
Transaction costs related to acquisition of Goldsource 7 - (824)
Sailfish Silver Option Payment 12(b) 1,000 -
Secured Debt Investment 6 (1,800) -
Expenditures on mining interest, plant and equipment (12,320) (12,878)
Net cash used in investing activities $ (20,336) $ (13,185)
Financing activities
Proceeds from private placements 14(a) 39,495 -
Share issuance costs 14(a) (2,058) -
Purchase of common shares – NCIB (1,357) (4,698)
Proceeds from exercise of warrants 1,406 -
Proceeds from exercise of options 1,097 2,524
Repayment of Sailfish Silver Loan 12(b) (1,286) (3,630)
Repayment of the Revised Wexford Loan (including interest) 12(a) (7,123) (314)
Repayment of principal on the Wexford Bridge Loan - (1,457)
Repayment of interest on the Wexford Bridge Loan - (57)
Payment to GR Silver on settlement of ARO - (500)
Payments on lease liability (103) (101)
Net cash provided (used) in financing activities $ 30,071 $ (8,233)
Effect of foreign exchange on cash and cash equivalents 44 (10)
Change in cash and cash equivalents 62,756 13,023
Cash and cash equivalents, beginning of the year 14,521 1,498
Cash and cash equivalents, end of year $ 77,277 $ 14,521
Other information 17
Taxes paid - cash (7,640) (2,643)
The accompanying notes are an integral part of these consolidated financial statements.
4|Page
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31, 2025
All amounts are in thousands of United States dollars, unless otherwise stated
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 Business Corporations Act (British
Columbia) on November 14, 2007. The Company is listed on the TSX Venture Exchange (“TSX-V”) under the
symbol MKO. Subsequent to year-end, on March 30, 2026, the Company’s common shares commenced
trading on the NASDAQ Stock Market LLC (“NASDAQ”) under the symbol “MAKO”. The address of the
Company’s corporate office and principal place of business is Suite 700 – 838 West Hastings Street,
Vancouver, BC, V6C 0A6, Canada.
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. On March 27, 2025, the Company acquired EG
Acquisition LLC (individually, or collectively with its subsidiaries, as applicable, “EGA”), resulting in the
acquisition of the Moss Mine located in Arizona, United States of America (the “USA”) (Note 6). The Moss
Mine is an open pit operation currently undergoing restart and ramp-up activities. In addition to its mining
operations, Mako continues to exp

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