Mako Mining pulled about $50 million of revenue out of the third quarter, and the more interesting number may be what comes next at its Arizona mine. The company recovered 12,743 ounces of gold across its operations and sold 11,581 ounces. It also reported 894 ounces delivered under the gold stream tied to its purchase of the Mt. Hamilton project, and cash, securities and trade receivables of $119.3 million at 30 September. Sailfish payments are deducted from the realised gold price when revenue is calculated.
San Albino leans on dump material
Nicaragua’s San Albino mine recovered 9,145 ounces and sold 8,768 at an average $4,285 an ounce before Sailfish adjustments. The mill processed 53,046 tonnes at 6.66 grams per tonne of gold, running at 587 tonnes a day with 98 percent availability. Recoveries were 80.5 percent, against 80.7 percent in the second quarter.
Feed mix explains the quieter quarter. Diluted vein material made up 48 percent of what went through the mill, down from 54 percent in the first half, with historical dump and other mineralised material supplying the other 52 percent. “San Albino delivered a solid, inline Q3 2026,” CEO Akiba Leisman said, after two quarters of outperformance. Miners took out 42,565 tonnes in the period, holding 10,913 ounces of gold at 7.97 grams per tonne and 11,489 ounces of silver. Of that, 27,321 tonnes came from vein material and 15,244 tonnes from dump and other material. The quarter-end stockpile stood at 109,868 tonnes grading 2.74 grams per tonne, or 9,666 contained ounces.
Moss Mine and the crusher
Moss Mine in Arizona recovered 3,599 ounces and sold 2,812 at $4,343 an ounce. Leisman said it stayed constrained by the legacy plant. Crushing averaged 5,113 short tons a day, well under the 8,500 assumed for 2026 and 2027 in the technical report dated 17 August 2026. Longer solution return times from higher stacking lifts also delayed gold, and Mako expects those deferred ounces to show up in fourth-quarter sales. A new leach pad should come online in the same quarter.
The fix is a crushing circuit upgrade, with equipment already bought. Leisman said engineers found a route that avoids a major permitting review. Mako expects throughput above 12,000 short tons a day by the third quarter of 2027, which is 130 percent above the third quarter of 2026 and 40 percent above the technical report. Higher-grade ore from the East Pit, from early 2027, should help the company more than double gold production from current levels.
Permits in Nevada, Guyana and Nicaragua
On 16 October the US Forest Service granted permits to begin condemnation drilling at Mt. Hamilton in Nevada, once a $265,205 reclamation bond is posted and accepted. Leisman called it the main bottleneck to starting construction. A minor amendment to the plan of operation, adjusting crusher and conveyor placement, is expected later this year without affecting the schedule. The company will buy long-lead items such as the crusher and overland conveyor this month, and it expects first gold pour in December 2027.
At Eagle Mountain in Guyana, Mako signed a mineral agreement on 10 September giving it a 10-year stability framework for key legal, fiscal and operating terms. Guyana’s EPA commented on the draft environmental and social impact assessment in early October, and the final version is due in the fourth quarter. In Nicaragua, drilling permits for the new Eureka concession arrived in October, two months ahead of schedule.
Leisman said the cash balance is more than enough, with future operating cash flow, to build both Mt. Hamilton and Eagle Mountain.
Sources
- Mako Mining Corp.: Mako Mining Announces Q3 2026 Production Results with Gold Recovered of 12,743 oz Au, and Positive Permitting Updates at Mt. Hamilton and San Albino
- Mako Mining Announces Q3 2026 Production Results with Gold Recovered of 12,743 oz Au (Sales of 11,581 oz Au), and Positive Permitting Updates at Mt. Hamilton and San Albino
- Mako Mining Announces Q3 2026 Production Results with Gold Recovered of 12,743 oz Au (Sales of 11,581 oz Au), and Positive Permitting Updates at Mt. Hamilton and San Albino
Photo: Calistemon (CC BY-SA 4.0)
