Mako Mining Corp.

Mako Mining has completed a remarkable transformation: from a single-asset Nicaraguan explorer into a four-asset, debt-free, cash-generating gold producer generating US$148.5M in revenue and US$28.3M in a single quarter of EBITDA. The San Albino mine in Nicaragua — which produces at some of the highest diluted grades globally (~6–12 g/t) — remains the earnings engine, and the company has parlayed that cash flow into a diversified Americas portfolio without meaningful dilution or leverage. Composite score: 19/25 — WATCH.

The geology is genuinely compelling at San Albino (250,200 oz M&I at 11.61 g/t; 129,900 oz Inferred at 10.54 g/t per October 2023 NI 43-101 resource estimate — note: no formal Proven/Probable Reserves or FS have been published, keeping the study level at resource estimate/advanced property). The capital structure is one of the cleanest in the junior space: 87.5M shares, zero warrants, zero debt, US$78M cash. Near-term catalysts are real and time-bound: Mt. Hamilton first gold pour H2 2026, Las Conchitas underground ramp-up, Moss Mine at steady-state, El Golfo drilling ongoing.

The WATCH verdict reflects two overhangs: (1) Nicaragua country risk — political and regulatory exposure to the Ortega government, U.S. sanctions risk, and MARENA permit dependency are non-trivial for a company generating >60% of earnings from a single Central American jurisdiction; and (2) current valuation. At C$9.95, the stock trades at approximately 1.15x our analyst-constructed NAV (~C$8.64/share) and an EV/production oz of ~US$13,000 — not cheap by conventional standards. Watch for a pullback toward the C$7.50–8.50 range (0.9–1.0x NAV) as a better entry point, or await a formal Feasibility Study and Reserve declaration that would justify a re-rating.