Mako Mining

MKO.V

Gold · Basic Materials

Price

C$14.50

+0.03 (+0.21%)

Market Cap

C$1.27B

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

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Share count rising — dilution

+26.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 65.8M (2021) → 83.2M (2025)

Winston Score History

The full picture

Mako Mining Corp. is a gold mining company that finds, digs up, and sells gold. Its main asset is the San Albino gold mine located in northern Nicaragua, which is one of the highest-grade open-pit gold mines in the world. The company sells the gold it produces to refiners and bullion buyers in the broader precious metals market.

Mako makes money by mining gold and selling it at market prices, so its profits rise and fall with the gold price. The company operates almost entirely in Nicaragua, making it a single-asset, single-country business with a market cap under $1 billion. Its high ore grades help keep production costs relatively low, which is its main competitive advantage. The biggest risk the company faces is political and regulatory uncertainty in Nicaragua, where government policy changes could disrupt operations or affect the company's ability to move money across borders.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+61.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+36.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

3.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$112M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Mako Mining is growing revenue at 62% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

43.1%

Healthy — 43.1% gross margin

Profit after running costs

Operating Margin

42.9%

Excellent — 42.9% operating margin

Return on the money invested

ROCE

37.6%

Exceptional — 37.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+80.8%

Fast-growing sales (+80.8% YoY)

Profit growth

EPS YoY

+93.8%

Earnings growing fast (+93.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

139%

Turns 139% of profit into real cash

Spare cash per sale

FCF Margin

26.8%

Converts sales into free cash efficiently (26.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

114.07x

Comfortably covers interest (114.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.5x

Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+11.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.5 → 6.4)

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Dividends

Not applicable for this business.

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