Mako Mining

MKO.V

Gold · Basic Materials

Price

C$9.77

+0.26 (+2.73%)

Market Cap

C$855.5M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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)

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.

Winston Score History

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

+112.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+100.0% 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

Relatively low insider ownership

Cash Position

Cash flow positive

$96M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Mako Mining grew revenue 112% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Gross Margin

56.3%

Premium pricing power — 56.3% gross margin

Operating Margin

50.0%

Excellent — 50.0% operating margin

ROCE

15.5%

Strong — 15.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+76.0%

Fast-growing sales (76.0% YoY)

EPS YoY

+69.9%

Earnings growing fast (69.9% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

142%

Turns 142% of profit into real cash

FCF Margin

28.4%

Converts sales into free cash efficiently (28.4%)

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

Debt / Equity

0.24

Conservative — low debt load (0.24)

Interest Cover

82.38x

Comfortably covers interest (82.4x)

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

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Valuation

P/E Ratio (TTM)

17.4x

Fair value — P/E 17.4

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

P/E vs Forward

+11.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 6.0)

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Dividends

Not applicable for this business.

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