Key takeaways Upside Gold is developing the Kena Gold Project, near the town of Nelson in the Kootenays region of southern British Columbia. Kena hosts a historical gold resource of 3.33 million ounces (561,000 ounces Indicated and 2.77 million ounces Inferred) across a 10,200-hectare land package.

Read narrative

Mako Mining Corp. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Mako Mining
Historical stock prices
Current Share Price	CA$7.10
52 Week High	CA$7.25
52 Week Low	CA$2.72
Beta	1.67
1 Month Change	31.48%
3 Month Change	19.33%
1 Year Change	133.55%
3 Year Change	422.06%
5 Year Change	206.03%
Change since IPO	1,320.00%

Recent updates

Shareholder Returns

	GQR0	DE Metals and Mining	DE Market
7D	13.6%	9.4%	3.4%
1Y	133.6%	67.3%	3.4%

Return vs Industry: GQR0 exceeded the German Metals and Mining industry which returned 67.3% over the past year.

Return vs Market: GQR0 exceeded the German Market which returned 3.4% over the past year.

Price Volatility

Is GQR0's price volatile compared to industry and market?
GQR0 volatility
GQR0 Average Weekly Movement	9.7%
Metals and Mining Industry Average Movement	10.7%
Market Average Movement	6.0%
10% most volatile stocks in DE Market	12.5%
10% least volatile stocks in DE Market	2.7%

Stable Share Price: GQR0's share price has been volatile over the past 3 months compared to the German market.

Volatility Over Time: GQR0's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

Founded	Employees	CEO	Website
2004	n/a	Akiba Leisman	www.makominingcorp.com

Mako Mining Corp. engages in mineral exploration and exploitation activities in Nicaragua, the United States, and Guyana. The company explores for gold and silver deposits. Its primary asset is its 100%-owned San Albino mine comprising the San Albino and the Las Conchitas gold deposits, which consist of five mineral concessions covering an area of approximately 22,422 hectares located within the San Albino-Murra Property in Nueva Segovia, Nicaragua.

Mako Mining Corp. Fundamentals Summary

How do Mako Mining's earnings and revenue compare to its market cap?
GQR0 fundamental statistics
Market cap	€589.98m
Earnings (TTM)	€28.74m
Revenue (TTM)	€126.47m

20.2x

P/E Ratio

4.6x

P/S Ratio

Is GQR0 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
GQR0 income statement (TTM)
Revenue	US$148.47m
Cost of Revenue	US$65.47m
Gross Profit	US$83.00m
Other Expenses	US$49.26m
Earnings	US$33.74m

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	0.39
Gross Margin	55.90%
Net Profit Margin	22.72%
Debt/Equity Ratio	0%

How did GQR0 perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/07 13:58
End of Day Share Price	2026/05/07 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mako Mining Corp. is covered by 2 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Michael Bandrowski	Beacon Securities Limited
Brian Szeto	Ventum Financial Corp

Mako Mining (GQR0) Stock Overview

Rewards

Risk Analysis

An Undervalued 3.3Moz Gold Project in Canada

Mako Mining Corp. Competitors

Eisen- und Hüttenwerke

Sto SE KGaA

Uzin Utz

SIMONA

Price History & Performance

Recent News & Updates

Mako Mining Corp. Announces Production Results for the San Albino Gold Mine in Northern Nicaragua and the Moss Mine in Arizona

Mako Mining Corp. Reports Updated Mineral Resource Estimate for the Moss Mine in Arizona

Mako Mining Announces Receipt of Underground Mining Permit At Las Conchitas

Mako Mining Corp. announced that it has received CAD 50 million in funding from Wexford Capital LP and other investors

Mako Mining Corp. announced that it expects to receive CAD 50 million in funding from Wexford Capital LP

Mako Mining Corp., Annual General Meeting, Sep 30, 2025

Recent updates

Mako Mining Corp. Announces Production Results for the San Albino Gold Mine in Northern Nicaragua and the Moss Mine in Arizona

Mako Mining Corp. Reports Updated Mineral Resource Estimate for the Moss Mine in Arizona

Mako Mining Announces Receipt of Underground Mining Permit At Las Conchitas

Mako Mining Corp. announced that it has received CAD 50 million in funding from Wexford Capital LP and other investors

Mako Mining Corp. announced that it expects to receive CAD 50 million in funding from Wexford Capital LP

Mako Mining Corp., Annual General Meeting, Sep 30, 2025

Mako Mining Corp. Announces Board Changes, Effective July 2, 2025

Mako Mining Corp. Reports Initial Results from its 2025 Reverse Circulation Drill Program at the El Golfo Area Within the El Jicaro Concession

Mako Mining Intersects 39.15 g/t Au over 5.9 M (Estimated True Width) 19.2 m Below Surface in Its Inaugural Drill Campaign At El Golfo

Mako Mining Corp. Announces the Appointment of Steve Parsons as President

Mako Mining Corp. (TSXV:MKO) completed the acquisition of EG Acquisition LLC from Wexford Capital LP.

Mako Mining Corp. Intersects 2.93 G/T Gold over 15.4 Metres (ETW) at Eagle Mountain and 3.73 G/T Au over 31.5 M at the Salbora Deposit as Part of a Geotechnical Drill Program

Now 20% overvalued after recent price rise

Investor sentiment improves as stock rises 16%

Now 21% overvalued after recent price rise

Mako Mining Corp Intersects 22.88 G/T Au over 4.6 M (Estimated True Width) at Las Conchitas

Investor sentiment improves as stock rises 17%

Mako Mining Corp. Provides Additional Exploration Results from the 2024 Reverse Circulation Drill Program in the Las Conchitas Area

Now 21% overvalued

Second quarter 2024 earnings released: EPS: US$0.14 (vs US$0.04 loss in 2Q 2023)

Mako Mining Intersects 23.84 g/t Au and 12.1 g/t Ag over 4.2m (Estimated True Width) and 36.88 g/t Au and 53.2 g/t Ag over 4.0m (ETW) at Las Conchitas

Now 21% undervalued after recent price drop

Chief Operating Officer recently sold €270k worth of stock

Mako Mining Corp., Annual General Meeting, Sep 30, 2024

New minor risk - Shareholder dilution

Mako Mining Corp. (TSXV:MKO) completed the acquisition of Goldsource Mines Inc. (TSXV:GXS).

Now 23% undervalued

First quarter 2024 earnings released: EPS: US$0.081 (vs US$0.021 in 1Q 2023)

Investor sentiment improves as stock rises 15%

Full year 2023 earnings released: EPS: US$0.10 (vs US$0.18 loss in FY 2022)

Mako Mining Corp. (TSXV:MKO) entered into an arrangement agreement to acquire Goldsource Mines Inc. (TSXV:GXS) for CAD 33.28 million.

Mako Mining Corp. Provides an Update of Results from the Ongoing Reverse Circulation Drill Program At Las Conchitas

CEO & Director recently sold €436k worth of stock

New minor risk - Market cap size

Mako Mining Corp. Intersects 51.78 G/T Au over 3.9 M (Estimated True Width) At Las Conchitas, 62 M from Surface, Outside of Current Mineral Resource Estimate

Third quarter 2023 earnings released: US$0.022 loss per share (vs US$0.11 loss in 3Q 2022)

Mako Mining Corp. Reports Updated and Extended Mineral Resource for the San Albino Project

Mako Mining Corp. Announces Record Au Production in September 2023

Mako Mining Corp. Announces Results from an Additional 68 Reverse Circulation Infill Drill Holes At Las Conchitas

Second quarter 2023 earnings released: US$0.04 loss per share (vs US$0.049 loss in 2Q 2022)

Mako Mining Corp., Annual General Meeting, Oct 13, 2023

Mako Mining Corp. Announces Additional Results from the Reverse Circulation Infill Drilling Completed at Las Conchitas

Mako Mining Corp. Announces Commencement of Las Conchitas Material Processing, and Results from the Reverse Circulation Infill Drilling Completed at Las Conchitas

New major risk - Share price stability

Mako Mining Corp. Begins Work at Las Conchitas, Processing of Material Expected in July

Mako Mining Announces A Discovery 17 Km from the San Albino Gold Mine, Intersects 41.99 G/T Au and 28.70 G/T Ag over 1.4 M (Estimated True Width), 34 M from Surface and Confirms Orogenic Deposit Type

CEO & Director recently sold €151k worth of stock

Insufficient new directors

Mako Mining Corp. Announces Resignation of Brian Szeto as Board of Directors

Mako Mining Corp. Intersects 33.91G/T Gold over 1.7M Estimated True Width At Las Conchitas Central, 12.73 G/T Au over 4.2M ETW At Las Conchitas South and Multiple High Grade Silver Intercepts Up to 3,792.0 G/T Silver over 1.0m Across Las Conchitas

Mako Mining Corp. Appoints Brian Szeto as an Independent Director

Mako Mining Intersects 98.50 G/T Au and 66.3 G/T Ag over 1.9M (Estimated True Width) 39M from Surface At the San Albino Sw Pit

Insufficient new directors

Full year 2021 earnings released: EPS: US$0.014 (vs US$0.02 loss in FY 2020)

CEO & Director recently bought €72k worth of stock

High number of new directors

Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations

Mako Mining Provides Operating Update

Mako Mining Corp. Reports Initial Results from a Reconnaissance Exploration Program on Its Recently Granted La Segoviana Exploration and Exploitation Concession

Mako Mining Corp. Reports Positive Drill Results from Expansion Drilling At Its San Albino Gold Project ("San Albino") in Northern Nicaragua

CEO & Director recently bought €56k worth of stock

CFO & Company Secretary has left the company