What is Mako Mining's free cash flow?

Mako Mining generated free cash flow of $40.66M in fiscal 2025 (fiscal year ended Mar 31, 2026), operating cash flow of $52.98M minus $12.32M of capital expenditures. That was up 88.5% from $21.57M a year earlier. Free cash flow equaled 27.4% of revenue.

How much does Mako Mining spend on capital expenditures?

Mako Mining spent $12.32M on capital expenditures in fiscal 2025, compared with $12.88M a year earlier. That equals 23.3% of operating cash flow.

Does Mako Mining pay dividends or buy back shares?

Yes. In fiscal 2025 Mako Mining returned $1.36M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment.

Mako Mining (MAKO) Cash Flow: Operating & Free Cash Flow

Mako Mining Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Mako Mining Corp. (MAKO) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Mar 2022	Dec 2021	Mar 2021	Dec 2019	Apr 2019	Apr 2018
Operating Activities
Net Income	33.74	33.74	19.15	19.15	6.80	6.80	-11.98	-11.98	9.96	9.96	-12.13	-13.86	-18.76	-2.37
Depreciation & Amortization	8.22	8.22	0.00	7.70	0.00	13.49	20.45	20.45	0.00	7.23	0.00	0.14	0.05	0.01
Deferred Income Tax	3.74	3.74	3.22	3.22	0.00	-	-20.45	-	0.00	-	0.00	0.00	0.00	0.00
Stock Based Compensation	1.97	1.97	1.02	1.02	0.65	0.65	0.54	0.54	0.34	0.34	0.62	0.00	0.29	0.06
Change in Working Capital	2.53	2.53	-1.70	-1.70	-12.54	-12.39	3.49	3.23	-5.86	-3.92	0.61	-4.54	-1.45	0.05
Change in Accounts Receivable	0.05	0.05	-0.08	-0.08	0.56	0.41	-1.20	-0.92	-0.40	-0.15	1.28	1.52	0.00	0.01
Change in Inventory	-8.53	-8.53	-5.85	-5.85	-10.10	-10.10	3.52	3.52	-4.05	-4.06	0.24	1.26	-1.25	0.00
Change in Accounts Payable	12.66	12.36	4.08	4.37	-2.92	-2.95	0.66	0.69	0.72	1.08	1.46	-6.35	0.00	0.05
Change in Other Working Capital	-1.65	3.08	0.15	-1.84	-0.09	1.48	0.50	3.18	-2.12	-4.54	-2.38	-0.96	-0.20	0.00
Other Operating Activities	2.77	3.08	12.75	8.28	17.57	1.48	24.33	4.13	-1.87	-11.04	1.77	8.88	12.89	0.00
Net Cash from Operating Activities	52.98	52.98	34.45	34.45	12.47	12.47	16.38	16.38	0.14	2.57	-9.13	-9.38	-6.97	-2.25
Investing Activities
Capital Expenditures	-12.32	-12.32	-12.88	-12.88	-4.76	-4.76	-8.80	-8.80	-8.41	-6.29	-29.97	-10.42	-0.11	-0.01
Acquisitions	-7.22	-7.56	-0.31	-0.31	0.00	-	0.00	-	-0.02	-	0.00	0.45	2.47	0.00
Purchases of Investments	-1.80	-1.80	0.00	-	0.00	-	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	1.00	1.00	0.00	-	0.00	-	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	0.27	0.00	-	0.00	-	0.00	-	2.13	-	1.14	0.00	0.82	0.00
Net Cash from Investing Activities	-20.34	-20.34	-13.19	-13.19	-4.76	-4.76	-8.80	-8.80	-6.30	-6.30	-28.83	-9.97	3.20	0.00
Financing Activities
Debt Repayment	-8.51	-8.51	-5.19	-5.40	-6.31	-14.31	-8.49	-8.47	2.49	-11.51	15.00	0.00	0.00	0.00
Common Stock Issued	42.00	39.50	0.00	2.52	0.00	-	0.00	-	0.61	0.62	20.06	20.14	0.00	0.02
Common Stock Repurchased	-1.36	-1.36	-4.70	-4.70	-0.41	-0.41	-0.50	-0.50	0.00	-	0.00	0.00	0.00	0.00
Other Financing Activities	-2.06	-2.06	1.65	-0.56	-0.03	-0.03	-0.03	-0.02	0.01	-	0.23	0.00	3.87	0.00
Net Cash from Financing Activities	30.07	30.07	-8.23	-8.23	-6.75	-6.75	-8.99	-8.99	3.12	3.12	35.30	20.14	6.38	0.01
Summary
Effect of Forex Changes on Cash	0.04	0.04	-0.01	-0.01	0.02	0.02	-0.02	-0.02	-0.08	-	1.04	2.55	-0.08	0.03
Net Change in Cash	62.76	62.76	13.02	13.02	0.98	0.98	-1.42	-1.42	-0.69	-0.69	-1.62	2.58	2.53	-2.22
Cash at Beginning of Period	14.52	14.52	1.50	1.50	0.52	0.52	1.94	1.94	2.63	-	4.25	0.81	0.84	2.87
Cash at End of Period	77.28	77.28	14.52	14.52	1.50	1.50	0.52	0.52	1.94	-	2.63	3.38	3.36	0.65
Free Cash Flow	40.66	40.66	21.57	21.57	7.71	7.71	7.58	7.58	-8.28	-3.72	-39.09	-19.80	-7.09	-2.26
Supplemental Disclosures
Interest Paid	-	-	-	0.06	-	0.03	-	-	-	-	-	-	-	-
Income Taxes Paid	-	7.64	-	2.64	-	-	-	-	-	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Mako Mining (MAKO) Cash Flow Statement

Mako Mining Cash Flow Statement Analysis

Frequently Asked Questions About Mako Mining Cash Flow