Mako Mining Corp. heads into its May 20 Q2 results report with short sellers notably absent and the lending market flush with supply.
Short interest is exceptionally low. At just 0.16% of the free float, there is virtually no meaningful bearish positioning to speak of, and that figure has been cut nearly in half over the past month. The borrow market reinforces the same message: availability is essentially unlimited — the ratio of shares available to borrow relative to shares already borrowed is above 6,000%, far exceeding even the loosest reference points. Borrowing costs have fallen a third over the past week to 1.82%, their lowest reading in the past 30 days. Nothing in the lending market suggests any coordinated short thesis.
The focus going into today's print is therefore entirely about whether the company can sustain a standout Q1. When Mako reported on May 15, it delivered EPS of $0.26 per share — doubling last year's $0.12 — and revenue of $68.6 million against $31.8 million a year earlier, with adjusted EBITDA of $40.1 million. The stock gained 2.9% on the day. That print established a high bar. The Q2 disclosure is a separate event due today, and the question is whether the operating momentum that drove that result has carried into the new quarter, especially with gold prices having been volatile across the peer group in recent weeks.
Peers have pulled back sharply. Close correlated names including WPM, GMIN, and AEM are each down between 5% and 12% on the week, and AG fell nearly 10% in a single session. MKO has held flat over the same period — a relative resilience that reflects both its low short base and its concentrated ownership structure. Wexford Capital LP controls 45.8% of the company, with virtually no change in that position reported as of March 31. That ownership concentration limits available float and caps downside pressure from institutional selling, but it also constrains liquidity-driven upside.
The Q2 print will test whether Mako's operational execution at San Albino — supported by an active reverse circulation and diamond drilling programme announced in early May — can underpin the profitability profile that made Q1 so striking. With no meaningful short positioning and the broader gold sector under pressure, the report is less about positioning and more about whether the fundamental story stands on its own.
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