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Mako Mining Corp. (MAKOF) is a publicly listed gold mining, development, and exploration company operating the San Albino gold mine in Nueva Segovia, Nicaragua. With record gold sales and consistent financial growth, Mako focuses on profitable operations and funding exploration on its district-scale land package. Led by CEO Akiba Leisman, the Company reported strong financial results, including increased Mine Operating Cash Flow and Net Income, positioning itself for further growth and the acquisition of Goldsource Mines.
Mako Mining Corp. (MAKOF) has received conditional TSX Venture Exchange approval for its proposed acquisition of the Moss Mine in Arizona through purchasing 100% of EG Acquisition from Wexford Capital LP-controlled funds. The acquisition price ranges between US$4.9-6.4 million, depending on royalty extinguishment.
Since taking operational control on December 31st, 2024, EGA has achieved significant milestones: replenished consumables, completed critical maintenance, and prepared to restart mining operations within five weeks. January 2025 operations generated 832 oz. gold and 5,607 oz. silver sales, valued at US$2.6 million, exceeding the initial US$1.6 million investment for maintenance.
Under the proposed terms, all net cashflow from precious metal sales since December 31st, 2024, will benefit Mako. Additionally, Mako expects to receive US$1.5 million in cash collateral from Trisura Guarantee Insurance Company, effectively reducing the acquisition price.
Mako Mining Corp. (MAKOF) has reported significant results from its geotechnical drilling program at the Eagle Mountain Gold Project in Guyana. Key findings include intersections of 2.93 g/t gold over 15.4 metres at Eagle Mountain and 3.73 g/t Au over 31.5 metres at the Salbora Deposit.
The Phase 1 program, completed in late 2024, included eleven drill holes testing saprolite and fresh rock characteristics. A notable channel sample at Salbora returned 8.42 g/t Au over 21.0 metres. The company is conducting this work to finalize engineering parameters and site infrastructure layout for environmental permit applications.
The CEO highlighted that these results match or exceed those defined in the 2024 PEA, which showed an after-tax NPV 5% of US$292 million at US$1,850 gold. The company expects improved economics with current gold prices being nearly $1,000 per ounce higher.
Mako Mining reported strong Q4 2024 production results from its San Albino gold mine in Nicaragua. The company achieved record gold revenue of US$28.8 million with 12,053 oz Au recovered and 10,803 oz Au sold. Mining operations processed 46,733 tonnes at an average grade of 9.73 g/t Au, while the mill operated at 576 tonnes per day, 15% above nameplate capacity, with 85% gold recovery.
Cash balance increased by US$9.5 million to US$14.5 million in Q4. The company mined from five different zones: Las Conchitas South (El Limon 47.5%, Las Dolores 13.5%, Mango 2%), Las Conchitas Central (Cruz Grande 18%) and San Albino (Southwest Pit 19%). Additionally, Mako announced plans to acquire the Moss gold mine in Arizona for US$4.9 million.
Mako Mining Corp. (MAKOF) has announced a non-binding letter of intent to acquire 100% of EG Acquisition (EGA), which will own the Moss gold mine in Arizona. The purchase price ranges from US$4.9 million to US$6.4 million, payable in cash, with closing expected by February 2025.
The acquisition follows a bankruptcy process that eliminated over US$60 million of liabilities associated with the Moss mine. The deal includes the elimination of a silver stream and potential extinguishment of two material royalties. Mako plans to restart mining operations after optimizing the mine plan and debottlenecking the crushing plant.
The company's current cash and gold sales receivables have increased by over US$6 million to nearly US$13 million at year end. A pre-arranged bonding facility will release approximately US$1.5 million of the US$3.0 million held as collateral, effectively reducing the acquisition cost.
Mako Mining reported Q3 2024 financial results with $15.7 million in revenue and $4.3 million in Adjusted EBITDA. The company sold 6,532 ounces of gold at $2,383/oz AISC, with $607/oz related to accelerated pre-strip work. A six-month permit delay for Las Conchitas EIA affected production, resulting in lower head grades (4.2 g/t gold). Despite challenges, the company maintained $5.0 million cash balance and $1.5 million in gold receivables. The company repaid $2.7 million in debt and conducted $1.6 million in stock repurchases.
Mako Mining announces TSX Venture Exchange's acceptance of its normal course issuer bid (NCIB) to purchase up to 3,956,485 common shares, representing 5% of the company's total issued and outstanding shares. The NCIB will run from November 19, 2024 to November 18, 2025. Shares will be purchased for cancellation through TSXV facilities at market price, with Ventum Financial Corp. managing the purchases. The company's board believes the current share price undervalues Mako's business and future prospects, making the share repurchase program a prudent use of funds.
Mako Mining Corp. (TSXV:MKO)(OTCQX:MAKOF) has released its Q3 2024 operational results for the San Albino gold mine in Nicaragua and provided an update on the Eagle Mountain gold project in Guyana. Key highlights include:
- 29,749 tonnes mined containing 5,414 oz of gold at 5.66 g/t Au
- 51,865 tonnes milled containing 7,002 oz Au at 4.20 g/t Au
- 5,142 oz Au recovered and 6,532 oz Au sold
- Mill recovery of 73.4% for gold
- Stockpile of 135,496 tonnes at 2.49 g/t Au for 10,849 oz Au
Production was lower due to delayed EIA permit for Las Conchitas, but has returned to normal rates in Q4. The Eagle Mountain Prospecting License in Guyana was renewed, with plans to apply for environmental permit and mining license in H2 2025.
Mako Mining Corp. (TSXV:MKO)(OTCQX:MAKOF) has reported additional exploration results from its 2024 reverse circulation (RC) drill program at Las Conchitas, located south of the San Albino gold mine in Nicaragua. The program aims to test for new extensions of high-grade gold veins outside the limits defined by the 2023 mineral resource estimate (MRE).
Drilling highlights include:
- Las Conchitas South: 22.88 g/t Au over 4.6 m (ETW)
- Las Conchitas Central: 39.64 g/t Au over 2.0 m (ETW)
- Las Conchitas North: 24.60 g/t Au over 1.0 m (ETW)
The results demonstrate potential for expanding the Las Conchitas resource in previously inaccessible areas and deeper material. The company aims to begin extracting underground material along with open pit material over the next year.
Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) has released exploration results from its 2024 reverse circulation (RC) drill program at Las Conchitas and regional reconnaissance program. Drilling highlights include:
- Intermediate Vein: 82.55 g/t Au over 2.0m ETW
- Las Dolores Vein: 16.83 g/t Au over 4.7m ETW
- El Limon Vein: 12.27 g/t Au over 3.0m ETW
Reconnaissance highlights include:
- El Golfo Area: 86.80 g/t Au over 1.0m
- Santa Rosa Area: 358.60 g/t Au over 1.0m
The results indicate potential to expand high-grade mineralization in current mining areas and identify new high-grade targets across Mako's 188 square kilometer land package.
Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) reported strong Q2 2024 financial results, with gold sales of $28.3 million generating $14.5 million in Mine Operating Cash Flow and $8.8 million in Net Income. The company achieved earnings per share of $0.13, selling 12,313 oz of gold at an All-In Sustaining Cost (AISC) of $1,098/oz. Key highlights include $14.6 million in Adjusted EBITDA, Cash Costs of $793/oz sold, and a cash balance of $6.7 million. The company repaid $0.8 million of debt and repurchased $2.9 million in stock. Over the last nine months, Mako has sold 35,061 ounces at $975/oz AISC, generating $41.7 million of Mine OCF and $23.6 million in net income.
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