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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 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.
Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) has reported positive exploration results from its ongoing reverse circulation (RC) drill program at Las Conchitas, located south of the San Albino gold mine. The drilling campaign aims to extend high-grade mineralization beyond the current mineral resource estimate (MRE). Significant intersections include:
- 23.84 g/t Au and 12.1 g/t Ag over 4.2m (ETW) at El Limon
- 36.88 g/t Au and 53.2 g/t Ag over 4.0m (ETW) at Bayacun
- 28.38 g/t Au and 13.6 g/t Ag over 2.0m (ETW) at Las Dolores
- 39.30 g/t Au and 66.0 g/t Ag over 0.7m (ETW) at Intermediate
These results suggest potential for expanding high-grade gold mineralization outside the current MRE pit limits across multiple zones at Las Conchitas.
Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) reported record Q2 2024 operational results for its San Albino gold mine in Nicaragua. Highlights include:
- Record revenue of US$28.3 million
- Record 12,206 oz of gold recovered
- 59,549 tonnes mined at 7.76 g/t Au
- 52,681 tonnes milled at 8.79 g/t Au
- 82.0% gold recovery
- 157,612 tonnes stockpile at 2.45 g/t Au
- Cash balance of US$6.7 million
The company also announced the approval of the Las Conchitas Environmental Impact Assessment, allowing for expanded mining operations. CEO Akiba Leisman noted the quarter was highly profitable with industry-leading costs.
Mako Mining has announced significant findings from its ongoing reverse circulation drill program at Las Conchitas, which is situated near its San Albino gold mine. The 2024 drilling campaign consists of 244 drill holes totaling 15,314 meters, aimed at exploring potential extensions of high-grade gold mineralization beyond the existing mineral resource estimate (MRE).
Key highlights include intersections at Las Dolores with 37.80 g/t gold (Au) and 50.0 g/t silver (Ag) over 3.0 meters; and additional high-grade intersections at El Limon and Mango.
The company’s CEO, Akiba Leisman, emphasized the excellent results and the company's ability to fund its exploration through internal cash flow without needing external financing. He noted that the campaign aims to identify and expand high-grade zones beyond the current MRE, particularly within shallow oxide materials.
The drill results support the possibility of expanding high-grade gold zones outside of the existing pits, thereby increasing the potential for Mako's mineral resources.
Mako Mining (TSXV:MKO, OTCQX:MAKOF) has completed its acquisition of Goldsource Mines (TSXV:GXS, OTCQX:GXSFF) through a plan of arrangement, acquiring all outstanding Goldsource shares in exchange for Mako shares. This transaction grants Mako ownership of the Eagle Mountain Gold Project in Guyana. Goldsource shares are expected to be delisted from the TSXV, and Goldsource is to apply to cease being a reporting issuer in Canada. Following the acquisition, Mako's board includes former Goldsource executive Eric Fier as Non-executive Chairman. Wexford Capital, Mako's largest shareholder, now holds 48.15% of Mako's shares post-transaction but experienced an 8.26% dilution in its overall stake due to share issuance.
The acquisition aims to enhance Mako's strategic asset base and consolidate its position in the gold mining sector. Mako will proceed with additional management appointments in the upcoming weeks.
Mako Mining Corp. (TSXV:MKO; OTCQX:MAKOF) announced that Goldsource Mine Inc. securityholders approved the arrangement transaction. Over 97% voted in favor at the June 21st meeting. The Supreme Court of British Columbia will issue the final order on June 26th, and the transaction is expected to close around July 3rd.
Following the transaction, Rael Lipson will step down from the board, replaced by Laurie Gaborit, who has extensive experience in mineral exploration and investor relations. Lipson will continue as a technical advisor. CFO Millie Paredes will also step down on June 25th, succeeded by Ezequiel Sirotinsky, a seasoned accountant in the mining industry. Additionally, Frank Powell will be promoted to Vice President of Exploration.
Mako's CEO, Akiba Leisman, highlighted the company's new growth phase and expressed gratitude to departing members for their service.
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