Welcome to our dedicated page for Mako Mng news (Ticker: MAKOF), a resource for investors and traders seeking the latest updates and insights on Mako Mng stock.
Company Overview
Mako Mining Corp (symbol: MAKOF) is a publicly listed gold mining, development and exploration company known for its expertise in high-grade mining operations. With the San Albino gold mine in Nueva Segovia, Nicaragua as its flagship asset, Mako has established itself through a disciplined operational framework and robust exploration programs which span a district-scale land package. The company is also strategically positioned in Guyana with its Eagle Mountain Gold Project and is actively advancing its portfolio with potential acquisitions like the Moss mine in Arizona.
Core Assets and Operations
Mako’s core business is centered on the operation of one of the world’s highest-grade open pit gold mines at San Albino. This asset is renowned for its outstanding ore quality and efficient production methods. The company leverages industry standard, state-of-the-art technology in both mining and processing, ensuring high recovery rates and operational efficiency. Its Eagle Mountain Gold Project in Guyana represents a significant PEA-stage asset that is subject to advanced engineering and environmental studies, providing further opportunities for expansion within a robust geological setting.
Business Model and Strategic Initiatives
The company’s business model is built on generating cash flows from high-grade production to finance ongoing exploration and development of prospective targets. Mako consistently reinvests funds from its profitable San Albino operations into district-scale exploration, ensuring continual growth in its resource base. Recent strategic initiatives, including the acquisition process for the Moss mine, highlight Mako’s approach to leveraging undervalued assets and diversifying its portfolio in attractive mining jurisdictions. This balanced model, combining steady production with strategic acquisitions, underscores the company’s ability to adapt and thrive in varying market conditions.
Operational Excellence and QA/QC
Mako Mining Corp is committed to operational excellence. Every phase of its mining process, from reverse circulation drilling to milling and recovery, is executed with a focus on safety, efficiency and stringent quality control. The company adheres to internationally recognized QA/QC protocols, ensuring that assay samples and production data meet rigorous standards. Through continuous use of advanced geotechnical and metallurgical techniques, the company not only maintains high production standards but also provides transparent and verifiable information to its investors.
Exploration and Growth Potential
Innovation and exploration are at the heart of Mako’s strategy. The company’s disciplined approach to exploration across its 188 square kilometer land package has led to numerous high-grade discoveries that extend beyond current resource estimates. This extended exploration strategy is reflected in its ongoing drilling programs at Las Conchitas and other regional targets. By systematically testing for mineralized extensions and new gold-bearing zones, Mako reinforces its commitment to sustaining long-term growth and solidifying its position within the competitive gold mining landscape.
Leadership and Governance
Mako is led by an experienced management team with substantial expertise in mining, geology and corporate strategy. The executive leadership, supported by a board comprising independent and non-independent directors with rich backgrounds in the mining sector, drives the company’s high standards for corporate governance and operational integrity. Their experience is a cornerstone of the company’s ability to navigate complex projects and maintain investor confidence through transparency and consistent performance.
Competitive Position and Industry Expertise
Within a highly competitive global mining sector, Mako distinguishes itself through its commitment to excellence in mining operations and exploration. The company’s methodology emphasizes a careful balance of operational efficiency, technical precision and calculated asset development. By focusing on high-grade ore bodies and maintaining robust cash flows, Mako reinforces its reputation as an industry expert in gold mining and exploration. The detailed and technical approach in its operational updates showcases deep industry knowledge, further bolstering its authoritativeness in the mining community.
Conclusion
Mako Mining Corp has firmly established itself as a key player in the high-grade gold mining space. Its integrated approach—combining profitable, efficient mining operations with a strong exploration portfolio and strategic acquisitions—ensures that the company remains well-positioned within its competitive landscape. Investors and industry stakeholders can rely on Mako’s long-standing operational expertise, rigorous QA/QC methodologies and disciplined management strategy, all of which serve as a testament to its commitment to excellence in the mining industry.
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.
Mako Mining announced the filing of an amended technical report for the San Albino Project in response to comments from the British Columbia Securities Commission. The report, effective October 11, 2023, includes additional sections on mining and recovery methods, project infrastructure, market studies, environmental studies, and capital and operating costs as required by NI 43-101 standards.
Notably, the amended report does not change the resource estimates. From November 1, 2023, to May 31, 2024, the company mined 32,567 oz of gold, surpassing the predicted 26,940 oz by over 20%. The report reflects a mining operation that has been commercially active for three years.
The amended report was prepared by Mine Development Associates and is available on the company's website and SEDAR.
Mako Mining has reissued two exploration press releases due to a compliance issue. The original reviews were conducted by Mr. John Kowalchuk, whose qualification as a 'qualified person' lapsed on January 1, 2024. This affected the validity of the reviews for the January 24 and March 13, 2024 releases. To rectify this, Dr. Matthew D. Gray, a qualified person under NI 43-101, has reviewed and approved the contents of these reissued releases.
The company took this step to ensure compliance with NI 43-101 standards, which are important for maintaining investor confidence and regulatory compliance.
Mako Mining reported Q1 2024 financial results with gold sales of 9,267 oz at an All-In Sustaining Cost (AISC) of $1,043/oz. The company earned $19.2 million in revenue, generated $10.4 million in Mine Operating Cash Flow, and achieved $5.3 million in Net Income, equating to $0.08 earnings per share (EPS). Adjusted EBITDA was $9.2 million, and cash costs were reported at $858/oz sold. Mako Mining repaid $1.3 million in debt and spent $0.7 million on exploration and evaluation. CEO Akiba Leisman highlighted strong performance and increased cash and receivable balances by nearly $6 million. Over the past six months, the company sold 22,748 ounces at $917/oz AISC, generating $27 million in Mine OCF and $14.8 million in net income. The company plans to renew and expand its share repurchase program and anticipates completing the Goldsource Mines acquisition by the end of the quarter.
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