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About Mako Mining Corp.
Mako Mining Corp. (OTCQX: MAKOF, TSX-V: MKO) is a publicly traded gold mining, development, and exploration company with a focus on high-grade, open-pit gold mining. The company operates the San Albino gold mine in Nueva Segovia, Nicaragua, recognized as one of the highest-grade open-pit gold mines globally. Mako also holds a 100% interest in the Eagle Mountain Gold Project in Guyana, a PEA-stage asset with substantial engineering, environmental, and permitting activities underway, and is in the process of acquiring the Moss gold mine in Arizona, a producing asset located in a historically prolific gold district.
Core Operations
Mako's flagship asset, the San Albino gold mine, is a high-grade, open-pit operation that commenced commercial production in 2021. The mine's exceptional ore grades and efficient processing plant enable the company to achieve industry-leading production costs and strong cash flow. San Albino also offers district-scale exploration potential, with ongoing drilling campaigns targeting high-grade extensions and new zones within its land package.
The Eagle Mountain project in Guyana represents a significant growth opportunity. This PEA-stage project has demonstrated robust economics, with an after-tax NPV of $292 million at $1,850 gold prices. Recent geotechnical drilling and channel sampling have confirmed mineralization consistent with or exceeding the resource model, supporting the project's development potential. Mako is advancing permitting and engineering activities to prepare for future production.
In addition, Mako is acquiring the Moss gold mine, an open-pit heap leach operation in Arizona. The acquisition, funded through existing cash flow, will add a producing asset in a low-risk jurisdiction to Mako's portfolio. The company plans to optimize the mine plan and restart mining operations shortly after the acquisition closes.
Competitive Positioning
Mako Mining distinguishes itself through its focus on high-grade deposits, which lower operational costs and enhance profitability. The company's phased development strategy, demonstrated expertise in exploration, and ability to integrate acquisitions position it as a competitive player in the gold mining industry. Its operations in Nicaragua, Guyana, and Arizona provide geographic diversification, balancing high-grade opportunities in emerging markets with stability in established jurisdictions.
Recent Developments
- Eagle Mountain Project: Advanced engineering and environmental studies, including geotechnical drilling and EIA preparation, to support permitting and future production.
- Moss Mine Acquisition: Conditional approval received from the TSXV for the acquisition, with operational control already established and mining activities set to resume within weeks.
- San Albino Exploration: Ongoing drilling campaigns have identified high-grade extensions, further enhancing the mine's resource potential.
Growth Strategy
Mako's growth strategy centers on leveraging cash flow from San Albino to fund exploration and acquisitions, such as Eagle Mountain and Moss. The company is committed to maintaining operational efficiency while pursuing district-scale exploration opportunities. Its disciplined approach to capital allocation ensures that growth initiatives are sustainable and accretive to shareholder value.
Conclusion
With a portfolio of high-grade assets, a proven track record in exploration and development, and a strategic focus on operational efficiency, Mako Mining Corp. is well-positioned for long-term success in the gold mining industry. The company's recent acquisitions and ongoing exploration efforts underscore its commitment to growth and value creation.
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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