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.
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) announced its Q4 2022 financial results, marking the sixth quarter since declaring commercial production at the San Albino gold mine. Key highlights include:
- $16.1 million in revenue
- $7.8 million in Adjusted EBITDA
- $8.8 million in Mine Operating Cash Flow
- $0.8 million net loss, primarily due to depreciation and exploration expenses
- Cash costs at $715/oz sold
- AISC at $1,062/oz sold
Record gold sales of 9,956 ounces were achieved, and the company reported total Mine OCF of $28.8 million for the year. Mako plans to continue growth and debt repayment while transitioning to higher-grade material mining.
Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) announced the successful completion of a share consolidation on a ten-for-one basis, resulting in 65,743,403 common shares issued and outstanding. Fractional shares less than 0.5 will be canceled, while those 0.5 or greater will be rounded up. The trading symbol MKO remains unchanged, with adjustments made to outstanding options and warrants. Registered shareholders will receive a letter of transmittal from Computershare Trust Company of Canada for certificate exchange. The company aims to operate its high-grade San Albino gold mine profitably and continues to seek further exploration opportunities.
Mako Mining Corp. has signed a binding letter of intent (LOI) with Sailfish Royalty Corp. to establish a 24-month silver stream for cash consideration of US$6 million. The agreement involves Mako delivering 13,500 ounces of silver monthly from its concessions, starting after the first month post-closing. Sailfish has the option to purchase additional silver after 12 months for US$1 million. The transaction, considered a related party transaction, is subject to specific conditions, including due diligence and financing completion. The cash will help Mako repay loans, improving its financial flexibility for future opportunities.
Mako Mining Corp. (OTCQX:MAKOF) plans to consolidate its common shares on a ten-to-one basis, following shareholder approval on July 26, 2022. Currently, there are approximately 657 million common shares outstanding, which will reduce to around 65.7 million after consolidation. CEO Akiba Leisman emphasized that this move aims to attract institutional investors and enhance stock liquidity and valuation. The consolidation requires TSX Venture Exchange approval and will maintain the trading symbol 'MKO'. Expected benefits include increased investor interest and reduced price volatility.
Mako Mining Corp. (TSXV:MKO)(OTCQX:MAKOF) announced on February 7, 2023, the resignation of Mr. Brian Szeto from its board of directors due to his employer's compliance policy changes. CEO Akiba Leisman expressed regret about Szeto's departure but noted his ongoing support for the company and the San Albino project. Mako Mining focuses on the profitable operation of its high-grade San Albino gold mine in Nicaragua and aims to fund exploration across its land package. The company continues to prioritize growth and operational excellence.
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) announced additional high-grade drilling results from the Las Conchitas area of its San Albino-Murra property. The drilling program, with 718 holes totaling 78,641m, revealed significant gold and silver intercepts across three zones: North, Central, and South. Highlights include:
- 16.56 g/t Au and 38.8 g/t Ag over 1.80m (LC-N)
- 33.91 g/t Au and 30.0 g/t Ag over 2.00m (LC-C)
- 12.73 g/t Au and 24.7 g/t Ag over 6.00m (LC-S)
- High-grade silver intercept of 3,792.0 g/t Ag over 1.00m
CEO Akiba Leisman emphasized the potential economic impact of these findings.
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