Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the Q4 and full-year 2024 financial metrics and Q1 operations results from the San Albino Mine in Nicaragua, along with some residual leaching from the recently acquired Moss Mine in Arizona. We also unpack the anticipated mining to begin at the Moss Mine in late May, and what to anticipate for the several months of ramp up of increased production. Additionally, we delve into the next key steps for derisking and development work at the Eag...
Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the Q4 and full-year 2024 financial metrics and Q1 operations results from the San Albino Mine in Nicaragua, along with some residual leaching from the recently acquired Moss Mine in Arizona. We also unpack the anticipated mining to begin at the Moss Mine in late May, and what to anticipate for the several months of ramp up of increased production. Additionally, we delve into the next key steps for derisking and development work at the Eagle Mountain Gold Project in Guyana to be in production there about 2 years out. This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.
The Company's financial results for Q4 2024 reflect record gold sales of $28.9 million, which generated $14.7 million in Mine Operating Cash Flow (1) (4), and $4.7 million in Net Income after accruing a non-current deferred tax liability of $3.2 million due to greater than expected operating income consuming a greater than expected portion of the Company's deferred tax assets. The Company sold 10,888 oz of gold at an average price of $2,670 per oz with a $1,352 All-In Sustaining Cost ("AISC") ($/oz sold). Full-year 2024 adjusted EBITDA was US$42.2 million and earnings per share of US$0.27 from 39,001 ounces of gold sold at an average price of US$2,397/oz.
Q1 2025 San Albino Operational Highlights
- 48,813 tonnes mined, containing 11,495 ounces ("oz") of gold ("Au") at an average grade of 7.32 grams per tonne ("g/t") Au and 12,036 oz of silver ("Ag") at 7.67 g/t Ag
- 53,551 tonnes milled containing 12,228 oz Au and 12,740 oz Ag grading 7.10 g/t Au and 7.40 g/t Ag.
Q1 2025 Mako Financial Highlights
- Mako total gold sales of 10,817 oz Au for total revenue of $31.5 million in Q1 2025
- San Albino Mine sales of 9,881 oz at $2,898 per ounce
- Moss Mine sales of 936 oz Au from residual leaching activities at $2,997 per ounce (this doesn't include 605 oz Au sold in 2025 prior to the acquisition of Moss Mine)
- Delivered 40,500 oz of silver as part of Sailfish Silver loan for a total of $1.3 million in Q1 2025
- Interest payment of $0.3 million to Wexford under the Wexford loan
- Tax payment of $4.0 million in cash which was already accrued in Q4 2024
Akiba points out that the Moss mine has been producing gold throughout the Bankruptcy Process through its beneficiation facilities, but their team is going to start mining again starting at the end of May and it will take several months to charge up the leach pads once again. When the Moss Mine has been debottlenecked over time and is producing at the grade and rate they believe is possible, it could almost double their current production profile with approximately another 40,000 ounces of gold production per year in Arizona.
Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable having started the process for their EIA permit. Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 65,000 ounces per year. When this added to the production out of Nicaragua and Arizona there is a pathway to growing into a mid-tier gold producer.
If you have any further questions for Akiba regarding Mako Mining, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.
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