Mako Mining – Q2 Financials Review At The San Albino Mine, Exploration Update At Las Conchitas And Regional Targets, And The Key Work Initiatives At The Eagle Mountain Gold Project
Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the Q2 2024 financial metrics from operations at the San Albino Mine in Nicaragua, along with an exploration update of recent exploration results from Las Conchitas, as well as ongoing regional exploration work. In addition we also discuss the move-forward work strategy at the Eagle Mountain Gold Project in Guyana.
The Company's financial results for Q2 2024 reflect gold sales of US$28.3 million, which generated US$14.5 million in Mine Operating Cash Flow, and US$8.8 million in Net Income. The Company reported US$0.13 in earnings per share (EPS) during the quarter, while selling 12,313 oz of gold at $1,098 All-In Sustaining Cost ("AISC"). Akiba also shared that the Company had made a debt repayment of $0.8 million towards the Sailfish Silver Loan, and also exercised a Stock Repurchase (NCIB) of $2.9 million in a share buyback.
With regards to exploration there was $179,000 spent in exploration and evaluation expenses, but Akiba pointed out that his does not include an additional $1.4M of non-sustaining exploration invested during the quarter. There were a number of different targets drilled at the Las Conchitas area, with 2 headline holes reporting:
- El Limon target - 23.84 grams per tonne ("g/t") gold ("Au") and 12.1 g/t silver ("Ag") over 6.0m - (4.2m Estimated True Width - ETW), including 124.20 g/t Au and 41.6 g/t Ag over 1.0m - (0.7m ETW)
- Bayacun target - 36.88 g/t Au and 53.2 g/t Ag over 4.0m - (4.0m ETW)
Akiba also shares the many regional targets they still have at El Golfo, Potrerillos, and La Segoviana, with the new “El Silencio” targets at La Segoviana getting some ongoing exploration work. There should be more exploration results from both Las Conchitas, and some of these regional targets coming to the market over the next couple of months.
We wrap up getting a rough timeline and key work initiatives at the Eagle Mountain Gold Project in Guyana, recently acquired through the merger with Goldsource Mines.
f 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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