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.
Mako Mining Corp (MAKOF) delivers high-grade gold production through its San Albino mine in Nicaragua while advancing exploration in Guyana and evaluating strategic acquisitions. This news hub provides investors with official updates on operational milestones, resource expansion, and corporate developments.
Access timely reports on quarterly earnings, drilling results, and operational efficiencies from one of the mining sector's most disciplined operators. Track progress across key initiatives including the Eagle Mountain Gold Project and potential expansion into new jurisdictions through carefully vetted acquisitions.
Our curated news collection features verified updates on:
• Production results from active mining operations
• Exploration updates across district-scale land packages
• Strategic partnerships and asset evaluations
• Corporate governance and leadership developments
Bookmark this page for direct access to MAKOF's latest technical reports, financial disclosures, and progress updates from management. Stay informed about this growth-focused miner through comprehensive coverage of its operational excellence and exploration potential.
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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