Mako Mining Closes On $33 Million All Stock Purchase Of Goldsource Mines

Mako Mining (TSXV: MKO) has formally closed on itstransaction to acquire Goldsource Mines (TSXV: GXS). The transaction, initially announced back in March 2024, amounted to an all-stock transaction, which saw Goldsource shareholders take 16% of the combined company.

The acquisition was centered around Goldsource’s Eagle Mountain project in Guyana, a PEA-stage gold asset that boasts a net present value (5%) of US$292 million. The project contains a resource estimate that includes 1.18 million indicated gold ounces at 1.18 g/t, as well as 0.58 million inferred gold ounces at 0.98 g/t. The current model for the project is based on a shallow open-pit operation.

Under the terms of the transaction, Goldsource shareholders received 0.22 Mako shares for each share held, which at the time of announcement inferred a valuation of $33.3 million for the gold explorer.

Going forward, Mako will continue to be led by Akiba Leisman, who will remain as CEO and a director of the company. Goldsource’s Eric Fier meanwhile will take on the role of non-executive chairman, with the board also consisting of John Hick, Mario Caron, Laurie Gaborit, Paul Jacobi and John Pontius.

As a result of the transaction, Wexford Capital meanwhile saw its ownership in the company decline from 56.4% to that of 48.2% on a partially diluted basis.

Mako Mining last traded at $3.34 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Mako Mining Struggles in Q3 with Lower Gold Yields Amid Permit Delays

Mako Mining Corp. (TSXV: MKO) has reported its Q3 2024 operational results for the San...

Tuesday, October 22, 2024, 11:31:00 AM

Mako Mining Posts US$14.3 Million In Revenue For Q3 2021

Mako Mining Corp. (TSXV: MKO) announced today its financial results for the quarter ending September...

Monday, November 29, 2021, 09:40:00 AM

Mako Mining Records Gold Sales Of 10,817 Ounces In Q1

Mako Mining (TSXV: MKO) this morning released preliminary first quarter results, highlighted by the production...

Monday, April 21, 2025, 08:14:15 AM

Mako Mining Posts 2024 Adjusted EBITDA Of $42.2 Million

Mako Mining (TSXV: MKO) has reported its fourth quarter and full year 2024 financial results,...

Friday, April 11, 2025, 09:06:40 AM

Mako Mining Recovers 8,239 Ounces Of Gold In First Quarter Of Commercial Production

Mako Mining (TSXV: MKO) this morning released data on its production results for the third...

Tuesday, October 12, 2021, 07:55:15 AM