Mako Mining (TSXV: MKO) is set to expand their portfolio of assets. The company has officially entered into a definitive arrangement to acquire the Mt Hamilton gold-silver project in Nevada, which follows a binding term sheet being announced back in September for the transaction.
The arrangement will see Mako acquire the fully permitted project from Sailfish Royalty (TSXV: FISH), a related party with common directors to Mako. The project is set to be acquired in exchange for a five year gold stream on the project, along with a subsequent 2% net smelter return royalty.
The transaction will see Sailfish pay US$40 million to Mako for that gold stream and related NSR, the funds from which are to flow directly to the current owners of the Mt Hamilton project to facility the transaction. The end result is that Mako is not required to provide any upfront capital for the purchase to occur, with the acquisition effectively being funded by Sailfish,
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Under the terms of the gold stream, Mako is to make monthly gold deliveries of 341.7 ounces of gold to Sailfish for a period of 60 months, with Sailfish to pay 20% of the LBMA PM Fix price for those ounces. Pricing however has a floor of US$2,700 an ounce and a ceiling of US$3,700 per ounce. After the 60 month term, Sailfish is to receive a 2% NSR royalty on all mineral production at Mt. Hamilton for the life of the mine.
The Mt Hamilton project, as per a September 2025 resource estimate, has 578,000 ounces of gold and 4.8 million ounces of silver measured and indicated, along with 21,000 ounces of gold and 260,000 ounces of silver on an inferred basis. The open pit heap leach gold-silver project is said to have all major state and federal permits to allow for the construction of the mine.
Mako previously stated that it will likely make a construction decision on the project in early 2026.
Mako Mining last traded at $7.34 on the TSX Venture.
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