Mako Mining (TSXV: MKO) has reported its fourth quarter and full year 2024 financial results, headlined by record gold sales of $28.9 million in the fourth quarter, and $92.1 million for the full fiscal year.
The record revenue figure in the fourth quarter follows Mako selling 10,888 ounces of gold at an average realized price of $2,670 an ounce, as compared to 13,481 ounces sold at an average price of $1,974 an ounce in the year ago period.
For the full fiscal year, gold sales totaled 39,001 ounces at an average price of $2,397 an ounce. Ounces sold were up for the full fiscal year, increasing from 34,695 ounces sold in 2023, with those ounces sold at an average price of $1,932 per each.
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Mako for the fourth quarter posted net income of $4.7 million, or $0.06 per share, as compared to net income in the year ago period of $9.5 million, or $0.14 per share. The decline on a year over year basis despite an improvement in sales follows an increase in operating expenses across the board, and larger provisions of income taxes due to higher than expected operating income consuming a large portion of deferred tax assets.
EBITDA for the fourth quarter totaled $12.6 million, versus $14.0 million in the year ago period, while Adjusted EBITDA came in at $14.1 million, as compared to $15.3 million in the fourth quarter of 2023.
For the full fiscal year, net income improved from $6.8 million, or $0.10 per share, to $19.2 million, or $0.27 per share. EBITDA meanwhile improved to $37.9 million, up from $23.8 million in the prior year, while adjusted EBITDA moved from $30.0 million to $42.2 million.
Mine operating cash flow for the fourth quarter came in at $14.7 million, while mine OCF for the full fiscal year totaled $44.5 million, leading Mako to finish the year with $14.5 million in cash on hand.
From an operational perspective, cash costs in the fourth quarter grew substantially, increasing from $695 to $1,006 an ounce on a year over year basis. All in sustaining costs meanwhile increased from $817 to $1,352 an ounce.
For the full year, cash costs increased from $825 an ounce in 2023 to $980 an ounce in 2024, while all in sustaining costs increased from $1,156 an ounce to $1,371 an ounce.
“Not only did we generate $42.2 million in Adjusted EBITDA and $0.27 in EPS for the year, but we achieved that at gold prices nearly $800 per ounce lower than current market prices,” commented Mako Mining CEO Akiba Leisman on the results.
Mako Mining last traded at $4.17 on the TSX.
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