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

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

ER Velasco

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

Mako Mining Corp. (TSXV: MKO) announced today its financial results for the quarter ending September 30, 2021, the first full quarter of financial results since declaring commercial production at San Albino in northern Nicaragua. The report saw quarterly revenue of US$14.3 million, up from a pre-production revenue of US$4.8 million recorded last quarter.

The mining firm sold a total of 8,280 gold ounces with an average realized gold price of US$1,726 per ounce. Total cash costs came in at US$949 per ounce while all-in sustaining costs ended at US$1,086 per ounce.

On the operational results for the quarter, the firm was able to mine and mill a total of 51,210 tonnes and 33,441 tonnes, respectively. The mine's processing plant was hitting an average of 429 tonnes per day at 85% availability.

The company reported a net income of US$1.8 million coming from a net loss of US$2.3 million last quarter. Calibrating for select financial items, adjusted EBITDA came in at US$6.7 million.

The firm also ended with US$0.8 million in cash from a starting balance of US$1.8 million at the beginning of the quarter. Part of the cash burn came from the US$1.0 million and US$0.5 million in exploration and evaluation expenses at San Albino mine and Las Conchitas, respectively

The mining company recently reported that it has secured the permit from the Nicaraguan Ministry of Environmental and Natural Resources to drill test on the Potrerillos concession.

Mako Mining last traded at $0.39 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.

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