Mako Mining Corp. (TSXV: MKO) announced today its financial results for Q4 and full-year 2021. The report saw annual revenue of US$30.9 million, up from a pre-production revenue of US$1.4 million recorded in 2020.
The mining firm sold a total of 20,455 gold ounces, up from last year’s 1,050 ounces.
For Q4 2021, the second full quarter of financial results since declaring commercial production at San Albino in northern Nicaragua, the firm recorded quarterly revenue of US$16.6 million, up from Q3 2021’s US$14.3 million and Q4 2020’s 0.4 million. Quarterly gold sales came at 9,588 ounces, up from last quarter’s 8,280 ounces and last year’s 1,019 ounces.
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All-in sustaining costs came in at US$831 per ounce compared to last quarter’s US$1,086 per ounce.
On the operational results for the quarter, the firm was able to mine and mill a total of 44,160 tonnes and 38,313 tonnes, compared to last quarter’s 51,210 tonnes and 33,441 tonnes, respectively. The mine’s processing plant was hitting an average of 507 tonnes per day at 82% availability.
The company reported a net income of US$3.2 million, up from last quarter’s US$1.8 million. For the whole year, net income ended at US$9.1 million. Calibrating for select financial items, adjusted EBITDA came in at US$8.9 million for the quarter, up from Q3 2021’s US$6.7 million. For 2021, adjusted EBITDA ended at US$11.0 million.
The firm also ended with US$1.9 million in cash from a starting balance of US$0.8 million at the beginning of the quarter. Part of the cash influx came from the US$9.4 million cash generated from operating activities.
The mining company recently reported that it has earmarked US$17.2 million for the year to explore additional sources of production for the San Albino mill.
Mako Mining last traded at $0.38 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.
