Preliminary results are in for Mako Mining’s (TSXV: MKO) fourth quarter. The company is reporting gold recoveries of 12,182 gold equivalent ounces in the fourth quarter.
Recoveries improved by 134% on a quarter over quarter basis, following Mako in the third quarter experiencing the delay of certain permits being received. Recoveries totaled 85.0% during the quarter, with Mako milling a total of 51,242 tonnes of ore during the quarter at an average of 576 tonnes a day. Grades during the quarter averaged 8.60 g/t gold and 8.17 g/t silver.
Gold equivalent sales meanwhile totaled 10,873 ounces, with gold sold at an average price of $2,670 per ounce. Silver sales meanwhile averaged $31 per ounce. Mako in the fourth quarter stated that it achieved record gold revenues, which hit US$28.8 million, leading to the company finishing the quarter with a cash balance of US$14.5 million, an improvement from US$9.5 million as of the end of the third quarter.
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Mako also delivered 40,500 ounces of silver to Sailfish Royalty in connection with an outstanding loan, reducing outstanding debt by $1.1 million.
“Production in Q4 2024 was back to normal, after a relatively weak Q3 due to a brief delay in receiving an EIA permit which was received in July. Recovered gold ounces were up 134% quarter over quarter to 12,053 ounces, with gold sales increasing to 10,803 ounces, generating US$28.8 million in revenue. Cash balances increased by US$9.5 million, after an extensive exploration program at both the Nicaraguan and Guyanese assets,” commented CEO Akiba Leisman on the results.
Mako Mining last traded at $3.46 on the TSX Venture.
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