Mako Mining Corp. (TSXV: MKO) has reported its Q3 2024 operational results for the San Albino mine in Nicaragua, along with updates on its Eagle Mountain gold project in Guyana. While the quarter saw challenges due to a delayed Environmental Impact Assessment (EIA) for the Las Conchitas expansion, Mako is optimistic about its future production and growth.
In Q3 2024, San Albino produced 5,414 ounces (oz) of gold, but only 5,142 oz were recovered and 6,532 oz sold. Delays in receiving the Las Conchitas EIA, which was finalized in July 2024, forced the company to focus on waste pre-stripping rather than mining higher-grade diluted vein material, impacting production. CEO Akiba Leisman explained, “The company needed to accelerate a substantial amount of waste pre-stripping activities during Q3 in order to access consistent amounts of higher-grade diluted vein material from the mine.”
Despite this, Mako’s milling operations exceeded expectations, processing 51,865 tonnes of ore, surpassing the plant’s nameplate capacity of 500 tonnes per day (tpd). However, the majority of material milled (86%) came from historical dumps, leading to a lower average gold grade of 4.20 grams per tonne (g/t) and a recovery rate of 73.4%. The company expects production to normalize in Q4 2024 as it gains access to higher-grade zones. Over 2,100 oz of gold were recovered in the first 19 days of Q4, signaling improvement.
At quarter’s end, Mako’s stockpile stood at 135,496 tonnes, containing approximately 10,849 oz of gold. This provides a stable feed for future milling operations.
Meanwhile, Mako’s Eagle Mountain gold project in Guyana made significant progress. On September 30, 2024, the Guyana Geology and Mines Commission renewed its prospecting license, positioning the company to apply for a full mining license by mid-2025. Environmental and engineering studies continue at the site, as Mako aims to accelerate development.
Looking ahead, Mako is confident that with the Las Conchitas permit now in hand, production will rebound in Q4 and beyond, while the Eagle Mountain project offers long-term growth opportunities.
Mako Mining last traded at $3.34 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.
