1Payments made Wexford on Nov 21st (U$S 1.0M), Nov 30th (US$1.0M) and Dec 4th (US$1.0M) of 2023.
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1Payments made Wexford on Nov 21st (U$S 1.0M), Nov 30th (US$1.0M) and Dec 4th (US$1.0M) of 2023.
595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
Suite 700 - 838 West Hastings St.
Vancouver, BC - V6C 0A6
IR: (647) 203-8793
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
December 8th, 2023
TSX-V: MKO; OTCQX: MAKOF
MAKO MINING IS ON TRACK FOR RECORD GOLD SALES IN Q4 2023 WITH
SIGNIFICANTLY IMPROVED BALANCE SHEET
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to
provide the following update:
After the Company resumed its original processing plan (see Press Release dated Oct 11th, 2023),
Mako has recorded outstanding production results. Since the beginning of Q4 2023 , Mako has
sold in excess of 10K Oz. of Au, which includes 7,964 Oz. of Au recovered in October and
November and the 2,234 Oz. of Au delivered but not sold in Q3 2023 (see Press Release dated
November 14th, 2023).
Mill head grades have been exceptionally high during the quarter averaging 8.41 g/t Au at 86.6%
recoveries. December is continuing this trend which will lead to a record quarter in both gold
ounces recovered and gold ounces sold. A comprehensive quarterly production update will be
released later in January 2024.
Since the beginning of Q4 2023, the Company has repaid US$1.6M to Sailfish and US$3.0M1 to
Wexford, while reducing its accounts payable by approximately US$4.0M and increasing its cash
balance by over US$1.0M, while funding an aggressive exploration program . The Company
expects to fully repay the remaining US$1.86M of principal owed to Wexford by year end. In
addition, the Company has repurchased 242.6K shares of stock at an average price of C$2.06
Oct'23 Nov'23 Q4 (to date)
Mill Feed Tonnes t 17,377 16,638 34,015
Au feed ounces Oz. 4,719 4,482 9,201
Au feed grade g/t 8.45 8.38 8.41
Ag feed grade g/t 8.46 7.27 7.88
Plant % Au recovery % 89.3% 83.7% 86.6%
Au ounces recovered Oz. 4,215 3,749 7,964
2023
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1 Refer to Page 2: Non-GAAP Measures
since the announcement of the NCIB program in November (see Press Release dated November
2nd, 2023).
Akiba Leisman, CEO of Mako states that “the amount of cash flow coming from the mine in just
the first two months of the quarter is extraordinary. The Company is on track for record gold sales
and gold ounces recovered, which has significantly strengthened its balance sheet. This is setting
up the Company to invest in a very large internally funded exploration program for 2024 while
returning a significant amount of capital to shareholders.”
Qualified Person
John Rust, a metallurgical engineer, and qualified person (as defined under NI 43-101) has read
and approved the technical information contained in this press release . Mr. Rust is a senior
metallurgist and a consultant to the Company.
On behalf of the Board,
Akiba Leisman
CEO
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The
Company operates the high -grade San Albino gold mine in Nueva Segovia, Nicaragua, which
ranks as one of the highest -grade open pit gold mines globally. Mako’s prim ary objective is to
operate San Albino profitably and fund exploration of prospective targets on its district-scale land
package.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone:
917-558-5289, E -mail: [email protected] or visit our website at
www.makominingcorp.com and SEDAR www.sedarplus.ca.
Forward-Looking Information: Some of the statements contained herein may be considered “forward -
looking information” within the meaning of applicable securities laws. Forward -looking information can be
identified by words such as, without limitation, “estimate", "project", "believe", "anticipate", "intend",
"expect", "plan", "predict", "may" or "should" or variations thereon or comparable terminology. The forward-
looking information contained herein reflects the Company’s current beliefs and expectations, based on
management’s reasonable assumptions, and includes, without limitation that the Company`s debt
reduction, head grades, recoveries and gold sales are preliminary in nature and have not been audited by
a third party and that Mako’s primary objective is to operate San Albino profitably and fund exploration of
prospective targets on its district -scale land package. Such forward -looking information is subject to a
variety of risks and uncertainties which could cause actual events or results to differ mat erially from those
reflected in the forward -looking information, including, without limitation, changes in the Company’s
exploration and development plans and growth parameters and its ability to fund its growth to reach its
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1 Refer to Page 2: Non-GAAP Measures
expected new record production numbers; unanticipated costs; the October 24 measures having impacts
on business operations not current expected, or new sanctions being imposed by the U.S. Treasury
Department or other government entity in Nicaragua in the f uture; and other risks and uncertainties as
disclosed in the Company’s public disclosure filings on SEDAR at www.sedar.com. Such information
contained herein represents management’s best judgment as of the date hereof, based on information
currently availa ble. Mako does not undertake to update any forward -looking information, except in
accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.