Mako Mining Announces Record Q4 2023 Production Results
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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
January 15th, 2024
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Record Q4 2023 Production Results
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to provide
fourth quarter 2023 (“Q4 2023”) production results from its San Albino gold mine (“San Albino”) in northern
Nicaragua, which is the tenth full quarter of production results since declaring commercial production on
July 1, 2021. Audited financial results for Q4 and full year 2023, including detailed reporting of our operating
costs, are expected to be released in April 2024.
Q4 2023 Production and Financial Highlights
• 52,398 tonnes mined containing 14,060 ounces of gold (“oz Au”) at a blended grade of 8.35
grams per tonne gold (“g/t Au”) and 12,650 ounces of silver (“oz Ag”) at a grade of 7.51
grams per tonne silver (“g/t Ag”)
o 20,469 tonnes mined containing 9,538 oz Au at 14.49 g/t Au and 8,162 oz Ag at 12.40 g/t
Ag from diluted vein material
o 31,929 tonnes mined containing 4,521 oz Au at 4.40 g/t Au and 4,488 oz Ag at 4.37 g/t Ag
from historical dump and other mineralized material above cutoff grade (“historical dump
+ other”)
o 22.8:1 strip ratio
• 51,745 tonnes milled containing 13,673 oz Au at a blended grade of 8.22 g/t Au and 12,766
oz Ag at 7.67 g/t Ag
o 36% and 64% from diluted vein and historical dump and other, respectively
o 582 tonnes per day (“tpd”) milled at 97% availability
o Recoveries of 84.6% for gold in Q4 2023
• 135,261 tonnes in stockpile containing 10,775 oz Au at a blended grade of 2.48 g/t Au
• 11,567 oz Au Equiv. recovered and 13,481 oz Au. Equiv. sold during the quarter which
includes the sale of finished goods inventory that was held over from Q3 2023
• US$ 7.1 million principal repayment to Wexford and Sailfish during Q4 2023, eliminating the
remaining Wexford principal
• Aprox. US$ 4.0 million payable reduction in Q4 2023
• Aprox. US$ 5.0 million in royalties and taxes in Q4 2023
• Aprox. US$ 0.8 million increase in cash balance in Q4 2023
• C$ 0.6 million in share repurchase equating to 286k shares at an average price of C$ 2.15
Akiba Leisman, Chief Executive Officer of Mako states that, “Q4 2023 was a record quarter operationally
and financially. A record 11,567 ounces were recovered, and a record 13,481 ounces were sold, which
included the sale of finished goods inventory that was held over from Q3 2023 due to a temporary third-
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party refining issue. When we report financials in April, Q4 Cash Cost, Total Cost and AISC will be by far
our lowest costs per ounce since declaring commercial production in July 2021, and will be amongst the
lowest reported globally. US$ 7.1 million of principal was repaid during the quarter, which has eliminated
the remaining Wexford principal balance. Payables were reduced by aprox. US$ 4.0 million, while the
Company continues to invest aggressively in exploration. A further C$ 0.6 million was spent repurchasing
shares, all while increasing our cash balance, which highlights the per ounce cash flow generation of the
mine.”
Table 1 – Production Results
Units Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023
Mined
Diluted Vein
Tonnes t 18,029 21,490 26,982 20,469 86,970
Gold Grade g/t 9.68 9.18 10.55 14.49 10.96
Silver Grade g/t 10.73 12.70 12.92 12.40 12.29
Contained Gold oz 5,611 6,344 9,153 9,538 30,647
Contained Silver oz 6,219 8,778 11,209 8,162 34,368
Historical Dump + Other*
Tonnes t 29,210 19,666 20,749 31,929 101,554
Gold Grade g/t 2.62 2.74 2.84 4.40 3.25
Silver Grade g/t 5.09 5.47 4.08 4.37 4.73
Contained Gold oz 2,461 1,735 1,894 4,521 10,611
Contained Silver oz 4,782 3,460 2,722 4,488 15,451
Waste
Tonnes t 1,713,743 1,526,980 1,106,412 1,195,161 5,542,297
Strip Ratio Total 36.3 37.1 23.2 22.8 29.4
Milled
Diluted Vein % 38% 37% 44% 36% 39%
Historical Dump + Other* % 62% 63% 56% 64% 61%
Tonnes t 49,675 54,284 51,578 51,745 207,281
Gold Grade g/t 6.34 5.25 6.63 8.22 6.59
Siver Grade g/t 4.93 8.09 8.91 7.67 7.43
Contained Gold oz 10,119 9,157 10,997 13,673 43,945
Contained Silver oz 7,869 14,125 14,782 12,766 49,542
Mill Availability % 94% 95% 94% 97% 95%
Average Tonnes per Day t/day 587 627 598 582 599
Recovered
Gold Recovery % 82.5% 71.8% 77.4% 84.6% 79.6%
Siver Recovery % 32.4% 51.6% 53.3% 64.5% 52.4%
Gold Recovered oz 8,347 6,563 8,506 11,567 34,982
Gold Equiv. Recovered (1) oz 8,374 6,653 8,601 11,646 35,274
Silver Recovered oz 2,553 7,294 7,875 8,238 25,960
Gold Sold oz 8,721 6,726 5,767 13,481 34,695
Gold Equiv. Sold (1) oz 8,820 6,801 5,859 13,576 35,056
Silver Credits oz 9,328 6,030 7,693 9,880 32,931
Avg. Realized Price Gold ** US$/oz 1,886 1,978 1,930 1,973 1,945
Avg. Realized Price Silver US$/oz 20 25 23 19 21
w:o
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* Includes historical dump, hanging wall, footwall, historical muck and all other non -vein mineralized material above cutoff grade .
**For the purpose of calculating revenue, payments to Sailfish are deducted from the Average Realized Price .
(1) Equiv. Gold ounces are calculated by: Silver Rec. or Silver Sold (oz) / Avg. Realized Price of Gold (US$/oz) / Avg. Realized Price of Silver
(US$/oz)
Table 2 – Quarter End Stockpile Statistics
* Includes stockpiles of mineralized material at the crusher.
** Includes historical dump, hanging wall, footwall, historical muck and all other non -vein mineralized material above cutoff grade.
Mining
The mine averaged 570 tpd of diluted vein and historical dump + other material in Q4 2023 with a strip
ratio of 22.8:1 which included pre-stripping of the Southwest Pit within San Albino, and the commencement
of the bulk sample of Bayacun within Las Conchitas - South. The current stockpile is 136,402 tonnes
containing 10,880 oz Au at 2.48 g/t Au. The average grade of the diluted vein was 14.49 g/t Au during the
quarter.
The total production of diluted vein material in Q4 2023 was produced from 5 different zones, 37% of the
total ounces were mined from Mina Francisco Pit, 33% from West Pit, 16% from San Pablo Pit, 10% from
Southwest Pit, and 3% from Phase 1 in the Bayacun Pit. We expect to produce the high-grade diluted vein
material from Bayacun, El Limon and the Phase 3 push back at the West Pit for the first quarter of 2024.
Milling
All components of the 500 tpd gravity and carbon -in-leach processing plant have been fully operational
since the beginning of May 2021. During Q4 2023 , the plant throughput rate was 582 tpd with a plant
availability of 97%. The plant processed 36% diluted vein material and 64% historical dump + other material
to achieve a blended feed grade of 8.22 g/t Au. The gold recovery improved from 77.4% in Q3 to 84.6% in
Q4 due to higher gold grades, and a reduction in the preg-robbing potential of the mill feed once material
from Las Conchitas was available. The plant availability of 97% and the recovered gold ounces of 11,567
achieved in Q4 represent quarterly records for the San Albino processing facility.
Units Q1 2023 Q2 2023 Q3 2023 Q4 2023
Diluted Vein*
Tonnes t 0 0 0 0
Gold Grade g/t 0.00 0.00 0.00 0.00
Contained Gold oz 0 0 0 0
Historical Dump + Other**
Tonnes t 151,582 138,454 134,608 136,402
Gold Grade g/t 2.34 2.32 2.40 2.48
Contained Gold oz 11,416 10,339 10,389 10,880
Total
Tonnes t 151,582 138,454 134,608 136,402
Gold Grade g/t 2.34 2.32 2.40 2.48
Contained Gold oz 11,416 10,339 10,389 10,880
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Beginning in the second half of Q3, tonnage from test pits from Las Conchitas began producing mill feed.
The percentage of Las Conchitas in the overall mill feed increased from 14.6% in Q3 to 57.5% in Q4. To
date, the recovery of Las Conchitas material has met or exceeded the recovery from San Albino material.
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
Chief Executive Officer
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 primary 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: Statements contained herein, other than historical fact, may be considered “forward-
looking information” within the meaning of applicable securities laws. The forward -looking information contained
herein is based on the Company’s plans and certain expectations and assumptions, including that Q4, 2023 detailed
operating costs and financial results will be available by the end of this month; the additional optimizations noted may
improve recoveries further; and that the Company can operate San Albino profitably in order to 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 materially from those reflected in the forward-
looking information, including, without limitation; that the Company`s debt repayments and payables, royalties and
taxes and cash balance are preliminary in nature and have not been audited by a third party; that the Company is
not successful in operating San Albino profitably and/or funding its exploration of prospectus targets on its district -
scale land package; political risks and uncertainties involving the Company’s exploration properties; the inherent
uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations and
other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at www.sedarplus.ca.
Such information contained herein represents management’s best judgment as of the date hereof, based on
information currently available and is included for the purposes of providing investors with the Company’s
expectations regarding the Company’s Q4 2023 production results at San Albino gold project, and may not be
appropriate for other purposes. Mako does not undertake to update any forward -looking information, except in
accordance with applicable securities laws.
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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.