Mako Mining Conference Call Summary Company Overview - **Company**: Mako Mining (OTCPK:MAKO.F) - **Industry**: Gold Mining - **CEO**: Akiba Leisman - **Recent Financing**: Completed a financing round of approximately $37 million to strengthen the balance sheet and support operational and development projects [2][5] Key Points Financial Position - **Cash Position**: Ended Q3 with just under $30 million; expects to finish Q4 with approximately $80 million in cash [4][6] - **Debt Repayment**: Fully repaid all remaining debt, which was $6.5 million prior to the financing [5][6] - **Operating Cash Flow**: Generated $57 million of mine site operating cash flow over the trailing 12 months, resulting in roughly $22 million in free cash flow [9][10] Operational Highlights - **Current Operations**: - San Albino mine in Nicaragua is the primary cash generator, producing nearly 40,000 ounces annually [10][21] - Moss Mine in Arizona, acquired from bankruptcy, is ramping up production and expected to reach steady-state production by Q1 2024 [12][21] - **Acquisition Strategy**: - Completed three acquisitions in the last 17 months, positioning Mako for growth [4] - Acquired Moss Mine for a net purchase price of approximately $2 million [10] - Acquired Goldsource Mines, which has 1.8 million ounces in resources, with plans for significant production [16][17] Future Projects - **Mount Hamilton Project**: - Acquired by affiliated company Sailfish Royalty Corp for $40 million, to be vended to Mako with a five-year gold stream [18][19] - Expected to start construction in March 2024, with first gold pour anticipated in late 2026 or early 2027 [19][21] - **Production Expectations**: - Mount Hamilton projected to produce approximately 60,000 ounces annually based on a 10,000-ton-a-day operation [20] Strategic Insights - **Controlling Shareholder**: Wexford Capital owns 47% of Mako, providing financial stability and support during market downturns [2][3] - **Internal Capabilities**: Mako has its own engineering, procurement, and construction management team, allowing for simultaneous operation of multiple mines [3][6] - **Market Positioning**: Mako aims to leverage cash flow from existing operations to fund new projects, maintaining a fully funded growth strategy in the Americas [22] Additional Considerations - **Regulatory Challenges**: Awaiting an EA permit amendment for accessing higher-grade parts of the Moss deposit, impacted by government shutdowns [13] - **Exploration Potential**: Significant exploration potential at Mount Hamilton, with historical reserves indicating the possibility of expanding resources [20][21] This summary encapsulates the key financial, operational, and strategic insights from Mako Mining's recent conference call, highlighting the company's growth trajectory and future plans in the gold mining sector.