Mako Mining (OTCPK:MAKO.F) 2025 Conference Transcript

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.