Mako Mining – Key Takeaways From The Q3 2023 Gold Production Results

Shad Marquitz
October 25, 2023

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us for a deeper dive in the key takeaways from the Q3 2023 gold production results, from the San Albino Gold Mine in Nicaragua.


We start off reviewing how the 3rd Quarter was really the “tale of 2 half quarters” as there were reasons and nuances behind the change in milling head grade improvements and recovery rates as the high-grade ore from Las Conchitas was gradually fed into the processing plant. Part of this was the slight delay in getting the the surface rights purchased and permitted at Las Conchitas Project, due to the unique nature of permitting bulk samples, and this temporarily affected the blended head-grades and metals recoveries in the summer months.  However, as the ore from Las Conchitas came into the processing plant blend, there has been a marked improvement in both the mining head grade and the recovery rates.  Head grades averaged 8.4 g/t Au with recoveries of 85.5% during September, and the company anticipates this trend to continue as they continue to access higher-grade zones at Las Conchitas while maintaining an optimal blend to the plant.


Akiba highlights how the mill and plant is operating better than ever, and good systems are in place to minimize any preg-robbing from the carbon in some of the hanging wall and footwall material. Now with the higher head grades from Las Conchita ore feeding into the blended material,  this has significantly improved free cash flow generation from the mine. He noted this trend has continued into October, setting the Company up to rapidly repay debt while investing heavily in exploration and potentially future share buy-backs. A maiden resource for Las Conchitas is very nearly complete, due out in the next 2 weeks, which will allow the Company to be operating at these levels far into the future.


We wrap up discussing how the temporary delays in the gold refining payments, actually turned into a positive surprise allowing for gold to be sold at higher prices, and how any negatives in the 3rd Quarter will actually translate over conversely into positives for the 4th quarter due to the accounting and when the gold sales are realized. 


If you have any questions for Akiba about Mako Mining, then please email us at either or


  • In full disclosure, Shad is a shareholder of Mako Mining.



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