Mako Mining – Recapping Q3 Financial Results From Operations And The Updated Resource Estimate At The San Albino Project

Shad Marquitz
November 20, 2023

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to unpack the key metrics and takeaways from the Q3 2023 financial results, and updated resource estimate from the San Albino Project in Nicaragua.


 Q3 2023 Financial Highlights


  • $10.7 million in Revenue
  • $3.0 million in Adjusted EBITDA
  • $4.0 million in Mine Operating Cash Flow
  • $1.5 million Net Loss after $2.4 million of depreciation, depletion and amortization and $1.2 million in exploration expenses
  • $979 Cash Costs ($/oz sold) 
  • $1,063 Total Cash Costs ($/oz sold)
  • $1,370 All-In Sustaining Costs (AISC) ($/oz sold)
  • Drawdown of $2.0 million from Wexford Loan
  • Three monthly repayment installments totaling $1.0 million were made on the Sailfish Loan during Q3 2023. On September 8, 2023, the Sailfish Loan was fully repaid.
  • Delivered 13,500 oz of silver ($0.4 million) on the Sailfish Silver Loan in Q3 2023


Akiba then highlights how the financial results for the quarter reflect a temporary delay in a third-party refining contract which led to 2,234 ounces of gold being delivered but not sold until the third week of October. As a result, the Revenues, Adjusted EBITDA, Mine Operating Cash Flow and Net Income were commensurately lower, and Cash Costs, Total Cash Costs and AISC were commensurately higher. Now that the refining situation has been resolved, it is expect that these effects will reverse in their entirety during Q4, and Akiba points to the robust sales and cashflows generated in October where the Company sold 5,587 ounces of gold for $10.4 million in revenues.


Next we discussed the updated San Albino Project open pit and underground mineral resource project, largely now including the maiden resource for Las Conchitas area.  Overall the Project now includes a Measured and Indicated mineral resource of 670,100 tonnes at a diluted grade of 11.61 grams per tonne (g/t) Au for 250,200 gold ounces, and an Inferred mineral resource of 383,300 tonnes at a diluted grade of 10.54 g/t Au for 129,900 gold ounces. These mineral resources are constrained within two major and three smaller open pit shells at the Las Conchitas deposit, and four pit shells at the San Albino mine, two of which are currently in operation.


We wrap up discussing how the company has continued to pay down debt to both Wexford Capital and Sailfish Royalty, and is on track to continue making substantial progress on both fronts out of continued production cash flows.  We also touch on the balance of the capital generated from mining going into the ground for continued exploration work and also the normal course issuer bid to continue buying back company stock.


If you have any questions for Akiba about Mako Mining, then please email me at


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




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