Mako Mining – Q4 Operations And Gold Production Results Along With A 4-Tiered Exploration Priority At The San Albino Project

Shad Marquitz
January 17, 2024

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to unpack the key metrics and takeaways from the Q4 2023 operational results, and overall 4-tiered priority strategy for  exploration at the San Albino Project in Nicaragua.


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”)
    • 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
    • 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”)
    • 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
    • 36% and 64% from diluted vein and historical dump and other, respectively
    • 582 tonnes per day (“tpd”) milled at 97% availability
    • 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


After recapping the key takeaways from the Q4 and year-end operations for gold mining, processing, and production, we dove in a little bit more to how they arrive at their blended head grade from multiple sources, and some of the unique attributes of the geology and mineralization at multiple orebodies across their Project.   Akiba points out some key geotechnical and geoscience approaches that the management and operations teams utilize at the San Albino project when making resource estimations and approaching mine planning and processing.


Next we get into the company’s 4-tier strategy for exploration in 2024. The first priority is expansion drilling at Las Conchitas to pick up some of the low-lying fruit that was not included in the last resource update. The second priority is looking for more nearby open pit opportunities to feed the production profile. The third priority is further exploring at depth to make the case for the underground mining scenario under the open pits.   The fourth priority is furthering some of the regional exploration targets that have shown potential to fuel even further growth down the road.


We wrap up with the transition the Company has made both financially and operation from a defensive posture, working through a few one-off scenarios, into a more offensive strategy moving forward of growth and expansion. This touches up on the restructuring of the Wexford Capital loan, the arrangement with Sailfish Royalty, and the recent initiatives to buy back shares of Mako Mining.


If you have any questions for Akiba with regards to Mako Mining, then please email them to me at


  • In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.



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