Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the key takeaways from the Q1 2024 production and operations report, the key synergies with the ongoing acquisition of Goldsource Mines (TSXV:GXS)(OTCQX:GXSFF), and a review of the exploration strategy this year in Nicaragua.

We started off recapping how the results have been steadily ramping up and improving ever since the Company received the permit to begin extracting ore from Las Conchitas the middle of last year, and that, like Q4 of 2023, Q1 of 2024 demonstrated the solid operational performance and execution at the San Albino Mine.

Q1 2024 Production and Financial Highlights

• Record 67,961 tonnes mined containing 13,965 ounces of gold (“oz Au”) at a blended grade of 6.39 grams per tonne gold (“g/t Au”) and 15,718 ounces of silver (“oz Ag”) at a grade of 7.19 grams per tonne silver (“g/t Ag”)
  • 25,374 tonnes mined containing 9,664 oz Au at 11.85 g/t Au and 9,919 oz Ag at 12.16 g/t Ag from diluted vein material
  • 42,587 tonnes mined containing 4,301 oz Au at 3.14 g/t Au and 5,799 oz Ag at 4.24 g/t Ag from historical dump and other mineralized material above cutoff grade (“historical dump + other”)
  • 22.7:1 strip ratio
• 52,478 tonnes milled containing 12,266 oz Au at a blended grade of 7.27 g/t Au and 14,071 oz Ag at 8.34 g/t Ag
  • 36% and 64% from diluted vein and historical dump and other, respectively
  • 606 tonnes per day (“tpd”) milled at 96% availability
  • Recoveries of 80.6% for gold in Q1 2024
• 150,744 tonnes in stockpile containing 12,465 oz Au at a blended grade of 2.57 g/t Au
• 10,070 oz Au Equiv. recovered and 9,332 oz Au. Equiv. sold during the quarter
• Delivered 40,500 oz of silver on the Sailfish Silver Loan for a total of US$ 0.9 million during Q1 2024
• Entered into an environmental settlement and release agreement with GR Silver comprising US$0.5 million and the issuance of 296,710 common shares of Mako
• C$ 2.8 million in share repurchases equating to 1 million shares at an average price of C$ 2.80 so far in 2024
• Aprox. US$ 3.0 million increase in cash balance in Q1 2024 vs. Q4 2023

Next the discussion transitioned into the synergies for scalable growth with the acquisition of Goldsource Mines, and their 100% owned Eagle Mountain Gold Project in Guyana, South America. Akiba outlines how the combined company will bring together two experienced management teams, that have worked together as colleagues going back nearly two decades, the optional savvy of the team that COO, Jesse Muñoz has assembled, and the geographical and asset diversification.  We also review the district-scale exploration potential in Guyana, the recent acquisition of Reunion Gold in country by G Mining Ventures, and Guyana as an emerging mineral extraction jurisdiction.

We wrap up with Akiba providing a big picture overview of the exploration initiatives for 2024 in Nicaragua, with 4 RC drill rigs turning at present, and 1 diamond core rig, with plans to add 2 more core rigs as the year progresses, providing a great deal of data with more efficiency to keep expanding resources around San Albino, Las Conchitas, and regionally.

If you have any further questions for Akiba regarding Mako Mining, then please email me at  Shad@kereport.com.

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

.

Click here for a summary of the recent news out of Mako Mining.