Mako Mining buoyed by record gold price in Q1
Mako Mining Corp. [MKO-TSXV] has announced its first quarter production results from its San Albino gold mine in northern Nicaragua. The company also released an update on its 100%-owned preliminary economic assessment (PEA) stage Eagle Mountain project in Guyana, South America, where the site is subject to engineering, environmental and mine-permitting activity.
The San Albino mine ranks as one of the highest-grade open pit gold mines globally.
It is fully permitted and has been in commercial production since July 1, 2021. Production in the first quarter of 2025 was strong, and with gold sales of 10,817 ounces (similar to the fourth quarter of 2024), generating record US$31.5 million in revenue due to the higher realized gold prices,” said Mako CEO Akiba Leisman
Mako also owns the Moss mine, an open-pit gold mine in northwestern Arizona. The acquisition of the Moss mine was completed at the very end of the quarter with 936 gold ounces sold from the residual leach operations in the few days that Mako owned the mine during the first quarter of 2025.,” Leisman said. “Record high gold prices are having a significant positive effect on the company, which allowed Mako to reinvest in exploration in Nicaragua, rapidly advance the Eagle Mountain project in Guyana and acquire the Moss mine in Arizona, all while increasing cash on the balance sheet to be used for the eventual construction of the Eagle Mountain project next year.”
San Albino operational highlights included 48,813 tonnes mined, containing 11,495 ounces of gold at an average grade of 7.32 g/t gold and 12,036 ounces of silver at 7.67 g/t silver. At the quarter end, the stockpile was estimated at 126,248 tonnes at an average grade of 2.61 g/t gold for contained gold of 10,587 ounces. In the first quarter Mako reported total gold sales of 10,817 ounces, including 9,881 ounces from San Albino and 936 ounces from the Moss mine.
In March, 2025, the company officially initiated the regulatory permitting process at the Eagle Mountain mine in Guyana through the submission of environmental application and project summary documents to the Guyana EPA. Indicated resources at the site stand at 1.18 million ounces of gold. On top of that is an inferred resource of 582,000 ounces.
The company is targeting the second half of 2025 for the submission of the environmental impact statements. Consistent with the 2024 work program at the Eagle Mountain project, the first quarter work program, included engineering and environmental activities to confirm mine design parameters, and to generate data and studies required for the EIS.
Mako Mining shares rose 2.8% or 13 cents to $4.65 on Tuesday. The shares trade in a 52-week range of $4.70 and $2.66.