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Mako Mining Corp

www: makominingcorp.com   email: info@makominingcorp.com
Category: Junior: Emerging Mid-tier Producer
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Symbol Data

Symbol Currency
CVE:MKO CAD
OTCMKTS:MAKOF USD

Description

Mako Mining Corp are a gold focused junior, emerging mid-tier producer with four mines in development in Guyana, Nicaragua and USA and five exploration properties. They have approximately 2.45Moz. of gold in the reserves and resources category of which 1.8Moz. are in the measured and indicated category. They have a market capitalisation of ~C$386.26M which is a rise of roughly 126% over the last nine months. As of 12/20/2024 they have ~C$7M debt and ~C$15.97M cash. They have 79M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 12/20/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $171.12M $386.26M 12/20/2024
MCap (OS): $164.38M $371.04M 12/20/2024
Total Assets: $34.67M $36.29M 12/20/2024
Total Liabilities: $28.43M $29.76M 12/20/2024
Current Assets: $6.24M $15.97M 06/02/2025
Current Liabilities: $12.48M $13.06M 12/20/2024
Total Debt: $6.24M $6.53M 12/20/2024
Cash: $6.24M $15.97M 06/02/2025
Debt (Net): $0.00M $-9.44M
Enterprise Value: $171.12M $376.82M 12/10/1981
Cash Flow: $31.63M $67.17M never
Cash Flow Multiple: 5.41 5.75 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 12/20/2024
Misc 12/20/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 78,768,205 78,768,205 12/20/2024
Shares (FD): 82,000,000 82,000,000 12/20/2024
Insider Ownership: n/a 60% 06/14/2025
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 08/01/2020 12/20/2024
Production (Gold Eq Oz.): (guess) 
30,000		 (guess) 
40,000		 06/02/2025
Production (Silver Eq Oz.): (guess) 
2,700,518		 (guess) 
3,463,445		 06/02/2025
Development Phase: none Producer (Multiple Mines) 06/14/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 04/24/2023
Cash Flow Multiple: 6 10 06/02/2025

Resource Data

GOLD 12/20/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/20/2024
Measured & Indicated: 1.50M 1.80M 05/16/2025
Inferred: 0.50M 0.65M 05/16/2025
Reserves & Resources: 2.00M 2.45M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/20/2024
Measured & Indicated: 1.14M 1.37M 05/16/2025
Inferred: 0.24M 0.31M 05/16/2025
Reserves & Resources: 1.38M 1.68M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
30,000oz.		 (guess) 
40,000oz.		 06/02/2025
Cash Cost: $1,000 $1,200 06/02/2025
Extra Operating Cost: $550 $650 06/02/2025
Total: $1,550 $1,850 06/02/2025
Margin (Free Cash Flow): $1,054 (40%) $1,679 (48%)
MCap / Production (AuEq): $5,704.16 $9,656.50
EV / Production (AuEq): $5,704.16 $9,420.61
G
R
A
D
E		 Underground (Avg): 15.00 g/t 15.00 g/t 12/20/2024
Open Pit (Avg): n/a 1.00 g/t 05/16/2025
Recovery Rate: (CG)  95.00% (CG)  95.00% 06/14/2025
F
U
T
U
R
E		 Proven & Probable: 1.50M 2.00M 05/16/2025
Annual Production: 90,000oz. 125,000oz. 06/02/2025
Cash Cost: $1,100 $1,300 06/02/2025
Extra Operating Cost: $550 $700 06/02/2025
SILVER 12/20/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/20/2024
Measured & Indicated: n/a n/a 12/20/2024
Inferred: n/a n/a 12/20/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/20/2024
Measured & Indicated: n/a n/a 12/20/2024
Inferred: n/a n/a 12/20/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 12/20/2024
Extra Operating Cost: n/a n/a 12/20/2024
Total: n/a n/a 12/20/2024
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $63.37 $111.52
EV / Production (AgEq): $63.37 $108.80
G
R
A
D
E		 Underground (Avg): n/a n/a 12/20/2024
Open Pit (Avg): n/a n/a 12/12/2023
Recovery Rate: n/a n/a 12/20/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/20/2024
Annual Production: n/a n/a 12/20/2024
Cash Cost: n/a n/a 12/20/2024
Extra Operating Cost: n/a n/a 12/20/2024

Property

Last Analysis Data  (12/20/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Tucuma
58 n/a
Dev Eagle Mountain
100 show
Several discoveries. Increasing in size.

Toucan
Salbora
Friendly
Powis

Likely at least 1.5 million oz.

Size: 5,000 ha
Exp Mowasi
100 show
Early exploration

Size: 15,000 ha
Exp Gavilanes
100 show
Silver discovery.

About 20 million oz.

Early exploration.
Dev San Albino
100 show
1 million oz of gold at 7 gpt, plus 1 million oz of silver at 10 gpt. Both are likely to double in size.

Size: 10,000 ha
Exp Las Conchita
100 show
Appears to be an other high grade discovery.

Next door to San Albino. They will use the same mill.

Size: 5,000 ha
Dev Commonwealth
100 show
1.2 million oz deposit.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Tucuma
58 n/a
Dev Eagle Mountain
100 show
Several discoveries. Increasing in size.

Toucan
Salbora
Friendly
Powis

Likely at least 1.5 million oz.

Size: 5,000 ha
Exp Mowasi
100 show
Early exploration

Size: 15,000 ha
Exp Gavilanes
100 show
Silver discovery.

About 20 million oz.

Early exploration.
Dev San Albino
100 show
1 million oz of gold at 7 gpt, plus 1 million oz of silver at 10 gpt. Both are likely to double in size.

Size: 10,000 ha
Exp Las Conchita
100 show
Appears to be an other high grade discovery.

Next door to San Albino. They will use the same mill.

Size: 5,000 ha
Dev Commonwealth
100 show
1.2 million oz deposit.
Dev Moss
100 show
400,000 oz open pit

.8 gpt.

$600 cash costs (gold equivalent, including silver).

44% IRR after-tax at $1300 gold.

$33 million Capex

Size: 16,000 ha
Exp Hercules
100 show
Early exploration.

Possible mine.

90 meters at .65 gpt

Size: 10,000 ha

Profitability (by resource)

Proven &
Probable		 12/20/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: n/a n/a n/a
Max Profit / Current MCap: n/a n/a n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: n/a n/a n/a
Total Free Profit Per Share: n/a n/a n/a
FD MCap / Gold Eq.: n/a n/a n/a
FD MCap / Silver Eq.: n/a n/a n/a
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a
EV / Gold Eq.: n/a n/a n/a
EV / Silver Eq.: n/a n/a n/a
EV / Per Metal
as % Spot Price:		 n/a n/a n/a
Measured &
Indicated		 12/20/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.50M 1.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.14M 1.37M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,201.79M $2,297.21M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,201.79M $2,297.21M n/a
Max Profit / Current MCap: 7.023 5.947 n/a
Max Profit Per Share (Gold): $14.66 $28.01 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $14.66 $28.01 n/a
Total Free Profit Per Share: $11.65 $21.52 n/a
FD MCap / Gold Eq.: $150.11 $282.35 n/a
FD MCap / Silver Eq.: $1.67 $3.26 n/a
FD MCap / Per Metal
as % Spot Price:		 5.76% 8.00% n/a
EV / Gold Eq.: $150.11 $275.46 n/a
EV / Silver Eq.: $1.67 $3.18 n/a
EV / Per Metal
as % Spot Price:		 5.76% 7.80% n/a

Reserves &
Resources		 12/20/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.45M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.38M 1.68M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,452.16M $2,815.68M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,452.16M $2,815.68M n/a
Max Profit / Current MCap: 8.486 7.290 n/a
Max Profit Per Share (Gold): $17.71 $34.34 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $17.71 $34.34 n/a
Total Free Profit Per Share: $14.70 $27.85 n/a
FD MCap / Gold Eq.: $124.23 $230.36 n/a
FD MCap / Silver Eq.: $1.38 $2.66 n/a
FD MCap / Per Metal
as % Spot Price:		 4.77% 6.53% n/a
EV / Gold Eq.: $124.23 $224.73 n/a
EV / Silver Eq.: $1.38 $2.60 n/a
EV / Per Metal
as % Spot Price:		 4.77% 6.37% n/a

Future Valuation (Cash Flow & Totals)

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