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Category: Junior: Small Producer
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Mako Mining Corp.
www: makominingcorp.com     email: info@makominingcorp.com

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Notes
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Symbol Data

Symbol Currency
CVE:MKO CAD
OTCMKTS:GRGNF USD

Description

Mako Mining Corp. are a gold focused junior, small producer with two producing mines in Mexico, two mines in development in Nicaragua and USA and two exploration properties. Currently they produce roughly 40koz. of gold per year. They have approximately 1.3Moz. of gold in the reserves and resources category of which 0.8Moz. are in the measured and indicated category. They have a market capitalisation of ~C$21.23M which is a fall of roughly 43% over the last six months. As of 12/30/2018 they have ~C$4M debt and ~C$1.49M cash. They have 283M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 12/30/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $37.28M $21.23M 12/30/2018 $-16.05M
Total Assets: $34.28M $32.89M 12/30/2018 $-1.40M
Total Liabilities: $4.68M $4.48M 12/30/2018 $-0.19M
Current Assets: $1.95M $1.87M 12/30/2018 $-0.08M
Current Liabilities: $4.68M $4.48M 12/30/2018 $-0.19M
Total Debt: $4.29M $4.11M 12/30/2018 $-0.17M
Cash: $1.56M $1.49M 12/30/2018 $-0.06M
Enterprise Value: $40.00M $23.85M 10/03/1970 $-16.16M
Cash Flow: $9.25M $11.45M never $2.20M
Cash Flow Multiple: 4.03 1.85 never -2.17
Net Debt to
Cash Flow Ratio:		 0.29 0.23 never -0.07
Finance within 1 year: 12/30/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/30/2018 0.00%
Misc 12/30/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 283,000,000 283,000,000 12/30/2018 0
Shares (FD): 299,000,000 299,000,000 12/30/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2019 12/30/2018 n/a
Production (Gold Eq Oz.): (guess) 
40,000		 (guess) 
40,000		 12/30/2018 0
Production (Silver Eq Oz.): (guess) 
3,336,547		 (guess) 
3,592,597		 12/30/2018 256,050
Initial CapEx (Outstanding): $21.00M
56.34% of Mkt.Cap		 $21.00M
98.91% of Mkt.Cap 		12/30/2018 $0.00M
Funding Option: n/a (guess)  Forward sales 12/30/2018 n/a
Documentation: none PRODUCER 12/30/2018 n/a
Value Adjustment: 10% 10% never 0%

Resource Data

GOLD 12/30/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/30/2018 0.00M
Measured & Indicated: 0.80M 0.80M 12/30/2018 0.00M
Inferred: 0.50M 0.50M 12/30/2018 0.00M
Reserves & Resources: 1.30M 1.30M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/30/2018 0.00M
Measured & Indicated: 0.58M 0.58M 12/30/2018 0.00M
Inferred: 0.23M 0.23M 12/30/2018 0.00M
Reserves & Resources: 0.80M 0.80M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
40,000oz.		 (guess) 
40,000oz.		 12/30/2018 0oz.
Cash Cost: n/a n/a 12/30/2018 $0.00
Extra Operating Cost: n/a n/a 12/30/2018 $0.00
Average Grade: 4.00 g/t 4.00 g/t 12/30/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/30/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 0.80M 0.80M 12/30/2018 0.00M
Annual Production: 40,000oz. 40,000oz. 12/30/2018 0oz.
Cash Cost: $600 $600 12/30/2018 $0
Extra Operating Cost: $350 $350 12/30/2018 $0
SILVER 12/30/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/30/2018 0.00M
Measured & Indicated: n/a n/a 12/30/2018 0.00M
Inferred: n/a n/a 12/30/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/30/2018 0.00M
Measured & Indicated: n/a n/a 12/30/2018 0.00M
Inferred: n/a n/a 12/30/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/30/2018 $0.00
Extra Operating Cost: n/a n/a 12/30/2018 $0.00
Average Grade: n/a n/a 12/30/2018 n/a
Recovery Rate: n/a n/a 12/30/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/30/2018 0.00M
Annual Production: n/a n/a 12/30/2018 n/a
Cash Cost: n/a n/a 12/30/2018 n/a
Extra Operating Cost: n/a n/a 12/30/2018 n/a

Property

Last Analysis Data  (12/30/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Mexico, Mexico La Trinadad 100% (guess) n/a Open Pit show
Short mine life

Production until 2020
Development El Jicaro, Nicaragua San Albino-Murra 100% 10,000 Both 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.

Streaming deal: $15 million loan.
40% at cost for $20 million at $700 per oz.
20% LOM (life of mine) at $700 per oz.
Exploration Nicaragua, Nicaragua Las Conchita 100% 5,000 n/a show
Appears to be an other high grade discovery.
Total Land Package Size (ha): 15,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Mexico, Mexico La Trinadad 100% (guess) n/a Open Pit show
Short mine life

Production until 2020
Production Sinaloa, Mexico La Trinidad 100% (guess) 118,000 Open Pit show
Very large property.

La Trinidad producing open pit.

Two discoveries on the property.
Development El Jicaro, Nicaragua San Albino-Murra 100% 10,000 Both 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.

Streaming deal: $15 million loan.
40% at cost for $20 million at $700 per oz.
20% LOM (life of mine) at $700 per oz.
Development Arizona, USA Commonwealth 100% (guess) n/a Open Pit show
1.2 million oz deposit.
Exploration Mexico, Mexico Gavilanes 100% (guess) n/a n/a show
Silver discovery.

About 20 million oz.

Early exploration.
Exploration Nicaragua, Nicaragua Las Conchita 100% 5,000 n/a show
Appears to be an other high grade discovery.
Total Land Package Size (ha): 133,000  

Profitability (by resource)

Proven &
Probable		 12/30/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD Mkt. Cap / Gold Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Silver Eq.: n/a n/a n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 12/30/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.80M 0.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 5.12M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.58M 0.58M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.69M
Maximum Profit (Gold): $146.54M $181.36M n/a $34.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $146.54M $181.36M n/a $34.82M
Max Profit / Current MCap: 3.931 8.542 n/a 4.611
Max Profit Per Share (Gold): $0.49 $0.61 n/a $0.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.49 $0.61 n/a $0.12
Total Free Profit Per Share: $0.33 $0.51 n/a $0.18
FD Mkt. Cap / Gold Eq.: $64.72 $36.86 n/a $-27.86
FD Mkt. Cap / Silver Eq.: $0.78 $0.41 n/a $-0.37
FD Mkt. Cap / Per Metal
as % Spot Price:		 5.05% 2.71% n/a -2.34%

Reserves &
Resources		 12/30/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.30M 1.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.32M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.80M 0.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.13M
Maximum Profit (Gold): $203.78M $252.20M n/a $48.42M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $203.78M $252.20M n/a $48.42M
Max Profit / Current MCap: 5.467 11.879 n/a 6.412
Max Profit Per Share (Gold): $0.68 $0.84 n/a $0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.68 $0.84 n/a $0.16
Total Free Profit Per Share: $0.52 $0.75 n/a $0.23
FD Mkt. Cap / Gold Eq.: $46.54 $26.51 n/a $-20.03
FD Mkt. Cap / Silver Eq.: $0.56 $0.30 n/a $-0.26
FD Mkt. Cap / Per Metal
as % Spot Price:		 3.63% 1.95% n/a -1.68%

Future Valuation (Cash Flow & Totals)

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