Shares of Dual-Listed Gold Miner Bid Up After Earnings Release

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Thursday, April 11, 2024

This gold miner is seeing morning action after releasing favorable earnings and as the price of gold continues to surprise to the upside. 

As a publicly listed gold mining, development and exploration company, Mako Mining Corp. (TSXV:MKO)(OTCQX:MAKOF) operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua—one of the highest-grade open pit gold mines globally. The firm announced in a press release today financial results for the three months ended December 31, 2023, and its third full year of financial results since declaring commercial production on July 1, 2021, at its San Albino gold mine.

Mako’s fourth quarter 2023 financial results reflect record gold sales of U.S.$26.5 million, which generated U.S.$16.8 million in mine operating cash flow and U.S.$9.5 million in net income. Additionally, revenues, adjusted EBITDA and mine operating cash flow were all at record levels. Earnings per share were U.S.$ 0.145 in earnings per share for the quarter.

Mako’s CEO, Akiba Leisman, said, "Q4 2023 was a record quarter on every significant financial and operating metric, including a record for gold ounces recovered, gold ounces sold, Adjusted EBITDA, Mine OCF and Net Income, with record low Cash Costs and AISC. The cash flow coming from the mine is enabling us to invest in exploration while we strengthen our balance sheet in anticipation of the announced acquisition of Goldsource Mines later this quarter."

Canadian shares were trading at $3.10 in early morning trade.

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