Could you provide a brief introduction to Mako Mining?

Mako Mining is focused on building scalable mines in the Americas. We target assets with short timelines to production and of geological profiles that support small-scale, low-CapEx startup operations that can be scaled up organically and inorganically. The first such mine we assembled is the high-grade, open-pit San Albino gold mine in Nicaragua, which began commercial production in 2021. Last year we announced two separate acquisitions, namely Goldsource Mines, which was developing the Eagle Mountain gold project in Guyana, and the other deal was for the Moss mine in Arizona. What makes the San Albino gold mine in Nicaragua a highly profitable operation?

As an orogenic deposit, San Albino is something of a geological oddball/outlier in Central America. Orogenic deposits tend to be extremely high-grade, but also quite complex, which is perfect for a company like ours, whereas larger-scale mining companies tend to neglect such ore bodies. With an average grade of 17 g/t Au in the main vein, San Albino is the highest-grade open pit mine on the planet by a long shot. By blending this material with lower-grade stockpile ore, we have been mining at average head grades of 7.5 g/t Au. For the first four years, we have been exclusively mining open pit, from shallow material. This year, we will begin transitioning to a combination of open-pit and underground mining. The current plant has a headline capacity of 500 t/d, but we have been producing 20% above nameplate capacity inception and we are permitted to double capacity to 1,000 t/d.

From this operation, we are producing approximately 40,000 oz/year, generating EBITDA in excess of US$50 million/year. The cash-flow generated from San Albino allows us to unlock our growth strategy, both organic and inorganic: We reinvested nearly US$40 million in exploration spend on a 188 km2 land package, which we have actually just expanded to 200 km2 through a new concession. Moreover, we were able to make the two acquisitions to significantly increase our production profile in the coming years. What attracted Mako Mining to Guyana and the Eagle Mountain mine?

Like Nicaragua, Guyana happens to be one of those rare places with a very fast exploration-to-production lead time. G Mining’s Oko discovery created a nice template for mining development in the country. Beyond that, we had a long-standing relationship with the Goldsource management team. The Eagle Mountain itself also fits very well with what we like to do. It is an open-pit, horizontally-situated ore body with a very low strip ratio. With a 1.8 million oz resource (all categories), it supports a low-capital, high-return operation with a quick payback. Goldsource’s January 2024 PEA, published before our acquisition, outlines a US$100 million CapEx for a 65,000 oz/y operation. The first four years would focus on saprolite ore, followed by a blend of hard rock and saprolite. The EIA application will be submitted mid-year and we expect approval in early 2026. We are well-positioned to be construction-ready by the end of Q1 2026. How will your production profile transform over the coming years with Moss added to your portfolio?

The previous operator of Moss averaged around 33,000 oz/year for the last five years. However, we see some very low-hanging fruits in debottlenecking the plant to actually increase throughput by at least 20% and raise head-grades. With San Albino and Moss together producing around 80,000 oz/y, and Eagle Mountain adding 65,000 oz/y, Mako Mining is on track to become a 150,000 oz/y gold producer by 2027. Do you have a final message?

Mako Mining isn’t structured to sell out—we want to be the operator and generate substantive returns that reimburses us for the risks we take. We have the technical capabilities to build turnkey mines and access to capital through our own cash flow. More than that, we have a cornerstone multi-billionaire investor in Wexford Capital, which owns 48% of our shares. Mako Mining has a distinctive operational framework where we do not subscribe to excesses that have plagued the exploration sector, with over-incentivized management and speculative business models. We focus on what we do best, which is to build scalable, low CapEx, high return operations.