Gold producer Mako Mining posts net loss in Q2; says received permits for Las Conchitas

Wed Aug 23 2023

Gold producer Mako Mining (TSX-V: MKO) today reported that in Q2 2023, the company generated $12.9 million in revenue (Q2 2022: $16.3 million) and $4.0 million in adjusted EBITDA (Q2 2022: $7.3 million).

The company said it sold 6,727 ounces of gold in Q2 2023, compared to the 9,027 ounces sold in Q2 2022.

Mako Mining also reported Q2 2023 mine operating cash flow of $4.9 million and net loss of $2.6 million after $3.9 million of depreciation, depletion and amortization and $1.5 million in exploration expenses.

In a press release, Mako Mining said the company was processing approximately 35% run of mine material (with the rest coming from lower grade stockpiles), instead of the normal 50% run of mine material prior to permits being received at Las Conchitas.

Importantly, the company noted that permits at Las Conchitas were subsequently received in June, with material from Las Conchitas beginning to be processed at the end of July.

“The maiden resource estimate at Las Conchitas will be released shortly,” the company said.

Mako Mining operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua. The company said its primary objective is to operate San Albino “profitably” and fund exploration of prospective targets on its district-scale land package.

Source: https://www.kitco.com