Mako Mining Corp provides financial results for the three months ended March 31st, 2023 (Q1 2023), which is the seventh full quarter of financial results since declaring commercial production on July 1, 2021 at its San Albino gold mine in northern Nicaragua.
1Q 2023 earned $15.9 million in Revenue, where $1.4 million recorded in Net Income after $3.7 million of depreciation, depletion(4) and amortization and $0.7 million in exploration expenses. Three monthly repayment instalments totaling $1.1 million were made on the Sailfish Loan during Q1 2023.
Exploration expense was lower than previous quarters as the Company has entered the resource estimation phase at Las Conchitas while preparing a discovery drilling program at La Segoviana which began in Q2 2023.
Subsequent to March 31st, 2023. The Company delivered 16,328 and 16,552 oz of silver in lieu of $0.4 million and $0.4 million cash, respectively.
On May 25, 2023, the Company entered into a silver stream agreement with Sailfish, whereby Sailfish will advance $6 million for the delivery of 13,500 ounces of silver, produced at the San Albino mine, per month for a period of 24 months. Sailfish also has the option to purchase all remaining future silver production from all of the Company’s concession for an additional $1million.
Akiba Leisman, Chief Executive Officer, states that “Q1 2023 was the seventh full quarter of financial results since declaring commercial production at San Albino. Adjusted EBITDA of approximately $7.6 million (Q1 2022 $7.8 million) was relatively consistent year over year despite selling 859 ounces less than Q1 2022, as the Company was transitioning to high-grade Phase 3 mining of the West Pit, which commenced at the end of April 2023.
Cash Costs of 793 $/Oz sold (Q1 2022 797 $/Oz sold) and Total Cash Costs of 852 $/Oz sold (Q1 2022 862 $/Oz sold) were also consistent year over year despite inflationary trends in the industry. AISC was higher at 1,410 $/Oz sold (Q1 2022 1104 $/Oz sold) as Q1 2023 was the last full quarter of accelerated waste development to access the high-grade portion of the West Pit Phase 3.
Deferred Stripping costs were 432 $/Oz sold (Q1 2022 42 $/Oz sold), which will be coming down significantly now that high-grade Phase 3 mining has commenced. We are also excited that we are nearing completion of our maiden resource estimate at Las Conchitas, and that we have begun discovery drilling at La Segoviana, with initial results expected to be disclosed this week.”
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