Mako Mining Corp. Releases Q3 2024 Financial Results

Mako Mining Corp. has released its financial outcomes for Q3 2024, marking the first consolidated results since the acquisition of Goldsource Mines. The company reported a revenue of $15.7 million, with an adjusted EBITDA of $4.3 million. Net income reached $0.4 million, despite encountering unusual operational challenges.

The quarter was impacted by a delay in the Environmental Impact Assessment, leading to an increase in All-In Sustaining Costs (AISC) to $2,383 per ounce, chiefly due to additional pre-stripping costs. Mako managed to repay $2.7 million in debt and repurchase $1.6 million in stock.

Exploration and evaluation expenses included $0.6 million for the Eagle Mountain Project, highlighting growth initiatives. CEO Akiba Leisman noted improvements in production and profitability so far in Q4 2024, as constraints from the permit delay have been alleviated.