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May 27, 2024
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Precious Metals

Nicaragua-focused Mako Mining reports 134% rise in gold sales


Nicaragua-focused Mako Mining Corp. (TSX-V: MKO) (OTCQX: MAKOF) sold more than twice as many gold ounces in Q4 last year than the previous quarter and increased its cash balance by over 120 per cent.

The company released its production results for the quarter ending Dec. 31 on Monday.

Mako sold 13,481 ounces produced at its San Albino gold mine in Nueva Segovia — a 133.7 per cent increase from Q3 last year. The sharp rise in gold sales is partially attributable to a contract delay.

The company also increased its cash balance by US$800,000 during the quarter. Mako had US$660,000 on hand at the end of Q3 and now has US$1.46 million.

“Q4 2023 was a record quarter operationally and financially,” Akiba Leisman, Mako CEO, said.

“A record 11,567 ounces were recovered and a record 13,481 ounces were sold, which included the sale of finished goods inventory that was held over from Q3 2023 due to a temporary third-party refining issue.”

Mako produced 12,650 ounces of silver in Q4. The miner also repurchased C$600,000 worth of its shares through a normal course issuer bid. As of the end of Q3, the company had US$32.45 million in total liabilities/debt.

Read more: Calibre Mining sets gold production record in 2023, reports 52% cash balance increase

Read more: Calibre Mining’s merger with Marathon Gold deemed ‘tremendous opportunity’

Nicaragua produces the most gold in Central America

Nicaragua is rich in mineral resources such as zinc, iron ore and lead but the commodities most actively mined in the country are copper, silver and gold.

The country produces more gold than any other in Central America. The nation’s rate of gold production increased by over 144 per cent between 2006 and 2016, Nicaragua’s Chamber of Mines says.

Historically, the country has produced over 10 million ounces.

Canadian companies like Mako and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) have had substantial success with their gold mining infrastructure in Nicaragua.

Calibre just had its fifth consecutive gold production record in Q4 and generated 27.7 per cent more gold in 2023 than 2022. The majority of Calibre’s gold ounces last quarter, 64,963 out of 75,482, came from Nicaragua.

Multiple analysts have given positive assessments of Calibre’s operations in the country.

 

Calibre Mining is a sponsor of Mugglehead news coverage

 

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