A Wealth of

Investor Resources




Accredited Investor Association









Equity Research




Luxury Products

& Services


Mako Mining Corp.

MAKOF / Other OTC / $0.26

March 2, 2021


Business Overview



Mako Mining Corp. (the Company) is developing the high-grade San Albino gold project in Nueva Segovia, Nicaragua. The project is believed to be one of the highest-grade open pit development projects globally, with measured and indicated mineral resources (open pit) of 95.4koz at 9.54 g/t Au and inferred mineral resources (open pit) of 62.0koz at 8.5 g/t Au. A 2015 Preliminary Economic Assessment (PEA) estimated initial capex at only US$21.1 million, with a payback period of 1.7 years; a 54.2% IRR after tax and royalties; and an NPV (@ 5% discount) of US$173.9 million. The all-in sustaining cost gold equivalent was estimated at US$395/oz, with average annual gold payable production of 41,300 AuEq oz and a life of mine gold production of 675,345 AuEq oz.


The San Albino project is fully permitted up to 1000tpd, and mine construction is continuing. Mining of the first two and a half benches yielded 3,349 oz Au at a diluted grade of 15.09 g/t Au (announced January 21, 2021).


Management has an infill grade-control drilling program for San Albino. One objective was to find the strike and dip extension of the near-surface and high-grade Porcelana-style mineralization encountered in a hole that showed 60.72 g/t Au and 66.4 g/t Ag over 3.1m. The infill hole 35m along strike then intersected 50.78 g/t Au and 13.0 g/t Ag over 5.3m (5.1m estimated true width), including 173.3 g/t Au and 26.0 g/t Ag over 1.1m (1.0m estimated true width). The intercept was only 18m below surface and within the open pit mine plan. The area remains open along strike. Another hole within the open-pit mine plan showed 28.36 g/t Au and 44.40 g/t Ag over 5.4m (4.8m estimated true width) approximately 11m below surface. Additional assay results are in the press release dated September 26, 2019.


The Company has a district-scale land package (approximately 150 sq. km) in Nicaragua, and its exploration program of prospective targets is active. Mako has completed a trenching program at the Las Conchitas area, approximately 2.5 km south of San Albino. Preliminary testing showed recoveries of 95.7% gold and 68.5% silver, grading on average 8.70 g/t Au and 20.10 g/t Ag. Drilling has confirmed down-dip continuity of highly mineralized zones identified by trenching. The Company has a number other, earlier-stage targets that show promise.


In December 2019, the Company purchased the Potrerillos exploration and exploitation concession from Condor Gold Plc for US$600,000. Drilling shows that this concession appears to be along strike and down dip from the San Albino project. The transfer of the concession is subject to the approval by December 2020 of the Nicaraguan Ministry of Mines and Energy.


The Republic of Nicaragua has been headed since 2006 by Sandinista party President Daniel Ortega and his Vice President wife. Politics take place in a framework of presidential representative democratic republic, whereby the President is both head of state and head of government, and of a multi-party system. The country has a burgeoning mining district with modern mining law. It offers 25-year exploration and exploitation concessions, a reasonable tax regime (30% corporate tax, 3% royalty), skilled labor, a modern infrastructure, and allowance of capital and profits repatriation. According to the United Nations Development Program, Nicaragua is the safest country in Central America and one of the safest in Latin America.



2021 Focus



Management is highly focused on bringing up the San Albino gold mine production rate, with commercial production expected in early Q2 2021, while continuing to better define the extent of the resource. Near-mine exploration has a goal of doubling production by 2022.


The land package is extensive, and there are many promising targets that require additional drilling. Management hopes that regional exploration will prove that San Albino is part of an orogenic gold district.






Akiba Leisman, CEO and a Director, was previously Executive Chairman and Interim CEO of Marlin Gold Mining Ltd. He is presently a consultant to Wexford Capital LP where he oversees the precious metals public and private equity portfolios. He had also been an analyst at Red Kite Capital Management for the Mine Finance funds.


The backgrounds of the other members of the management team are outlined on the Mako website.






Income Statement (9 months through 09/30/20 vs. 10/31/19, as restated) (US$)


Revenue: 985,000 vs. 12,145,000

Production costs: 23,000 vs. 10,104,000

Other cost of sales: 562,000 vs. 925,000

Gross profit: 400,000 vs. 1,016,000

Exploration & evaluation expenses: 5,096,000 vs. 6,183,000

G&A expense: 4,283,000 vs. 3,083,000

Income (loss): (7,587,000) vs. (11,988,000)

Foreign currency translation adjustment: (1,869,000) vs. 1,073,000

Comprehensive income (loss): (9,456,000) vs. (10,915,000)

Earnings (loss) per basic and diluted common share: (0.01) vs. (0.03)

Weighted average common shares outstanding: 603,817,000 vs. 415,282,000



Balance Sheet (09/30/20) (US$)


Cash & equivalents: 10,974,000

Receivables and refundable taxes: 689,000

Inventories: 1,794,000

Total current assets: 13,645,000

Mineral property, plant & equipment: 34,864,000

Total assets: 49,274,000

Accounts payable & accrued liabilities: 5,808,000

Provision for reclamation and rehabilitation: 705,000

Total current liabilities: 13,893,000

Long-term liabilities: 18,084,000

Total liabilities: 31,977,000

Stockholders equity: 17,297,000

Common shares outstanding (02/26/21): 656,800,000 (51.8% by Wexford Capital LP)

Options (09/30/20): 50,090,000 at a weighted average strike price of approximately C$0.2.6

Warrants (09/30/20): 37,000,000, exercisable at C$60 through January 16, 2022.



On July 16, 2020, the Company completed a private placement of 71,000,000 units for gross proceeds of $20,947,506. Each unit consisted of one common share and one-half of one common share purchase warrant exercisable at a price of C$0.60 until January 16, 2022.


On February 21, 2020, the Company announced the closing of a US$15,150,000 unsecured term loan, available in up to three drawdowns, from various Wexford funds, each managed by the Mako controlling shareholder. The bulk of the proceeds were earmarked for construction, development, and exploration activities in Nicaragua.



Valuation Considerations



The PEA for the San Albino project shows a very high IRR (54.2% after tax and royalties), an NPV (at 5% discount) of US$173.9 million, and a very low AISC (US$395/oz AuEq). These statistics are aided by an estimated average mined diluted grade of 8.02 g/t.


The Company appears to have potential to expand the San Albino project, and it has a number of other promising prospects within its large land package (approximately 150 sq. km).


As of February 26, 2021, Wexford Capital LP owned 51.8% of the common shares outstanding.


The impact from COVID-19 remains an uncertainly. In addition, the Mako SEDAR filings and website include considerable additional information and detail a number of risk factors. These sources of information are hereby incorporated by reference.






Executive offices: 595 Burrard Street, Suite 2833, Vancouver, BC. Phone 604.646.1580.


Investor contact: Deborah Honig; dhonig@makominingcorp.com. Phone: 647.203.8793.



HERE is some information regarding our Investor Awareness Program.


If you have an interest in joining the Program, please contact:

William J. Ritger at 561.891.1903 or accreditedinvestorassociation@gmail.com.


If you are an accredited investor and would like to become a member of our association (FREE) and receive our newsletter, please send your name and email address to

Email outline




Accredited Investor Association (AIA) is a division of TickerBuzz, LLC, a Florida limited liability company that owns and operates this website. All of the information in these Research Profiles is intended for discussion purposes only, is not a solicitation to buy or sell any security, and must not be relied upon for financial, legal, tax, or any other professional advice. Investors should independently and carefully research and consider the risks inherent in all investments. AIA is not and does not act as a broker-dealer, investment advisor, placement agent, or crowdfunding portal. Furthermore, it does not offer any securities, nor does it provide any investment advice or valuation conclusions. The source material for these Research Profiles is provided primarily by the subject companies and their respective investor materials. AIA makes no representation as to the validity or completeness of the information in its Research Profiles or the attractiveness of any of the companies or their securities. Certain information, particularly information relating to future performance and other business matters, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. AIA cautions that these forward-looking statements neither predictions nor guarantees of future events or performance and are subject to numerous assumptions, risks, and uncertainties that may change over time and cause actual results to differ materially from the statements discussed herein. Past performance may not be indicative of future results. The information in each Research Profile is applicable only as of the date of that Profile and is subject to change without prior notice. AIA assumes no obligation to update any of its Research Profiles. This Company has not paid AIA any compensation for this Research Profile. Analyst: William J. Ritger.



Accredited Investor Association is a division of

TickerBuzz, LLC, a Florida limited liability company.


Copyright 2021. TickerBuzz, LLC. All rights reserved.