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Mako Mining Announces Full Capital Recovery of Moss Mine Acquisition Cost; Restart of Gold Mining Activities Planned for Early July; Company Cash Balance Increases to US$27.4 million
VANCOUVER, BC / ACCESS Newswire / June 23, 2025 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF)...
About this update from Mako Mining Corp.
[{"type":"text","content":"Mako Mining Announces Full Capital Recovery of Moss Mine Acquisition Cost; Restart of Gold Mining Activities Planned for Early July; Company Cash Balance Increases to US$27.4 millionVANCOUVER, BC / ACCESS Newswire / June 23, 2025 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) (\"Mako\" or the \"Company\") is pleased to announce that it has fully recovered the US$6.4 million acquisition cost for the 100%-owned Moss Mine in Arizona through cash flow derived from residual leaching of previously stacked mineralization, and the return of US$1.53 million on June 20th, 2025 from Trisura Guarantee Insurance Company (\"Trisura\") of the US$3.1 million held as collateral for various environmental bonds.Thus far in Q2 2025, operations have been strong at the Company's 100% owned San Albino mine in northern Nicaragua, supplemented by the residual leach operations at the Moss Mine in Arizona. Mako's current cash and gold sales receivable balance total US$27.4 million, an increase of US$13.8 million since the beginning of the quarter. A full Q2 2025 operational update will be issued during the week of July 14th.The Company engaged a new mine contractor for the Moss Mine on June 10th,with initial equipment expected to be delivered to the mine by the end of this week, with mining operations scheduled to commence in early July. Ramp up of the operation will continue through 2025 with steady-state production expected by the end of Q4 2025.The cash flow generated from both San Albino and Moss will be used to fund mine and regional exploration at both assets, and construction of the Eagle Mountain Project in Guyana once initial construction permits are received, which the Company anticipates by Q2 2026.Akiba Leisman, CEO of Mako states \"it is extraordinary to fully recover the acquisition cost of a mine in less than three months, and prior to the restart of mining operations. This is a testament to how the Moss acquisition was structured, with help from higher gold prices. The operation will begin its ramp-up once equipment arrives to site later this week, with steady-state production expected by year end. The cash flow from Mako's two producing mines are not only allowing us to embark on significant exploration programs at our producing assets, but the Company's cash balance is growing at such a rapid pace, that the funding of Eagle Mountain has be...