Business
Mako Mining Provides Q2 2023 Financial Results
VANCOUVER, BC / ACCESSWIRE / August 23, 2023 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) (" Mak...
About this update from Mako Mining Corp.
[{"type":"text","content":"Mako Mining Provides Q2 2023 Financial ResultsVANCOUVER, BC / ACCESSWIRE / August 23, 2023 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) (\"Mako\" or the \"Company\") is pleased to provide financial results for the three months ended June 30th, 2023 (\"Q2 2023\"), which is the eighth full quarter of financial results since declaring commercial production on July 1st, 2021 at its San Albino gold mine (\"San Albino\") in northern Nicaragua. All dollar amounts referred to herein are expressed in United States dollars unless otherwise stated.Q2 2023 HighlightsFinancial$12.9 million in Revenue$4.0 million in Adjusted EBITDA (1)$4.9 million in Mine Operating Cash Flow (\"Mine OCF\") (1) (3)$2.6 million Net Loss after $3.9 million of depreciation, depletion (4) and amortization and $1.5 million in exploration expenses$995 Cash Costs ($/oz sold) (1) (2)$1,090 Total Cash Costs ($/oz sold) (1) (2)$1,322 All-In Sustaining Costs (\"AISC\") ($/oz sold) (1) (2)Three monthly repayment installments totaling $1.1million were made on the Sailfish Loan during Q2 2023 and $4 million of the Wexford Loan principal was repaid as a result of the $6 million Silver LoanRefers to a Non-GAAP financial measure within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (\"NI 52-112\"). Refer to information under the heading \"Non-GAAP Measures\" as well as the reconciliations later in this press release.Refers to a Non-GAAP ratio within the meaning of NI-52-112. Refer to information under the heading \"Non-GAAP Measures\" later in this press release.Refer to \"Chart 1 - Q2 2023 - Mine OCF Calculation and Cash Reconciliation (in $ millions)\" for a reconciliation of the beginning and ending cash position of the Company, including OCF.The depletion for the quarter was calculated on the basis of the San Albino mine plan only; going forward, depletion will incorporate Las Conchitas material as well, substantially decreasing this expense.Growth$1.4 million in exploration and evaluation expenses ($0.5 million in areas surrounding San Albino and approx. $1.0 million at Las Conchitas).Permits to begin extracting and processing material from Las Conchitas were received in June, with processing beginning in late July.Subsequent to June 30th, 2023On July 7, 2023, and on August 3, 2023, the Company delivered 17,190 and 16,367 oz o...