Mako Mining (MKO) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw gold sales of 12,313 oz at an average realized price of $2,349/oz, generating $28.3 million in revenue and $8.8 million in net income.

• Mine Operating Cash Flow reached $14.5 million, with Adjusted EBITDA of $14.6 million.

• Over the last nine months, 35,061 oz were sold at $975/oz AISC, generating $41.7 million in Mine OCF and $23.6 million in net income.

Financial highlights

• Revenue for Q2 2024 was $28.3 million, with net income of $8.8 million and EPS of $0.13.

• Adjusted EBITDA was $14.6 million, and Mine OCF was $14.5 million.

• Cash costs per ounce sold were $793, and AISC was $1,098/oz.

• Cash balance at quarter-end was $6.7 million, with $3.2 million in gold sales receivable.

Outlook and guidance

• Management expects continued strong cash flow to support exploration at San Albino and advancement of Eagle Mountain.

• Anticipates record gold ounces recovered, sold, and record low cash costs and AISC in Q2.