Mako Mining (MKO) Q4 2024 earnings summary

Executive summary

• Achieved record gold sales in Q4 2024, generating $28.9 million in revenue and $4.7 million in net income after a $3.2 million deferred tax liability.

• Sold 39,001 oz of gold in 2024 at an average price of $2,397/oz, with full-year adjusted EBITDA of $42.2 million and EPS of $0.27.

• Acquired the Moss gold mine in Arizona for a net cost of approximately $2 million, expected to be immediately accretive to cash flow and earnings.

• Eagle Mountain project in Guyana demonstrated a $292 million NPV (5%) at $1,850 gold in its PEA.

Financial highlights

• Q4 2024 revenue: $28.9 million; full-year revenue: $92.1 million.

• Q4 2024 adjusted EBITDA: $14.1 million; full-year adjusted EBITDA: $42.2 million.

• Q4 2024 net income: $4.7 million; full-year ROE: 39.3%, ROA: 25.7%.

• Q4 2024 gold sold: 10,888 oz at $2,670/oz; full-year gold sold: 39,001 oz at $2,397/oz.

• Q4 2024 AISC: $1,352/oz; full-year AISC: $1,371/oz.

Outlook and guidance

• Moss mine in Arizona expected to begin commercial scale mining operations next month, anticipated to be a substantial cash flowing asset.

• Management expects 2025 results to reflect the impact of 2024's strategic acquisitions and operational improvements.