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Mako Mining Corp.
Mako Mining Corp. is a Canada-incorporated gold producer focused exclusively on northern Nicaragua, where it holds a 100% interest in the San Albino-Murra...
Mako Mining Corp.
Mako Mining Corp. is a Canada-incorporated gold producer focused exclusively on northern Nicaragua, where it holds a 100% interest in the San Albino-Murra property and the surrounding Las Conchitas and El Jicaro concessions. The company entered commercial production at San Albino in 2021, targeting narrow-vein, high-grade gold deposits that allow for selective mining methods and lower dilution. Its processing plant uses conventional crushing, grinding, and agitated cyanide leaching to recover gold, producing doré bars on site. Unlike streaming-dependent peers, Mako retains full exposure to the gold price it receives upon sale. The firm's operational strategy centers on a hub-and-spoke model — trucking mineralized material from satellite pits at Las Conchitas to the central San Albino plant, maximizing throughput without duplicating processing infrastructure. Known drill intercepts at Las Conchitas include 22.9 g/t gold over 1.5 meters and 8.5 g/t gold over 2.0 meters, indicating potential to extend the mine life beyond the current reserve estimate. Mako deploys cash flow primarily into near-mine exploration and debt reduction, carrying a term loan with Sailfish Royalty Corp. that it has been amortizing since 2022. The company does not hedge its gold production, leaving shareholders fully levered to spot gold prices. The company operates with a lean corporate office in Vancouver and a field team based in Nicaragua. Akiba Leisman serves as Chief Executive Officer, having steered the company through the transition from explorer to producer. As of early 2024, Mako had approximately 120 employees and contractors across its operations. Annual production guidance for 2024 was set at 38,000 to 43,000 ounces of gold, with cash costs guided between $825 and $925 per ounce sold. The company listed on the TSX Venture Exchange and the OTCQX Market, maintaining a share structure that includes a significant retail and institutional following but no single controlling shareholder block. Mako's structural differentiator is its single-jurisdiction, single-asset concentration. While most junior gold producers diversify across multiple mines or countries to spread operational risk, Mako has deliberately concentrated technical and financial resources on the San Albino district. This creates binary exposure: the company succeeds or fails on the geology and permitting environment of one Nicaraguan mining district. In a sector where jurisdictional risk is often hedged through geographic diversification, Mako's approach represents a pure-play wager on a high-grade gold system in a country with a mixed record on mining regulation and foreign investment protection.
General information
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Asset Manager
Year founded
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AUM
Undisclosed
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Frequently asked questions
Where does Mako Mining produce its gold?
Mako Mining operates exclusively in northern Nicaragua, where it holds a 100% interest in the San Albino-Murra property and adjacent concessions including Las Conchitas and El Jicaro. These properties sit within the Nicaraguan Highland mining district, a region historically known for narrow-vein, high-grade gold deposits. The company's processing plant and administrative infrastructure are all located on this single district.
Does Mako Mining hedge its gold production?
No. Mako Mining sells all its gold at spot prices without employing forward sales, collars, or any other hedging instruments. This policy gives shareholders full exposure to gold price movements in either direction. The company stated this position publicly during its operational transition in 2021 and has maintained it consistently.
Who runs investment and operational decisions at Mako Mining?
Akiba Leisman serves as Chief Executive Officer and is the primary decision-maker on both corporate strategy and operational execution. The management team operates with board oversight typical of a publicly listed Canadian mining company, with financial reporting audited under IFRS standards. Key technical roles, including the mine general manager in Nicaragua, report directly to the CEO.
What is Mako Mining's cost structure relative to industry averages?
Mako Mining guided 2024 all-in sustaining costs (AISC) at $1,150 to $1,250 per ounce of gold, placing the company in the lowest quartile of global gold producers. This cost advantage derives from the high grade of its deposits at San Albino, which reduces the cost per ounce recovered, and from a streamlined corporate overhead. The company's cash costs are guided even lower, at $825 to $925 per ounce.
How is Mako Mining exposed to Nicaraguan political and regulatory risk?
The company's entire asset base and revenue stream depend on one jurisdiction, Nicaragua, which has experienced mining policy shifts, taxation changes, and broader political tensions in recent years. Mako operates under a mining concession agreement with the Nicaraguan government and has maintained its license through prior regulatory cycles. Critics of the single-country model note that any adverse change in royalty rates, export rules, or security conditions would directly and materially affect the company's economics, with no offsetting production elsewhere.
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