Mako Mining Corp.

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
• Financials score of 8.5/10 is stronger than the peer average of 6.4/10.

Lifecycle Milestones

1. Permit granted

   Sep 2017 · Permit to construct and operate San Albino (up to 500 tpd) received from Nicaraguan authorities (MARENA environmental permit), 2017-09-12. SOURCE CORRECTED (Task #662, 2026-08-25): the previously-cited im-mining.com URL was found on independent re-fetch to be about an unrelated project -- Toro Gold's own "Mako" gold project in Senegal (Petowal Mining Co SARL's 15-year Mining Concession, granted by the Government of Senegal, July 2016) -- not Mako Mining Corp's San Albino in Nicaragua. A name collision ("Mako" the Senegal project vs. "Mako Mining Corp" the Nicaragua company), same shape as this project's known SKY/SYH ticker-collision bug but by company name rather than ticker. The achievedDate (2017-09-12) itself is independently CONFIRMED CORRECT via two sources that explicitly name San Albino/Nueva Segovia/Mako Mining Corp: (1) Mako Mining's own press release, 24 Aug 2020 (Cision/newswire.ca), stating MARENA "amended the environmental permit granted to the Company in 2017 (see press release dated September 12, 2017)" when raising throughput from 500 tpd to 1,000 tpd -- https://www.newswire.ca/news-releases/mako-mining-receives-permit-amendment-to-process-up-to-1-000-tonnes-per-day-838648755.html; (2) the NI 43-101 Technical Report for San Albino (Mine Development Associates, 25 Nov 2020), Sec. 4.4, verbatim: "the Environmental Permit was issued on September 12, 2017 following the public consultation meeting" (sourceUrl below). The original Sept 2017 press release (would have been issued under Golden Reign Resources Ltd., San Albino's pre-2018-merger owner -- "Mako Mining Corp" did not exist under that name until the 2018 Golden Reign/Marlin Gold merger) could not be located or is not indexed anywhere reachable (no Wayback snapshot, no newswire/TheNewswire copy found across 8 search queries). Milestone and achievedDate unchanged; only sourceUrl and this note are corrected. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Mako's decision to develop San Albino, end of July 2019 -- stated by the company itself, verbatim, in its MD&A for the year ended 31 December 2020 (and repeated in its Q1 2021 MD&A): 'At the end of July 2019, the Company made the decision to develop the San Albino project. Beginning in August 2019, development expenditures are capitalized as part of mineral properties, plant and equipment and resulted in a decrease in exploration and evaluation ("E&E") expenses.' This is a real, company-asserted development decision, made under the Mako name after the 2018-11-13 Golden Reign / Marlin Gold merger -- not under a predecessor. Month precision only ('end of July'), so achievedDate stays null per the Task #610 convention. FORM CAVEAT, disclosed: this was disclosed as a CAPITALIZATION TRIGGER in an MD&A, not announced as a board FID in a press release -- which is why three prior passes hunting for a discrete FID release correctly came up empty. It is corroborated by the financing that funded it: the rights offering announced 2019-06-10, whose stated use of proceeds was to advance San Albino 'including commencement of construction', completed ~2019-07-23 at ~US$27m and described as funding 'the majority of construction capital'. SUBSTANCE CAVEAT, also disclosed: NO feasibility study underpins this decision, and Mako said so repeatedly and explicitly -- e.g. its 2019-11-25 release: 'the Company's production decision at its San Albino project is not based on a technical study supporting mineral reserves'. The only economic study on the property is a PEA announced 2015-03-16 under Golden Reign. A reader should weigh the decision accordingly; it is genuine but it is not a bankable-feasibility FID. · Source
3. Construction start

   Reached — date not disclosed · Plant construction was underway through 2019 (mill-platform earthworks complete by Nov 2019); no single release with one specific 'construction start' day was found -- recorded reached-but-undated rather than inventing one. No discrete CONSTRUCTION_DECISION/FID release was found either (this is a small-capex, incrementally-funded restart) -- that milestone is left unwritten pending further sourcing rather than forced onto this or the permit date. · Source
4. First pour / production

   May 2021 · San Albino's 500 tpd gravity/CIL plant began operating and the pre-commercial-production period started (ran to June 30, 2021, recovering 6,300 oz). · Source
5. Commercial production

   Jul 2021 · Commercial production declared effective July 1, 2021, following the May 12-June 30, 2021 pre-commercial period. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.