Mako Mining to Acquire Moss Mine in Arizona

Mako Mining Corp. has announced a non-binding letter of intent to acquire 100% of EG Acquisition LLC's shares, which recently acquired the Moss gold mine in Arizona, with anticipation to finalize the transaction by February 2025. The acquisition cost ranges from $4.9 million to $6.4 million, depending on the status of certain royalties. This deal follows a court-approved process eliminating over $60 million in liabilities and includes plans to restart mining operations.

The acquisition aims to expand Mako's operations in top-tier jurisdictions, funded through cash flow from Mako's current operations. The Moss mine has been actively producing gold during its bankruptcy process, and Mako intends to optimize and restart mining activities. Mako, which already operates the San Albino Mine in Nicaragua and the Eagle Mountain project in Guyana, sees this acquisition as a strategic expansion complementing its existing portfolio.