Mako Mining Reports Proven and Probable Mineral Reserves of 598 Koz Au and 6.30 Moz Ag Grading 0.327 g/t Au and 3.45 g/t Ag in 56.8 M Tonnes at the Moss Mine in Arizona, Supporting a Post-Tax NPV 5% of US$254 Million and a 15-Year Mine Life at US$3,500/oz Au and US$50/oz Ag
Original announcement by tmx on
- Company
- Mako Mining Corp.
- Ticker
- MKO
- Exchange
- TSX
- Region
- Arizona
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update
- Extracted
- 2026-09-16 10:32:58 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mako Mining has declared its first mineral reserves at the Moss Mine in Arizona, totaling 56.8 Mt at 0.327 g/t Au and 3.45 g/t Ag. The reserves support a 15-year mine life with a post-tax NPV of US$254 million at a 5% discount rate.
Reasoning: The announcement of the company's first mineral reserves at Moss Mine is a major de-risking milestone with strong economic indicators.
Positive factors
- First mineral reserve declaration for the company
- Strong project economics with US$254M NPV
- High return on invested capital acquisition
- No initial capital required
- Significant exploration upside mentioned
Negative factors
- Low grade (0.327 g/t Au)
- Ongoing royalty litigation with Royal Gold Inc.
Facts used in scoring: 2
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The reserve estimate was prepared in accordance with NI 43-101.
Evidence · text
“prepared in accordance with National Instrument 43-101”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Mohsin Hashmi, P.Eng. is named as the Qualified Person.
Evidence · text
“prepared by Mohsin Hashmi, P.Eng., a Qualified Person”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The cut-off grade of 0.14 g/t Au is explicitly stated.
Evidence · text
“Mineral Reserves are reported using a cut-off grade of 0.14 g/t Au”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
probableMoss Mine · goldTonnes: 56800000Grade: 0.327Grade Unit: g/tContained Metal: 597744Contained Unit: ozView all detailsHide details
Identity
- Project
- Moss Mine
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- MKO
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mohsin Hashmi, Richard Gowans, Christopher Keech, Garth Luikko, William Lewis
- Resource group id
- resource:c0c82c1bc4e9dac708bb
- Deposit or zone
- Moss Mine
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 56800000
- Grade
- 0.327
- Grade Unit
- g/t
- Contained Metal
- 597744
- Contained Unit
- oz
- Cutoff Grade
- 0.14
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: Significant reserve declaration for a previously resource-only asset.
Positive factors
- First reserve declaration
Negative factors
- Low grade
Evidence · table
“0.327”
Context: 56.8
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
probableMoss Mine · silverTonnes: 56800000Grade: 6.3Grade Unit: mozContained Metal: 6.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Moss Mine
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- MKO
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mohsin Hashmi, Richard Gowans, Christopher Keech, Garth Luikko, William Lewis
- Resource group id
- resource:c0c82c1bc4e9dac708bb
- Deposit or zone
- Moss Mine
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 56800000
- Grade
- 6.3
- Grade Unit
- moz
- Contained Metal
- 6.3
- Contained Unit
- moz
- Cutoff Grade
- 0.14
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-06-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: Significant silver byproduct in the reserve estimate.
Positive factors
- Significant silver content
Evidence · table
“6.30”
Context: 56.8
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.