Impact: Neautral
Mako Mining released more positive drill results from two holes from the Las Conchitas area and announced that as a result of COVID-19 related delays, it expects its first gold pour to be in Q1 2021 (was Q4/20). The exploration results continue to highlight the scale and higher grade of Las Conchitas. We note that while the delay modestly impacts our NAVPS estimate and estimated future financing requirements for Mako, it does not change our view. We continue to believe that Mako’s stock is poised to re-rate with both ongoing exploration success and as first production approaches.
