@inigoezponda on Mako Mining Corp. (MKO.V)

主要经营地 Canada

详细生意模式 Mid-tier gold mining company with portfolio of four assets (San Albino Nicaragua, Moss Mine Arizona, Mt. Hamilton Nevada, Eagle Mountain Guyana). 2026: 60,000 oz @ $158M margin; 2028: 191,000 oz @ $510M margin. 23-year average mine life, debt-free with $78M cash.

护城河 🟡中 - High-quality asset portfolio with aligned management and 23-year average mine life. Low OPEX advantage. Growth optionality from Mt. Hamilton and Eagle Mountain. Faces commodity gold price cyclicality.

估值水平 7.5x TEV/EBITDA, 3x 2028 AISC margin implies $1.53B mcap

EV/Market Cap EV $483M / MC $560M

网络观点 2026: 60koz @ $158M margin. 2028: 191koz @ $510M margin (107% margin/EV). Trading $475M EV vs $1.53B implied @ 3x AISC margin = 3x upside @ $4500 gold. 23yr avg mine life. Self-funded capex.

AI观点 Pitch targets $4500 gold with 3x upside. WebSearch confirms FY2025 record results: Q4 $50.4M gold sales, 11,564 oz at $4,313/oz, debt-free $78M cash. Critical milestone: Eagle Mountain ESIA submitted to Guyana EPA (3/25/26). Valuation thesis sound—7.5x TEV/EBITDA fair for gold miner at current $2400/oz spot. Production ramp 2026-28 credible (Mt. Hamilton $65M, Eagle Mountain $100M capex internally funded). But upside depends on gold staying elevated or rising to $4500 (bullish case). Portfolio quality and management alignment genuine strengths. 23-year mine life impressive for exploration risk. KEY NEAR-TERM CATALYST: Guyana regulatory approval for Eagle Mountain. RECOMMENDATION: Reasonable value play if gold stable, but execution risk real.