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Mako Mining's Q1 Net Income, Revenue Jump YoY on Higher Gold Prices

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Mako Mining (MKO.V)'s net income and revenue increased in the first quarter amid higher gold prices, the company said Friday.

Mako reported a net income of US$23.1 million, or $0.26 per share, for the three months ended March 31, climbing from $9.4 million, or $0.12 per share, booked in the year-ago period.

Revenue jumped year over year to $68.6 million from $31.8 million, as gold sales rose to 13,721 ounces from 10,817 ounces. The average realized gold price surged to $4,902 per ounce from $2,915/oz.

Mako will focus on lowering its cost of capital to accelerate accretive growth, the company said.

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