Mako Gold another 39% bite of the Napié Gold Project, with 90% of it now in its belly
The acquisition of an additional 39pc in the flagship Napié Gold Project in Côte d’Ivoire, West Africa has been carried out with Perseus (ASX:PRU) to emerge as a strategic shareholder.
Mako (ASX:MKG) believes this transaction validates the company’s growth strategy at Napié, where it recently released a maiden 868koz gold inferred mineral resource estimate (MRE) at the Tchaga and Gogbala prospects.
The sale and purchase agreement means MKG has acquired an additional 39pc interest in Napié – taking its ownership from 51pc to 90pc while PRU holds a 2.94% equity holding in Mako, reflecting a strong endorsement of the company’s exploration and management team.
Prior to the agreement, Mako was earning up to a 75% interest in Napié under a farm-in and joint venture (JV) agreement with Occidental, a subsidiary of Perseus – the registered holder of the Napié permit at the time with an existing joint venture arrangement with African American Investment Fund SA (AAIF).
Under the AAIF JV agreement, Occidental held a 90% participating interest in the Napié Permit and AAIF held the remaining 10% participating interest, free carried until the completion of a feasibility study.
As part of the transaction, Occidental’s interest in the AAIF JV agreement was assigned to Mako.
Since IPO in 2018, Mako has unlocked significant value from its flagship Napié Project, completing its first stage earn-in equity of 51% early in July 2019.
This involved exploration spend of US$1.5M over a 3-year period, and, most recently, outlined an 868koz gold inferred mineral resource estimate at the Tchaga and Gogbala prospects as well as high-grade discoveries demonstrating exceptional potential of the entire permit.
This article was developed in collaboration with Mako Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.