On March 26, 2024, Mako Mining Corp. ("Mako") (TSXV: MKO; OTCQX: MAKOF) announced the acquisition of Goldsource Mines Inc. ("Goldsource") (TSXV: GXS; OTCQX: GXSFF) through a plan of arrangement. Mako will issue its common shares to acquire all outstanding Goldsource shares, creating a combined entity poised for significant growth. The transaction merges Mako's profitable Nicaraguan gold operations with Goldsource’s Eagle Mountain Gold Project in Guyana, enhancing geographic diversification and growth potential.

The combined company will leverage Mako's engineering and construction expertise to expedite the development of Eagle Mountain, anticipated to have a 15-year mine life and an after-tax NPV of USD 292 million. Mako's San Albino mine’s cash flow and capital access will support Eagle Mountain's development.

Goldsource shareholders benefit from a 40.9% premium and exposure to Mako’s cash flow and exploration potential. Mako shareholders gain a high-quality asset in Guyana, reducing project risk and enhancing operating platforms.

The transaction includes a CAD 2 million bridge loan from Wexford Capital to support Goldsource’s near-term activities. Post-transaction, Mako shareholders will hold 84% of the combined entity, while Goldsource shareholders will own 16%.

Eight Capital and SCP Resource Finance LP provided fairness opinions, with Cassels Brock & Blackwell LLP and Koffman Kalef LLP acting as legal counsel for Mako and Goldsource, respectively. The transaction is expected to close in Q2 2024, subject to customary approvals.