Mako in August launched the capital raise, which consisted of some 87-million shares, placed at a price of 11.5c each.

The company on Wednesday announced that it has now completed the second tranche of its share placement, comprising 44.9-million shares, following shareholder approval at an annual general meeting on September 28.

Along with existing cash reserves and the proceeds from the divestment of its Niou project, the placement funds would ensure that Mako is well funded to: execute a systematic exploration and growth strategy at Napie aimed at extending the high-grade mineralisation, test multiple priority regional prospects, and deliver a maiden mineral resource estimate in 2021.

A reverse circulation and diamond drilling programme is scheduled to start at the Tchaga prospect next week, following a temporary suspension of operations owing to heavy rains at the peak of the wet season.