Canadian company, Guyana seal 10-year US$120M deal for Eagle Mountain Gold Project

Canada-based Mako Mining Corp. is looking to start production in two years’ time at its Eagle Mountain Gold Project located near Mahdia, Region Eight (Potaro-Siparuni), after securing a 10-year deal with the Guyana Government.

Eagle Mountain is being advanced as a conventional open-pit gold mining operation. Based on reports, Mako Mining Corp plans to invest as much as US$120 million to construct the mine and extract a revised estimate of some 1.1 million ounces of gold.

The Mineral Agreement was signed between the Government of Guyana, the Guyana Geology and Mines Commission (GGMC), Mako Mining Corp, and its wholly owned subsidiary, Stronghold Guyana Inc.

In a statement on Thursday, the Canadian gold mining, development, and exploration company said the agreement provides a stability framework covering legal, fiscal, and operating conditions for the Eagle Mountain Gold Project.

“The Agreement is structured as a mineral agreement under Guyana’s Mining Act and provides legal stability for mining licences, prospecting licences, and authorisations, as well as fiscal terms for 10 years, subject to specific environmental provisions. Following the initial 10-year term, the parties may negotiate modifications in good faith or renew on the same terms and conditions,” Mako stated.

According to the company, these terms related to royalties, taxes, protections, Government undertakings, and company commitments in respect of training and the prioritisation of qualified Guyanese workers, goods, services, and contractors are consistent with current standard terms as established in prior mineral agreements in Guyana – something which the Guyana Government lauded.

“The Government welcomes the investment and the opportunities that the project can bring to Guyana, particularly in the areas of employment, training, and skills development, as well as the increased participation of qualified Guyanese workers, contractors, suppliers, and service providers,” the Natural Resources Ministry said in a separate statement on Thursday.

The Ministry noted that Mako has already commenced preparatory activities and is expected to start construction by the third quarter of 2027, with gold production currently estimated to begin by the end of 2028, subject to the completion of the requisite regulatory and environmental approvals.

Moreover, the agreement also provides for commitments relating to environmental stewardship, community development, and social programmes, consistent with the Government’s objective of ensuring that mineral development contributes meaningfully to Guyana’s sustainable economic development. This includes an annual contribution by the company to the Ministry’s Training Centre, with funding dedicated to training, capacity building, and institutional development.

“The signing of the mineral agreement marks a significant milestone for Eagle Mountain and represents an important step in advancing and de-risking the project by providing greater certainty around key legal and fiscal terms,” President of Mako Steve Parsons commented.

He further added, “Equally important, the commitments relating to employment, training, environmental stewardship, and community development are closely aligned with Mako’s core values and the approach our teams employ with success across our portfolio of mines and projects. We appreciate the support of the Ministry of Natural Resources and the GGMC and look forward to continuing our collaborative approach as we advance the Eagle Mountain Project under this new mineral agreement.”

Looking ahead, Mako said it remains focused on advancing the permitting and regulatory processes required to obtain Environmental Authorisation for the Project. The Environmental and Social Impact Assessment (ESIA) was submitted to the Guyana Environmental Protection Agency (EPA) in March 2026, and the public comment period was completed in June 2026.

The company anticipates filing the final ESIA, incorporating feedback received from stakeholders and regulatory authorities, during the fourth quarter of this year, with a permitting decision by the EPA thereafter. Meanwhile, the Natural Resources Ministry further noted that the signing of this Mineral Agreement represents an important milestone in advancing the development of the Eagle Mountain gold resource and reflects the Government’s continued commitment to facilitating responsible investment in Guyana’s mining sector.

According to the Ministry, together with the GGMC and other relevant agencies, it will continue to work with Mako Mining to facilitate the responsible advancement of the Eagle Mountain Project while ensuring compliance with Guyana’s laws and the protection of the country’s environmental, social, and economic interests.

The company has maintained a presence in Guyana for over 10 years and has, through its activities, developed a longstanding relationship with the country and its mining sector. Located some eight kilometres from the Mahdia district, the 5050-hectare Eagle Mountain Project is planned to be an open-pit mining operation, with sufficient land area to support the proposed mine plan and associated infrastructure, including processing facilities, waste storage, and tailings management areas.

Mako became the principal owner of the project after a July 2024 acquisition of Goldsource Mines. Prior to the acquisition, Goldsource had announced results for a Preliminary Economic Assessment (PEA) for the Eagle Mountain Gold Project in January 2024, indicating the potential to produce 66,500 ounces per year on average for 15 years. However, this is subject to review by the new owners.