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Canadian firm Mako Mining targets 2027 for gold production at Eagle Mountain project
…to submit EIA this year
Kaieteur News- Canadian mining company Mako Mining is moving ahead with plans to bring its 47-square-kilometer Eagle Mountain Gold Project in Guyana into production, with first gold output targeted for 2027.
In a project update, Mako outlined key milestones over the next three years as it advances through the permitting, financing, and development phases. Engineering studies, including tailings assessments, are expected to wrap up this year, while work on the Environmental Management Plan and Environmental Impact Assessment (EIA) is scheduled for 2025. The company plans to submit the EIA to Guyana’s Environmental Protection Agency (EPA) by late 2025, alongside a draft application for a mining licence.
Development activities are expected to accelerate in 2026, pending regulatory approvals. Mako Mining anticipates securing an environmental permit and mining licence that year, paving the way for project financing and the start of construction on Phase 1 of the mine.
While first gold production from Phase 1 is estimated for 2027, the company also disclosed that a feasibility study for a potential Phase 2, targeting fresh rock resources, is also in the pipeline, though a timeline has not yet been disclosed.
A map of the Eagle Mountain Deposit owned by Canadian firm Mako Mining
The project is located in Guyana’s Mahdia district, about 200 kilometers south-southwest of Georgetown. The property has reported nearly 1.2 million ounces of indicated gold and 582,000 ounces inferred, with recent shallow drilling confirming high recovery rates of 96.5% and pointing to significant deeper potential.
On Saturday, this publication reported that in its April 2025, “Profitable and Scalable Gold Production in the Americas” corporate presentation, Mako Mining disclosed that works are ongoing to unlock the property’s untapped potential. The company noted that ongoing exploration is targeting deeper mineralization that remains largely untested, while engineering and permitting activities are moving forward on schedule.
Under the heading, “Guyana, the next great mining jurisdiction”, the company referenced several positives that allow it to execute its mandate.
“Mining-friendly permitting process; Emerging as one of the most attractive South American mining jurisdictions; Government support for mining combined with a favourable permitting regime enables tangible opportunities for accelerated permitting timelines. In-country mining pedigree and growth of foreign mining investments are accelerating in recent years,” the presentation said.
Mako Mining acquired full ownership of the Eagle Mountain project in 2024 through its takeover of fellow Canadian company Goldsource Mines Inc., which had already invested over US$25 million in exploration and outlined a substantial resource.
Mako’s presentation is similar to what Goldsource had presented on their operations in Guyana. Goldsource had outlined the significant advantages of Guyana’s gold industry to its new owner, Mako, pointing to strategic benefits including the country’s mining-friendly policies and existing infrastructure. Goldsource had outlined that the country has introduced various government initiatives aimed at promoting new mining projects, including tax exemptions and a streamlined process.
Notably, in October 2010, Goldsource acquired the project from Iamgold Corp., another Canadian company. Goldsource operated the Eagle Mountain project through its subsidiary, Stronghold Guyana Inc.
Last year, key activities to advance the project were launched, including trade-off studies on tailings and power options and the initiation of mine permitting. A Preliminary Economic Assessment (PEA) for the Eagle Mountain Gold Project was prepared for the project based on the April 2022 Mineral Resource Estimate (MRE). The PEA underscored the project’s low cost and low capital expenditure intensity, making it both economically viable and an attractive investment opportunity. The project is projected to have a mine life of 15 years.
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- Environmental Impact Assessment, Gold Production, Mako Mining, rock resources, South American mining
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