Govt. inks pact with Canadian firm for Eagle Mountain gold project

Sep 11, 2026 News

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…as company eyes 2028 production startup, EPA approval after fourth quarter

(Kaieteur News) – Two years after gaining control of the Eagle Mountain Gold Project in Region Eight (Potaro-Siparuni) through the acquisition of a fellow Canadian firm, Mako Mining Corp. has inked a Mineral Agreement with the Government of Guyana through the Guyana Geology and Mines Commission (GGMC) for the proposed large-scale project.

In an announcement Thursday morning, Mako said the agreement provides the company and its 100%-owned subsidiary, Stronghold Guyana Inc., with 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, authorisations as well as fiscal terms for 10 years, subject to specific environmental provisions.

According to Mako, following the initial 10-year term, the parties may negotiate modifications in “good faith or renew” on the same terms and conditions. It was further stated that 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.

Notably, the agreement also outlines Mako’s commitments regarding environmental initiatives, community development and social programmes. Mako Mining said annual funding will begin no later than 24 months from the date the mining licence is granted or 12 months from the start of production, whichever comes first. The company is also required to make an annual contribution to the Ministry of Natural Resources’ Training Centre, with the funding dedicated to training, capacity building and institutional development.

Meanwhile, the Ministry of Natural Resources, in a statement on the signing of the agreement, outlined that Mako 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. MNR said the signing of the 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.

The ministry further pointed out that the company has already commenced preparatory activities and is expected to commence construction by the third quarter of 2027. While Mako had previously stated that production is expected to commence by 2027, the ministry noted that gold production is estimated to commence by the end of 2028, subject to the completion of the requisite regulatory and environmental approvals. “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 ministry said.

It further stated that it will continue to work with the GGMC and other relevant agencies, and 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. For his part, Steve Parsons, President of Mako, underscored that 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.

“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,” Parsons added.

Looking ahead, the company said it remains focused on advancing the permitting and regulatory process required to obtain Environmental Authorisation for the project. The Environmental and Social Impact Assessment (ESIA) for the project was submitted to the Guyana Environmental Protection Agency (EPA) in March 2026, and the public comment period was completed in June 2026. Mako anticipates filing the final ESIA, incorporating feedback received from stakeholders and regulatory authorities, during the fourth quarter of 2026, and expects permitting decision by the EPA thereafter.

Kaieteur News reported in June that the EPA was reviewing the Environmental Impact Assessment (EIA) for the Eagle Mountain Gold Project. This publication reported the Eagle Mountain project came under the control of Mako Mining following its acquisition of Goldsource Mines Inc. in July 2024. Through the takeover, Mako inherited a Mineral Resource Estimate (MRE) of approximately 1.2 million ounces of gold in the indicated category and 582,000 ounces in the inferred category. The project is planned for an open pit gold mine over a 15-year period and is expected to produce 66,500 ounces of gold annually.

Stronghold Guyana holds a prospecting licence on the Eagle Mountain Property, referred to as the Eagle Mountain Prospecting Licence (EMPL), which covers approximately 48 square kilometres (km²). The project has two gold deposits, the Eagle Mountain and Salbora, as well as several other exploration targets. According to the Eagle Mountain gold project EIA published by EPA, the company will rely on up to six flights per week to support operations. Gold doré bars produced at the project’s processing plant will be transported by air either from the Mahdia airstrip or from the project site to Georgetown. From there, it is expected that the doré will be exported to foreign refineries pursuant to standard terms and conditions of Mineral Agreements with the Government of Guyana.

Notably, Stronghold Guyana also holds the Kilroy Mining Medium-scale permit, which covers an area of 252 hectares.

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• Eagle Mountain Gold Project, EPA, GGMC, Gold Mining, Mako Mining Corp.

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