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Canadian mining company eyes 66,000 ounces of gold annually at Guyana project
Eagle Mountain Gold project located in Region 8, Guyana
…construction could start next year after approvals
Kaieteur News – Canadian mining company Mako Mining Corp. is hopeful that by 2026 it receives the necessary approvals from Guyanese authorities to begin construction on its Eagle Mountain Gold Project Guyana.
The update was shared in the company’s first quarter 2025 earnings report, released on June 2, where Mako outlined ongoing exploration efforts and the expected timeline for development of the Guyana-based project.
Mako Mining’s 5,050-hectare site includes the Eagle Mountain project which is 4,784-hectare and Kilroy Mining Medium-scale which covers an area of 252 hectare. The project has two gold deposits, the Eagle Mountain and Salbora, as well as several other exploration targets.
According to the company, US$1.5 million was spent in exploration and evaluation expenses during the quarter with US$1 million directed toward Eagle Mountain in Guyana and the remaining US$0.5 million in areas surrounding its flagship San Albino mine in Nicaragua.
“Mako’s rapidly growing cash position will be used for the development of Eagle Mountain in Guyana, which we expect to be permitted for construction by Q2 2026,” the company stated. Notably, the company plans to submit an Environmental Impact Assessment (EIA) and mining licence application to Guyana’s Environmental Protection Agency by late 2025. Pending approvals, Mako intends to start construction by 2026, with first gold production from Phase 1 targeted for 2027. A feasibility study for Phase 2, which will target deeper fresh rock resources, is also planned.
Mako holds a 100 per cent interest in the preliminary economic assessment (PEA)-stage Eagle Mountain Project, located in the Mahdia district, roughly 200 km south-southwest of Georgetown. The company says the site is currently undergoing engineering, environmental, and mine permitting activities, as it prepares for a full-scale development phase.
A 2024 Preliminary Economic Assessment (PEA) for Eagle Mountain Gold outlines that the project can produce 66,500 ounces of gold annually on average for 15 years, Life of Mine (LOM).
Mako Mining is pushing ahead with its Eagle Mountain gold project it acquired through its 2024 takeover of Goldsource Mines Inc. Mako inherited a resource base of nearly 1.2 million ounces (indicated) and 582,000 ounces (inferred).
Recent project updates highlighted high recovery rates from shallow drilling and note the significant potential for deeper mineralisation. Mako considers Guyana an emerging gold mining jurisdiction, citing a mining-friendly permitting environment and growing foreign investment.
Kaieteur News had 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 mineralisation 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 favorable permitting regime enables tangible opportunities for accelerated permitting timelines. In-country mining pedigree and growth of foreign mining investments accelerating in recent years,” the presentation said.
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- Canadian mining company, Eagle Mountain Gold Project, Gold Rush, Guyana Gold, Mako, Mako Mining Corp., Mining Gold
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I am tired of seeing these reports of these foreign mining companies coming to take out the natural resources of Guyana with little to no real benefits to the Guyanese people. Outside of employing Guyanese in the lower echelon of their operations, there is no transfer of knowledge and technology to the people of Guyana. Add to this that the gold is not sold to Guyana Gold Board (GGB) but flown directly out of the country with the authorities unaware of the real amount that leaves. This is not development but rather neo colonialism at work. Guyanese it is time we demand better returns as well as strategic partnership with Guyanese company when these people want to mine our natural resources.