On September 10, 2026, Canada-based gold exploration and development firm Mako Mining announced major progress on its high-stakes Eagle Mountain gold project in Guyana, after formalizing a binding mineral agreement with the Guyanese government that paves the way for full construction and long-term operations. The agreement secures a stable regulatory, fiscal and operational framework for the project through Mako’s 100% owned Guyanese subsidiary, Stronghold Guyana Inc., marking one of the largest private mining investments in Guyana’s recent history.
Per the terms of the agreement, which is structured under Guyana’s existing Mining Act, Mako will benefit from 10 years of legal stability for all prospecting, mining and operating authorizations, paired with fixed fiscal terms that align with standard industry agreements finalized in Guyana in recent years. After the initial 10-year term, both parties have agreed to either extend the agreement on the same terms or renegotiate terms in good faith. The deal also formalizes Mako’s binding commitments to local employment, workforce training, environmental stewardship, community development and the prioritization of qualified Guyanese workers, local goods and domestic contractors, matching the terms of other comparable national mining agreements.
Mako Mining CEO Akiba Leisman confirmed that the company is investing up to $120 million to develop the open-pit Eagle Mountain site, which sits near Mahdia in Guyana’s Region 8, Potaro-Siparuni, approximately 200 kilometers southwest of the capital Georgetown. To date, the firm has already injected more than $30 million into early-stage development, completing preliminary work on minor on-site infrastructure. Full-scale major construction is scheduled to kick off in the third quarter of 2027, with a 14 to 15-month build timeline that puts the project on track to pour its first gold by December 2028.
Current geological assessments peg the site’s total gold resources across all categories at approximately 1.8 million ounces. Mako’s 2024 mine plan initially targeted extraction of 1.2 million ounces from the open-pit operation, with an expected recovery of roughly 1.1 million ounces of refined gold. Leisman noted that the company will complete an updated reserve estimate over the next 12 months ahead of full construction, to refine production projections. The mine is currently projected to have a 15-year operational lifespan, and will directly employ approximately 250 local Guyanese workers once operational.
In line with its community and regulatory commitments, Mako will begin annual funding for local development initiatives no later than 24 months after the mining license is granted, or 12 months after production launches, whichever comes first. The company has also committed to ongoing annual contributions to Guyana’s Ministry of Natural Resources Training Centre, earmarked for workforce skills development, capacity building and institutional improvement across the country’s mining sector.
Guyana’s Ministry of Natural Resources noted that Mako has operated in the country for more than a decade, building deep, long-standing ties to Guyana’s mining industry and local communities. The ministry called the mineral agreement signing a transformative milestone for the development of the Eagle Mountain resource, noting that it reflects the government’s ongoing commitment to attracting responsible private investment to grow Guyana’s natural resources sector.
Mako Mining President Steve Parsons emphasized that the agreement eliminates key regulatory uncertainty for the project, de-risking the development by locking in clear legal and fiscal terms. “The commitments around local employment, training, environmental protection and community growth align directly with Mako’s core operating values, which have guided our successful work across our global portfolio of mining assets,” Parsons said. “We greatly value the partnership and support from the Ministry of Natural Resources and the Guyana Geology and Mines Commission, and we look forward to continuing this collaborative approach as we advance the Eagle Mountain project.”
Looking ahead, Mako’s next key milestone is securing final environmental authorization from Guyana’s Environmental Protection Agency (EPA). The company submitted its full Environmental and Social Impact Assessment (ESIA) to the EPA in March 2026, and completed the mandated public comment period in June of the same year. Mako plans to submit the final revised ESIA, incorporating feedback from local stakeholders and regulatory bodies, in the fourth quarter of 2026, with a final permitting decision from the EPA expected shortly after that.
The Ministry of Natural Resources reaffirmed its commitment to supporting responsible development, stating that it will continue working alongside the GGMC, EPA and other relevant national agencies to support Mako’s progress, while enforcing full compliance with Guyanese law and protecting the country’s environmental, social and long-term economic interests.