Eagle Mountain Gold Project PEA: $292M NPV, 57% IRR
Mako Mining Corp.'s Eagle Mountain Gold Project in Guyana has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $292M and an after-tax IRR of 57%. The mine plan runs 15 years at about 66.5 koz Au per year.
Mako Mining Corp.'s Eagle Mountain Gold Project has reported Preliminary Economic Assessment (PEA) results for the gold project in Guyana. The study headlines an after-tax net present value of $292M at a 5% discount rate. It reflects Mako Mining Corp.'s (MKO.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $292M using a 5% discount rate. After-tax IRR is 57%. All-in sustaining costs are pegged at 829 USD/oz. Economics are based on US$1,850/oz gold.
Production and mine plan. Life of mine is 15 years. Average annual production is approximately 66.5 koz Au.
These figures are extracted from Mako Mining Corp.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Total Indicated | 31.1 Mt | 1.18 g/t Au | 1,183,000 oz Au |
| Indicated - Saprolite | 12.5 Mt | 1.04 g/t Au | 417,000 oz Au |
| Indicated - Fresh | 18.7 Mt | 1.28 g/t Au | 766,000 oz Au |
| Total Inferred | 18.4 Mt | 0.98 g/t Au | 582,000 oz Au |
| Inferred - Saprolite | 6.1 Mt | 0.71 g/t Au | 139,000 oz Au |
| Inferred - Fresh | 12.3 Mt | 1.12 g/t Au | 443,000 oz Au |
Our Analysis
- IRR after-tax
- 57%
higher than 74% of 104 projects we track
- NPV after-tax
- $292M
higher than 40% of 140 projects we track
- Mine life
- 15yrs
- Discount rate
- 5%
- Study price assumption
- US$1,850/oz gold
- Spot gold today
- $4,548.80/oz
The 57% after-tax IRR ranks this project in the upper quartile of the 104 gold projects we track, a genuine outlier on rate of return even if the NPV is merely mid-pack. That combination is the first thing an investor should weigh: the economics are driven by margins, not scale. The 15-year mine life is the durability test, and it holds up; this is not a quick-strike operation but a long-duration asset, which matters for financing and for how the project compounds through a cycle.
The constraint is funding, not geology. The after-tax NPV of $292M sits at roughly 0.3x the company's US$918M market cap, which is manageable, and the company carries a four-project portfolio, so this is not a bet-the-farm build. Still, a PEA is scoping-level, with capital estimates that can swing by 50% in either direction, and the 5% discount rate flatters the headline NPV. The real tension is the price deck: the study assumes US$1,850/oz gold, while the live spot is $4,548.80/oz. That gap is enormous, and it cuts both ways. If the project works at US$1,850, the upside to current prices is substantial, but it also signals the study's returns are not stress-tested against a lower metal price.
Guyana is a workable jurisdiction for gold, but not a low-risk one, and the market's mid-pack NPV ranking relative to the IRR suggests some skepticism is already priced in. The question that decides this project is whether the company can move from PEA to a feasibility-level estimate without the capital cost ballooning, because at this stage the 57% IRR is a scoping-level promise, not a bankable one.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.