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Sharkfood Island

From the Banjo-Kazooie Wiki, the largest Banjo-Kazooie info resource.

Sharkfood Island is a small piece of land sticking out of the sea at Treasure Trove Cove in Banjo-Kazooie. At first, it is only tiny and can't protect Banjo from Snacker the Shark (which it's named after). However, if a cheat code is entered correctly at the Sandcastle, the island will rise to reveal a opening. Once inside, Banjo and Kazooie must try to climb up the mountain in the middle to find a Stop 'n' Swop egg at the top.

It has a sign just showing above saying "Sharkfood Island".

The cheat code is "CHEATOUTOFTHESEAITRISESTOREVEALMORESECRETPRIZES"