Omai Gold Mines
Primary ticker: TSXV:OMG; OTCQB:OMGGF
Stage of development: Exploration, Development
Primary minerals: Gold
Project to promote: Omai Gold Project
Project location: Guyana
Website: omaigoldmines.com
Omai Gold Mines Corp. holds a 100% interest in the past-producing Omai Gold Mine in Guyana, which produced over 3.7 million ounces of gold between 1993 and 2005. The Company announced a PEA in April 2024, showing an open pit operation to produce 1.84 million ounces of gold over a 13-year period, with an NPV5% of US$556 million at a US$1,950/oz gold price. This baseline PEA incorporates only 45% of the property’s MRE and management believes that with additional work the mine plan can be significantly expanded, the economics enhanced, and the open pit resources further increased. As a brownfields project, Omai benefits from good road access and a wealth of historical data that provides knowledge of the geology and gold mineralization on the Property, as well as metallurgy, historical processing recoveries and many other relevant mining parameters.
Cash: CAD$31M
Debt: NIL
Major shareholders:
Silvercorp Metals – 6.0%
Sandstorm Gold Royalties – 3.2%
Institutional investors (Mackenzie, Franklin Templeton, VanEck, Rothschild, ) – 33%
Management ownership – 2%
Financials
Management Profile
Elaine Ellingham, President & CEO
President & CEO Elaine Ellingham is a geologist with over 30 years of experience in exploration, production, corporate development, including numerous Board & executive roles. Elaine was at TSX for 8 years in Corporate Finance and later as National Leader, Mining & initiated an aggressive program to establish TSX as the destination mining exchange. At Richmont Mines Inc, acted as lead director for 7 years, stepped in as interim CEO, introducing a new chapter for the gold producer, and remained on the Board through to the successful near-billion-dollar acquisition by Alamos. Current Director at Alamos, previously at Wallbridge Mining and Aurania Resources. Significant capital markets and M&A experience.
What is your rationale for taking part 121 Mining Investment?
Since last year’s resource estimate, Omai has drilled some of the best holes to date on the project, signaling strong potential for rapid resource growth. We look forward to presenting to new investors – retail, institutional, looking to participate in a continued re-rating. Looking for market support.
What recent news would you like to highlight to investors attending?
• February 8, 2024: Omai Gold Increases Indicated Mineral Resources To 2.0 Million Oz Au And Inferred Mineral Resources To 2.3 Million Oz Au With Expansion Of Wenot Deposit
• April 4, 2024: Omai Gold Delivers PEA with After-Tax NPV5% of $556 Million and 19.8% IRR at a $1,950/oz Gold Price for Wenot Open Pit Project in Guyana
• September 6, 2024: Omai Gold Drills 3.13 g/t Au over 43.0m, 2.20 g/t Au over 43.7m and 2.89 g/t over 22.0m at Wenot
• October 24, 2024: Omai Gold Drills 10.93 g/t Au over 7.5m, 3.19 g/t Au over 22.8m and 2.96 g/t Au over 19.4m at Wenot
• December 4, 2024: Omai Gold Drills 3.16 g/t Au over 68.7m and 4.57 g/t Au over 45.5m, Significantly Extending the Gold Zones at Wenot
• January 21, 2025: Omai Gold Drills its Best Hole to Date: 4.48 g/t Au over 57.0m, Extending Wenot’s Mineralized Dike Corridor to Depth
• February 13, 2025: Omai Gold Mines Corp. Announces Closing of $25.3 Million Bought Deal Private Placement of Common Shares
• February 24, 2025: Omai Gold Drills 1.0 g/t Au over 774m at Gilt Creek, Including 2.0 g/t Au Over 64m and 1.9 g/t Au Over 48m
What are your key goals for the next 3, 6 and 12 months?
3 Months:
Ongoing 10,000m to 15,000m resource expansion drill program at the Wenot open pit deposit
6 Months:
Updated mineral resource estimate for the Wenot open pit deposit in Q2 2025
12 Months:
Updated PEA in Q3 2025 including the expanded open pit resource at Wenot open pit deposit, plus integration the Gilt Creek underground deposit into the mine plan, for a significantly expanded production profile and project economics.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Typical risks associated with an exploration/development stage company: Success of ongoing exploration programs, access to capital to fund future operations and exploration, geopolitical risk of operating in a foreign country (Guyana), access to talent for geological and technical expertise, and of course overall market dynamics.
What do you think makes your company such a compelling investment?
As a brownfields project, Omai benefits from good access and a wealth of historical data that provides knowledge of the geology, nature of the gold mineralization on the property, as well as metallurgy and historical recoveries. Once South America’s largest producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 2005. Our initial PEA in March 2024 (based on only one of the two gold deposits on site) was to set a base economics but we believe there is clear potential for this to be significantly expanded. Omai is proving that it has the potential to rival its historical production profile.
What are the top 3 key investor takeaways?
– Established a 4.3 million ounce NI 43-101 resource in Guyana at a large past producing mine – excellent grades for a large open pit mine
– First PEA published March 2024 for production of 1.84 million ounces with NPV5% of US$556 million, IRR of 19.8% at a US$1950/oz gold price is just the starting point as it only includes the Wenot open pit gold deposit
– As a brownfields project there is road access, known recoveries and metallurgy, known geology and massive historical database which has accelerated resource growth.
– Two adjacent deposits remain open at depth and along strike — this area is well endowed with gold mineralization – between gold mined and current resources it shows already
over 8 million ounces.