Omai Gold Mines Corp. holds a 100% interest in the past-producing Omai gold property in Guyana (South America). In 2022, the Company announced NI 43-101 resources that includes the Wenot shear-hosted gold deposit with 694,000 oz @ 1.40 g/t (indicated) plus 1,106,000 oz @ 1.73 g/t (inferred) and the adjacent Gilt Creek intrusion-hosted deposit with 1,151,000 oz @ 3.22 g/t (indicated) plus 665,000 oz @ 3.35 g/t (Inferred). This brownfields project benefits from road access, known metallurgy and historical recoveries of 92% (including 32% from gravity circuit), and existing tailings facilities that can likely be expanded. Current 2023 drilling and field programs are focused on further expansion of the Wenot resource and drilling adjacent highly prospective blue-sky targets with geophysical signatures similar to the known deposits. This project produced over 3.8 million ounces between 1993-2005 (>300,000 oz/yr) and the Company believes there is a path to a re-building of a large operation in this mining friendly jurisdiction.
Major shareholders: Silvercorp Metals – 9.1% Sandstorm Gold Royalties – 5.3% Institutional investors (Mackenzie, Ruffer, EDE Asset and more) – 17% Management Ownership – 3%
Financials
Management Profile
Elaine Ellingham- President & CEO Elaine Ellingham has over 30 years of mining industry 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 & Almaden, previously at Wallbridge Mining and Aurania Resources. Significant capital markets and M&A experience.
What is your rationale for taking part in 121 Mining Investment?
Omai has established a significant NI 43-101 resource at this large past producing gold project in Guyana. Currently trading at ~ $5/oz of resources, the Company believes it is a good opportunity for investors to participate in a re-rating as the market starts to recognize the merits of this large brownfields project located in a mining friendly jurisdiction. We look forward to presenting to new investors – retail, institutional, looking to participate in a potential re-rating. Looking for market support + potential interest in future equity raises.
What recent news would you like to highlight to investors attending?
April 28, 2023 – Project Update (Six holes have been completed on exploration targets to date in 2023, totalling 1,364 metres.); preliminary engineering studies on this brownfields project.
Feb 10, 2023 – Started 2023 Drilling Program at the Omai Gold Property in Guyana
Dec 22, 2022 – Closes Non-Brokered Private Placement for Gross Proceeds of $4.22 Million
What are your key goals in 3 months, 6 months, 12 months?
12 Months: The Company’s priorities for 2023 are to drill the key exploration targets that hold potential for significant new discoveries while continuing to expand the Wenot deposit.
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. In 2022, the Company managed to release the new 43-101 compliant Resource and then double it in a 9-month timeframe. With a significant Resource in place and a lot of opportunity for expansion, Omai is currently very undervalued.
What are the top 3 key investor takeaways?
– Established a 3.6 million ounce NI 43-101 resource in Guyana at a large past producing mine. – 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 7.5 million ounces. – Omai is well on the path to again becoming South America’s large gold producer.