About Omai Gold Mines
Omai Gold Mines Corp. holds a 100% interest in the past-producing Omai gold project1 in Guyana (located on the north coast of South America).
The Company completed a baseline Preliminary Economic Assessment (“PEA”) in early 2024 outlining a 1.84 million ounce open pit operation with an after-tax NPV5% of $556 million and 19.8% Internal Rate of Return (“IRR”) at a $1,950 base case gold price for the Wenot Project, one of the two gold deposits located on the property.
The PEA details a 13-year mine life with a 9,000 tonne-per-day conventional processing plan, averaging 142,000 ounces of gold per year with peak year production of 184,000 ounces. By applying the higher spot gold price recently experienced, for example, at $2,200/oz, this supports an after-tax NPV5% of $777 million, a 24.7% IRR, and a payback period of 3.5 years. (Click here for more information on the PEA.)
The Omai Project hosts a Mineral Resource Estimate2 of 2.0 million ounces of gold (Indicated) averaging 2.15 g/t Au plus 2.3 million ounces of gold (Inferred) averaging 2.26 g/t Au, in two adjacent orogenic gold deposits. An additional 25,000m + of drilling has been completed on the Wenot deposit since the most recent MRE that was completed in February 2024. An updated MRE is planned for mid-2025 incorporating this new drilling and with an updated PEA planned for H2 2025, incorporating both an expanded open pit Wenot deposit plus the Gilt Creek underground deposit.
The Omai property was in production from 1993-2005 when it produced 3.8 million ounces averaging 1.5 g/t Au, at a time when the gold price was less than $400/oz.
Our new discoveries are along strike, on the flanks and beneath the past producing gold deposits, with the mineralization open in all directions for further possible expansion. This substantial new Resource, combined with the benefits of a brownfields project, including road access, is proving that Omai has the potential to rival its historical status as a large-scale gold mine.
For 2025, the Omai team has several priorities: drilling to demonstrate the further expansion potential of the new Wenot deposit, completing a second hole across the 500m wide Gilt Creek deposit, updating the MRE to incorporate signficant new drilling at Wenot, completing a new PEA incorporating both deposits, and continuing to advance permitting towards a mining licence..
