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).
In April 2024, the Company announced the completion of a Preliminary Economic Assessment (“PEA”) for 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 supports an initial open pit mining scenario for production of 1.84 million ounces, averaging 142,000 ounces of gold per year over a 13-year mine life, 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.)
In February 2024, the Company announced an updated 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.
The past-producing Omai gold mine produced 3.8 million ounces averaging 1.5 g/t Au between 1993 and 2005, while the gold price was less than $400/oz, profitably producing an average of more than 300,000 oz Au per year.
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 many benefits of a brownfields project, is proving that Omai has the potential to rival its historical status as a large-scale mine.
For 2024, the Omai team has three priorities: drilling to demonstrate the further expansion potential of the new Wenot deposit, drilling on key near-surface high-grade exploration targets, and continuing baseline and engineering studies to determine a path forward towards a development plan for this brownfields project.
