Omai Gold Project could deliver US$4B value over 18-year mine life – PEA finds

Canadian mining company Omai Gold Mines Corp has filed a technical report supporting its Preliminary Economic Assessment (PEA) for the Wenot open pit and Gilt underground deposits at its wholly owned Omai Gold Project in Guyana.

In a statement on Monday, the company said that the National Instrument 43-101 Technical Report, dated October 2, 2026, was filed on October 5 on the SEDAR+ website. It was prepared under the supervision of David Robson, P.Eng., of SLR Consulting (Canada) Ltd., an independent consultant and qualified person under NI 43-101.

The PEA outlines an 18-year mine life with projected average annual gold production of 351,488 ounces, while peak annual production is estimated at 435,667 ounces.

Over the life of the proposed operation, payable gold production is projected at 6.327 million ounces.

At a base-case gold price of US$3,600 per ounce, the assessment estimates an after-tax net present value of US$4 billion at a 5 per cent discount rate and an after-tax internal rate of return of 24 per cent. At a gold price of US$4,200 per ounce, the after-tax net present value increases to US$5.5 billion, with an internal rate of return of 30 per cent.

The project is expected to require US$1.427 billion in initial capital, with an additional US$928 million in sustaining and growth capital over the life of the mine.

The assessment projects a payback period of 4.1 years at US$3,600 per ounce, falling to 3.4 years at US$4,200 per ounce.

Average cash operating costs are estimated at US$1,501 per ounce, while all-in sustaining costs are projected at US$1,608 per ounce.

The PEA also estimates an average head grade of 1.35 grams of gold per tonne and a process recovery rate of 93 per cent, with an average open-pit strip ratio of 5.9:1 over the life of the operation.

Omai Gold President and Chief Executive Officer (CEO) Elaine Ellingham said the filing of the technical report represents a major milestone for the company.

She said the project could contribute to Guyana’s future economy as the company continues to expand and optimise the project while advancing towards a feasibility study.

Omai Gold’s PEA incorporates the Wenot open pit and adjacent Gilt underground deposit. The company said its current mineral resource estimate comprises 2.5 million ounces of indicated resources grading 2.04 grams per tonne of gold contained in 38.1 million tonnes, and 5.5 million ounces of inferred resources grading 1.59 grams per tonne contained in 106.6 million tonnes.

Drilling under a 50,000-metre programme is continuing with five rigs.

The company is also pointing to Omai’s history as a past-producing gold operation and its existing infrastructure, including a cleared site, on-site airstrip, tailings facility, established metallurgical data and road connections to Georgetown and Linden.

Omai Gold cautioned, however, that the PEA is preliminary in nature and includes inferred mineral resources. Such resources are considered too speculative to have economic considerations applied to them for classification as mineral reserves, and there is no certainty that the PEA will be realised.