Omai Gold Mines Corp. has released a Preliminary Economic Assessment for its 100%-owned Omai property in Guyana, projecting 6,326,775 ounces of payable gold production over an 18-year mine life.

The study outlines an after-tax net present value at a 5% discount rate of $4.0 billion and an after-tax internal rate of return of 24% based on a base case gold price of $3,600 per ounce. At a spot price of $4,200 per ounce, the after-tax net present value increases to $5.5 billion, with the internal rate of return rising to 30% and the payback period shortening from 4.1 years to 3.4 years. Initial capital expenditures are estimated at $1.427 billion, supplemented by $928 million in sustaining and growth capital over the life of the mine.

The mine plan integrates the Wenot open pit deposit with the adjacent Gilt underground deposit, utilizing a 25,000-tonne-per-day processing facility to achieve projected average annual production of 351,488 ounces of gold. Peak year production is expected to reach 435,667 ounces. The open pit operation will extract 134.1 million tonnes at an average head grade of 1.08 g/t gold, preceded by approximately two years of pre-production. Underground development at Gilt will begin in Year 1 of plant operations, with feed commencing in Year 3 to reach a target mining rate of 4,000 tonnes per day from 22.6 million tonnes grading 2.98 g/t gold.

“This economic study encompasses both the large Wenot superpit and the adjacent underground Gilt deposit, demonstrating potential for total gold production of 6,327,000 oz over an 18 year mine life. This PEA serves as an important milestone and provides a base from which we intend to advance the project on multiple fronts towards a feasibility study. As a past-producer, Omai has many benefits giving it a leg up to re-development, including highway access, a cleared site, an on-site airstrip, a tailings facility, known metallurgy, and the unique confidence that comes from a historical record of economic gold extraction.” — Elaine Ellingham, President and CEO

The new figures mark a substantial expansion compared with the company's April 2024 Preliminary Economic Assessment for the Wenot deposit alone, which projected average annual gold production of 142,000 ounces over a 13-year mine life and an after-tax net present value of $556 million at a gold price of $1,950 per ounce. Historical operations at the site between 1992 and 2005 produced 3.7 million ounces of gold at an average grade of 1.5 g/t from two open pits before mining ceased when gold traded below $400 per ounce.

Regional activity continues to develop across the Guiana Shield, highlighted by G3 Goldfields completing a spin-out transaction in July 2026 to acquire the Puruni project, including the Tiger Creek property, with C$45 million in cash funding.

Omai Gold is preparing an updated Mineral Resource Estimate prior to year-end to incorporate current drilling data alongside 77 completed drill holes that were excluded from the resource base underpinning the PEA. The company will file a National Instrument 43-101 technical report supporting the study on SEDAR+ within 45 days.

Read the full announcement: Omai Gold Announces Preliminary Economic Assessment for Its Omai Project, Guyana