Omai Gold Announces Preliminary Economic Assessment for Its Omai Project, Guyana
Original announcement by tmx on
- Company
- Omai Gold Mines Corp.
- Ticker
- OMG
- Exchange
- TSX
- Region
- Guyana
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-18 14:27:20 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Omai Gold announced positive results from a Preliminary Economic Assessment (PEA) for its Omai Project in Guyana. The PEA outlines an 18-year mine life producing 6.327 million ounces of gold with a post-tax NPV5% of $4.0 billion and an IRR of 24% at a $3,600/oz gold price. Initial capital costs are estimated at $1.427 billion, with all-in sustaining costs of $1,608/oz. The study is based on an April 2026 Mineral Resource Estimate that includes a significant inferred component.
Reasoning: The PEA demonstrates robust economics for a large-scale gold project, but its preliminary nature and reliance on inferred resources introduce some uncertainty regarding project execution and financing.
Positive factors
- Strong NPV and IRR for a large-scale gold project
- Long mine life and high annual gold production
- Existing infrastructure benefits from past production
- Non-refractory metallurgy with high recovery
Negative factors
- Preliminary nature of the PEA study
- Significant reliance on inferred mineral resources
- High initial capital expenditure
Facts used in scoring: 8
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 7. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
indicatedOmai Property · goldTonnes: 28400000Grade: 1.59Grade Unit: g/tContained Metal: 1.453Contained Unit: mozView all detailsHide details
Identity
- Project
- Omai Property
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-07T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Alan J. San Martin, P.Eng.
- Resource group id
- resource:a11877621248cb332b0e
- Deposit or zone
- Wenot shear-hosted deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 28400000
- Grade
- 1.59
- Grade Unit
- g/t
- Contained Metal
- 1.453
- Contained Unit
- moz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-04-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The Wenot deposit contributes a substantial indicated resource to the overall project, providing a solid foundation for the PEA, though it is complemented by a larger inferred component.
Positive factors
- Significant indicated resource for the Wenot deposit
- Forms a key part of the PEA mine plan
Evidence · text
“The Wenot deposit comprises 1.453 Moz averaging 1.59 g/t Au (28.4 Mt) in the Indicated category”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredOmai Property · goldTonnes: 92400000Grade: 1.35Grade Unit: g/tContained Metal: 4Contained Unit: mozView all detailsHide details
Identity
- Project
- Omai Property
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-07T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Alan J. San Martin, P.Eng.
- Resource group id
- resource:ccbae4d14143b5ac53ca
- Deposit or zone
- Wenot shear-hosted deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 92400000
- Grade
- 1.35
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- moz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-04-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The Wenot deposit holds a very large inferred resource, indicating substantial exploration upside, but its classification as inferred means it is considered speculative for economic considerations.
Positive factors
- Very large inferred resource for the Wenot deposit
- Provides significant potential for future resource upgrades
Negative factors
- High proportion of inferred resources, which are speculative geologically
Evidence · text
“and a further 4.00 Moz averaging 1.35 g/t Au (92.4 Mt) in the Inferred category.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedOmai Property · goldTonnes: 9700000Grade: 3.33Grade Unit: g/tContained Metal: 1.04Contained Unit: mozView all detailsHide details
Identity
- Project
- Omai Property
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-07T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Alan J. San Martin, P.Eng.
- Resource group id
- resource:4598c5e07442f13ba12e
- Deposit or zone
- Gilt intrusion-hosted deposit
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9700000
- Grade
- 3.33
- Grade Unit
- g/t
- Contained Metal
- 1.04
- Contained Unit
- moz
- Cutoff Grade
- 1.7
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-04-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The Gilt deposit offers a high-grade indicated resource, which is a positive for the project's overall economics and supports the underground mining component.
Positive factors
- High-grade indicated resource for the Gilt deposit
- Provides a strong underground component to the mine plan
Evidence · text
“The Gilt deposit hosts an Indicated MRE of 1.04 Moz of gold averaging 3.33 g/t Au (9.7 Mt)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredOmai Property · goldTonnes: 14200000Grade: 3.22Grade Unit: g/tContained Metal: 1.47Contained Unit: mozView all detailsHide details
Identity
- Project
- Omai Property
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-07T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Alan J. San Martin, P.Eng.
- Resource group id
- resource:8c2c1b9cf56165955ace
- Deposit or zone
- Gilt intrusion-hosted deposit
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 14200000
- Grade
- 3.22
- Grade Unit
- g/t
- Contained Metal
- 1.47
- Contained Unit
- moz
- Cutoff Grade
- 1.7
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-04-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The Gilt deposit's high-grade inferred resource adds substantial potential to the project, but its inferred status means further work is needed to increase confidence for economic studies.
Positive factors
- High-grade inferred resource for the Gilt deposit
- Adds significant potential ounces to the project
Negative factors
- Inferred classification indicates lower geological confidence
Evidence · text
“and Inferred of 1.47 Moz of gold averaging 3.22 g/t Au (14.2 Mt).”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedOmai Property · goldTonnes: 38100000Grade: 2.04Grade Unit: g/tContained Metal: 2.495Contained Unit: mozView all detailsHide details
Identity
- Project
- Omai Property
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-07T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Alan J. San Martin, P.Eng.
- Resource group id
- resource:09232eacef4197960c99
- Deposit or zone
- Omai Property
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 38100000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 2.495
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The project's total indicated resource is significant, providing a robust and higher-confidence portion of the overall resource base for the PEA.
Positive factors
- Substantial total indicated resource for the project
- Provides a strong foundation for economic studies
Evidence · text
“comprised of 2.495 Moz Au averaging 2.04 g/t Au (in 38.1 Mt) in the Indicated category”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredOmai Property · goldTonnes: 106600000Grade: 1.59Grade Unit: g/tContained Metal: 5.465Contained Unit: mozView all detailsHide details
Identity
- Project
- Omai Property
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-07T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Alan J. San Martin, P.Eng.
- Resource group id
- resource:66621fd59ce830500d3d
- Deposit or zone
- Omai Property
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 106600000
- Grade
- 1.59
- Grade Unit
- g/t
- Contained Metal
- 5.465
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The project's total inferred resource is very large, providing substantial long-term potential, but its classification as inferred means it carries a higher degree of geological uncertainty.
Positive factors
- Very large total inferred resource for the project
- Offers significant potential for future growth and upgrades
Negative factors
- High proportion of inferred resources, indicating lower geological confidence
Evidence · text
“and a further 5.465 Moz Au averaging 1.59 g/t Au (in 106.6 Mt) in the Inferred category.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (1)
carbon-in-leachOmai Project · goldRecovery: 93 %Head Grade: 1.35Head Grade Unit: g/t AuView all detailsHide details
Identity
- Project
- Omai Project
- Commodity
- gold
- Region
- guyana
- Reported Region
- Guyana
- Ticker
- OMG
Test Work
- Program Status
- detailed
- Test Type
- carbon-in-leach
- Processing Route
- grinding, gravity separation, and carbon-in-leach (CIL)
- Sample
- clean, non-refractory gold mineralization, free of deleterious components
- Leach Time
- 32 hours
Recovery
- Recovery
- 93 %
- Recovery Basis
- actual_test
- Head Grade
- 1.35
- Head Grade Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-19T00:00:00.000Z
Reasoning: The reported high gold recovery and favorable metallurgical characteristics (non-refractory, no deleterious elements) are very positive for the project's processing economics, though the exact test scale could provide more confidence.
Positive factors
- High gold recovery (93%) for a CIL process
- Non-refractory mineralization, free of deleterious components
- Standard and proven CIL flowsheet
Negative factors
- Specific test scale (e.g., pilot, locked-cycle) not explicitly detailed
Evidence · text
“Average gold recovery is estimated at 93% based on historical recoveries and results from recent metallurgical test work which indicate clean, non-refractory gold mineralization, free of deleterious components. Optimal recovery is achieved at 32-hour leach retention time.”
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The 93% gold recovery is at the exceptional band for a CIL processing route.
Evidence · text
“Average gold recovery is estimated at 93%”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The mineralization is described as clean, non-refractory, and free of deleterious components.
Evidence · text
“clean, non-refractory gold mineralization, free of deleterious components”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing facility is based on a standard metallurgical flowsheet consisting of grinding, gravity separation, and carbon-in-leach (CIL).
Evidence · text
“conventional 25,000 tpd processing facility based on a standard metallurgical flowsheet, consisting of grinding, gravity separation, and carbon-in-leach ("CIL")”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.