Omai Gold Mines (TSX-V: OMG; OTCQB: OMGGF) is advancing a 10Moz+ gold system in Guyana toward a materially larger development plan, with a new preliminary economic assessment expected within two months. Speaking with Kitco Mining at PDAC 2026, CEO & Executive Chair Elaine Ellingham outlined how continued drilling since the August 2025 resource update is positioning the project for expanded production and long-term scale. Omai’s shares are up over 800% in the past two years as the company transitions from exploration to development.
“Where there's gold, there's more gold,” Ellingham said, referencing wide intercepts of 45 to 60 meters grading three to four grams per tonne that helped drive a roughly 50% resource increase last year. The project now hosts about 6.5Moz in indicated and inferred resources, alongside 3.8Moz historically produced. A new PEA is expected to outline potential production of 250,000 to 300,000 ounces per year over an 18 to 20-year mine life, compared to 142,000 ounces annually in the 2024 study. Ellingham said the open pit alone likely works at an $1,800 gold price, with underground development planned to follow initial production as drilling advances toward feasibility.
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00:24 - Omai Turnaround and 800% Share Surge
01:07 - Omai Gold Project and 10Moz Endowment
01:40 - Drilling Results and August 2025 Resource Update
03:06 - Gold Price Sensitivity and $1,800 Economics
03:53 - Open Pit and Underground Development Plan
04:45 - New PEA Targeting 250–300koz Per Year
06:54 - Guyana Infrastructure, Oil Boom and Costs
10:09 - PEA Timeline and Path to Feasibility
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