Omai Gold Mines – Visual Exploration and Development Update At Wenot and Gilt Creek - Upcoming PEA

The KE Report Jun 25, 2026

Summary

Omai trades near 0.3 times net asset value while recent Guyana takeovers paid about 0.6 times and $700 an ounce.

A Preliminary Economic Assessment (PEA — an early economic study) due within weeks should fold both deposits into one study.

Five drills turning roughly 6,000 meters a month keep expanding Wenot, though management says the pit is already big enough.

Metallurgical test work returned gold recovery in the 90% range, easing processing risk ahead of the feasibility study.

A paved road, nearby grid power options and existing tailings capacity lower both build cost and long-term operating cost.

The host and guest cite Agnico Eagle's roughly US$600 per ounce purchase of the Lapland assets as a lofty-premium precedent for how the sector is currently pricing ounces.

The guest expects a combined Preliminary Economic Assessment covering the Wenot open pit and the Gilt Creek underground in roughly four to six weeks from late June 2026, the first study to price both deposits together.
She says the resource update published on 14 April 2026, the company's fifth, lifted the combined Wenot and Gilt Creek total to about 8 million ounces in all categories from roughly 6.5 million ounces a year earlier.
Five drill rigs have been working since the third week of January 2026 at close to 6,000 metres a month, with infill drilling aimed at converting existing ounces while the resource is still expected to grow.
First-phase metallurgical test work returned 93% to 95% gold extraction, and wide-diameter core is being collected for the crushing and grinding work the feasibility study will need.
She argues the shares trade at roughly 0.3 times net asset value against about 0.6 for the G2 Goldfields transaction, and that net asset value should rise once the PEA is published.

Top takeaway She argues the project no longer needs a bigger resource to be a mine: at about 8 million ounces she says it is probably going to be a mine and the PEA is the next milestone to clear.
She compares the deposit to a large diamond and argues deposits of this size are scarce, saying 8 million ounces implies a 20 to 30 year mine life, longer than the ten years most companies are given credit for.
She says the drill bit is the company's value driver, with five rigs running since late January 2026, and expects the resource to keep expanding beyond the current figure.
She says Guyana's hydro and gas-fired power options, the paved road and the existing tailings facility should lower costs over time, and calls the jurisdiction pro-mining with an English-speaking workforce.
She argues the market has not caught up with the project's development, saying valuation has lagged and she expects the PEA to draw a strong reaction when it is published.

Top takeaway He frames the resource growth as the story, tracking the company's ounces from roughly 3 to 4 million when he first covered it to about 8 million now.
He argues the drill bit is the main value driver for the company, pointing to ounces added per 100 metres of depth and to recent broad intercepts such as 7.26 g/t over 34.8 metres and 8.54 g/t over about 21 metres.
He presses the valuation case using sector M&A, citing the G2 Goldfields transaction near US$700 per ounce at about 0.6 times net asset value, Agnico Eagle's roughly US$600 per ounce Lapland deal and Orion's pre-resource purchase.
He treats Guyana's infrastructure and energy access as de-risking, walking through the paved road, the barge crossing and the nearby hydro and gas-fired power options.
He closes on the near-term catalyst, describing the PEA as far more advanced than peers at the same stage and noting a steady flow of assay results is expected through the end of 2026.