Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.

Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-unearthing-guyanas-multi-million-ounce-golden-potential-5939

Recording date: 24th March 2025

Omai Gold Mines (TSXV: OMG) is making significant progress developing a past-producing gold property in Guyana that was previously South America's largest primary gold producer. The company has established a substantial resource base of 4.3 million ounces across two deposits – Wenot and Gilt Creek – with 2 million ounces in the indicated category and 2.3 million ounces in the inferred category.

Recent exploration efforts have yielded promising results, particularly at the Wenot deposit where drilling below 350 meters has revealed higher grades, including an exceptional intersection of 4.48 g/t gold over 57 meters. The company is employing both infill and step-out drilling strategies to expand the resource. Infill drilling is targeting areas with spacing exceeding 150 meters, while step-out drilling aims to extend the resource to greater depths.

"We've been drilling about 14,000 meters of additional drilling last year and another 8,000 meters already this year," noted Elaine Ellingham, President and CEO of Omai Gold Mines.

The Gilt Creek deposit, located only 400 meters from Wenot, has also shown promise. Recent drilling intersected 774 meters of mineralized intrusive rock averaging 1 g/t gold. The existing resource at Gilt Creek stands at approximately 1.8 million ounces with an average grade of 3.2 g/t.

A preliminary economic assessment completed last year demonstrated a net present value of $560 million USD with a 13-year mine life and average annual production of 142,000 ounces of gold. However, management considers this a baseline scenario and aims to extend the mine life to 20 years in future assessments.

"It was just a starting point for us but still a very healthy net present value," Ellingham explained.
Omai Gold is well-funded following a recent financing round that raised over $25 million, with current cash reserves exceeding $30 million. This positions the company to continue its exploration and development activities throughout the year.

The project benefits from several operational advantages, including being a brownfield site with known metallurgy, good road access, and proximity to assay labs in Georgetown. All-in drilling costs remain below $200 per meter, considered exceptional in the current environment.

Currently trading at approximately $38 per resource ounce, management believes the company represents a compelling investment opportunity compared to peers in the Guyana Shield region.

View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-mines

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