Omai soars on gold resource update in Guyana

Omai Gold Mines (TSXV: OMG; US-OTC: OMGGF) has lifted its contained gold by about 22% at its eponymous project in Guyana while upgrading about half the resource into stronger categories. The shares jumped.

“The update is positive,” National Bank Financial analyst Rabi Nizami wrote in a note on Tuesday. “Total resources increased to 8 million oz. (from 6.5 million oz.), the higher-confidence indicated component of total resources at Wenot was improved, and additional inferred resources have been added.”

Shares in Omai Gold Mines rose 10% to an all-time high of $2.34 apiece in Toronto on Tuesday, valuing the company at $1.58 billion (US$1.14 billion). They’ve traded as low as 41¢ during the past 52 weeks.

Omai, in central Guyana, is one of South America’s largest past-producing gold mines, having yielded more than 3.7 million oz. between 1993 and 2005. The country has emerged as a fast-growing gold jurisdiction in recent years, drawing investment with its stable mining regime, improving infrastructure and a wave of discoveries that have positioned it as a new exploration hotspot alongside neighbours Suriname and Brazil.

Study due

The revised resource will support a preliminary economic assessment (PEA) expected within two to three months, which analysts say could outline a larger, longer-life operation combining open-pit and underground mining.

“We expect the potential for about 250,000-300,000 per year production with a larger mill and combined open pit and underground operations, materially larger and longer mine life than the now outdated 2024 preliminary economic assessment,” Nizami wrote.

The updated resource outlines 38.1 million indicated tonnes grading 2.04 grams gold per tonne for 2.5 million oz. contained metal, and 106.6 million inferred tonnes at 1.59 grams for 5.5 million oz. That compares with the August 2025 resource of about 20.7 million indicated tonnes grading 1.46 grams for 970,000 oz. and 83 million inferred tonnes at 1.7 grams for 4.5 million oz., according to company data and analyst estimates.

The increase reflects both expansion and conversion, with analysts highlighting that a portion of higher-grade inferred ounces were moved into the indicated category through infill drilling and updated modelling.

“Evidently, high-grade inferred ounces were converted to Indicated, with a rise in Indicated grade relative to Inferred grade,” Nizami wrote. “We are encouraged to see good conversion/additions coming from a portion of the high-grade dyke corridor.”

Wenot deposit

At Wenot, the project’s core open-pit deposit, indicated resources rose to about 1.45 million oz. grading 1.59 grams gold, up from 969,000 oz. at 1.46 grams previously, while inferred resources increased to about 3.9 million oz. at 1.33 grams as new material was added at lower grades.

The Gilt Creek underground deposit also expanded, with total resources growing to about 2.5 million oz. grading 3.26 grams gold from roughly 1.8 million oz. previously, maintaining grade while increasing tonnage through reinterpretation and limited new drilling.

Omai is being repositioned as a large-scale redevelopment opportunity. The previous 2024 study envisioned an open-pit-only operation producing about 142,000 oz. annually over 13 years, leaving room for expansion through the addition of underground resources and further drilling.

The company has completed about 18,000 metres of drilling since the last estimate and is now running a 50,000-metre campaign aimed at expanding the resource and upgrading inferred material ahead of future feasibility work.

Analysts also pointed to the project’s infrastructure and permitting advantages in Guyana, along with its growing scale, as factors that could attract interest from larger producers.

“We expect Omai to immediately commence work on a prefeasibility study to follow, and more exploration drilling to also remain on the agenda to test new targets,” Nizami said. “The scale potential is attractive for senior and intermediate M&A.”