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• The Company provided an exploration update on the Omai Gold Project with development goals laid out in this release.
• Since our last note, Omai raised $13M in a private placement which closed on June 20th and sets the Company up for the next two years of project development.
• On July 2nd, Omai commenced a 10,000m drill program with the goal of expanding the overall mine plan (by way of resource growth) and began many of the baseline studies required for permitting and engineering.
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced an exploration update on its Omai Gold Project in Guyana. Since our last research note on April 4th where Omai announced its highly economic initial PEA on the Wenot deposit, the Company raised $13M in a private placement that closed on June 20th.
With a cash balance multiples larger than what Omai has been working over the last few years, we are excited to see this project advance more quickly and management prove the true extent of this world class brownfields project, ultimately bringing the Omai Gold Mine back into production. We are maintaining our BUY rating and our $0.40/share target price on OMG.
Omai commenced a 10,000m drill program on July 2nd with priorities for 2024-2025 laid out as follows:
• Expanding the overall property mine plan
• Enhancing the economics beyond the baseline PEA
• Advancing permitting, engineering, and baseline studies
We remind readers of our strong belief that the Company can cost-effectively perform the priorities listed above exemplified by the 578Koz of new gold added to the Wenot deposit in the most recent resource update through spending just $3M since 2022 (~$5.2/oz Au cost of discovery).
OMG: Exploration Update – Fully Funded Through 2025
What you need to know:• The Company provided an exploration update on the Omai Gold Project with development goals laid out in this release.
• Since our last note, Omai raised $13M in a private placement which closed on June 20th and sets the Company up for the next two years of project development.
• On July 2nd, Omai commenced a 10,000m drill program with the goal of expanding the overall mine plan (by way of resource growth) and began many of the baseline studies required for permitting and engineering.
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced an exploration update on its Omai Gold Project in Guyana. Since our last research note on April 4th where Omai announced its highly economic initial PEA on the Wenot deposit, the Company raised $13M in a private placement that closed on June 20th.
With a cash balance multiples larger than what Omai has been working over the last few years, we are excited to see this project advance more quickly and management prove the true extent of this world class brownfields project, ultimately bringing the Omai Gold Mine back into production. We are maintaining our BUY rating and our $0.40/share target price on OMG.
Omai commenced a 10,000m drill program on July 2nd with priorities for 2024-2025 laid out as follows:
• Expanding the overall property mine plan
• Enhancing the economics beyond the baseline PEA
• Advancing permitting, engineering, and baseline studies
We remind readers of our strong belief that the Company can cost-effectively perform the priorities listed above exemplified by the 578Koz of new gold added to the Wenot deposit in the most recent resource update through spending just $3M since 2022 (~$5.2/oz Au cost of discovery).
Underlying
OMAI GOLD MINES CORP
Provider
Atrium Research Corporation
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Ben Pirie
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