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    Omai Guyana gold project’s US$4B PEA: capex, returns and mine plan lens

    August 20, 2026|

    Reviewed by Tom Sullivan

    Omai Guyana gold project’s US$4B PEA: capex, returns and mine plan lens

    First reported on MINING.com

    30 Second Briefing

    Omai Gold Mines’ namesake project in central Guyana has been valued at US$4 billion NPV (5% discount) in a new PEA, assuming US$3,600/oz gold, against US$1.42 billion in initial capex, a 24% IRR and 4.1-year payback for 6.3 million oz over an 18-year mine life. The project, 165 km south of Georgetown, hosts 38.1 Mt indicated at 2.04 g/t and 106.6 Mt inferred at 1.59 g/t across the Wenot open pit and Gilt underground deposits, with five rigs currently drilling Wenot. Analysts at National Bank of Canada flag Omai as an “emerging M&A target”, though Omai’s C$2-billion market cap contrasts with the PEA’s US$556-million after-tax NPV at US$1,950/oz from April 2024, which covered only Wenot.

    Technical Brief

    • Omai is a brownfield redevelopment, leveraging an existing tailings facility, cleared plant site and airstrip.
    • Existing highway access to the remote central Guyana site reduces greenfield haul-road and logistics capex.
    • Historical production of 3.7 million oz (1993–2005) provides metallurgical performance data and mining behaviour benchmarks.
    • Current resource update (April 2024) was delivered only four months before the new PEA release.
    • Wenot is a shear-hosted open-pit deposit, while adjacent Gilt is intrusion-hosted and planned underground.
    • Five drill rigs are currently active on Wenot, targeting resource growth and potential pit-shell optimisation.
    • April 2024 PEA, covering only Wenot and ~1.84 Moz, yielded US$556 million after-tax NPV at US$1,950/oz.
    • Omai’s valuation is being compared directly with G Mining Ventures’ Oko West feasibility metrics, 105 km to the north.
    • Analyst commentary frames Omai as a likely M&A target for intermediate and major producers, given scale and economics.

    Our Take

    The April 2024 resource update in our database already had Omai at 8 million oz., so the current 6.3‑million‑oz. life‑of‑mine plan suggests a relatively conservative mine schedule that leaves room for later expansions or higher‑grade phases if market conditions improve.

    The related December 2025 coverage of a new high‑grade zone at Wenot indicates that the current valuation may not fully capture upside from continued drilling, which could tighten the 4.1‑year payback profile or support a staged capex approach to the 18‑year mine life.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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