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

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.
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.
Related Articles
Related Industries & Products
Mining
Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.
Tunnelling
Specialised solutions for tunnelling projects including grout mix design, hydrogeological analysis, and quality control.
CMRR-io
Streamline coal mine roof stability assessments with our cloud-based CMRR software featuring automated calculations, multi-scenario analysis, and collaborative workflows.
HYDROGEO-io
Comprehensive hydrogeological testing platform for managing, analysing, and reporting on packer tests, lugeon values, and hydraulic conductivity assessments.
GEODB-io
Centralised geotechnical data management solution for storing, accessing, and analysing all your site investigation and material testing data.


