Omai Advances 10Moz Project as Gold Strengthens | Elaine Ellingham

Omai Gold Mines (TSX-V: OMG; OTCQB: OMGGF) is advancing a 10Moz+ gold system in Guyana toward a materially larger development plan, with a new preliminary economic assessment expected within two months. Speaking with Kitco Mining at PDAC 2026, CEO & Executive Chair Elaine Ellingham outlined how continued drilling since the August 2025 resource update is positioning the project for expanded production and long-term scale. Omai’s shares are up over 800% in the past two years as the company transitions from exploration to development.“Where there's gold, there's more gold,” Ellingham said, referencing wide intercepts of 45 to 60 meters grading three to four grams per tonne that helped drive a roughly 50% resource increase last year. The project now hosts about 6.5Moz in indicated and inferred resources, alongside 3.8Moz historically produced. A new PEA is expected to outline potential production of 250,000 to 300,000 ounces per year over an 18 to 20-year mine life, compared to 142,000 ounces annually in the 2024 study. Ellingham said the open pit alone likely works at an $1,800 gold price, with underground development planned to follow initial production as drilling advances toward feasibility.Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.Special thanks to our sponsors, GoldMining Inc., U.S. Gold Mining Inc., UEC & URC for making this coverage possible. To learn more, visit:https://www.goldmining.com/https://www.usgoldmining.us/https://www.uraniumenergy.com/https://www.uraniumroyalty.com/00:24 - Omai Turnaround and 800% Share Surge01:07 - Omai Gold Project and 10Moz Endowment01:40 - Drilling Results and August 2025 Resource Update03:06 - Gold Price Sensitivity and $1,800 Economics03:53 - Open Pit and Underground Development Plan04:45 - New PEA Targeting 250–300koz Per Year06:54 - Guyana Infrastructure, Oil Boom and Costs10:09 - PEA Timeline and Path to Feasibility__________________________________________________________________Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.comStay connected with usX - https://x.com/KitcoMiningInstagram - https://www.instagram.com/kitcominingLinkedIn - https://www.linkedin.com/company/kitco-miningFacebook - https://www.facebook.com/KitcoMiningConnect with the Kitco Mining anchorsPaul Harris - https://x.com/paulharrisgold For more in-depth mining coverage, visit us here - https://www.kitco.com/miningDisclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.