Latest update December 3rd, 2025 5:49 PM
OMAI races to scale up gold project
— CEO says even if prices fall “we’re still strong”
(Kaieteur News) – Canadian company, Omai Gold Mines has been pressing ahead with plans to significantly scale up its Guyana gold project, with the company’s President and Chief Executive Officer (CEO) Elaine Ellingham is insisting the operation will remain strong even if global prices ease.
In a Crux Investor interview recorded on November 25, Ellingham said the updated mining concept now integrating the Wenot open pit with the nearby Gilt Creek underground deposit positions the company for a much larger operation.
President and Chief Executive Officer (CEO) Elaine Ellingham
Omai holds a 100% interest in the past-producing Omai gold project, which hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit. The project is located in Region Seven (Cuyuni-Mazaruni).
With gold trading above US$4,000 per ounce, Ellingham was asked whether integrating the Wenot and Gilt Creek resources during a strong market, despite the expected capital expenditure changes and mining method trade-offs, was the right moment to pursue scale.
She explained that Guyana’s project stands out because of its grade profile. Wenot, she noted, “averages over one and a half grams, for an open pit mine, that’s quite, quite impressive.” “So, yeah, I think the gold price environment, I didn’t plan that…It just happened, you know, but it was a great time for it to happen. So, you know, regardless of the gold price. I mean this project can handle a much lower gold price, just ends up that it’s going to be extremely robust economically in this environment,” Omai CEO said.
Ellingham noted that the company has already begun work toward its next Preliminary Assessment, which will reflect a substantial jump in planned processing capacity. “So, what we’re doing now is now it’s all about getting to the next Pa… we’re probably looking at something that’s maybe a 12,000 to 15,000 tonnes per day mill which is quite a large operation. Our old PA was only 9,000 tonnes per day and we knew that that was probably not the end of the story,” Ellingham said.
The CEO also highlighted the drilling breakthroughs that drove Omai’s 51% resource expansion this year. Earlier this year, Omai announced an updated combined Mineral Resources Estimate (MRE) of 2.1 million ounces of gold (indicated), a 7% increase, and 4.3 million ounces of gold (inferred), a 92% increase from the previous MRE.
She outlined that early 2025 assay results for Wenot revealed exceptionally strong intercepts. Ellingham said, “These are the widest, best intercepts ever for Wenot…When you’re seeing things like that you can add the ounces quickly.” Those results prompted Omai to accelerate drilling. In November, the company announced it had added a fifth rig at Wenot, just two months after deploying a fourth rig in September.
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