Omai wants ‘bigger bucks’ for Guyana’s gold on stock market

Jul 02, 2026 News

…cites doubling of resources estimate to 8M oz. in less than 2 years

(Kaieteur News) – Canada-based Omai Gold Mines Corp. believes that the company’s Guyana gold project is not receiving the market value it deserves, arguing that the company’s shares remain significantly undervalued despite doubling its Mineral Resource Estimate to almost eight million ounces in less than two years.

During an interview on Crux Investor, Omai’s President and Chief Executive Officer (CEO) of Elaine Ellingham outlined that the company has two large gold deposits in Guyana, the shear-hosted Wenot Deposit and the adjacent intrusion-hosted Gilt Deposit.

Omai wants ‘bigger bucks’ for Guyana’s gold on stock exchange

Omai’s President and Chief Executive Officer (CEO) of Elaine Ellingham

“We actually doubled the size of our ounces of our resource estimate in less than two years. And if you’ve got a small deposit, that’s easy. But going from 4.3 to 8 million ounces, is a big jump up…I think it just hasn’t been fully valued into the stock,” she added.

The Omai Gold Mine is located in Region Seven (Cuyuni-Mazaruni), and produced over 3.7 million ounces of gold from 1993 to 2005. Since its return to Guyana’s mining sector in 2020, Omai, through its subsidiary Avalon Gold Exploration Inc., has identified 2,495,000 ounces of gold in the indicated category and 5,465,000 ounces in the inferred category at the historic Omai Gold project.

Ellingham believes that the project’s shares should command a higher valuation on the TSX Venture Exchange, pointing to the scale, quality and growth potential. She explained that what was observed is that Omai’s value per ounce of gold on the market has fallen, even though the company’s resource base expanded.

Omai Gold Mines’ Wenot Deposit

Omai trades at US$150 per ounce of gold. Ellingham then compared Omai to its peers, who trading between US$180 and US$226 per ounce of gold. She also pointed to the recent takeover of G2 Goldfields by G Mining Ventures (GMIN) to combine the two companies gold projects in Guyana, this move has valued GMIN’s resources around US$600 per ounce of gold.

The CEO attributed the undervaluing of Omai’s stock can be partly to the speed at which the company expanded its resource estimate, saying analysts have not yet fully incorporated the updated figures.

Ellingham highlighted that the project being developed is a past producing mine with fairly high-grade ounces. Added to that, she noted that the project is also located in a good jurisdiction that supports mining

“There’s a number of reasons why, actually we should be garnering a significant premium on the dollar per ounce,” she noted.

Moreover, she added that the company’s upcoming Preliminary Economic Assessment (PEA), could result in a market re-rating. “I think that is going to be a real catalyst because even for some of the analysts, because we only put out that new resource two months ago, their models have not caught up,” she said.

The company has been engaged in drilling activities at both the Wenot and Gilt deposits as part of the company’s 50,000-metre exploration programme as preparations are ongoing for the project’s PEA, expected within the next four to six weeks.

Further, Ellingham said the expanded resource base now supports the potential for a much larger, long-life mining operation.

“This isn’t just about 8 million ounces. This is about you a long mining life…My goal had always been, even from the beginning when I saw this project, 5 million ounces was my target, 250,000 to 300,000 ounces a year. We’ve blown through the size and we’ve blown through that production profile,” Ellingham said.

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Gold market value, Guyana’s gold, Omai Gold Mines, stock exchange

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