Ben Pirie, an analyst from Atrium Research, maintained the Buy rating on Omai Gold Mines. The associated price target was raised to C$1.60.
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Ben Pirie has given his Buy rating due to a combination of factors including a significant update to Omai Gold Mines’ Mineral Resource Estimate (MRE). The MRE reflects a substantial increase in resources, with the Inferred category growing by 92% and the Indicated category by 7%. This expansion, particularly in the Wenot deposit, is expected to enhance the project’s economics significantly.
Furthermore, the inclusion of the Gilt Creek deposit, which was not part of the previous PEA, adds to the resource base, indicating a promising future for the company’s gold production. The anticipated average annual gold production of 336Koz in the upcoming 2025 PEA supports a positive outlook. Consequently, Ben Pirie has maintained a Buy rating and increased the target price for Omai Gold Mines to $1.60 per share, reflecting confidence in the company’s growth potential.