What you need to know: • Omai has released Phase 1 metallurgical work for the Wenot and Gilt deposits, outlining solid gold recoveries of 93% to 95%. • Results support conventional and proven processing methods, which will be reflected in the upcoming PEA anticipated in 4 to 6 weeks. • Management has indicated potential for a staged development, supporting throughput up to 20 to 25Ktpd (9Ktpd in 2024 PEA). Phase 1 metallurgy was completed to determine the amenability of the Wenot and Gilt deposits to a standard bottle roll leach and carbon-in-leach (CIL) circuit. 72 samples totaling 558kg were analyzed, which included 61 samples at Wenot, and 11 samples at Gilt, at head grades ranging from 0.6 to 15.8 g/t across 16 individual or mixed lithologies. Bottle roll leach was completed at 45% solids slurry and a grind size of 80% passing 75 microns, and retention time studies were taken at 4, 8, 12, 24 and 36 hours. Test work displayed recovery rates of 93% gold at a grade of 1.0 g/t, improving to 95% at 3.2 g/t. Gold dissolution was relatively rapid, with 32 hours determined as the optimal retention time achieving 97-98% of ultimate extraction. Both deposits display clean mineralogy with no deleterious components such as organic carbon, tellurides, or antimony, and very low soluble copper, lead, and zinc. Ultimately, the orogenic gold deposits can be processed by reliable and industry proven processing methods, yielding strong recovery rates. The upcoming PEA is expected in 4 to 6 weeks and will outline conventional milling and processing via a CIL plant. Primary crushing will be followed by a grinding circuit including a SAG mill, ball mill, and pebble crushing, ahead of the CIL circuit, and OMG has indicated potential for staged development, initially operating with a single-stage SAG and pebble crusher, and later add a secondary ball mill to support higher throughput. An optional gravity concentration circuit could also improve performance. We anticipate this staged development would allow for lower initial capex and fund expansion with early cash flows. Future expansions could also benefit from Guyana’s potential near-future development of lower-cost, “green” energy solutions. Options include the Amaila Falls 165mW hydropower project (~110 miles west, design includes transmission line within ~22km), recently out for tender, or a planned LNG plant near Georgetown (~165km by paved highway). Management has indicated processing throughput could be 20 to 25Ktpd, supported by the increased MRE released in April (read our note here). For reference, the previous 2024 PEA outlined a throughput rate of 9Ktpd, and prior company commentary before the most recent MRE indicated potential for 15 to 18Ktpd. We are currently modelling a ramp up to 16Ktpd, yielding ~300Kozpa, with this morning’s release highlighting a potentially increased production profile vs. our forecast. This would likely come with higher capex (estimating ~$1.1B), however, as outlined above, would likely be staged to moderate initial expenditure. We plan to update our model when the study is released.