Morning Briefing: Omai Gold Mines has released a Preliminary Economic Assessment for its Omai Project

Good morning and welcome back to the Mining Stock Daily morning briefing.

It's Wednesday, August 19th, and the macro picture is shifting again.

Gold is the leader this morning, up 0.73% to $4,367 an ounce. Silver is adding a more modest 0.32% to $63.52. Copper is the outlier, slipping 1.09% to $6.41 a pound.

Japan's benchmark bond yield is on the brink of hitting 3% for the first time since the mid-1990s. This could be classified as a generational reset for a market that spent three decades as the world's defining example of suppressed interest rates. The Bank of Japan's gradual policy normalization, the return of domestic inflation, and mounting fiscal pressure have combined to push Japanese government bond yields to levels that are now attracting Japanese investors back to their own market — which is significant because Japan remains one of the largest foreign holders of US Treasury debt, and higher yields at home mean less incentive to fund the American deficit.

The Trump administration has delayed 50% tariffs on billions of dollars of Canadian goods by three days after the two sides reached what officials described as a tentative agreement, in a dispute that had pushed US-Canada trade relations to a fresh low. For our audience, the implications are worth watching closely — Canada is the world's most active junior mining jurisdiction, and a sustained tariff escalation would create real friction across the cross-border flows of concentrate, equipment, and exploration capital that underpin this sector.

We will get to the news from the miners and explorers in a moment, but first a mention of today’s sponsor:

This episode of Mining Stock Daily is brought to you by…Equinox Gold

Equinox Gold is one of the world's largest senior gold producers, operating seven mines across Canada, the United States, Mexico, and Brazil. In the United States, Equinox also just received a positive Record of Decision from the Bureau of Land Management for its South Railroad gold project on Nevada's Carlin Trend — advancing a development asset targeting over 130,000 ounces of production per year in the first five years, with first gold planned for 2028. Learn more at equinoxgold.com

Here’s what you need to know today. 

Omai Gold Mines has released a Preliminary Economic Assessment for its Omai Project in Guyana that outlines one of the larger undeveloped gold projects in the Guiana Shield: an 18-year mine plan combining the Wenot open pit and adjacent Gilt underground deposit, averaging 351,488 ounces of gold per year at a peak of 435,667 ounces, for total payable production of 6.3 million ounces. At a base case gold price of $3,600 an ounce, the PEA returns an after-tax NPV at 5% of $4.0 billion and a 24% IRR on initial capital of $1.43 billion, improving to $5.5 billion and a 30% IRR at recent spot prices around $4,200. Omai Gold Mines trades on the TSX Venture Exchange as OMG and on the OTCQB as OMGGF. NEWS RELEASE

Onyx Gold is out with another strong batch of results from the Argus Gold System at the Munro-Croesus Project, 75 kilometres east of Timmins, Ontario — the highlight being hole MC26-340 at Argus Main, which returned 1.7 grams per tonne gold over 67.0 metres including 13.2 grams over 6.0 metres, including visible gold grading 73.4 grams over one metre, ranking it among the nine strongest intercepts in the entire Munro-Croesus database. A step-out hole 150 metres down-dip returned a broad 0.7 grams per tonne over 144.5 metres, while six holes at Argus West extended that zone 100 metres to the west-southwest. The Argus Gold System is now demonstrating gold mineralization across 1.4 kilometres of strike and more than 700 metres vertically, with all zones remaining open. Onyx Gold trades on the TSX Venture Exchange as ONYX and on the OTCQX as ONXGF. NEWS RELEASE

Abitibi Metals has reported the first results from Phase 2 metallurgical testwork on its B26 Polymetallic Deposit in Quebec, with SLR Consulting independently confirming 98.2% copper flotation recovery to a rougher concentrate grading 23.7% copper. The testwork used a significantly larger and more representative composite than previous studies, which gives the results additional credibility as Abitibi advances toward a PEA. Abitibi Metals trades on the CSE as AMQ and on the OTCQB as AMQFF. NEWS RELEASE

Founders Metals is consolidating 100% ownership of the Antino Gold Project in southeastern Suriname, acquiring the remaining 30% from Nana Resources for US$17 million cash, 13.57 million Founders shares, and up to US$21 million in milestone payments tied to resource milestones, permitting, a construction decision, first gold, and cumulative production. Simultaneously, Gold Fields increased its strategic stake in the company to 19.9% through a C$76.96 million placement at C$5.44 per share. Founders Metals trades on the TSX Venture Exchange as FDR and on the OTCQX as FDMIF. NEWS RELEASE

Intrepid Metals has selected Major Drilling Group for its 10,000-metre drill program at the Corral Copper Project in Cochise County, Arizona. The program is split roughly in half between expanding the known near-surface CRD copper-gold-silver mineralization and conducting the first drilling specifically designed to test high-priority porphyry copper-gold targets beneath it. Intrepid Metals trades on the TSX Venture Exchange as INTR and on the OTCQB as IMTCF. NEWS RELEASE

Lundin Mining is reporting that a second severe winter storm in Chile's Atacama region re-damaged a transmission tower at the Caserones copper mine that had already been repaired following the first storm's power outage in July, knocking the mine offline again on August 14 and forcing a downward revision to annual guidance. Caserones' 2026 copper production guidance has been cut from 130,000 to 140,000 tonnes to 120,000 to 130,000 tonnes, with cash costs revised up to $2.15 to $2.35 per pound. Full power restoration is expected by week's end, with a gradual ramp-up to follow. Lundin Mining trades on the TSX as LUN and on Nasdaq Stockholm as LUMI. NEWS RELEASE

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That's it for today everyone. Have a great day. Stay safe.