Mining Co. Initiates Lode Gold Drilling
Contributed Opinion

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Disclosures for Research Capital Corp., Omineca Mining and Metals Ltd., September 18, 2024

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Research Capital Corp. analyst Bill Newman, in a research report published on September 18, 2024, provided an update on Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) following the company's progress report on its Wingdam Paleoplacer project and the commencement of its lode gold drilling program. The analyst maintained a Speculative Buy rating and a target price of CA$0.55 on the stock.

Omineca announced successful access to the interior of the gold-bearing paleochannel at Wingdam, with a key discovery that the channel is dry, enabling the use of conventional mining techniques. Newman noted, "This shift is more efficient and cost-effective compared to the previous grouted spiling method."

The analyst viewed these developments positively, stating, "This positive development reinforces our SPECULATIVE BUY recommendation." He added, "Success in this exploration could position OMM as both a placer and hard rock gold producer, significantly enhancing the project's value."

Newman highlighted the company's progress, noting, "OMM's joint venture partner, D&L Mining, has completed over 70 meters of a 3.5 x 3.5-meter haulage and access tunnel in bedrock alongside the paleochannel." He also emphasized the potential of the newly initiated 3,000-meter diamond drill program, which aims to locate the lode gold source.

Omineca's strategic focus includes advancing both placer gold recovery and hard rock exploration at Wingdam. The company holds a 100% interest in 61,392 hectares of hard rock mineral tenures, which the analyst notes "share similar lithology and structural features" to Osisko Development Corp.'s Cariboo Gold Project.

Research Capital Corp.'s valuation methodology for Omineca is based on a net asset value (NAV) approach. "We reiterate our SPECULATIVE BUY recommendation and maintain our target price of CA$0.55 per share, based on a 1x multiple of our NAV estimate," Newman explained.

With a Speculative Buy rating and a target price of CA$0.55, representing a potential return of approximately 633% from the price at the time of the report of CA$0.07, Research Capital Corp. sees significant upside potential for Omineca.

Newman concluded, "These upcoming updates on placer production and drill results could serve as key catalysts for the stock," emphasizing the potential near-term drivers for the company's valuation.