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At the moment, most of the noise seems to be in favour of another great year for precious metals. In 2025, GDX has been the best performing sector with a 150% rise. So "IF" 2026 is indeed another strong year for gold and silver, then the big boys will continue to see this as a sector to buy into. OMI will be a very attractive option. "IF" gold hits 5000, then even when it eventually tops, you are looking at elevated gold prices and crazy profit margins for many years to come. This will make it a very ripe sector for corporate activity (JV, M&A, etc). Could end up being a perfect storm for OMI given the multi billion dollar potential in its portfolio. How many better juniors will be out there? Many will see it as "the next Collective or X/Y/Z". This type of interest is what LC alluded to in his closing comments at the presentation. I think they know what's coming and the earliest evidence of this is the likes of Sprott/Dynamic getting in early with very large positions. The majors will take their cue from these kinds of investors when looking for their projects.

Against this potentially fantastic macro backdrop, you then turn your attention to OMI itself. The first thing that has to be said is that the portfolio of projects is unrivalled. Each is a company maker on its own. If it was the only project OMI had, the company would still be a top stock pick. But to have all of them, puts OMI at the very top of the pile (e.g. list that Durrett put out post Beaver Creek, Sprott/Dynamic, etc).

The next thing to note is it is fully cashed up for 2026 and most of the warrants have now been cleared. So the financial runway is clear for another big takeoff and multibagging year. Next you turn to the crazy newsflow that is heading our way from the outset. In January 2026, we have the MRE for Pepas and first assays from El P, landing after months of accumulation at these levels. The MRE will allow the big boys to start crunching the numbers, the analyst reports will come out and recalibrate valuations and target prices, and it should all underpin a higher re-rate for the stock - hopefully against the backdrop of gold breaking out above 4400/4500 on its way to 5000. All ingredients for a bit of FOMO to set in from the outset.

But then it gets even better for the rest of Q1/Q2, when you consider what OMI will do next:

1) Drilling around the current Pepas ore body to expand the footprint. And/or

2) Maiden drilling at El Cedro - a very juicy target that could be massive. And/or

3) Follow up drilling at El P where having found a mineralised system, a potential district scale discovery lurks.

What a fantastic set of menu options this is. If you were dining here, you wouldn't know which one to pick and would ask for a taster menu and sample the lot. Well we don't need to choose and are getting the lot - all paid for.

All that needs to be said, is are you ready for another great year folks? All imo and GLA

The worst thing about consolidations is you then have to endure all the pontificating and unsolicited pearls of wisdom. The resumption of the uptrend, when it happens, will change the whole discourse on here. If you go back and check the bb when we had the previous multi month consolidation, you will see many posts at that time talking down suggestions of 20p. Now during this multi month consolidation, it's talking down the prospects of 40p.

Let's hope history repeats itself and when we hit the 40s and the next consolidation, we can look forward to talking down the prospects of 60p. Then play the same game all the way up to whatever the eventual high will be during this bull market in precious metals.

TBH, i'm less concerned about OMI than I am about the wider market. I am confident that OMI will deliver the goods 'on the pitch', or a least on some of its four main pitches, but whether the wider market remains in bullish or bearish market environment is perhaps the bigger concern right now?

He is too honest and sometimes I do wish he was more rampy. But then the flip side of this is that when he does become excited, you know that it's time to be genuinely excited, as opposed to the pure rampy pump and dump nonsense you get from so many other CEOs. And he sounded very excited about the start made at El Pantano, not only last night, but in his tweets in recent times.

I think they are reigning in their excitement pending the assay results, and because its early days. But also, I would imagine that having the likes of Sprott and Dynamic as their largest shareholders is also going to reign them in, and result in a more matter of fact type approach. They know there is a big audience watching them right now.

Doesn't every discovery start as a mineralised system? They can't declare a discovery after a few holes and have made clear that for any finding to amount to a discovery, it needs to be economic. They have hit "substantial" silver in the first few holes - what else are they going to find by the time they finish the campaign? Then what happens when they vector in on the mineralised system in the follow up drilling campaign?

This sounds like the dream start to El Pantano and sets that project up nicely for 2026.

The biggest takeaway from last night was the excitement in the usually dour LC - listen to his closing comments!

BG was very clear that not drilling around the current Pepas ore body has been a deliberate decision. But the shackles will be off now the MRE work is done.

Well, what an incredible situation to be in. Not only is OMI fully funded for the next 12-18 months, and with an impressive shareholder base to boast about, but they are now on the verge of the following:

1) Confirming the billion plus dollar value of PEPAS. BG effectively telling us its a done deal!

2) Able to confirm the billion plus dollar vale of APTA at a time of their choosing by doing some further drilling to get it to MRE.

3) On the verge of establising El Pantano as another project with a billion plus dollar potential. Adding Silver into the mix at a time when Silver is going crazy.

4) Drilling El Cedro in Q1 - got a feeling this will be a biggie.

5) Exploring the areas around Pepas - "we have deliberately not done this to date, as we wanted to get the MRE done and in the bag first" is what BG said. "But we know its part of a much larger system, we just need to find the other parts"

2025 was a great year. It has setup 2026 to be an even better one for OMI. Even the usually cautious LC gave us a really exciting closing there! He knows whats coming and indeed said he's going to add to his shareholding early in 2026, as soon as the tax year ends.

I sense that BG knows its a discovery in the making, but LC is reigning him in from calling it that... yet! So they are confirming they have a mineral system, but don't know the economics of it just yet, so can't say its a discovery.

Looks like January is going to be a stellar month - MRE at PEPAS and Silver and Gold found at El P.

Great closing comments from LC - basically saying that the drilling that will be done in 2026 is really going to pique the interest of the majors! BG pretty much indicating that they are half way to making a discovery at El P!

Looks like a pretty exciting discovery might already have been made at El P. The 5 day turnaround is for fire assays at a local lab, and then for other elements, they have to go to a different lab which is much further away. Because they have seen "substantial silver", they have sent the assays to the further away lab, as they would rather release comprehensive drill results.

BG confirmed that they have seen "substantial silver" as well as gold in the El P assays - hence why the results are taking longer. WOW!!!

Good to see the sub 7p shares being taken up! The placing price should act as new floor going forwards - hopefully!

Not sure that marries up with page 66 of the Prospectus?

Not wishing to speak for Sein, but if he is still a buyer/holder at these levels, then he clearly sees some significant upside potential in OMI - otherwise it would be dumb to hold, let alone add!

I would agree that in a decent market, there is clearly upside to be had here from taking PEPAS (and APTA) to MRE, from any additional discoveries (ie ongoing exploration activities) and/or progressing PEPAS into production. So overall, a solid play which isn't reliant on any one operation, but has multiple share price drivers on the go at the same time. Which other company has this? You might find one company that has a project comparable to one of ours, but will you find a company that holds no less than four potentially billion dollar projects?

If so, i'd like to know about it?

It's very difficult to compare OMI with other companies, because it has a bit of everything and it will be difficult to find a comparable company. As BG has said, it has "something for everyone". If there is another explorer that is fully cashed up, has the likes of Sprott, Dynamic, Durrett amongst its shareholders, and with no less than four potentially billion dollar projects on the go, then let's identify and compare them?

Great to hear that the US trip went well and produced some funding leads. Also that MR ruled out taking on another project, which means that all the focus will be on getting BRES into production.

Offtake from the US defence industry sounds great as well!

Are they planning on releasing the PFS? Not a good look at all if they don't.

Interesting discussion folks. For my part, I think we need to factor in market sentiment. I think this will continue to be the biggest driver of the share price. Although some of us are large holders, we aren't anywhere near the levels of the big boys, and it's their buying and selling that will drive the share price up or down, not ours. So if the market is strong next year, this should feed through into another very strong year for OMI.

In a raging bull, you will see value disconnects all over the place and exhuberance will take over. In that kind of market, the fact that production might be near term or a few years away, will get lost in the general more immediate FOMO and exhuberance that develops. But in a more sober market, those kind of fundamental factors matter more.

If gold does breakout towards that $5000 level, and the overall market also breaksout, then we can expect another very strong year ahead for OMI - where FOMO will once again be a key factor.

You would think they will want the upgraded JORC as early as possible, to go into the funding negotiatons. So I reckon the upgraded JORC will land in February, assuming they get all these assay results back by mid Feb.

This is very helpful, thanks. I think we need to break it down further and focus on the 4p, 4.5p and 5p warrants.

From the 77 million total warrants that were outstanding at the time of the Prospectus (25/11/25), around 55 million warrants were at 5p or less. The largest chunk of which are 31 million at 4.5p (given to RAB during the April 2025 raise?), and 23 million at 5p (again to RAB during the Nov 2024 raise?).

We likely have around 40-45 million of these left. Much depends on how many RAB are intending to cash out right now. But once they are done, we should see price tick up and once that happens, it shouldn't take as much time to churn through the 6p ones, as they will be cashed at higher levels and there are less of them. All imo and dyor