OMI - The bigger picture, in Oz's Au11 Feb 2026 06:17
Stepping away from the share price action—which we all tend to focus on a little too much—we must keep sight of the bigger picture.
Pepas (PEPA's) was always a relatively small golden nugget of high-grade gold. We needed to advance it to a MRE status and get it on the books as a starting point for valuation, and thanks to its exceptionally high grades, it offers a unique opportunity to potentially self-fund our larger projects—something rarely seen in the junior mining industry these days.
At Pepas North, we have the "Sisters" (repetitive high-grade structures) and the "Mother" (the main feeder system). With our remaining ~$14m war chest, we still have plenty of room to explore and poke around. We originally discovered Pepas with just $1m invested... so the show is far from over—it's only just been confirmed and de-risked with this initial resource.
APTA — If we're hunting for serious ounces, look no further. Below surface (starting from >200m depth), APTA hosts grades comparable to Pepas—and in some spots even higher. A rough estimate here points to potential for around 2 million ounces, though this will require further drilling and geological understanding to define properly.
El Pantano — We've just intersected a substantial mineral system (gold/silver epithermal style). Size is yet to be fully confirmed, but if the geology and rock types line up with those at Newmont's nearby Cerro Negro mine, we're potentially looking at multi-million-ounce scale.
El Cedro and La Virgencita — These are also very large, highly promising prospects with significant early-stage potential (e.g., El Cedro as a large gold porphyry system).
As LegalWolf pointed out yesterday, Pepas essentially serves as our "checkbook" for enabling further non-dilutive funding going forward. It was always the core investment case here—not because of its standalone size (which, as balanced investors, we must acknowledge has proven smaller than many initially anticipated), but because of the future potential it unlocks. That's what most long-term investors and institutions are focused on.
Not today, not tomorrow... but over the next 12–18 months, the common view among them is clear: OMI (Orosur Mining) will ultimately control far more ounces than just the current ~200k Au starting point from Pepas. A solid foundation for early cash flow while we continue to derisk and grow the larger targets.