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All I know is that I'm looking at a document published in October 2025 which is pretty close to what we have in front of us today. Everyone would have liked a higher number, but the scale of your disappointment is entirely your own fault, not Dr R's and not the company's.

The share price is certainly a disappointment currently, but these things are transient. We are not at fair value following this RNS.

I have zero recollection of Brad being drawn on figures for Pepas. Name a call and the timestamp. It would be a ridiculous thing for him to do outside an RNS, and he's not going to RNS speculation. He's said that it's a shallow resource with thick, high-grade mineralisation, which is exactly what this MRE confirms.

What are you on about, Tungsten. Show us the published document saying Pepas is 400koz. I've never seen it. Dr R is a poster on this board, not part of OMI's press team.

Nah. I expect the consultant told them that they needed to do more drilling to get the ounces up to the expected number, and the question was whether to do it or not, hence the delay. With the grade going up, the ounces would have gone up if we were still talking about the expected volume of land.

Unfortunately, it seems like Brad's been a bit hot-headed. Hopefully it still works out. If we take Pepas to production, it would still be way more cash than we need.

I know Dr R has different figures, but I thought we we were looking for 238koz at 4.2 g/t (from Turner Pope last October) - so we're well in the ballpark with a significantly better average grade. The NAV should be higher than our Mcap.

An exciting moment for the company - I don't have a huge amount here, but it will be interesting to see where we go.

I don't know, Northman. I spent a bit of time yesterday rewatching the presentations/interviews from late last year (https://www.orosur.ca/investors/presentations/). The discussion re El Cedro at mins 6-10 in the November interview (https://www.youtube.com/watch?v=E_ZnaIec-jw) went over my head at the time, but now seems like a clear statement from Brad that his strategy for 2026 is to try and find a big project that will attract someone like Newmont.

As he says, Pepas isn't that project, but they pursued it to get the market support to get the money for exploration, which is exactly what OMI received in the last big raise. That's why the APTA timeline has dragged, because they no longer need that MRE to get the share price up, so it's not a priority. El Cedro is looking like a Q2 drill target rather than Q1, what with the aeromag delays, but Brad does seem to think it could be a million-ouncer, and that's why it's getting prioritised. El Pantano, one hopes, might fall into the same category, but I think they know less about it at the moment.

Sanguine, Brad was saying on 24 Jan (https://x.com/OrosurM/status/2014982783693697145) that re El Pantano "we have enough now to be getting some sort of picture of what we are seeing there. Needs to be pulled together into a coherent story." He's been stressing since drilling began that the goal was only to get a sense of the geology, rather than target the best hits. They've rejigged how the assays are being tested, seemingly because they were seeing both gold and silver, so it seems unlikely the results are bad, and it's been confirmed that they found the sort of banding they were looking for. The neutral case is that no one's had time to sit down and do the analysis on what the assays mean, and that's why they've not been released. The hard bullish case is that they're already in talks about a JV or sale and the other party wants the results sat on. That seems less likely, but either way, it's just a waiting game.

We have the RedCloud document from October/November proposing 238koz at 4.2 g/t, so that's the baseline expectation. The market's hit their expected NAV for Pepas at 10% discount, 75% certainty & POG $3300 (c. £150m), so if the same figures are released, we should hopefully see an uplift to reflect the lift in gold price and the increased certainty.

Great points, tarnow. The El Pantano news is really something considering that this was completely undrilled land. There was always going to be an outside chance that they hit nothing, but that seems to have been ruled out. The question is no longer what's there, but what grades have been found at what depth.

I thought that was just Brad's sense of humour. The bags he's talking about are from ~2.6p, which is 9% of the current share price, or about 31p for the year. I wouldn't be crying into my cornflakes if we end 2026 at 56p, but I'm hoping for more.

We saw with Pepas that as OMI's mcap grew, more results were bundled together. It may be that we're big enough these days to say that one hole showing gold and/or silver at El Pantano doesn't materially affect OMI's asset base, and the BoD doesn't want a spike in the share price to trigger a sell-off. At the same time/on the other hand, it could be argued that releasing an excellent first hole (or first three holes) is misleading if the next three are duds, and which has to be expected from a first campaign in an undrilled land holding. So the optimistic take is that the first holes are good enough that the BoD feels like they can't release what they've got until they have the full set of results and can confirm that they didn't just have one or two lucky strikes at the start of the campaign. This could be the market's position, and why we're seeing the price rise. If so, I'm not sure it's fully priced in yet.

This January campaign is supposed to be broad and focused on geology, so I wouldn't be surprised if they decided to release all of the results together, along with some big picture analysis. That would likely be in mid/late Feb. A bit annoying, but hopefully the Pepas MRE comes sooner and we don't lose momentum. I can't see Brad doing a deal on any of the current assets besides APTA; there's too much scope for near-term value appreciation, but of course that depends on what he's being offered.

Rather the opposite, I would have thought - the TSX at least requires immediate exposure of information material to the share price - https://www.tsx.com/en/resource/3122

Does anyone remember where/when Brad spoke about the lab turnaround for El Pantano, or even where it is? A couple of holes must be complete by now, and it would be great to see the results next week. (I'm not expecting a tweeted pic because I think for El Pantano, at this stage, it would be too market sensitive - we know that the TSX can be strict.)

Eh? Gold explorers don't have gold, so are valued as what they are: a few biros and a dream. We have the rights to thousands of ounces. If the company was in trouble, they could be sold in two seconds and a hundred mill would be a steal.

Historically OMI presentations haven't aligned with RNSes, in the same way that news usually comes on Tuesdays, or else (less helpfully) Fridays. If anyone's selling because they think the BoD are hiding something, they're making a mistake IMO. They do these updates to recap the state of play and to make themselves relatively accessible.

For anyone interested in the public record of Canada's trading yesterday, you can check the TMX website:

https://money.tmx.com/en/quote/OMI/trade-history

Glad you're here to educate us ElectricLion, but everything I can see about valuing gold producers is done on Price/NAV, not P/E? As a junior we're likely to be below 1x, but when you're looking at an asset-based company, it's pretty standard to talk about the value of its assets.

It's worth thinking about, middleEastMoney, but how are we getting to 2m oz? Greenwood Capital were proposing 385k oz for Pepas at the start of the month, which would be amazing in itself: call it $2000/oz post AISC and you have a $770m asset, which is c. £570m or 182p a share. Greenwood put their target at a third of this, so I assume they're being more conservative and adding a discount value etc.

There is gold in APTA and it seems like there should be gold in El Cedro and Pepas North, but let's keep following the evidence rather than speculating. The evidence is what differentiates us from other explorers...

Slimey, I've been in this share a long time but cannot say I've learned much about geology. You may like to check out posts from KilconaVC who visited here earlier in the year from the Canadian board, ceo.ca/omi - KVC is nominally a consultant and seems to have a grip on the different types of mine out there. (I believe they remain very bullish about OMI.)

OMI's GGP is Continental Gold (once CNL on TSX - the mine is Buritica), which was sold in 2019 for a C$1.4bn mcap. It's just up the road.

The main thing we have are the drill results, which have historically been excellent at the APTA deposit. However, the gold is quite deep. Pepas results are better and from the surface, which means the costs of mining are low. The point of getting the MRE together for Pepas is to try and get the gold actually out of the ground as early as 2026 (though that seems hopeful), which would be practically unheard of for a junior explorer. OMI are developing the APTA MRE alongside to have in their back pocket, for example so that they can sell that land area to fund mining at Pepas or to negotiate a JV on mining that area. It's blisteringly unlikely that OMI will ever have the funds to mine a deep resource like APTA, but the drill results suggest that it could well be a viable mine, and so the rights could be a very valuable asset. It's fairly unlikely that OMI will find a way to mine Pepas with just contractors, rather than on a JV basis, but in my view Brad has been hinting that he wants to do this since 2024, and after getting in the consultant he seems more bullish about the idea than ever. It would transform the company.

My understanding is that there are no drill results at WSBN, but to be honest, I have OMI and believe it will come good so I haven't really been looking at other explorers.

There's a grisly history to OMI's JV with Newmont and Agnico in 2019, which fizzled out into the majors doing no exploration, which is why the price fell so low before the end of 2024. Hats off to Brad, he negotiated a way out of it that returned all the land to OMI and incurred no costs apart from a small tax on future gold profits. He also spent those years visibly frustrated with where and how the majors were digging: he can be a terrible communicator, but I believe he is an excellent geologist, and while he doesn't own many shares, he has clearly staked his professional reputation on seeing the Anza project (including APTA, Pepas and several unexplored areas) come good. I'm pretty convinced that this history is why we see so much SP drift, but if world-class results keep coming in, we should see interest return to the share on a steadier basis.

The company has a separate project in El Pantano, Argentina, which is a much more familiar AIM gold project - potentially huge; currently unproven. It would be great to see some results here before the year end with some decent 1/2g stretches. It could, however, be a company-making deposit in its own r