August 2024
Omega Updates
The company’s audited accounts, to November 30, 2023 were filled by the auditors on 26 July 2024.
- Net asset value up from £139m (2022) to £280m (2023).
- Zero external debt or borrowings.
- Estimated gold resource up from 2m ounces to 9.75m ounces.
- New acquisition of 1,102 hectares completed.
Canada operations
We are making excellent progress with the current supervised drilling and testing program on some of our key target sites, with high gold content seen at depths of just 5 to 28 meters.
- Current drilling program is expanding the data across a wider area and achieving further NI 43-101 reports.
- We expect updates to our technical reports in September/October.
- Plans to place Omega shares onto the secondary market with a well-known UK share trading platform are now in the final stages. Ongoing work on the ground in Canada will help create a strong investment case provide an exit for existing seed investors that may wish to exit.
Exit opportunities
Over the past twelve months, our management team has been actively involved in discussions with various hedge funds, VC funds and other potential investors to explore the potential sale of some of Omega’s gold properties.
- Following a thorough evaluation, while several initial proposals have not been pursued, there remain a number of promising disposition deals that are now in the final stages of negotiation.
- RTO in Singapore remains viable as do discussions regarding the ASX exchange, and discussions are still ongoing.
UK Share Trading Platform
We are pleased to report that our onboarding process with the UK Share Trading Platform is nearing completion.
- The platform is designed exclusively for unlisted UK companies and offers several key benefits, including increased liquidity, enhanced visibility and the potential for a higher share valuation.
- We believe that joining the UK share trading platform will bring significant benefits to the company and our shareholders and we look forward to providing all our shareholders with access to this valuable service.
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