Omai Gold Mines Corp.
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- High degree of risk involved in exploration, no assurance of profitable mining operations.
- Need for continued equity financing.
- Dependence on financing to fund operations and repay liabilities.
- Remoteness and access restrictions to properties resulting in higher infrastructure costs.
- Physical risks to exploration personnel working in challenging terrain and climate conditions.
- Title risks and potential disputes.
- Environmental risks and hazards associated with mining operations.
- Compliance with environmental regulations and potential for fines and penalties.
- Political and social factors that may hinder exploration at the Omai Gold Mine.
- Cybersecurity threats and potential for data breaches.
- Compliance with anti-corruption laws in Guyana, a country perceived as having high levels of corruption.
Mitigation Strategies
- Direct management of field activities, cost management, and reduction in field activities to reduce exploration and evaluation expenditures.
- Management structure rationalization and cost-cutting measures to reduce general and administrative costs.
- Company is in the process of renewing its prospecting license.
- Implementation of policies regarding code of business conduct and ethics to ensure compliance with anti-corruption laws.