Omineca Enters into a Joint Venture Agreement to Develop and Operate the Wingdam Placer Gold Project

Omineca Mining and Metals Ltd. (OMM) announced on November 12, 2026, a binding letter of intent with HMI Mining regarding the Wingdam Placer Project. Under the terms of the agreement, HMI acquires an undivided 50% ownership interest in the project, while Omineca retains a 50% carried interest through to and after commercial production. HMI will serve as the onsite operator and contractor, assuming responsibility for permitting, environmental monitoring, regulatory compliance, engineering, operations, equipment, and site services.

HMI holds the exclusive right to mine all placer gold on the project claims. The company is obligated to deliver 50% of all recovered gold to Omineca for a cost of CAD $1,000 per ounce, plus an additional CAD $250 per ounce until a five-year mine plan is submitted. The agreement is subject to TSX Venture Exchange acceptance.

The release states that no cash consideration is paid to Omineca and discloses no funding commitment by HMI. HMI is described as a materials-science, geotechnical-grouting, and ground-support specialist with patented chemical systems, rather than an experienced placer miner or mine operator. Although the agreement uses the phrase "carried interest," the mechanism functions as a fixed-price gold purchase ranging from $1,000 to $1,250 per ounce, rather than a free carry. This structure mirrors the pre-bankruptcy D&L arrangement that collapsed, which involved delivering 50% of gold at a fixed $1,000 per ounce.

Omineca Mining and Metals Ltd. (OMM) has entered a new partnership for its Wingdam project, resolving the operational vacuum created when prior 50/50 joint venture partner and contractor D&L Mining filed for voluntary bankruptcy on October 9, 2026. Following the trustee’s disclaimer of interest on October 27, 2026, Omineca briefly held 100% control of the asset before granting a new partner, HMI, an undivided 50% interest.

The agreement requires Omineca to pay an additional $250 per ounce until a five-year mine plan is submitted, raising the company’s effective acquisition cost to $1,250 per ounce. This structure contrasts with the prior arrangement with D&L and comes as Omineca holds $58,757 in cash against a $4.3 million working capital deficiency. The release does not disclose funding obligations for development, equipment, or the mine plan, nor does it specify a timeline for the five-year plan, dewatering milestones, permitting, or production targets.

HMI, described as a grouting and materials company rather than a miner with a placer production track record, replaces D&L and follows a temporary arrangement with PSI at Fraser Canyon. This marks the third operating arrangement on Wingdam in roughly twelve months. While the transaction avoids share dilution and brings ground-stabilization expertise relevant to the project’s water-bearing conditions, the stock has remained at its 52-week low of $0.04 following the announcement.

Omineca Mining and Metals Ltd. (OMM) is a pre-revenue junior focused on gold in British Columbia’s Cariboo Mining District. The company’s flagship Wingdam property comprises 61,392 hectares (613 km²) of mineral tenures and more than 15 linear kilometers of placer claims along the Lightning Creek valley, situated along the Barkerville Highway 45 kilometers east of Quesnel. The core asset is a buried paleochannel of gold-bearing gravels beneath Lightning Creek, which is targeted by an underground placer recovery operation, alongside a hard-rock exploration program aimed at identifying the source of the placer gold. The property sits on the Eureka Thrust Fault trend, approximately 26 to 35 kilometers from Osisko’s under-construction Barkerville mine.

Omineca also holds the Fraser Canyon property, located 12 kilometers northwest of Quesnel. This site features historic underground paleoplacer operations, with the Canyon and Tertiary mines producing a combined 1,482 ounces of raw placer gold. Under a memorandum of understanding dated March 2026, PSI Group fully funds exploration and development in exchange for a 75% share of recovered metals, while Omineca retains a 25% zero-cost carried interest.

The company remains in pre-production, with no mineral resource or reserve estimate, economic study, or production guidance available in its materials. The only specific production data point is a 2012 test crosscut that yielded 173.4 ounces from a 2.4-meter by 23.5-meter cut. Underground operations have faced repeated challenges related to water inflows, ground conditions, and permitting.