Omineca Mining and Metals Ltd. (TSXV: OMM) announced on November 12, 2026, that it has entered into a binding letter of intent with HMI Mining to acquire a 50% interest in the company's Wingdam Placer Project. The agreement establishes a joint venture under which HMI will also serve as project contractor, responsible for executing the ongoing planning, engineering, and operation of the underground placer program. The Wingdam Placer Project is located in the Cariboo Mining District in south-central British Columbia, approximately 26 kilometres west of Osisko Gold Group's currently under-construction Barkerville Gold Mine, as detailed in the NEWMEDIAWIRE release.
Under the terms of the agreement, HMI will acquire an undivided 50% ownership interest in the project, making the two companies joint venture partners for development and mining. HMI will act as onsite operator, providing mining and engineering services that include ongoing permitting, environmental monitoring, regulatory compliance, engineering, and the running of operations, equipment, and site services. Omineca will retain a 50% carried interest through to and after commercial production. HMI has the exclusive right to mine all placer gold on the project claims, delivering 50% of all recovered gold to Omineca at a cost of CAD $1,000 per ounce plus an additional CAD $250 per ounce until a five-year mine plan is submitted.
The company welcomed HMI and its affiliates to the Wingdam project, emphasizing the extensive background of HMI's principals in materials science, ground stabilization, and engineering. Management believes HMI is an exceptional partner for the development of the project. HMI brings integrated engineering and operations expertise, specializing in advanced materials science supporting specialty products and application equipment manufacturing. Its international experience with custom-formulated chemical systems for geotechnical grouting and ground support, together with patented technologies and specialized design systems, is expected to provide the engineered structural control and mining capabilities required at Wingdam.
The agreement remains subject to acceptance by the TSX Venture Exchange. For readers and industry observers, the joint venture could significantly de-risk and accelerate the development of the Wingdam Placer Project by transferring operational and technical responsibilities to a specialist partner while preserving Omineca's upside through a carried interest. The arrangement also introduces a cost structure tied to gold recovery, which may align both parties' interests and provide a clearer path to commercial production. Omineca's flagship Wingdam hard rock exploration and placer gold recovery projects are located along the Barkerville Highway, 45 km east of Quesnel. The Wingdam Property includes mineral tenures totaling 61,392 hectares (613 square kilometres) and in excess of 15 linear kilometres of placer claims, encompassing the Lightning Creek valley where thick layers of overburden preserved a large portion of a buried paleochannel containing placer gold-bearing gravels. Omineca also has a program exploring for potential multiple hard rock sources of the placer gold at Wingdam. Additionally, the Fraser Canyon Project, located 12 kilometres northwest of Quesnel, is slated to reinitiate development of an underground paleochannel for placer gold recovery; historically, two mines north and south of the Fraser River collectively produced 1,482 ounces of raw placer gold.
