Omega Pacific Resources’s flagship Williams property is located in British Columbia’s Toodoggone District, roughly 330 km north of Smithers. The target is gold at West GIC, which they now interpret as an orogenic system, plus an adjacent copper-gold porphyry target called ROI. In this interview, I asked about the delayed 2026 drill program, why nothing happened in 2025, the buyout of the remaining project interest from CopAur Minerals, and how they intend to pay for 2027.

TL;DR

Small program, big property, thin treasury. They are about to drill 1,500 to 2,000 metres in four holes from two pads, step-outs of only 50 to 80 metres from the 2024 holes, and Leikam was clear this is not meant to prove continuity or build a resource. It is meant to answer whether faulting cuts the zone and whether the control is structural or stratigraphic, so they can justify a 5,000 to 10,000 metre program in 2027. He told me drill assays are unlikely before December because the labs are backed up. The company now owns 100% of Williams after buying CopAur’s remaining 49% for 3.3 million shares, with no cash, no new royalty, no clawback and no right of first refusal. Insiders and close associates hold a lot of stock, roughly 70% including CopAur, bought in the market rather than issued as founder paper.

What have they done for shareholders lately?

The concrete work is recent and mostly pre-drill. They completed a sampling program in August, 255 rock, 181 soil and 119 talus fines samples over more than 5 km east to west across West GIC and ROI, all submitted for assay. Drone LiDAR and magnetic surveys are ongoing and weather dependent, and drill pads were being built ahead of the program. The bigger corporate item was consolidating ownership. They stopped all exploration through 2025 deliberately while renegotiating with CopAur, then took Williams to 100% for 3.3 million shares. Before that, the reference point is still the 2024 drilling at West GIC, roughly 105 m at 1.7 g/t gold and about 97 m at 2 g/t. Previous drilling is about 1,700 metres on the property in total, so the dataset is genuinely thin.

How much money do they have and what are they spending it on?

They closed a C$2 million financing after targeting C$3 million, a mix of hard dollars and flow-through, with the hard dollars at 21 cents and a half warrant at 30 cents for two years. Leikam blamed the shortfall on risk-off sentiment around the Iran conflict and orders being pulled. He put the 2026 exploration program at about C$2.2 million and linked that figure to what is in treasury, but he did not give a clean cash balance, so treat runway as tight and undisclosed. C$350,000 of the raise is earmarked for marketing programs starting now. G&A is deliberately light: he takes C$120,000 a year in fees and has accrued it for roughly the past year, the CFO package is similarly modest, and no director fees are paid. There are no change of control fees, and a compensation and KPI package is still being written, which he said would lean on capital raised and deployed into the asset rather than share price alone. Royalties are 2% NSR total across three legacy holders with a portion buyable before production, and none held by management. The C$5 million exploration spend tied to the CopAur deal is a handshake commitment, not an enforceable obligation with a clawback.

Upcoming catalysts

Technical: assays from the August rock, soil and talus sampling expected in October into November, which should better define the 5 km target area; drill assays from the 2026 program expected to start coming out around December and running to mid-January or early February; a drone magnetic and LiDAR survey to help vector 2027 targets.

Operational: the four-hole, 1,500 to 2,000 metre program at West GIC starting early to mid-September, with meterage-based contracting that allows holes to be extended or cut and possibly a third pad; a notice of work amendment to be filed early in 2027 covering newly staked ground, described as a six-month process.

Corporate: a financing conversation for the 2027 program expected in the fall or later depending on markets; a second warrant or share free-trading date roughly three months out; an ongoing marketing push through the remaining months of 2026; and a possible strategic investment or partnership, which he said is too early to pursue now.

Risk

The obvious one is results, and the CEO named it himself. The market anchored on two strong 2024 holes, and he is openly worried investors will discount the story if this program does not repeat them, which then feeds straight into how dilutive the next raise has to be. On top of that, the program is small and late in the season, access runs roughly mid-May to mid-October with helicopter-supported drilling, and 2026 was already lost once to a bigger than usual snowpack. Assay lab backlogs push the news out to December, so there is a long quiet stretch before anything material lands. The company also went a full year with no news, no drilling and no marketing, and Justin admits the most common pushback he gets is that people have never heard of the company. He also flagged geological uncertainty around possible faulting, the fact that the deposit model is still being argued between orogenic and porphyry, and investor hesitancy about British Columbia generally.

Omega Pacific CEO Interview

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