22,000m Drilling Campaign Targets Significant Resource Expansion

• Omai Gold Mines (TSXV: OMG) is developing a past-producing gold property in Guyana that was previously the largest primary gold producer in South America.
• The company has established a resource of 2 million ounces in the indicated category and 2.3 million ounces in the inferred category across two orogenic deposits (Wenot and Gilt Creek).
• Recent drilling has revealed higher grades at depth, including 4.48 g/t gold over 57 meters at Wenot, and the company is focusing on expanding its resource through both infill and step-out drilling.
• A preliminary economic assessment (PEA) completed last year showed a net present value of $560 million USD with a 13-year mine life averaging 142,000 ounces of gold per year, which management considers a baseline.
• The company is well-funded with over $30 million in cash following a recent financing round, and is planning to update its resource estimate and complete a new economic assessment with the goal of extending the mine life to 20 years.

Omai Gold Mines (TSXV: OMG) is revitalizing a past-producing gold property in Guyana that was previously the largest primary gold producer in South America. The company has been exploring the property for approximately 3.5 years and has established a significant resource base across two orogenic deposits. Recent drilling results have demonstrated the potential for resource expansion and grade improvement, particularly at depth. The company is well-funded following a recent financing round and is advancing toward an updated resource estimate and economic assessment.

Resource Base & Exploration Progress

Omai Gold currently has a resource of 2 million ounces in the indicated category and 2.3 million ounces in the inferred category. The resource is spread across two deposits: Wenot and Gilt Creek. The company has been actively drilling to expand and upgrade these resources.

In 2024, Omai completed approximately 14,000 meters of drilling, and has already completed 8,000 meters in 2025. The exploration program has been focused on expanding the resource at the Wenot deposit, which extends over 2.5 kilometers in length and contains multiple sub-parallel zones across a width of 400 meters.Elaine Ellingham, President and CEO of Omai Gold Mines noted,

"We have two orogenic deposits and we put out a PEA last year... but we've been drilling about 14,000 meters of additional drilling last year and another 8,000 meters already this year."

Wenot Deposit: Higher Grades at Depth

The Wenot deposit has shown particularly encouraging results as drilling has progressed to greater depths. The company initially focused on drilling above 350 meters depth for the preliminary economic assessment (PEA) completed in 2024, which is optimal for open-pit mining. However, recent drilling below this level has revealed higher grades.

One notable result was 4.48 g/t gold over 57 meters, which the company described as its "best drill hole ever." Another significant intersection was 5.2 g/t gold over 19 meters. These results are particularly impressive for an open-pit scenario, where grades are typically lower.

The company is now prioritizing drilling around these high-grade zones, with plans to drill at 50-meter spacing to better define these areas. This approach is expected to add ounces to the resource efficiently.

Infill & Step-Out Strategy

Omai Gold is employing both infill and step-out drilling strategies. The infill drilling is targeting areas within the existing resource model where drill spacing exceeds 150 meters. This approach is expected to convert what is currently modeled as waste into resource, potentially improving the overall economics by reducing the strip ratio.

Step-out drilling is focused on extending the resource to greater depths. The company has determined that each 100-meter vertical slice of the Wenot deposit hosts approximately 1 million ounces of gold. By extending the deposit from 350 meters to 450 meters depth, the company expects to add significant ounces to the resource.

Additionally, the company is exploring the potential for underground mining at Wenot, particularly in the higher-grade zones identified at depth. While most of the deposit is expected to be mined via open pit, the higher grades encountered recently could support underground mining in certain areas.

Gilt Creek Deposit: Extensive Mineralized Intrusive

The Gilt Creek deposit, located only 400 meters from Wenot, has also shown promising results. The upper portion of this deposit was previously mined, producing 2.4 million ounces from an open pit. The company completed its first drill hole at Gilt Creek since 2007, intersecting 774 meters of mineralized intrusive rock.

The entire 774-meter interval averaged 1 g/t gold, with higher-grade portions containing quartz veins with visible gold. Importantly, the drilling demonstrated that the intrusive body extends beyond previously thought limits, and that mineralization is pervasive throughout the intrusive, not just in quartz veins.

The existing resource at Gilt Creek stands at approximately 1.8 million ounces, with two-thirds in the indicated category. The average grade is 3.2 g/t, which the company believes would be economic for underground mining, especially at current gold prices.

Interview with President & CEO Elaine Ellingham

Economic Assessment & Development Pathway

Omai Gold completed a preliminary economic assessment in 2024, which demonstrated a net present value of $560 million USD. The PEA outlined a 13-year mine life with average annual production of 142,000 ounces of gold. However, the company considers this a baseline scenario.

"It was just a starting point for us but still a very healthy net present value of US$560 million, looking at a 13-year mine life averaging 142,000 ounces of gold per year, but we consider that just a baseline." 

With the additional drilling completed since the PEA, the company is working toward an updated resource estimate and economic assessment. The goal is to extend the mine life to 20 years, which would significantly enhance the project's value.

Operational Advantages & Cost Structure

Omai Gold benefits from several operational advantages in Guyana. The project is a brownfield site with known metallurgy from historical operations. It has good road access and is only a four-hour drive from the capital, Georgetown, where two assay labs are located.

The company's all-in drilling costs are below $200 per meter, which is considered exceptional in the current environment. This includes assays and all in-country costs. The company is working with Orbit Garant as its drilling contractor and has three drill rigs on site, with the potential to add a fourth if needed.

Financial Position & Valuation

Omai Gold is well-funded following a financing round completed in February 2025, which raised over $25 million. The company currently has over $30 million in cash, which is sufficient to fund the planned exploration and development activities throughout 2025.

The company's current market valuation translates to approximately $38 per ounce of resource (indicated and inferred), which management considers modest compared to peers in the Guyana Shield region. Given the project's brownfield nature, established metallurgy, good infrastructure, and government support, the company believes it represents a compelling investment opportunity.

The Investment Thesis for Omai Gold Mines

• Established Resource with Growth Potential: 4.3 million ounces combined indicated and inferred resource across two deposits with significant expansion potential both laterally and at depth.
• Grade Improvement at Depth: Recent drilling has revealed higher grades at depth (4.48 g/t over 57m), which could enhance project economics in future economic assessments.
• Two Distinct Gold Deposits: Wenot (open-pit potential with underground optionality) and Gilt Creek (underground potential with 3.2 g/t average grade), providing multiple development pathways.
• Strong Economics from Baseline PEA: $560 million USD NPV with 13-year mine life and 142,000 oz annual production - with potential for significant improvement in future updates.
• Well-Funded for Extensive Exploration: Over $30 million in cash following recent financing, sufficient for planned drilling and development activities throughout 2025-2026.
• Brownfield Advantage: Previously producing mine with known metallurgy, existing infrastructure, and strong government support reduces development risk.
• Cost-Effective Exploration: All-in drilling costs below $200/meter in Guyana, allowing efficient resource addition and conversion.
• Valuation Upside: Trading at approximately $38 per resource ounce, representing potential value compared to peers in the Guyana Shield region.
• Clear Path to 20-Year Mine Life: Management targeting extension from current 13-year baseline to enhance long-term value proposition.

Macro Thematic Analysis

The Guyana Shield region has emerged as one of the world's most promising gold mining jurisdictions, benefiting from geological similarities to the prolific West African gold belt while offering a stable mining jurisdiction in South America. Guyana in particular has seen increasing attention from major gold miners and mid-tier producers seeking to replace declining reserves in traditional mining regions.

The country benefits from a stable mining code, established infrastructure in key mining areas, and a government that recognizes the economic importance of mining development. With gold prices maintaining strength above $2,000/oz, projects like Omai with established resources, brownfield advantages, and expansion potential are particularly well-positioned.

The resurgence of past-producing mines like Omai reflects a broader industry trend of revisiting known deposits with modern exploration techniques and higher gold price environments, often yielding significant resource growth. The substantial intrusive-hosted mineralization at Gilt Creek and the extensive orogenic system at Wenot demonstrate the type of large-scale gold systems that major producers seek for acquisition.