Omai Gold Reports New Drill Results at Wenot, Updated Resource Estimate and Economic Study Expected in Coming Weeks

• Hole 25ODD-158 returned 7.74 g/t gold over 13.5 metres, including 28.03 g/t gold over 3.1 metres in Central Wenot.
• Hole 25ODD-162 returned 6.30 g/t gold over 9.8 metres, including 37.31 g/t gold over 1.1 metres in West Wenot.
• An updated Mineral Resource Estimate (MRE) is expected within weeks, followed by a Preliminary Economic Assessment (PEA) approximately two months later.
• Five drill rigs are active at Wenot, targeting the Dike Corridor at depths between 150 and 400 metres, in areas not previously drilled.
• A drill rig has been deployed to test the "Handle," a geophysical anomaly northeast of Wenot, with an additional rig commencing two step-out holes at East Wenot.

Omai Gold Mines Corp. (TSXV: OMG | OTCQB: OMGGF) is a Canada-based gold exploration and development company focused on the Omai Gold Project in Guyana, South America, which it owns 100%. The project hosts two orogenic gold deposits, Wenot and Gilt, located in the Guiana Shield. The Omai Gold Mine previously produced over 3.7 million ounces of gold between 1993 and 2005. The project retains existing infrastructure, including an airstrip, tailings facilities, and road access to Georgetown and Linden. In August 2025, the company reported an MRE of 970,000 ounces of gold in the Indicated category and 3.72 million ounces in the Inferred category for the Wenot deposit, representing a 96% increase from the prior estimate.

High-Grade Wenot Intercepts Across Multiple Zones and Deposit Areas

Eight holes were drilled across West, Central, and East Wenot, each returning gold mineralisation across multiple intervals. In Central Wenot, Hole 25ODD-158 returned 7.74 g/t gold over 13.5 metres and a broader interval of 1.45 g/t gold over 44.4 metres within the Dike Corridor, a mineralised structure running through the deposit. Hole 26ODD-164, drilled on the same section line, intersected ten mineralised zones within the Dike Corridor, with notable intercepts of 2.93 g/t gold over 10.0 metres and 2.78 g/t gold over 11.5 metres, including 7.41 g/t gold over 3.0 metres.

In West Wenot, Holes 25ODD-161 and 25ODD-162 intersected the Central Quartz Feldspar Porphyry (CQFP), a gold-bearing rock unit at the core of the deposit, returning 5.06 g/t gold over 9.4 metres and 6.30 g/t gold over 9.8 metres respectively, both with visible gold observed in core. Hole 26ODD-166, also in West Wenot, intersected over 69 metres of gold mineralisation within a 175-metre interval of sedimentary rock, with multiple zones returning between 1.37 and 2.55 g/t gold over intervals of 10 to 14 metres.

At East Wenot, Hole 25ODD-160 was drilled within a gap between two earlier holes and intersected several gold-bearing intervals within the Dike Corridor, including 7.17 g/t gold over 1.5 metres and 1.01 g/t gold over 7.0 metres. The company noted that at this eastern end of the deposit, the geometry of the contact between rock units appears to have rotated, a factor that will inform future drill planning in the area.

Updated MRE and PEA Expected to Define Next Stage of Project Advancement

The company is advancing several workstreams in parallel with its drill programme. An updated MRE incorporating drilling completed through early 2026 is expected within the next few weeks. A PEA is expected approximately two months after the MRE is completed and will include both the Wenot open pit and the adjacent Gilt underground deposit.

President and CEO Elaine Ellingham stated: 

"As these drill results continue to add to the confidence in Omai as a Tier 1 gold asset, we are advancing many aspects of work towards the next stages for the project. The Company is expecting the completion of its updated Mineral Resource Estimate within the next couple of weeks and the Preliminary Economic Assessment is expected a couple months following completion of the MRE."

In addition to the MRE and PEA, the company has commenced metallurgical work, tailings studies, and permitting initiatives. The current drill programme, totalling five rigs at Wenot, is focused on upgrading Inferred ounces to the higher-confidence Indicated category, testing the northeastern Dike Corridor at depth, and extending the known limits of the deposit.

Exploration Drilling Targets the Handle Anomaly and East Wenot Extension

Alongside resource definition drilling, Omai has commenced exploration drilling at two targets outside the current deposit boundary. The first is a geophysical anomaly called the "Handle," a magnetic high trending northeast from the Wenot deposit. The company notes that the Wenot deposit itself corresponds to a magnetic high, and that historical blast hole data indicates northeast-trending structures play a role in gold mineralisation in parts of the deposit. One drill rig has been deployed to test this target.

The second target is the East Wenot extension, where two additional step-out holes have commenced. Earlier drilling in the area returned intercepts above 3 g/t gold, and Hole 25ODD-160, reported in this release, intersected several gold-bearing intervals within a 53-metre wide Dike Corridor at the eastern end of the deposit. 

President and CEO Elaine Ellingham added: 

"We will continue our very aggressive drill programme with a focus on upgrading the large Wenot resource, extending the limits and testing certain priority exploration targets."

Milestones and Next Steps

The updated MRE is expected within weeks, followed by the PEA approximately two months later. Five drill rigs remain active at Wenot, with additional rigs now drilling the Handle anomaly and the East Wenot extension. Metallurgical studies, tailings assessments, and permitting work are underway concurrently. Results from the current Dike Corridor drilling programme, targeting depths not previously tested, will be reported as assays are received.

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