Omai Gold Reports Wenot Drill Results and Plans Depth Test at Gilt Deposit

• Hole 26ODD-173 returned 3.86 g/t Au over 23.8m and 3.49 g/t Au over 16.9m at Central Wenot, with visible gold and peak grades of 66.21 g/t Au and 46.68 g/t Au within select intervals.
• Five drills are active across a 50,000m 2026 programme, with results expected to continue as the company works to convert Wenot's Inferred mineral resource to the Indicated category.
• A deep drill hole at the Gilt deposit, targeting depths of 1.2 to 1.5 kilometres, is planned to commence before the end of May 2026.
• The Gilt deposit holds 1,040,000 oz Indicated at 3.33 g/t Au and 1,465,000 oz Inferred at 3.22 g/t Au per the April 2026 resource update.
• An updated Preliminary Economic Assessment (PEA) incorporating the expanded Wenot open pit and the Gilt underground is targeted for completion in early Q3 2026, with metallurgical and environmental work progressing concurrently.

Omai Gold Mines Corp. (TSXV: OMG | OTCQB: OMGGF) is a Canada-based gold exploration and development company advancing its wholly owned Omai Gold Project in Guyana, South America. The project sits on the site of the historic Omai Gold Mine, which produced over 3.7 million ounces of gold between 1993 and 2005 before ceasing operations when gold prices fell below US$400 per ounce. The company describes the Omai Gold Project as one of the fastest-growing gold camps in the Guiana Shield. An April 2026 resource update confirmed combined Indicated resources of approximately 2.5 million ounces at 2.04 g/t Au and Inferred resources of approximately 5.5 million ounces at 1.59 g/t Au across the Wenot and Gilt deposits. The site has existing infrastructure, including an on-site airstrip and road access to Georgetown and Linden, Guyana's two largest cities.

Wenot Deposit Infill Drilling Results and Resource Upgrade Progress

Seven drill holes were reported across Central, East, and West Wenot, along with one exploration hole drilled south-southwest of the deposit to test a magnetic geophysical anomaly. At Central Wenot, hole 26ODD-173 returned 3.86 g/t Au over 23.8m (including 66.21 g/t Au over 0.8m) and 3.49 g/t Au over 16.9m (including 46.68 g/t Au over 0.6m). Note: g/t Au refers to grams of gold per tonne of rock, the standard measure of ore grade in the mining industry. Mineralisation was associated with quartz-ankerite veining and visible gold within andesite and diorite.

Also at Central Wenot, hole 26ODD-169 returned 2.90 g/t Au over 22.9m and 2.64 g/t Au over 19.2m, confirming mineralisation along the dike corridor and into the sedimentary sequence. At East Wenot, hole 26ODD-171 returned 2.02 g/t Au over 21.5m in the volcanics and 2.65 g/t Au over 17.2m within the sedimentary sequence, including 14.73 g/t Au over 2.2m. The company notes that sediment-hosted gold zones within the existing Wenot footprint can contribute additional ounces without expanding the pit boundary, which has the effect of reducing the strip ratio (the volume of waste rock moved relative to ore mined), a factor that influences open-pit mining costs.

The objective of the current programme is to convert Wenot's Inferred mineral resource to the Indicated category. In Canada's resource estimation framework, an Indicated resource carries greater geological confidence than an Inferred one and is the minimum threshold required for inclusion in a formal mine plan or feasibility study. As at the April 2026 update, Wenot's Indicated resource stood at 1,453,000 oz at 1.59 g/t Au following a 49.8% increase, while the Inferred resource stands at 3,999,000 oz at 1.35 g/t Au. Infill drilling, which closes gaps between existing holes to confirm that mineralisation is continuous, is the primary method for achieving that conversion.

Deep Drill Hole Planned to Test Gilt Deposit Depth Potential

Omai Gold has announced plans to drill a deep exploration hole at the adjacent Gilt deposit, with a start expected before the end of May 2026. The Gilt deposit is an intrusion-hosted orogenic gold deposit within the same project area as Wenot. Previous drilling has traced gold mineralisation at Gilt to a depth of 965m, and the deposit remains open below that point. The updated Gilt mineral resource estimate, announced on 14 April 2026, reported 1,040,000 oz Indicated at 3.33 g/t Au and 1,465,000 oz Inferred at 3.22 g/t Au.

The planned hole will be collared on the northern side of the Gilt pit and oriented down the axis of the intrusion. The company is targeting a final depth of between 1.2 and 1.5 kilometres, depending on results. The hole will begin with HQ-diameter core (63.5mm) to recover material for comminution testing, a type of metallurgical work that measures how ore breaks down during processing and informs mill design. Once sufficient sample material has been collected, the core diameter will be reduced to allow drilling to continue to depth.

President and CEO Elaine Ellingham commented: 

"We are excited to announce that we will be commencing another deep hole to test the long-term potential at Omai. This time, we are planning a steep hole into our Gilt intrusion-hosted gold deposit to explore its depth potential. Historical drilling reached down to a 965m depth with a single hole, and we are targeting a hole in the 1.2 to 1.5km range, depending on results. Deeper holes can present challenges, however in 2025 the Omai team and our drillers from Orbit Garant were able to drill a 2,014m drill hole that intersected the Wenot deposit at a vertical depth of approximately 1,200m, a full 700m below the known Wenot deposit. These deep holes can provide an indication of the potential at depth and potential for an extended mine life."

Updated PEA Progress and Permitting Advancement

Omai Gold's independent consultants, SLR Consulting (Canada) Ltd., are advancing an updated Preliminary Economic Assessment (PEA), an independently prepared study that models the economics of a potential mining operation. The updated PEA will incorporate an expanded Wenot open pit and an underground operation at the Gilt deposit, and is expected to be completed in early Q3 2026. All technical programmes, including environmental assessment, metallurgy, tailings management, and mine planning, are being advanced to a standard aligned with pre-feasibility and feasibility-level study requirements.

On the permitting side, the company is working through the final review of the terms and scope of an Environmental Impact Assessment (EIA) with the Guyana Environmental Protection Agency, a required step in the formal approvals process. Metallurgical test results are also expected shortly for 73 representative samples collected from both deposits, and will feed into the process design and cost assumptions within the PEA.

President and CEO Elaine Ellingham added: 

"The 50,000m drill program at Omai is well underway with five drills turning. Results will continue as we focus on upgrading the large inferred Mineral Resource Estimate at the Wenot deposit to Indicated MRE. At the same time, we will continue to drill certain nearby targets that are either geophysics targets or will further test the extent of Wenot."

Milestones and Next Steps

The company has outlined the following near-term milestones: continued Wenot infill drill results as the 50,000m programme progresses; commencement of the Gilt deep hole before the end of May 2026; metallurgical results from 73 samples across both deposits, expected shortly; completion of the updated PEA in early Q3 2026; and finalisation of the EIA scope review with the Guyana Environmental Protection Agency as part of the project permitting process.

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