Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joined me live at the New Orleans Investment Conference last week on November 4^th, for a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.

The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:

• 2,121,000 ounces of gold (Indicated MRE),  averaging 2.07 g/t Au in 31.9Mt &
• 4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt

Multiple drills are still turning with 64 drill holes that have been completed to date this year on the Omai property; totaling 30,297 meters of the targeted 40,000 meters from the current exploration program.  All these coming drill assays will then factor into updated  project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q1 of 2026.  

This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.  That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics Gilt Creek.  The updated PEA slated for early next year will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.

Elaine also highlighted some recent regional drilling completed at two near-surface exploration targets that were identified from trenching, geophysics and historical data. Assays are reported for 11 drill holes totalling 2,615m with 6 holes on the BBH target and 5 holes from the Camp Zone.

Highlights from the recent exploration holes include:

BBH Target

• Hole 25ODD-131 – intercepted 20.33 g/t Au over 5.30m, including 35.61 g/t Au over 3m

Camp Zone Target

• Hole 25ODD-135 – intercepted 2.72 g/t Au over 16.30m, including 9.05 g/t Au over 4m
• Hole 25ODD-136 – intercepted 2.05 g/t Au over 7.50m, including 11.32 g/t Au over 1m
• Hole 25ODD-138 – intercepted 0.85 g/t Au over 12.70m, including 1.32 g/t Au over 6m

Next we reviewed the status on the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit, where the geological thesis is that there could also be deep sheer resources well below the known mineralization.  We discuss how this hole did finally encounter ~260 meters of sheer mineralization at depth, proving the thesis, but that the hole was still being processed at the assay lab.

 Wrapping up we discussed the metallurgical testing, permitting process, and other derisking work on the Project, gathering data to be utilized in the upcoming PEA.

If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.

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