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OMG: Continues to Hit Strong Mineralization at Wenot

What you need to know:
• Omai announced assay results from the final three drill holes as part of its 26-hole 13,716m 2024 drill campaign.
• All three holes intersected strong mineralization with the highlight being 5.21 g/t Au over 19.3m, including two higher-grade sections.
• Results are pending for an additional 8 holes at Wenot drilled this year as part of the 10,000m 2025 drill program.
• An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25.

Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced assay results from the final three holes drilled in 2024 as part of its 26-hole diamond drill campaign which totalled 13,716m. The highlight from this release was hole -097 which intersected 5.21 g/t Au over 19.3m, including 11.44 g/t Au over 4.6m and 11.75 g/t Au over 3.6m. Assays are pending for eight holes already drilled at Wenot in 2025 as part of its 10,000m drill program. We are maintaining our BUY rating and $0.80/share on Omai Gold Mines.

Highlights from the three holes reported today include:
• Hole 24ODD-097: 5.21 g/t Au over 19.3m, including 11.44 g/t Au over 4.6m, and 11.75 g/t Au over 3.6m.
• Hole 24ODD-096: 0.98 g/t Au over 26.2m, including 1.71 g/t Au over 12.7m, and 1.31 g/t Au over 22.0m.
• Hole 24ODD-093: 1.89 g/t Au over 6.7m and 2.51 g/t Au over 4.9m.

To date, eight holes have already been drilled at Wenot totalling 4,880m. Two of these holes were drilled at the Camp Zone ~1km west of Wenot along the shear corridor. This area has no historical open pit mining, but a few previous holes encountered encouraging mineralization. If the 2025 10,000m program is successful, the Company may look to expand this program prior to putting together the updated resource estimate, followed by the updated PEA.

Our Take
Today’s announcement is just another testament to the robust nature of the Wenot deposit and with another ~10,000m of drilling to be reported between now and the MRE coming in Q2, we expect more strong results to come. Again, we anticipate a material increase in the size of the deposit beyond the already large 2.45Moz at Wenot, which will set us up for a step change to the economics in the updated PEA (coming in Q3). We remind readers that the Omai Gold Project is a brownfields project which greatly reduces development risk for the following reasons: proven to host economic deposits, known geology, and known metallurgy (~92% historical recovery). Additionally, the project is easily accessible relative to other projects in the region with a national highway just 10km from site (currently being paved), a small runway on site, and may have access to inexpensive power as a hydropower project is planned to be built, passing within 30km of the Omai property.