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OMG: More Assays, More Success + Gilt Creek Inclusion

What you need to know:
• Omai announced its 2nd batch of assay results from the ongoing 10,000m drill program. 17 diamond drill holes have been completed totalling 8,460m and a third drill is being added to the program.
• Assays from six holes were reported today, mostly continuing to target previously untested gap zones, yielding strong gold mineralization in the majority of holes.
• We believe with three drill rigs and the sizeable budget (compared to the last few years), Omai should be able to materially increase the resource and economics in the updated PEA planned for Q2/25.

This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced drill results from its ongoing drill program at the Omai Gold Project in Guyana. To date, 17 diamond drill holes have been completed totalling 8,460m and drilling continues. Notably, drilling has accelerated since the addition of the second drill coming online in late August, and today OMG announced a third drill is being added this quarter. The Company reported high-grade assay results from six diamond drill holes and assays are pending for another six. Beyond the high-grade results, Omai announced its intent to include the Gilt Creek deposit in the updated PEA planned for Q2/25. Engineering and metallurgical work has already commenced on this deposit, and the third drill rig will focus mostly on Gilt Creek. The inclusion of this deposit should significantly boost the economics of the updated PEA and show investors the full potential of the asset. We are maintaining our BUY rating and our $0.40/share target price on OMG.

Assays were reported for six drill holes with six additional assays being pending. Highlights from today’s release include:

• Hole 24ODD-086: 2.96 g/t Au over 19.4m and 3.78 g/t Au over 10.5m
• Hole 24ODD-083: 10.93 g/t Au over 7.5m and 2.33 g/t Au over 17.7m
• Hole 24ODD-082: 3.19 g/t Au over 22.8m, including 7.04 g/t Au over 8.0m

Today’s drill results confirm additional potential to continue to expand the Wenot deposit along strike, depth, and within the sedimentary rocks (more detail below). Additionally, filling in the large untested gaps within the PEA pit and proving these areas to be mineralized, could result in a substantial boost to the PEA economics. This is because these gaps are currently treated as uneconomic waste, therefore positive results would not only grow the resource but reduce the strip ratio of the operation (lowering costs and boosting profits).

Ongoing Work
Drilling is expected to continue until early December at which point the Company will commence work on an updated mineral resource estimate planned to be released in Q1. Following this, the Company plans to immediately proceed to an updated PEA which will include the Gilt Creek deposit.

As previously mentioned, since 2022 and the most recent resource update, Omai added 578Koz of new gold to the Wenot deposit by spending just $3M, equating to a very low cost of discovery of ~$5.2/oz. This gives us confidence in Omai’s ability to cost-effectively add ounces to the resource and that the resource will grow materially with the larger budget.