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OMG: More Positive Drill Results & Expanded Drill Program

What you need to know:
• Omai announced assay results from four drill holes totalling 2,157m, two drilled at Wenot and two drilled at the Camp Zone, ~1km west of Wenot.
• The highlight hole, drilled beneath the Wenot resource pit, intersected 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m.
• Results are pending for 10 holes at Wenot (Figure 1) as part of the 10,000m 2025 drill program, which has now been expanded to 15,000m.
• 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 ongoing 2025 drill campaign at its 100% owned Omai Gold Project in Guyana. The highlight from this release was Hole 25ODD-101 which was drilled outside the current resource pit, intersecting 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m with two additional zones of strong grade over width. Due to the strong results thus far in the program, Omai announced that it will be increasing the 2025 drill program from 10,000m to at least 15,000m. Assays are pending for 10 holes. We are maintaining our BUY rating and $0.80/share on Omai Gold Mines.

Highlights from two of the holes reported today include:
• Hole 25ODD-101: 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m.
• Hole 25ODD-101: 3.83 g/t Au over 18.8m.
• Hole 25ODD-101: 2.13 g/t Au over 48.5m including 3.14 g/t Au over 18.2m and 10.34 g/t Au over 3.3m.
• Hole 25ODD-099: 3.58 g/t Au over 7.0m and 0.97 g/t Au over 26.0m, including 2.92 g/t Au over 5.0m.

Hole-101, drilled outside of the PEA pit shell and resource pit shell intersected three separate intervals of gold mineralization (highlights above). All three intervals should extend the resource limits and contribute to the upcoming MRE (Figure 1). The two drill holes from the Camp Zone (~1km west of Wenot along strike) intersected low-grade mineralization when compared to Wenot but the near surface mineralization intrigues the Company to further investigate the area for potential of satellite pits that could boost future project economics (see breakdown of the results below). These results also warrant deeper drilling in this area.

Our Take
Today’s announcement continues to build on some of the best drill results reported in Omai’s history and are another step towards a sizeable update coming in Q2. Based on the success of the 2025 program thus far, OMG expanded the 2025 program from 10,000m to 15,000m+, giving us strong confidence in a substantial increase in the upcoming mineral resource estimate. The MRE is expected in Q2, but we wouldn’t be surprised if this timeline was pushed into Q3 as a delay would only be a result of continued drilling success and make for an even larger increase to the resource and ultimately the updated PEA. We remind readers that the majority of the drilling in 2024 and 2025 was targeting Wenot, both infill and expansion, which will build on the already large 2.45Moz deposit at Wenot. We are expecting several batches of drill results to be reported between now and the MRE, making for a news-heavy Q2.