FREE

OMG: 20,500m Drilled YTD; Result Impress; Increasing Target

What you need to know:
• Omai reported drill results from six holes (3,760m), part of the expanded >25,000m 2025 drill program at Wenot.
• Highlights include 31.7 g/t Au over 7.5m, 2.64 g/t Au over 41.8m, and 3.49 g/t Au over 17.4m (with several other notable highlights).
• 37 holes have been completed YTD (20,500m); results from eight holes remain pending.
• We eagerly await the upcoming MRE and following updated PEA.

This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional drill results from its ongoing 2025 drill program at its wholly owned Omai Gold Project in Guyana. Assays were reported for six holes totalling 3,760m drilled. A total of 37 holes have been completed YTD, surpassing the 15,000m originally planned for 2025 and reaching 20,500m so far. Assays are pending for an additional eight holes, and an updated mineral resource estimate (MRE) is expected in the coming months. We are maintaining our BUY rating and increasing our target price to $1.10/share (previously $0.80/share) on Omai Gold Mines.

Drill Highlights from the six holes reported today include:
Hole 25ODD-119:
• 31.70 g/t Au over 7.5m (17.36 g/t Au over 7.5m capped at 70 g/t Au), including 141.74 g/t Au over 1.5m
• 1.61 g/t Au over 36.4m, including 3.26 g/t Au over 3.8m
Hole 25ODD-124:
• 1.76 g/t Au over 20.5m, including 5.46 g/t Au over 3.5m
• 5.67 g/t Au over 4.5m
Hole 25ODD-124W:
• 2.64 g/t Au over 41.8m, including 9.25 g/t Au over 4.5m
• 3.49 g/t Au over 17.4m, including 6.31 g/t Au over 7.4m
Hole 25ODD-121:
• 9.85 g/t Au over 2.9m, 13.74 g/t Au over 3.5m, 2.64 g/t Au over 12.4m
Hole 250DD-118:
• 3.10 g/t Au over 14.5m, 9.81 g/t Au over 2.5m

Our Take
As drilling continues, we are getting used to the stellar results Omai has consistently been reporting over the last year, but to be clear, results like these are highly impressive and should not be overlooked. With over 33,000m drilled since the last MRE, we have big expectations for this next resource update, planned to be reported within the next few months. Following this, the Company will work towards updating its PEA, which will have two major resource additions. First, the updated resource at Wenot (as mentioned), and second, the inclusion of the Gilt Creek Deposit, which hosts 1.82Moz (indicated & inferred).

More near-term, we are excited to see the results of Hole 25ODD-122, the 1,800-2,000m hole drilled through the Gilt Creek deposit towards Wenot at a depth of 1,100-1,200m, ~600m below the current Wenot resource. The importance of this hole is to test the vertical continuity of the Wenot deposit, far below current drilling. Additionally, we remind readers of the most recent hole drilled at Gilt Creek (announced on February 24th), which produced a highly impressive intercept of 1.0 g/t Au over 774m.