Omai Gold Drills 5.12 g/t Au over 40.5m and 2.68 g/t Au over 40.7m at Wenot

Omai Gold Mines Corp. (OMG) has released assay results from 11 additional diamond drill holes at the Wenot deposit in Guyana, which are part of the company’s 2026 50,000m drilling program. To date, 74 drill holes totaling 35,149m have been completed in 2026. Since the April 2026 mineral resource estimate (MRE), a further 77 holes totaling 37,077m have been completed, though these are not yet included in the resource.

Headline intercepts include Hole 26ODD-193 at Central Wenot, which returned 5.12 g/t Au over 40.5m, including 11.29 g/t Au over 10.4m and 18.35 g/t Au over 4.5m, plus 1.37 g/t Au over 26.0m and 1.48 g/t Au over 14.0m. Hole 26ODD-197W at East Wenot returned 2.68 g/t Au over 40.7m, including 3.81 g/t Au over 15.7m, plus 2.72 g/t Au over 12.9m and 2.16 g/t Au over 16.0m.

Other notable intervals reported include: - 26ODD-192: 11.16 g/t Au over 3.7m, 2.71 g/t Au over 14.0m, 0.97 g/t Au over 35.0m. - 26ODD-194: 2.20 g/t Au over 14.7m including 24.79 g/t Au over 0.9m; 5.24 g/t Au over 7.9m. - 26ODD-198: 5.32 g/t Au over 6.0m; 2.36 g/t Au over 16.4m; 2.29 g/t Au over 21.5m including 4.61 g/t Au over 9.4m. - 26ODD-190: 3.15 g/t Au over 13.9m including 22.95 g/t Au over 1.4m; 8.03 g/t Au over 2.6m. - 26ODD-191: 5.17 g/t Au over 7.4m; 4.37 g/t Au over 7.5m.

Hole 26ODD-189, which tested a geophysical anomaly, returned no significant mineralization. The disclosed assay parameters include a 0.30 g/t Au cutoff, a maximum internal dilution of 5.0m (with two intervals up to 7.5m), uncapped grades, and an estimated true width of 70-90% of the drilled interval.

Management reiterated the findings from the August 2026 Preliminary Economic Assessment (PEA), which outlined an average production of 351,000 oz/year over 18 years, with a net present value (NPV) of $6.2B at $4,500/oz and a 5% discount rate.

Omai Gold Mines Corp. (OMG) is an advanced development and exploration company with a total resource of 7.96 million ounces and a high-grossing preliminary economic assessment, though it is not a producer. The company’s market capitalization is approximately C$1.79 billion.

The reported drill holes are overwhelmingly infill and resource-definition work, along with close step-outs within a known deposit. Under the infill anchor rule, the relevant comparison is the resource grade rather than the best prior headline hole. Wenot’s Indicated resource grade is 1.59 g/t Au and Inferred is 1.35 g/t Au. Many of these intercepts are well above that grade over meaningful widths, serving as confirmations.

The prior anchor headline hole from June 24, 2026, was 7.26 g/t over 34.8m, or about 253 g·m Au. The best new intercept, 5.12 g/t over 40.5m, is about 207 g·m Au, slightly lower in gram-metres but longer. It does not represent a step-change in grade or scale.

The stock ran from roughly $2.24 in late June to a high of $3.10 in August on the PEA and resource growth, then faded to $2.66 before this release. That indicates the market has already paid for a larger Wenot/Gilt system and for the PEA. Routine Wenot infill results, even good ones, are unlikely to re-rate the equity 15%+.

Omai Gold Mines Corp. is a Canadian gold exploration and development company that is the 100% owner of the Omai Gold Project in Guyana. The property is a past producer, with historical production of about 3.8moz Au from 1993-2005.

An April 2026 Mineral Resource Estimate (MRE) reported 2.495moz Au Indicated at 2.04 g/t Au, and 5.465moz Au Inferred at 1.59 g/t Au. Specific deposit details include the Wenot open-pit deposit, which contains 1.453moz Indicated at 1.59 g/t Au and 3.999moz Inferred at 1.35 g/t Au, and the Gilt underground deposit, which holds 1.042moz Indicated at 3.33 g/t Au and 1.465moz Inferred at 3.22 g/t Au.

An August 2026 Preliminary Economic Assessment (PEA) outlined an 18-year mine life, producing 6.33moz payable gold at an average of 351koz/year. The study calculated an after-tax NPV of $4.0B at $3,600/oz and a 5% discount, with a 24% IRR and $1.427B initial capex.

Financially, the company has no revenue and reported a Q1-2026 net loss of US$6.95M. As-reported SEDAR data for Q1-2026 showed cash of US$8.78M, while the MD&A describes US$39.3M in cash and short-term investments and zero debt.