Omai Gold increases private placement to $40-million

Ms. Elaine Ellingham reports OMAI GOLD MINES CORP. ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT TO $40 MILLION Omai Gold Mines Corp., due to investor demand, and Paradigm Capital Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, have agreed to increase the size of the company's previously announced bought deal private placement offering. Under the amended offering, 34,783,000 common shares of the company are to be issued at $1.15 per share for gross proceeds of $40,000,450. In connection with the upsize of the offering, the company and Paradigm have also agreed that the previously announced underwriters' option (as such term is defined in the news release of the company dated Sept. 30, 2025) shall no longer apply to the offering. The net proceeds from the offering will be used for exploration and development, and general working capital purposes. In connection with the offering, the company has agreed to pay the underwriters a fee of 5.5 per cent of the gross proceeds from the sale of the shares. The company will have the right to include a list of subscribers to purchase up to $1.5-million of the shares at the issue price under the offering. The underwriters will receive a reduced underwriters' fee of 3 per cent of the gross proceeds from the sale of the shares to the president's list. The offering is expected to close on or about Oct. 21, 2025, and is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The offering is being made by way of private placement in Canada, in the United States pursuant to an exemption from the registration requirements of the United States Securities of 1933, as amended, and in such other jurisdictions as may be mutually agreed upon by the underwriters and the company. The securities issued under the offering will be subject to a hold period in Canada, expiring four months and one day from the closing date of the offering. About Omai Gold Mines Corp. Omai Gold Mines is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100-per-cent-owned Omai gold project in mining-friendly Guyana, South America. The company has established the Omai gold project as one of the fastest-growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In February, 2024, the company announced an updated National Instrument 43-101 mineral resource estimate (1) (MRE), followed by the announcement of an initial baseline preliminary economic assessment (PEA), both reported in an NI 43-101 report filed in April, 2024, available on SEDAR+. The 2024 PEA contemplated an open-pit-only development scenario and included only 45 per cent of the Omai gold project MRE. The company announced an updated, significantly increased mineral resource estimate on Aug. 25, 2025, and is commencing the preparation of an updated PEA that is expected in early 2026. Four drills are currently active on the property: at Wenot the focus is to optimize the upcoming PEA, to further test the limits of the deposit, including both east and west, and to upgrade some of the large inferred resource to indicated. Additional drilling will explore certain known gold occurrences for possible near-surface higher-grade satellite deposits. The Omai gold mine produced over 3.7 million ounces of gold from 1993 to 2005 (2), ceasing operations when gold was below $400 (U.S.) per ounce. The Omai site significantly benefits from existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved road. (1) The NI 43-101 technical report, dated May 21, 2024, "Updated Mineral Resource Estimate and Preliminary Economic Assessment of the Omai Gold Property, Potaro Mining District No. 2, Guyana," was prepared by Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants Inc. and is available on SEDAR+ and on the company's website. (An updated MRE was announced in a news release dated Aug. 25, 2025, and the NI 43-101 technical report will be filed shortly.) (2) Past production at the Omai mine (1993 to 2005) is summarized in several Cambior Inc. documents available on SEDAR+, including the March 31, 2006, AIF (annual information form) and the news release dated Aug. 3, 2006. Elaine Ellingham, PGeo, is a qualified person (QP) under NI 43-101, Standards of Disclosure for Mineral Projects, and has reviewed the technical information contained in this news release. Ms. Ellingham is a director and officer of the company, and is not considered to be independent for the purposes of NI 43-101. We seek Safe Harbor.