Omai Gold Intersects Multiple Gold Zones in Each Wenot Hole Including 4.84 g/t Au over 38.4m and 12.57 g/t Au over 5.8m

OMAI Gold Mines Corp. (OMG) reported assay results from 12 diamond drill holes totaling 6,913 meters at the Wenot shear corridor, a component of its 100%-owned Omai Gold Project in Guyana. The company completed 106 holes for 50,185 meters in 2026, with 88 holes drilled following the April 2026 mineral resource estimate (MRE). Assays remain pending for 42 of those holes.

The headline intersections were reported as core-length intervals rather than true widths. Hole 26ODD-204 returned 4.84 g/t Au over 38.4 meters from 555.0 meters, including 6.91 g/t Au over 18.3 meters. Hole 26ODD-207 returned 12.57 g/t Au over 5.8 meters from 560.7 meters, including 20.97 g/t Au over 3.3 meters.

In the Central Wenot area, the company reported the following intercepts: * 26ODD-200W: 6.96 g/t Au over 5.2 meters * 26ODD-203: 2.38 g/t Au over 23.9 meters * 26ODD-220: 1.78 g/t Au over 23.0 meters * 26ODD-201: 1.13 g/t Au over 17.0 meters

Results from the West Wenot zone included: * 26ODD-202: 2.78 g/t Au over 20.2 meters * 26ODD-206: 2.05 g/t Au over 20.8 meters * 26ODD-209: 15.21 g/t Au over 2.0 meters * 26ODD-211: 2.08 g/t Au over 12.6 meters

Intersections in the East Wenot zone were reported as: * 26ODD-205: 0.71 g/t Au over 33.7 meters * 26ODD-217: 1.03 g/t Au over 22.6 meters

OMAI Gold Mines Corp. applies a 0.30 g/t Au cutoff with a maximum 3.0-meter internal dilution. The company reports true width as 70-90% of the drilled interval and states that all grades are uncapped unless noted. These results provide context for the preliminary economic assessment (PEA), which outlines a 6.3-million-ounce resource over 18 years, averaging approximately 351,000 ounces per year. The PEA calculates an after-tax NPV5% of US$4.0 billion at US$3,600/oz and a 24% internal rate of return (IRR). An updated MRE is targeted for the first quarter of 2027.

OMAI Gold Mines Corp. (OMG) is now positioned as a pre-economic feasibility study (PEA)-stage developer, boasting an 8-million-ounce gold resource and a US$4.0 billion after-tax net present value at a 5% discount rate (NPV5%). The company’s equity valuation is primarily driven by resource conversion, feasibility studies, permitting, financing, and gold prices, rather than individual drill results.

The recent drilling release serves as an infill and expansion confirmation. Main intercepts were at or above resource grade, with Central and West holes supporting continuity within the known Wenot system. These results provide a positive input for the Q1 2027 mineral resource estimate (MRE). The release does not alter the April 2026 MRE or the August 2026 PEA, nor does it introduce a new zone with assays, a new economic study, financing, or a permit. The market’s valuation anchor remains the PEA and the resource base.

Compared to the prior drilling cadence, the results are in line rather than representing a step-change. The September 1 release included 5.12 g/t over 40.5m, or approximately 207 gm; the June 24 release included 7.26 g/t over 34.8m, or approximately 253 gm. The new best hole at 185.9 g*m is solid but not materially better than what has already been demonstrated.

The stock has fallen from C$3.10 in August 2026 to C$1.59 on November 11, 2026, meaning prior drill results are not embedded at current levels. This prevents a negative read but also indicates the market is focused on the larger development path rather than another good Wenot hole. The release supports the resource-conversion case and should be received as good news, but it lacks the scale of a new discovery or an economic milestone.

Omai Gold Mines Corp. (OMG) controls 100% of the Omai Gold Project in Guyana, a past-producing gold camp featuring existing infrastructure that includes an airstrip, tailings facility, cleared site, and road access to Georgetown and Linden. The project encompasses the Wenot open-pit deposit and the adjacent Gilt underground deposit. An April 2026 mineral resource estimate (MRE) totals 2.5 million ounces of Indicated resources at 2.04 g/t and 5.5 million ounces of Inferred resources at 1.59 g/t, for approximately 8 million ounces of contained gold.

An August 2026 preliminary economic assessment (PEA) outlines 6.3 million ounces of payable production over 18 years, averaging about 351,000 ounces per year with a peak output of about 436,000 ounces per year. The assessment assumes a 93% recovery rate, US$1.427 billion in initial capital expenditure, US$1,501 per ounce in cash costs, and US$1,608 per ounce in all-in sustaining costs (AISC). At a gold price of US$3,600 per ounce, the project yields a US$4.0 billion after-tax net present value at a 5% discount rate (NPV5%).

Drilling operations remain active with six rigs. The 2026 program has completed 106 holes totaling 50,185 meters, with 42 holes pending assay results.

Prior-period context, not updated in today’s release, indicates that the Q2 2026 MD&A reported US$33.9 million in cash and short-term investments, zero debt, a H1 2026 net loss of US$12.3 million, and 675.4 million shares outstanding at June 30, 2026. With a market capitalization of C$1.59 and 675.4 million basic shares, the company is valued at about C$1.07 billion. The equity represents a development-stage valuation based on the PEA and resource, with dilution and capital expenditure financing risks still ahead.