Resource Estimate Material +

Omai Gold Increases Indicated Mineral Resources to 2.5 Moz Au at 2.04 g/t Au (38.1 Mt) and Inferred to 5.5 Moz Au at 1.59 g/t Au (106.6 Mt) with Expansion of Wenot and Gilt Deposits

Omai Gold Mines Corp.

By The Northwire Desk — AI Analysis Apr 14, 2026 · 11:12 OMG · 2.12 OMAI Gold Mines Corp.

Executive Summary

Date: April 14, 2026
Headline: Omai Gold Increases Indicated Mineral Resources to 2.5 Moz Au at 2.04 g/t Au (38.1 Mt) and Inferred to 5.5 Moz Au at 1.59 g/t Au (106.6 Mt) with Expansion of Wenot and Gilt Deposits
Key Update: The company announced an updated Mineral Resource Estimate (MRE) showing a 17.6% increase in Indicated resources to 2,495,000 ounces and a 24.7% increase in Inferred resources to 5,465,000 ounces compared to the August 2025 estimate.
Economic Assumptions: Gold price assumption increased significantly from $2,500/oz (August 2025) to $3,000/oz for this update. Cut-off grades were adjusted accordingly (Wenot maintained at 0.30 g/t; Gilt increased to 1.7 g/t).
Operational Status: A 50,000m drilling program has commenced with five active drills. A Preliminary Economic Assessment (PEA) is expected within 2 to 3 months (targeting June/July 2026).
Deposit Specifics: Wenot Indicated resources grew by +483,000 oz (+49.8%). Gilt Inferred resources grew by +800,000 oz (+120.3%), though Gilt Indicated decreased slightly (-9.5%) due to modeling changes/cut-off adjustments.

Material Impact

Positive Resource Growth: The increase in Indicated resources (the category most relevant for feasibility studies) is material. Moving from 2.12 Moz to 2.50 Moz Indicated solidifies the project's potential as a Tier-1 asset.
Economic Leverage: The shift in gold price assumption to $3,000/oz materially improves the projected economics of the upcoming PEA compared to previous studies based on lower prices ($1,850-$2,500). However, this introduces sensitivity risk if spot gold does not sustain near these levels.
Execution Risk: The news confirms the drilling program is active and on track for a Q2 2026 PEA. This reduces execution uncertainty compared to earlier announcements where timelines were more tentative.
Valuation Context: The stock price has appreciated approximately 415% from the May 2025 low ($0.41) to current levels (~$2.12). Much of this resource growth trajectory was anticipated by the market following the August 2025 MRE and subsequent drill results. While the news is positive, the "buy" signal may be diminished for new entrants due to the significant run-up in share price prior to this announcement.
Hidden Risks: The Gilt Indicated resource decreased slightly (-9.5%), which warrants scrutiny on the modeling methodology used for the underground component. Investors should verify if this is a conservative adjustment or a data loss issue during the PEA preparation phase.

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Company Overview

Company: Omai Gold Mines Corp. is a gold exploration and development company focused on the 100%-owned Omai Gold Property in Guyana.
Flagship Project: The Omai Gold Property includes the Wenot (open-pit potential) and Gilt Creek (underground potential) deposits.
History: The site was previously a major mine producing ~3.8 Moz Au between 1993-2005 before closure. Current operations focus on re-development using existing infrastructure where possible.
Jurisdiction: Guyana is generally considered a stable mining jurisdiction with government support for gold development, though permitting and community relations remain standard risks.

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