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 reports high-grade drill results and advances toward a major resource update.

What the company is saying

Omai Gold Mines Corp. is emphasizing the scale and quality of recent drilling at its 100%-owned Omai Gold Project in Guyana, highlighting 12 new diamond drill holes totaling 6,913m and significant intercepts such as 4.84 g/t Au over 38.4m and 12.57 g/t Au over 5.8m in the Wenot Deposit. The company frames its narrative around aggressive resource growth, noting that 106 holes (50,185m) have been completed in 2026, with 88 drilled after the April 2026 Mineral Resource Estimate that underpins its Preliminary Economic Assessment. CEO Elaine Ellingham, who is also the Qualified Person, states that six rigs are active, with five focused on resource conversion and one on exploration and geotechnical work. The company stresses the robustness of the Wenot deposit, the effectiveness of late 2025 drilling in upgrading over 480,000 ounces to Indicated, and the ongoing push toward an updated Mineral Resource Estimate planned for Q1 2027. The announcement underscores the PEA’s projection of a 351,000 ounce per year operation over 18 years, with a $3,600/oz base case yielding an after-tax NPV(5%) of US$4.0 billion. Omai also highlights existing infrastructure and the potential for further resource expansion based on deep drilling and new exploration targets.

What the data suggests

The release provides detailed technical results, including multiple high-grade gold intercepts across the Wenot shear corridor, with grades such as 4.84 g/t Au over 38.4m, 12.57 g/t Au over 5.8m, and 2.78 g/t Au over 20.2m. The drilling program is substantial, with 106 holes (50,185m) completed in 2026 and 42 holes pending assay, indicating a rapid pace of exploration. The company reports that 34% of core in hole 202 meets the PEA economic cut-off grade, supporting the robustness of mineralization. The PEA, based on a resource of 2.5 million ounces Indicated at 2.04 g/t Au and 5.5 million ounces Inferred at 1.59 g/t Au, projects annual production of 351,000 ounces over 18 years for a total of 6.3 million ounces, with an after-tax NPV(5%) of US$4.0 billion at $3,600/oz gold. These figures are modelled outcomes, not realised results, and actual production or financial returns remain forward-looking. The technical disclosure is granular, with specific hole IDs, grades, widths, and geological context, supporting the credibility of the exploration progress. The company is targeting a resource update in Q1 2027, with feasibility work underway but not yet complete.

Analysis

The announcement provides extensive realised technical data—drill intercepts, meters drilled, and resource upgrades—demonstrating tangible exploration progress. However, the most prominent value claims (annual production of 350,000+ ounces, 18-year mine life, US$4.0 billion NPV) are projections from the PEA, not realised outcomes. These forward-looking statements are based on modelled scenarios at a high gold price ($3,600/oz) and are not yet supported by feasibility-level studies or binding development commitments. The capital intensity is high, as implied by the scale of the project and the NPV figure, but there is no disclosure of committed funding or construction start. The gap between narrative and evidence lies in the emphasis on large-scale, long-term economic potential, while actual progress remains at the drilling and resource-definition stage. The tone is optimistic but not egregiously promotional, as the technical results are substantive, yet the economic benefits are distant and contingent.

Risk flags

• ●The economic projections, including annual production of 351,000 ounces and an after-tax NPV(5%) of US$4.0 billion, are based on a PEA using a $3,600/oz gold price and are not yet supported by a completed feasibility study or committed project financing. This introduces significant execution and market risk, as assumptions may not hold through to development.
• ●A large portion of the current resource remains in the Inferred category (5.5 million ounces at 1.59 g/t Au), and while 480,000 ounces were upgraded to Indicated in late 2025, further drilling and successful conversion are required to underpin future mine planning and economic certainty.
• ●Assay results for 42 holes are still pending, and the final impact on resource size and grade is unknown. Negative or lower-than-expected results could affect the planned resource update and project economics.
• ●Permitting, feasibility, and financing milestones are still outstanding, and the timeline to actual production remains uncertain. Delays or challenges in these areas could materially affect project value and investor returns.
• ●The PEA assumes the use of existing infrastructure and favorable metallurgy, but the feasibility of scaling up to a 351,000 ounce per year operation over 18 years has not yet been demonstrated in practice.

Bottom line

Omai Gold Mines Corp. is delivering strong exploration results at its Omai Gold Project, with high-grade intercepts and a rapid drilling pace supporting the case for significant resource growth. The company is progressing toward a Q1 2027 resource update, and its PEA outlines a potentially large-scale, long-life gold operation with robust modeled economics at a high gold price. However, these economic benefits are projections, not current realities, and depend on successful resource conversion, positive pending assays, completion of feasibility studies, permitting, and securing project financing. The scale of the project and the capital intensity implied by the US$4.0 billion NPV mean that execution risks remain high. Investors should focus on the upcoming resource update, the outcome of pending assays, and progress toward feasibility and funding as the next critical milestones. The most important takeaway is that while technical progress is clear and the project’s potential is large, realization of value is still contingent on multiple future steps.

Announcement summary

(TSXV:OMG, OTCQB:OMGGF) Omai Gold Mines Corp. announced results from 12 diamond drill holes totaling 6,913m at its 100% owned Omai Gold Project in Guyana, South America. The drilling targeted multiple gold zones within the Wenot shear corridor, which extends at least 2.5km along strike. Significant intercepts include 4.84 g/t Au over 38.4m and 12.57 g/t Au over 5.8m within the Dike Corridor of the Wenot Deposit. To date in 2026, a total of 106 holes (50,185m) have been completed, with 88 holes drilled after the April 14, 2026 Mineral Resource Estimate (MRE) that underpinned the Preliminary Economic Assessment (PEA) released August 19, 2026. Assay results are pending for an additional 42 holes. Highlights from recent drilling include: Hole 26ODD-204 with 4.84 g/t Au over 38.4m (including 6.91 g/t Au over 18.3m), Hole 26ODD-207 with 12.57 g/t Au over 5.8m (including 20.97 g/t Au over 3.3m), Hole 26ODD-203 with 2.38 g/t Au over 23.9m, Hole 26ODD-220 with 1.78 g/t Au over 23.0m, Hole 26ODD-202 with 2.78 g/t Au over 20.2m, Hole 26ODD-206 with 2.05 g/t Au over 20.8m (including 24.19 g/t Au over 1.0m), and Hole 26ODD-209 with 15.21 g/t Au over 2.0m. In aggregate, sediment-hosted gold zones in hole 202 meeting the PEA economic cut-off grade comprise 85.9m within 253.2m of core, representing 34%. Drilling is ongoing with six rigs, five focused on Wenot and one on exploration and geotechnical targets. Focused drilling in late 2025 upgraded over 480,000 ounces into the Indicated resource category. The company is planning an updated Mineral Resource Estimate for Q1 2027. The PEA supports an operation producing over 350,000 ounces of gold per year over an 18-year mine life, totaling over 6.3 million ounces. The PEA base case at $3,600/oz gold yields an after-tax NPV(5%) of US$4.0 billion. The PEA is based on a Mineral Resource Estimate of 2.5 million ounces Indicated at 2.04 g/t Au in 38.1 million tonnes and 5.5 million ounces Inferred at 1.59 g/t Au in 106.6 million tonnes. The project benefits from existing infrastructure including a cleared site, airstrip, tailings facility, and road connections. Elaine Ellingham, President & CEO, is the Qualified Person for the release and has reviewed and approved the technical information.

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