Omai Gold Mines – 5.12 g/t Au over 40.5m; Reinforces Growth Potential

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Author: Atrium Research September 01, 2026

Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314

PLEASE REVIEW THE DISCLOSURES AT THE BOTTOM OF THE PAGE

What you need to know:

  • OMG reported eleven holes from Wenot, headlined by 5.12 g/t Au over 40.5m (incl. 11.29 g/t Au over 10.4m) in hole 193 and 2.68 g/t Au over 40.7m in hole 197W.

  • Every hole hit multiple gold zones, with hole 193 returning 11 discrete zones well above the 0.3 g/t open pit cut-off.

  • 77 holes (37,077m) have now been drilled but not captured in the April 2026 MRE; all will feed into an updated resource by year-end.

This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) released assays from eleven diamond drill holes at Wenot as part of the ongoing 50,000m program at its Omai Gold Project in Guyana. After delivering a significantly expanded PEA with a 351Kozpa production profile over 18 years in recent weeks (read our note here), the Company is moving quickly to upgrade and expand upon its ~2.5Moz Indicated and ~5.5Moz Inferred resource base at the project. OMG plans to provide an updated MRE by year-end, which will guide a feasibility study in 2027. We are maintaining our BUY rating and target price of C$4.25/share on Omai Gold Mines.

Highlight intercepts from this morning’s release are outlined below, keeping in mind the Wenot open pit utilizes a 0.3 g/t cut-off:

  • Hole 26ODD-193 (Central Wenot): 5.12 g/t Au over 40.5m

    • incl. 11.29 g/t Au over 10.4m, and incl. 18.35 g/t Au over 4.5m

  • Hole 26ODD-197W (East Wenot): 2.68 g/t Au over 40.7m

    • incl. 3.81 g/t Au over 15.7m, and incl. 7.20 g/t Au over 4.9m

  • Hole 26ODD-194 (Central Wenot): 5.24 g/t Au over 7.9m

    • incl. 10.36 g/t Au over 3.5m

  • Hole 26ODD-190 (West Wenot): 3.15 g/t Au over 13.9m

    • incl. 22.95 g/t Au over 1.4m

  • Hole 26ODD-192 (Central Wenot): 2.71 g/t Au over 14.0m

    • incl. 17.08 g/t Au over 1.3m

Each hole intercepted multiple gold zones, with the headline 26ODD-193 drilled in Central Wenot and intersecting 11 discrete zones. 5.12 g/t Au over 40.5m included 11.29 g/t Au over 10.4m at a vertical depth between 260m to 290m within the prolific Dike Corridor. Hole 26ODD-197W was drilled to the south in East Wenot and the Dike Corridor spanned 157m downhole with multiple gold zones covering 46m in aggregate. This morning’s results once again highlight opportunity to expand the wide and robust zones at Wenot, while being upgraded to a higher confidence. On the southern side of Wenot, expansion opportunity was reinforced within the sedimentary sequence, which included new sediment-hosted gold zones of 4.61 g/t Au over 9.4m (hole 198), 1.67 g/t Au over 16.9m (hole 193), and 6.54 g/t Au over 3.0m (hole 194). The updated PEA already delivered a reduced strip ratio of 5.9:1 vs. 7.8:1 in the prior 2024 study and delineating additional high-grade material within the pit provides further upside, in our view.

Updated MRE by year-end. Drilling remains ongoing with five rigs, and 74 holes totalling 35,149m have been completed YTD, representing roughly 70% of the program. Since the April 2026 MRE (utilized in the recent PEA), OMG has completed 77 holes totaling 37,077m. Drilling is anticipated to continue through mid-December. While a large portion of drilling is focused on infilling to upgrade Inferred resources, the Company is also testing the depth potential of the Gilt Deposit with hole 26ODD-208. The hole was drilled to a vertical depth of ~1,200m (1,438m downhole), and the upper portion of the hole has been submitted for assays. Ultimately, the Company plans to move to a feasibility level study in 2027, at what we see as one of the largest undeveloped gold projects globally.

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