Omai Gold increases indicated resources to 2.5 Moz Au at 2.04 g/t Au (38.1 Mt)
Toronto, Ontario--(Newsfile Corp. - April 14, 2026) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) (" Omai Gold " or the " Company ") is pleased to announce an updated Mineral Resource Estimate ("MRE") on its 100%-owned Omai Gold Property in Guyana. The MRE includes expansions to both the Wenot Deposit and Gilt Deposit. Most significantly, the Wenot Indicated MRE increased 49.8% to 1,453,000 ounces ("oz") of gold with an average grade of 1.59 g/t Au, contained in 28.4 million tonnes ("Mt") and the Wenot Inferred MRE increased 7.6% to 3,999,000 oz grading 1.35 g/t Au, contained in 92.4 Mt. Similarly, the adjacent Gilt Deposit saw an overall increase in ounces over the previous MRE.
Gilt's Inferred MRE increased 120% to 1,465,000 oz averaging 3.22 g/t Au (in 14.2 Mt), while the Indicated MRE decreased by 9.5% to 1,042,000 oz averaging 3.33 g/t Au (in 9.7 Mt). HIGHLIGHTS: The Omai Gold Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent, intrusion-hosted Gilt Deposit (Figure 1), with a combined updated MRE (over the August 2025 MRE) of: 2,495,000 ounces of gold (Indicated MRE), a 17.6% increase, averaging 2.04 g/t Au in 38.1Mt and 5,465,000 ounces of gold (Inferred MRE), a 24.7% increase, averaging 1.59 g/t Au in 106.6 Mt Wenot Deposit (a constrained pit approach with minor underground is applied) 1,453,000 oz of gold in 28.4 Mt (Indicated), a 49.8% increase in ounces (+483,000 oz) over the August 2025 MRE 1 3,999,000 oz of gold in 92.4 Mt (Inferred), a 7.6% increase in ounces (+282,000 oz) 1.59 g/t Au grade of Indicated MRE, an 8.9% increase (from 1.46 g/t Au) 1.35 g/t Au grade of Inferred MRE, a 25.8% decrease (from 1.82 g/t Au) Increased gold price assumption to $3,000/oz from $2,500/oz at the same cut-off of 0.30 g/t Au Gilt Deposit (an underground mining approach is applied) 1,042,000 oz of gold (Indicated) averaging 3.33 g/t Au , in 9.7 Mt, a 9.5% decrease in ounces (-109,000) over the August 2025 MRE 1,465,000 oz of gold (Inferred) averaging 3.22 g/t Au , in 14.2 Mt, a 120.3% increase in ounces (+800,000 oz) 3.33 g/t Au grade of Indicated MRE, a 3.4% increase (from 3.22 g/t Au) 3.22 g/t Au grade of Inferred MRE, a 3.9% decrease (from 3.35 g/t Au) Increased gold price assumption to $3,000/oz from $2,500/oz and increased cut-off to 1.7 g/t Au from 1.5 g/t Au Elaine Ellingham, President & CEO commented, " We are pleased to be delivering yet another very substantial increase to the Mineral Resource Estimate for our Omai Gold Project in Guyana. This reinforces Omai's position as the largest gold project in Guyana.
Omai's unique road access and location just ten kilometres from Guyana's main road that connects to the two largest towns in Guyana and to northern Brazil, will continue to simplify logistics as the project advances. Omai's legacy benefits include an on-site airstrip, a cleared site, known metallurgical recoveries, and established tailings sites. In addition to these unique advantages for developing a large-scale gold deposit, Guyana is proving to be a favourable jurisdiction for permitting with Government and communities' support for large-scale mine development.
This, our 5 th Mineral Resource Estimate, again reinforces the potential for large-scale mine re-development at Omai. The Omai team's dedication has continued to deliver superior value creation for all stakeholders. With each successive milestone it becomes even clearer that Omai has the potential to be a multi-decade gold mining operation.
Notwithstanding this large gold Mineral Resource Estimate, we still see very significant potential to further expand the gold mineralization at both the Wenot and the Gilt Deposits. Both are open to depth and the deep hole drilled under Wenot in 2025 (25ODD-122W) established the presence of the Wenot shear (hosting 7 gold zones) a full 700 m below the known Wenot deposit. A 50,000 m drill program has commenced with five drills turning.
Our next major catalyst is the Preliminary Economic Assessment ("PEA"), expected to be completed in 2 to 3 months. We are continuing to aggressively drill to increase the Mineral Resources and to upgrade the Inferred Resources, as we set our sights on a future Prefeasibility or Feasibility Study. Drilling is now focused on the Wenot deposit and on certain nearby targets." Figure 1.  Cross-Section of Wenot Shear-Hosted Gold Deposit and Gilt Intrusion-Hosted Deposit To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_001full.jpg Figure 2.  Plan Map of Omai Project showing Gold Mineralized Zones for Wenot and Gilt Deposits To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_002full.jpg Table 1.
Omai Mineral Resource Estimate - April 7, 2026 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_003full.jpg Notes to Accompany the April 2026 Mineral Resource Estimate: 1. The effective date of this Mineral Resource is April 7, 2026. 2. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves Definitions (2014) and Best Practices Guidelines (2019). 3. Rock density averages 2.69 t/m 3 for Wenot and 2.92 t/m 3 for Gilt. 4.
Open pit resources have been constrained to a conceptual pit shell using Whittle software and underground blocks were constrained by an underground shape optimizer using Deswik (DSO) software. 5. A gold price of US$3,000/oz was used. 6. Process gold recoveries for Wenot are assumed to be 90% for Alluvium/Saprolite and 92% for Transition/Fresh Rock and for Gilt are assumed to be 92%. 7.
Open pit operating costs were assumed to be $2.40/t for soft rock material mining, $3.00/t for fresh rock mining, $8.93/t for Alluvium/Saprolite processing, and $14.62/t for Fresh Rock processing. A cost of $3.25/t was used for G&A. All costs are assumed to be US$. 8.
Mineral Resources are reported at cut-off grades of 0.20 g/t Au for soft rock, 0.30 g/t Au for hard rock within the open pit, and 1.70 g/t Au for underground shapes. 9. The Wenot pit assumed an overall slope angles of 30° for soft rock and 50° for the fresh rock. Wenot resources assume the recovery of a crown pillar below the pit shell. 10.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 11. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 12. Numbers have been rounded to the nearest thousand tonnes and ounces.
Differences in totals may occur due to rounding. 13. The cut-off date of the supporting geological database is March 12, 2026. 14. The Wenot Mineral Resource Estimate incorporates 24,484 composites from 699 diamond drill holes totalling 36,133 m of core within the mineralized wireframes.
The Gilt Mineral Resource Estimate incorporates 6,125 composites from 50 diamond drill holes, totalling 6,091 m of core within the mineralized wireframes. 15. Composite gold grades were assessed separately for Wenot and Gilt and were capped at values between 11.5 g/t and 40 g/t gold. 16. Grade interpolation methods were Ordinary Kriging for Wenot and Inverse Distance Cubed (ID3) for Gilt. 17.
Rock density was applied using average values of lithological units based on 209 measurements of Wenot drill core and 190 measurements of Gilt drill core. 18. The Mineral Resource has been classified in the Indicated and Inferred categories, using reference drilling spacing of 40-70 m for Indicated and up to 100 m of extrapolation distance for Inferred. 19. Mr. Alan J. San Martin, P.Eng. from SLR Consulting (Canada) Ltd., is the Qualified Person (QP) for this Mineral Resource Estimate.
Table 2. Comparison between Wenot April 2026 MRE and August 2025 MRE To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_004full.jpg Table 3. Comparison between Gilt April 2026 MRE and August 2025 MRE To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_005full.jpg Wenot Deposit - Mineral Resource Estimate Wenot is an orogenic gold deposit, consisting of a series of near-vertical zones within a broad 300-400 m wide shear corridor.
The shear corridor straddles the east-west contact between a sequence of volcanic rocks to the north and sedimentary rocks to the south. The contact itself is persistently occupied by a quartz feldspar porphyry, which is typically well mineralized. A series of felsic and dioritic dikes occupy a shear zone within the volcanic sequence.
These dikes are variably altered, often host quartz vein stockworks and are often well mineralized. Multiple gold zones occur across the Wenot shear corridor, including in the southern sedimentary sequence. This updated Mineral Resource Estimate provides a further expansion of the Wenot gold deposit.
The Indicated MRE increased to 1.45 million ounces ("Moz") and the Inferred MRE increased to 4.0 Moz. Previous drilling, plus the additional 31 diamond drill holes totalling 15,004 metres since the August 2025 MRE, supported a comprehensive refinement of the geological model and the gold mineralized zones which were then used to build the wireframes and block model for this MRE. This was an important step as it now forms the basis for an optimized mine plan for the upcoming Preliminary Economic Assessment.
One objective of the 2024-2025 drilling at Wenot was to commence the conversion of the large Inferred MRE to the Indicated category. The recent drilling successfully added 483,000 ounces to bring Wenot's Indicated MRE to 1.45 million ounces, representing a 49% increase. Grade also increased 8.9% to 1.59 g/t Au.
The Wenot Indicated MRE now stands at 1,453,000 ounces at an average grade of 1.59 g/t Au in 28.4 Mt. Increased drilling density of the higher grade and often very wide gold zones discovered within the "Dike Corridor" and within the central Quartz Feldspar Porphyry-hosted gold zone (CQFP) was the main contributor to the increases in both the Indicated ounces and the average gold grade, mostly through the conversion of Inferred ounces. The Inferred MRE for Wenot increased by 7.4% to 3,999,000 ounces. An estimated 483,000 ounces were upgraded from the Inferred MRE category to the Indicated category.
Additions to the Inferred MRE are from several areas along the 2.5 km strike of the Wenot deposit, including additions at the west end of the deposit and also along the southern side of the deposit within the sedimentary sequence, an area that was more of a focus during the recent drilling programs. The average grade of the Inferred MRE of 1.35 g/t Au represents a 25.8% decrease in grade. This results mostly from the conversion of higher grade Inferred ounces from the 2025 MRE into the Indicated category (mostly from the Dike Corridor and CQFP), and the addition of lower grade Inferred MRE ounces coming from extensions at the west end of the deposit and within the sediment-hosted zones on the southern side of Wenot.
The impact of cut-off grade on the Wenot Mineral Resource Estimate size and grades is shown in Figure 3 below, with selective data provided in Table 4. Additional sensitivity data for Wenot is provided in Table 6. The cut-off grade for Wenot was maintained at 0.30 g/t Au, consistent with the 2025 MRE, despite a significantly higher spot gold price.
A higher gold price assumes that a lower gold grade can normally be economically extracted and processed. The gold price assumption for the current MRE is $3,000/oz versus $2,500/oz for the August 2025 MRE. Figure 3 shows that even at a higher cut-off grade of 0.5 g/t Au, the number of ounces in the Indicated MRE is reduced only slightly to 1.37 Moz, but is at a higher average grade of 1.88 g/t Au.
Further, the Inferred MRE at the same higher cut-off gives 3.6 Moz at a higher grade of 1.62 g/t Au. The overall impact of raising the cut-off from 0.3 g/t Au (the base case) to 0.5 g/t Au is less than a 6% reduction in the number of ounces in the overall MRE; however, the grade of the Indicated MRE increases by 14.6% and the grade of the Inferred MRE increases by 20%. Table 4 .
Sensitivity of Wenot MRE to Cut-Off Grade To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_006full.jpg Figure 3.  Chart Illustrating Impact of Cut-off Grade on Size and Grade of MRE To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_007full.jpg Gilt Deposit - Mineral Resource Estimate Gilt is an orogenic gold deposit hosted predominantly within a 500 m by 300 m quartz diorite intrusion known as the "Omai Stock". The mineralized zones extend into the surrounding volcanic sequence as evidenced by the detailed drilling in the upper part of the deposit that was previously mined. The upper 250 m of the deposit produced 2.4 million ounces of gold (1993-2005).
The Gilt deposit is located approximately 500 m north of the Wenot gold deposit. Gilt is an underground deposit, likely to be accessed by a ramp from surface, with its shallowest point relatively shallow at a depth of 275 m. Gilt has been drilled to a maximum depth of 960 m and is open at depth.
This updated Mineral Resource Estimate for the Gilt deposit includes two additional deep holes (24ODD-095 and 25ODD-122) that were drilled across the deposit in 2024 and 2025. These post-date the MRE last completed for Gilt in 2022. In each of the two new holes, over 700 m of the intrusion was intersected with evidence that mineralization extends into the adjacent volcanic rocks.
Similar to Wenot, a comprehensive refinement of the geological model and the gold mineralized zones was completed, integrating the new drilling data. This was then used to build the wireframes and block model for this updated Gilt MRE, which will form the basis for the upcoming PEA. By utilizing a 1 g/t Au cut-off, the new resource model was able to establish 26 separate gold mineralized zones, up from the previous model with 11 mineralized zones for Gilt.
This reduced the width of the zones to better confine the above-cut-off mineralization and reduce waste within the zones, which is expected to provide better mining continuity for the upcoming mine plan. This updated study shows an overall increase to the Gilt MRE. Most of this impact was in the Inferred category that increased 120.3% or by 800,000 ounces.
Grades decreased by 3.9% to 3.22 g/t Au from 3.35 g/t Au. The increase in the Inferred MRE resulted from the QP re-examining data from the upper part of the Gilt deposit, which was mined out as well as the drilling data at depth on the deposit. This showed that the gold zones within the Gilt intrusion typically extend into the surrounding volcanic rocks.
Similarly, the new drilling of the Gilt deposit at depth shows the gold mineralized zones extending into the adjacent volcanic rocks. The modelling of the gold zones integrated these extensions and were the major contributor to the increase in the Gilt Inferred MRE. The Gilt Indicated MRE decreased by 9.5% to 1,042,000 ounces, a decrease of 109,000 oz, whereas grade increased by 3.4% to 3.33 g/t Au from 3.22 g/t Au.
Application of the slightly higher cut-off grade of 1.7 g/t Au versus the previous 1.5 g/t Au and application of greater selectivity in defining mineralization domains resulted in the increase in grade relative to the previous estimate. The decrease in Indicated resource tonnage is due to a more restrictive criteria for the classification of Indicated blocks. The impact of cut-off grade on the Gilt Creek Mineral Resource Estimate size and grades is shown in Figure 4 below with data summarized in Table 5.
Table 5. Impact of cut-off grade on the Gilt Mineral Resource Estimate To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_008full.jpg Figure 4.  Impact of Cut-Off Grade on Size and Average Grade of Gilt MRE To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_93c8a9e134438893_009full.jpg Quality Control Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Certified reference materials, blanks and duplicates are entered at regular intervals.
Samples are sealed in plastic bags. Drill core samples (halved-core) were shipped to Act Labs and some batches to MSALABS, both certified laboratories in Georgetown Guyana, respecting the best chain of custody practices. At the laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 μm, including cleaner sand.
Fifty grams of pulverized material is then fire assayed by atomic absorption spectrophotometry (AA). Initial assays with results above 3.0 ppm gold are re-assayed using a gravimetric finish. For samples with visible gold and surrounding samples within deemed gold zones, two separate 250 g or 500 g pulverized samples are prepared, with 50 grams of each fire assayed by atomic absorption spectrophotometry, with assays above 3.0 ppm gold being re-assayed using a gravimetric finish.
Certified reference materials and blanks meet with QA/QC specifications. Qualified Person Alan J. San Martin, P.Eng., Principal Resource Geologist of SLR, and Elaine Ellingham, M.Sc., P.Geo. are both Qualified Persons (QPs) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and have reviewed and approved 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 National Instrument 43-101.
Mr. San Martin is independent of Omai Gold Mines Corp. ABOUT SLR SLR Consulting (Canada) Ltd. (SLR) is an industry leader in mining advisory and technical services and has supported projects globally for more than 35 years. With multidisciplinary expertise and capabilities spanning geology, resource estimation, engineering, metallurgy, mine waste, and environment, SLR delivers end-to-end support across all stages of the mining life cycle. SLR's Mining Advisory team has extensive experience in all commodities and mining areas of the world and is a trusted partner to clients seeking independent, high-quality guidance and technical support.
ABOUT OMAI GOLD Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly expanding and advancing the two orogenic gold deposits at its 100%-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. In August 2025, the Company announced a 96% increase to the Wenot Gold Deposit NI 43-101 Mineral Resource Estimate 1 (MRE) to 970,000 ounces of gold (Indicated) averaging 1.46 g/t Au, contained in 20.7 Mt and 3,717,000 ounces of gold (Inferred MRE) averaging 1.82 g/t Au, contained in 63.4 Mt. This brings the global MRE at Omai, including the Wenot and adjacent Gilt Creek deposits, to 2,121,000 ounces of gold (Indicated MRE) averaging 2.07 g/t Au in 31.9 Mt and 4,382,000 ounces of gold (Inferred MRE) averaging 1.95 g/t Au in 69.9 Mt. A baseline PEA announced in April 2024, presented an open pit-only development scenario and included less than 30% of the new Mineral Resource Estimate for Omai.
Five diamond drills have commenced a 50,000m program for 2026: at Wenot the focus is to further test the limits of the deposit, including both east and west, and to commence converting the large Inferred MRE to Indicated. Additional drilling will continue to explore certain known gold occurrences for possible near-surface higher-grade satellite deposits. Following the current updated MRE, an updated PEA is planned for H1 2026 to include the expanded Wenot open pit deposit and the adjacent Gilt Creek underground deposit.
The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 2005 2 , ceasing operations when gold was below US$400 per ounce. The Omai site significantly benefits from existing infrastructure, including an on-site airstrip, and is connected by road to the two largest cities in Guyana, Georgetown and Linden. 1 NI 43-101 Technical Report dated October 9, 2025 titled "UPDATED MINERAL RESOURCE ESTIMATE AND TECHNICAL REPORT ON THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by P&E Mining Consultants Inc. and is available on www.sedarplus.ca and on the Company's website. 2 Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on www.sedarplus.ca, including March 31, 2006 AIF and news release August 3, 2006. For further information, please see our website www.omaigoldmines.com or contact: Elaine Ellingham, P.Geo.
President & CEO elaine@omaigoldmines.com +1.416.473.5351 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing of completion of the drill program, and the potential for the Omai Gold Project to allow Omai to build significant gold Mineral Resources at attractive grades, and forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.
Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. Further, the Mineral Resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of process recovery will be realized. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Cautionary Note Regarding Mineral Resource Estimates Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only.
Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the Company's public disclosure available on SEDAR+ at www.sedarplus.com . The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve.
It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. The accuracy of any Mineral Resource Estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals.
It cannot be assumed that all or any part of a "Inferred" or "Indicated" Mineral Resource Estimate will ever be upgraded to a higher category. The Mineral Resource Estimates disclosed in this news release were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the " CIM Standards ") in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (" NI 43-101 "). Cautionary Statements to U.S. Readers This news release uses the terms "Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" as defined in the CIM Standards in accordance with NI 43-101.
While these terms are recognized and required by the Canadian Securities Administrators in accordance with Canadian securities laws, they may not be recognized by the United States Securities and Exchange Commission. The "Mineral Resource" Estimates and related information in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Table 6.
Detailed Sensitivity of Wenot Deposit MRE to Cut-Off Grade To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8712/292385_table6_omai.jpg *Excludes Saprolite mineralization and small underground component of the Wenot MRE To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292385 Source: Omai Gold Mines Corp.