OMAI GOLD FILES NI 43-101 TECHNICAL REPORT SUPPORTING A PRELIMINARY ECONOMIC ASSESSMENT INDICATING AFTER-TAX NPV5% OF $556 MILLION AT A $1,950/oz

GOLD PRICE FOR WENOT OPEN PIT PROJECT

(All dollar amounts are in United States dollars, unless otherwise stated)

May 21, 2024 Toronto, Ontario – Omai Gold Mines Corp. (TSXV: OMG) (OTC: OMGGF) (“Omai Gold” or the “Company”) is pleased to announce that a National Instrument 43-101 Technical Report dated May 21, 2024 (the “Report”) has been filed on the SEDAR+ website www.sedarplus.ca in support of the Preliminary Economic Assessment (“PEA”) announced April 4, 2024 for the Wenot Deposit on its Omai Gold Project in Guyana. The Report was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., who is independent of the Company and a Qualified Person in accordance with NI 43-101.

Elaine Ellingham, President and CEO comments: “This Preliminary Economic Assessment has been a major milestone for our Company. It provides a baseline production scenario that shows the potential for robust economic development for Omai to once again become a large -scale gold producer. We have identified multiple opportunities to potentially expand this proposed Wenot development that we will pursue while we advance engineering towards a Pre- Feasibility Study, expected within the next 12 to 18 months. Although we have not included the adjacent Gilt Creek Deposit in this PEA economics, we will advance relevant engineering studies and are confident that it will contribute to an overall future mine plan.”

On April 4, 2024, the Company issued a news release announcing a Preliminary Economic Assessment with the following highlights:


  • After-tax    NPV5% of $556 million and after-tax IRR of 19.8% based on $1,950/oz gold with a sensitivity case at $2,200/oz gold giving an after-tax NPV5% of $777 million and IRR of 24.7%
  • Initial capital (“Capex”) of $375 million and sustaining capital of $172 million over life-of-mine
  • Projected average gold production of 142,000 oz per year over a 13-year mine life
  • After-taxpayback of 4.3 years at base case $1,950/oz gold (3.5 years at $2,200/oz gold)
  • Average cash operating costs of $916/oz gold and all-in sustaining costs of $1,009/oz
  • Cumulative cash flow of $1.07 billion after-tax over 13 years on base case assumptions
  • Total payable gold production of 1.84 million ounces

  • Average head grade of 1.51 g/t Au and 92.5% process recovery

Full details are presented in the Report filed on SEDAR+ and the Company’s website https://omaigoldmines.com/site/assets/files/5486/omg_wenot_pea_final_may_21_2024. pdf. To view a 3-D model of the Wenot Deposit go to https://omaigoldmines.com/omai-project/preliminary-economic-assessment/

Omai Gold Mines Corp

News Release

May 21, 2024

Qualified Person

The Mineral Resource Estimate, including verification of the data, was under the supervision of Eugene Puritch, P.Eng., FEC, CET,…