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# Click here for the press release
TSX.V: OMG | OTC: OMGGF
Omai Gold Announces Preliminary Economic Assessment
for its Omai Project, Guyana
(All dollar amounts are in United States dollars, unless otherwise stated)
Highlights of Omai Project Preliminary Economic Assessment
• 6.327 million ounces of gold (“Au”) projected life-of-mine (“LOM”) payable production over 18
years
• $4.0 billion after-tax net present value at a 5% discount rate at base case $3,600/oz gold,
increasing to $5.5 billion at $4,200/oz gold
• 24% after-tax internal rate of return at $3,600/oz gold, increasing to 30% at $4,200/oz gold
• $1.427 billion initial capital and sustaining and growth capital of $928 million over LOM
• 4.1 year payback at $3,600/oz gold, decreasing to 3.4 years at $4,200/oz Au
• $1,501/oz gold average cash operating costs and all-in sustaining costs (“AISC”) 1 of $1,608/oz
• $8.093 billion cumulative after-tax cash flows 2 over 18 years
• 351,488 oz Au per year projected average production over LOM, with peak year gold production
reaching 435,667 ounces
• 1.35 g/t Au average head grade and 93% process recovery
• 5.9:1 average strip ratio for the open pit LOM
Toronto, Ontario – (August 19, 2026) – Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF)
(“Omai Gold” or the “Company”) is pleased to announce positive results from its Preliminary Economic
Assessment (the “PEA”) for its 100%-owned Omai Property, in Guyana, South America. The PEA mine
plan incorporates both the Wenot open pit deposit and the adjacent Gilt underground deposit. These
support production averaging 351,488 ounces of gold per year over an 18-year mine life, with peak year
production of 435,667 ounces. Total combined production from the two deposits is estimated at
6,326,775 ounces of payable gold. At a base case gold price of $3,600/oz, the project has an after-tax
Net Present Value5% (“NPV”) of $4.0 billion, a 24% Internal Rate of Return (“IRR”), and a payback period
of 4.1 years. At the recent spot price of $4,200/oz, the after-tax NPV5% increases to $5.5 billion, IRR
increases to 30% and the payback reduces to 3.4 years.
1
AISC is the sum of operating costs, off-site costs, royalty payments, and sustaining capital costs, divided by
payable gold ounces produced. Refer to the “Non-GAAP Financial Measures” section of this news release.
2
Cumulative after-tax cash flows are defined as gross revenues less royalty payments, pre-production capital
costs, operating costs, sustaining and growth capital costs, taxes, and reclamation and closure costs.
OMG.V - OMGGF: OTCQB News Release - 2026/08/19
Elaine Ellingham, President and CEO comments: “We are very pleased to deliver this PEA, which
reinforces the potential for Omai to become a very large-scale mining operation with a clear path to
bringing significant economic benefits to the people of Guyana. This project’s proposed initial $1.4 billion
investment into Guyana, equivalent to over GUY$300 billion would create many quality jobs and spin-
off economic development within the interior of the country, while providing solid returns for investors.
This economic study encompasses both the large Wenot superpit and the adjacent underground Gilt
deposit, demonstrating potential for total gold production of 6,327,000 oz over an 18 year mine life. This
PEA serves as an important milestone and provides a base from which we intend to advance the project
on multiple fronts towards a feasibility study. As a past-producer, Omai has many benefits giving it a leg
up to re-development, including highway access, a cleared site, an on-site airstrip, a tailings facility,
known metallurgy, and the unique confidence that comes from a historical record of economic gold
extraction.
A very significant advancement for the project occurred less than one year ago, in August 2025. At that
time, we announced our fourth Mineral Resource Estimate (“MRE”) for Omai, reporting an impressive
88% increase to the total MRE. The major expansion to the size of our open pit Wenot deposit firmly
established Omai as one of the largest undeveloped gold projects in the Guiana Shield. Less than one
year later, and following our 5th MRE update, we are very pleased to deliver this PEA that supports the
upcoming steps towards a feasibility study, and then onward to a potential production decision and
construction.
At the same time, drilling has continued with five rigs and an additional 77 drill holes have already been
completed at Wenot that are not included in the MRE that forms the basis of this PEA. This leaves room
for further growth and optimization. The Omai Gold team has consistently delivered for our stakeholders
and with this PEA complete, we will continue to advance on a number of fronts towards our next
ambitious milestones.”
PEA Overview
The Omai Gold Project PEA envisions a combined open pit mine at the Wenot shear-hosted gold
deposit and an underground mine at the adjacent intrusion-hosted Gilt gold deposit. Onsite milling and
processing is planned with capacity at 25,000 tonnes per day (“tpd”) for the mined material. Annual gold
production averages 351,488 ounces of gold per year over an 18-year mine life, with peak year
production of 435,667 ounces. Total combined production from the two deposits is estimated at
6,326,775 ounces of payable gold. Initial capital (“Capex”) in the PEA is $1.426 billion, with sustaining
and growth capital of $928 million over LOM. Average cash operating costs 3 are estimated at $1,501/oz
gold and AISC1 at $1,608/oz.
At the Wenot open pit, approximately two years of pre-production are followed by 18 years of
commercial production, using conventional truck-and-shovel bulk mining methods. The open pit
operation is expected to extract 134.1 million tonnes (“Mt”) at 1.08 g/t Au containing 4.641 million ounces
(“Moz”) of gold over the mine life.
Development of the Gilt underground mine will commence in Year 1 of plant operations, with
underground feed available from Year 3, ramping toward a target production rate of 4,000 tonnes per
day (“tpd”). The underground mine is expected to extract approximately 22.6 Mt averaging 2.98 g/t Au,
3 Average cash operating cost per ounce is calculated inclusive of open pit and underground mining costs;
treatment, transport and refining costs; processing and surface costs; and G&A and other costs. These metrics
are calculated on a payable gold ounce basis.
OMG.V - OMGGF: OTCQB News Release - 2026/08/19 Page 2
containing 2.164 Moz of gold, using primarily drift-and-fill mining with cemented paste backfill.
Production from the two mines will be processed through a 25,000 tpd carbon-in-leach (“CIL”) gold
plant, giving an annual throughput of 9,125,000 tonnes at full production.
Financial and operating metrics from the PEA are presented in Table 1, sensitivity of the financial metrics
to the gold price is shown in Table 2, and cumulative cash flows and annual gold production are shown
in Figure 1:
The PEA is preliminary in nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral
resources (“Mineral Resources”) that are not mineral reserves (“Mineral Reserves”) do not have
demonstrated economic viability.
OMG.V - OMGGF: OTCQB News Release - 2026/08/19 Page 3
Table 1. Financial and Operating Metrics from the PEA1,2,3
2026 Omai Gold Project Preliminary Economic Assessment (PEA) Highlights
Production units Value
Mine life years 18.0
Total gold production oz 6,326,775
Average annual gold production oz 351,488
Total mineralization mined kt 156,670
Total waste mined kt 788,434
Total material mined kt 945,104
Total waste-to-mineralization (Wenot) ratio 5.88
Average gold grade g/t 1.35
Average gold grade – Wenot (19% mining dilution
g/t 1.08
included)
Average gold grade – Gilt (with mine dilution) g/t 2.98
Gold Process Recovery % 93%
Average Process Plant throughput Tpd 25,000
Operating Costs
Mining cost (Total Material) US$/t $3.28
Mining cost (Mineralization) US$/t $22.57
Processing Cost US$/t $14.37
G&A cost US$/t $4.25
Total cost processed US$/t $49.58
Total cash cost (per ounce sold) US$/oz $1,501
Mine-site all-in-sustaining cost (per ounce sold) US$/oz $1,608
Capital Costs
Initial capital expenditure (Initial Capex) US$ billion $1.427
Growth Capital (underground mining) US$ million $293
Sustaining capital expenditures US$ million $636
Net reclamation costs (cost less salvage value) US$ million $41
Total capital expenditure – life of mine US$ billion $2.396
Base Case Economic Analysis: $3,600 per ounce Gold Price
IRR (after-tax) % 24.0
NPV @ 5% discount rate (after-tax) USD billion $4.0
Payback (years) Years 4.1
OMG.V - OMGGF: OTCQB News Release - 2026/08/19 Page 4
Table 2. Analysis of Sensitivity to Gold Price 4,5
Base Case
Gold Price US$/oz 3,000 3,300 3,600 3,900 4,200 4,500 5,000
After Tax
US$ '000 2,444,932 3,206,175 3,966,422 4,726,593 5,484,923 6,243,253 7,507,136
NPV5%
Payback Years 5.3 4.6 4.1 3.7 3.4 3.1 2.8
After-Tax
% 18% 21% 24% 27% 30% 32% 36%
IRR
EBITDA US$
9,748 11,504 13,259 15,015 16,770 18,526 21,452
(LOM) Millions
Free Cash US$
5,460 6,777 8,094 9.411 10,728 12,044 14,239
Flow (LOM) Millions
Figure 1. Cumulative Cash Flows and Annual Gold Production
Property Description, Location and Access
The Omai Gold Project is located approximately 165 km south of Guyana’s capital city of Georgetown.
Omai is connected to the two major towns of Georgetown and Linden by a newly paved highway
extending to within 10km of the property Figure 2. A well-maintained dirt road extends to the east side
of the Essequibo River where a pontoon barge crosses the Essequibo River to arrive on the Eastern
4 EBITDA is defined as earnings before interest, income taxes and depreciation, depletion and amortization. Free
cash flow is defined as gross revenues less royalty payments, pre-production capital costs, operating costs,
sustaining and growth capital costs, taxes, and reclamation and closure costs.
5 Sensitivities are applied only to the financial model; pit selection, cut-off grade and processing schedules remain
based on a $3,600/oz gold price and would likely be redesigned to optimize for a significantly higher or lower gold
price scenario.
OMG.V - OMGGF: OTCQB News Release - 2026/08/19 Page 5
Flats portion of the Omai Gold Property. The Omai Property is also accessible by air in 35 minutes from
Georgetown to a 1,000m airstrip located on the Omai property.
The closest communities include Mile 58 and Linden. Mile 58 is a small village located about 25 km by
road towards Georgetown with a population of less than 300. Linden, located 85 km from Omai, is the
second largest city in Guyana with a population of approximately 42,000, and is a long-established
mining community with active open pit bauxite mining.
Figure 2. Project Location Map
Mineral Resource Estimate
This PEA is based on the Mineral Resource Estimate (“MRE”) announced April 14, 2026 6, for the Omai
Property, comprised of 2.495 Moz Au averaging 2.04 g/t Au (in 38.1 Mt) in the Indicated category and
a further 5.465 Moz Au averaging 1.59 g/t Au (in 106.6 Mt) in the Inferred category. This includes both
the Wenot shear-hosted deposit (open pit) and the adjacent Gilt intrusion-hosted deposit (underground).
The Wenot deposit comprises 1.453 Moz averaging 1.59 g/t Au (28.4 Mt) in the Indicated category and
a further 4.00 Moz averaging 1.35 g/t Au (92.4 Mt) in the Inferred category. The Gilt deposit hosts an
Indicated MRE of 1.04 Moz of gold averaging 3.33 g/t Au (9.7 Mt) and Inferred of 1.47 Moz of gold
averaging 3.22 g/t Au (14.2 Mt).
6 See

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