MDA

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# MDA

Source: https://omaigoldmines.com/site/assets/files/5956/omai_mda_2024_q2.pdf
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## Content

# MDA
Omai Gold Mines Corp.
Interim MD&A – Quarterly Highlights
Six months ended June 30, 2024
(Expressed in United States Dollars)
Introduction
This Interim Management Discussion and Analysis – Quarterly Highlights (“MD&A”) has been prepared to provide
material updates to the business operations and financial condition of Omai Gold Mines Corp. (“OMAI” or the
“Company”), since its last annual management discussion and analysis, being the Management Discussion &
Analysis (the “Annual MD&A”) for the fiscal year ended December 31, 2023. This MD&A does not provide a general
update to the Annual MD&A, or reflect any non-material events since the date of the Annual MD&A.
This MD&A has been prepared in compliance with the requirements of section 2.2.1 of Form 51-102F1, in
accordance with National Instrument 51-102 – Continuous Disclosure Obligations. This discussion should be read
in conjunction with the Annual MD&A, the audited annual consolidated financial statements of the Company for the
years ended December 31, 2023 and 2022, and the unaudited condensed interim consolidated financial statements
for the six months ended June 30, 2024, and the related notes thereto. All reported amounts are stated in United
States Dollars unless otherwise indicated. The information contained herein is presented as at August 28, 2024,
unless otherwise indicated.
Description of Business
OMAI is an exploration and development company engaged in the acquisition, exploration, evaluation and
development of mineral properties. The Company does not have any resource properties in production at this time.
The Company’s primary current focus is the exploration, through its subsidiary Avalon Gold Exploration Inc. (“AGE”
or “Avalon”), of the past producing Omai Gold Mine in the Potaro Mining District of Guyana.
The Company’s primary office of the Company is located at 2704-401 Bay Street, Toronto, Ontario M5H 2Y4,
Canada.
Discussion of Operations
Highlights for Q2 and to the date of this Report
o Announced a Preliminary Economic Study (“PEA”) in early April for the Wenot open pit gold deposit,
representing a major milestone for the Company. The PEA demonstrates an open pit operation with
production of 1.84 million ounces (“oz”) of gold, averaging 142,000 oz annually over a 13 year mine
life at an average grade of 1.51 g/t Au, giving an NPV5% of US$556 million and an Internal Rate of
Return (“IRR”) of 19.8%;
o With the PEA now complete, the technical team continued planning for the next phase of work which
will include a significant drill program with a focus on expanding the PEA mine plan, increasing the
Wenot open pit gold resources and enhancing the economics, while commencing engineering studies
and permitting that will advance the project;
o Completed a C$13.0 million brokered private placement on June 20th, with over 90% sold to
institutions;
o Received a new Omai Prospecting Licence, granted by the Guyana Geology & Mines Commission
providing the exclusive right of occupation and exploration for gold, base metals, precious metals and
precious stones for an initial three-year term until April 29, 2027 that can be extended to 2029;
o Participated at the London 121 Investment Conference in early May, followed by the New York 121
Investment Conference in early June;
o Signed a new drill contract following the closing of the financing, with the drill mobilized the following
week on July 2nd and by the end of July completed 1660 metres of drilling.
Omai Gold Mines Corp.
Interim MD&A – Quarterly Highlights
Six months ended June 30, 2024
(Expressed in United States Dollars)
Exploration and Evaluation Projects
Omai Project
On April 26, 2019, the Guyana Geology & Mines Commission (“GGMC”) issued Prospecting Licence (PL #01/2019)
to Avalon for the exclusive right of occupation and exploration for the purpose of prospecting for gold, precious
minerals and precious stones, on 4,590 acres (1,857.5 hectares) of licenced area (the “Omai PL”), including the
site of the past producing Omai Gold Mine, Potaro Mining District, Guyana. The Company, through AGE, holds a
100% interest in the Omai PL which provides for the right of occupation and exclusive right to explore for gold,
precious minerals and precious stones and to use certain existing infrastructure at the Omai Gold Mine for any
future mining operations, subject to entering into specific lease agreements.
The GGMC granted the Omai PL to AGE on April 26, 2019. The Company renewed the license for one-year period
prior to the April 25, 2022 expiry date. The Company was permitted to renew the license for an additional one-year
period in 2023 and the GGMC approved the licence renewal on February 24, 2023 for the additional one-year
period to April 27, 2024. On April 29, 2024 the GGMC granted a new Omai PL covering the same 4,590 acres and
providing the exclusive right of occupation and exploration for gold, base metals, precious metals and precious
stones. The licence has an initial three-year term until April 29, 2027 that can be extended to 2029. In consideration
for the license, Avalon agreed in 2019 to pay the GGMC an aggregate fee of $4 million to secure the Omai PL and
by April 26, 2022 the entire $4 million had been paid. There is one aggregate permit covering a portion of the Omai
PL and other aggregate permit applications overlapping other parts of the Company’s Omai PL.
On December 22, 2021, the Company closed a transaction resulting in the acquisition of the rights to the Eastern
Flats property consisting of prospecting and mining rights, adjoining the Omai PL to the east. The Eastern Flats
property consists of 1,519 acres (614.7 hectares) along the main trend of mineralization seen in the Wenot Pit.
While there has been little to no exploration carried out on the Eastern Flats, interpretation of the 2020 airborne
geophysical survey (magnetics and radiometrics) has indicated that several targets for gold mineralization extend
from the Omai PL onto Eastern Flats.
In addition, Avalon holds an option to acquire a 100% interest in a prospecting licence known as “Kaburi South”,
covering approximately 5,235 acres, located adjacent to Troy Resources Limited’s Karouni mine in Guyana.
Exploration Activity
The Company commenced exploration on the Omai property in late 2020 following the completion of the Company’s
reverse-takeover transaction. During 2020, the Company completed construction on an exploration camp capable
of housing up to 60 workers and completed an airborne aeromagnetic and radiometric geophysical survey over the
property.
In 2021, the Company re-logged and re-sampled 6,000 metres of recovered drill core from a 2012 program, then
completed 10,702 metres of diamond drilling, with the majority of the drilling focused on the discovery of an
extension of gold mineralization adjacent to, and below the past producing Wenot pit. The Wenot pit produced 1.4
million ounces of gold between 1994 and 2003 at an average grade of 1.5 g/t Au.
At Wenot, the 2021 drilling consisted of 16 holes totalling 9,367 metres. These tested the resource potential along
strike, below and on the flanks of the past producing Wenot pit, along its full 1.5 km axis. Every Wenot hole
intersected multiple zones hosting gold mineralization, for example, hole 21ODD-013 highlights include: 6.92 g/t
Au over 19 m, and 2.2 g/t Au over 16m, and in hole 21-ODD-022, highlights include: 16.77 g/t Au over 6.0 m, 1.97
g/t Au over 16.7 m, and 4.63 g/t Au over 20.0 m.
On January 4, 2022 the Company announced an Initial Mineral Resource Estimate for the new Wenot deposit.
P&E Consulting Ltd. as independent technical consultants, or Qualified Person (“QP”), subsequently filed the NI
43-101 report on www.sedarplus.ca on February 18, 2022.
-2-
Omai Gold Mines Corp.
Interim MD&A – Quarterly Highlights
Six months ended June 30, 2024
(Expressed in United States Dollars)
The Wenot Mineral Resource Estimate integrated not only the 16 diamond drill holes completed by the Company
in 2021, but also incorporated 10,508 assay results from 549 diamond drill holes totalling 21,541 metres within the
mineralized wireframes. This was possible since the Company has developed a comprehensive database that
includes both historical drilling, production and exploration data.
In 2021, the Company also completed eleven holes on nearby exploration targets with historical evidence of gold
mineralization. The focus was to evaluate other un-mined areas with potential for near surface gold deposits
amenable to open pit mining. Four holes were completed to test a couple of known gold occurrences at Blueberry
Hill and Snake Pond, located west of the Fennell pit. These zones appear to be related to vein structures associated
with the Gilt Creek deposit, where zones intrude some distance into the adjacent host volcanics. Quartz veining,
minor sulphidization and intervals with gold were encountered in all holes. The near surface mineralization with
very favourable grades, in the immediate vicinity of the known deposits warrant further exploration.
Six scout holes were drilled on the large Broccoli Hill target, which lies immediately east of the past-producing Gilt
Creek deposit. The Company’s trenching on the northwest side of Broccoli Hill exposed a quartz-rich shear zone,
with representative grab samples assaying 29.3 g/t Au, 7.8 g/t Au, 5.0 g/t Au and 2.2 g/t Au along a 40 metre strike.
A total of 690 metres in six short holes were completed and gold mineralization over 1 g/t Au was intersected in
four of the six holes, and as high as 4.04 g/t Au over 0.9 m and 0.91 g/t over 6.8 m. Broccoli Hill represents a large
prospective target area that has been the focus of much artisanal mining activity for over 100 years and due to the
size of the target area and indicators of gold mineralization, warrants significant additional exploration.
In early 2022, eleven trenches ranging from 15 to 100 m in length were completed, with a total of approximately
1,000 m. The trenching proved very productive on the targets located west of the Fennell pit, however attempts to
expose fresh rock on Broccoli Hill were largely unsuccessful due to a thick impenetrable duricrete layer. Trenching
results from the Blueberry Hill and Gilt Creek program included:
• In trench OTR-03, fourteen (14) samples were collected with six (6) assaying between 1- 3 g/t Au, one
(1) assayed 8.35 g/t Au and three (3) assayed over 15 g/t Au (including one grading 24.3 g/t Au);
• Trench OTR-04 located further south along the same structure as OTR-03, had three samples over
3.5 g/t Au (one of which was 10.0 g/t Au ) out of a total of 7 samples;
• In Trench OTR-05, fourteen (14) samples were taken, six (6) of which were between 1 to 3 g/t Au, and
one sample assayed 11.5 g/t Au;
• In Trench OTR-02 west of Gilt Creek, a total of eleven (11) samples were taken with all eleven
assaying over 1.5 g/t Au, and half of them assaying over 6.0 g/t Au. Three of these samples assayed
over 10 g/t Au with the highest sample of 21.3 g/t Au;
• In Trench OTR-010 on the east side of Blueberry Hill, one sample ran 5.13 g/t Au over 1 m.
Several gold-rich, low-angle quartz-veined structural zones were exposed at Blueberry Hill, within volcanic rocks
and along the margins of diorite rocks. These structural zones are similar to those seen at the large past producing
Fennel pit, located only 500 metres to the east, where a stockwork of quartz veining includes low-angle, gold-rich
quartz veins within the Omai quartz diorite stock, creating considerable interest in further follow-up work on the
Blueberry Hill target area.
In 2022, 21 holes were drilled for a total of 5,880 m. The Wenot target was tested along a 2.8 km strike, signficantly
beyond the 1.5 km original pit. Eight (8) holes tested t

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