Preliminary Economic Assessment of the Omai Gold Property -

Briefing

455 TABLE 1.6 PEA SUMMARY PARAMETERS AND RESULTS Parameter Amount Gold Price (Base case) US$/oz 1,950 LOM Tonnes Processed (Mt) 41.1 Average Process Plant Head Grade (Au g/t) 1.51 Mine Life (years) 13 Daily Process Plant Throughput (tpd) 9,000 Gold Process Plant Recovery (%) 92.5 LOM Payable Gold (Mozs) 1.84 Average Annual Gold Production (ozs) 142,000 Revenue ($ M) 3,566.5 Operating Costs Unit Average LOM Operating Key points: 455 TABLE 1.6 PEA SUMMARY PARAMETERS AND RESULTS Parameter Amount Gold Price (Base case) US$/oz 1,950 LOM Tonnes Processed (Mt) 41.1 Average Process Plant Head Grade (Au g/t) 1.51 Mine Life (years) 13 Daily Process Plant; These are: • Complete Lerches-Grossman pit optimization to select the optimal pit shell to be used for open pit design. • Design an operational pit (with ramps and catch benches) based on the optimal pit shell. • Develop; 455 TABLE 22.2 PEA SUMMARY PARAMETERS AND RESULTS Parameter Amount Gold Price (Base case) US$/oz 1,950 LOM Tonnes Processed (Mt) 41.1 Average Process Plant Head Grade (Au g/t) 1.51 Mine Life (years) 13 Daily Process Plan; Additional drilling could potentially result in an expanded Wenot Pit design in the future. (high) There is also an opportunity to drill near-surface areas and higher-grade exploration targets exposed by trenching and in; The open pit will produce a total of 41.1 Mt of process plant feed at an average grade of 1.51 g/t Au, containing 1,989 koz over the LOM; TABLE 21.7 PROCESS PLANT OPERATING COST ESTIMATES Tonnes LOM Total Unit Cost Material Processed Description Processed Cost ($/t) (Mt) ($M) Soft Rock Saprolite, laterite, alluvial 2.6 32.7 12.67 Hard Rock Fresh hard rock. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.

Source Notes

455 TABLE 1.6 PEA SUMMARY PARAMETERS AND RESULTS Parameter Amount Gold Price (Base case) US$/oz 1,950 LOM Tonnes Processed (Mt) 41.1 Average...

Extractive summary evidence · source

These are: • Complete Lerches-Grossman pit optimization to select the optimal pit shell to be used for open pit design. • Design...

Extractive summary evidence 2 · source

455 TABLE 22.2 PEA SUMMARY PARAMETERS AND RESULTS Parameter Amount Gold Price (Base case) US$/oz 1,950 LOM Tonnes Processed (Mt) 41.1 Average...

Extractive summary evidence 3 · source

Additional drilling could potentially result in an expanded Wenot Pit design in the future. (high) There is also an opportunity to drill...

Extractive summary evidence 4 · source

Extracted Document Text

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# Preliminary Economic Assessment of the Omai Gold Property -

Source: https://omaigoldmines.com/site/assets/files/5486/omg_wenot_pea_final_may_21_2024.pdf
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## Content

# Preliminary Economic Assessment of the Omai Gold Property -
UPDATED MINERAL RESOURCE ESTIMATE AND
PRELIMINARY ECONOMIC ASSESSMENT
OF THE OMAI GOLD PROPERTY,
POTARO MINING DISTRICT NO. 2, GUYANA
UTM PSAD56 ZONE 21N 306,500 m E AND 601,700 m N
LONGITUDE 58º 44’ 48” W AND LATITUDE 5º 26’ 28” N
FOR
OMAI GOLD MINES CORP.
NI 43-101 and 43-101F1
TECHNICAL REPORT
Andrew Bradfield, P.Eng.
Jarita Barry, P.Geo.
David Burga, P.Geo.
D. Grant Feasby, P.Eng.
Eugene Puritch, P.Eng., FEC, CET
William Stone, Ph.D., P.Geo.
Antoine Yassa, P.Geo.
Yungang Wu, P.Geo.
P&E Mining Consultants Inc.
Report 455
Effective Date: February 8, 2024
Signing Date: May 21, 2024
TABLE OF CONTENTS
1.0 SUMMARY .........................................................................................................................1
1.1 Property Description and Location ..........................................................................1
1.2 Accessibility, Climate, Local Resources, Infrastructure and Physiography ............2
1.3 History......................................................................................................................3
1.4 Geological Setting and Mineralization ....................................................................3
1.5 Deposit Type ............................................................................................................4
1.6 Exploration...............................................................................................................5
1.7 Drilling .....................................................................................................................6
1.8 Sample Preparation, Analyses and Security ............................................................7
1.9 Data Verification ......................................................................................................7
1.10 Mineral Processing and Metallurgical Testing ........................................................7
1.11 Mineral Resource Estimate ......................................................................................8
1.11.1 Gilt Creek Deposit 2022 Mineral Resource Estimate ............................9
1.12 Mining Methods .....................................................................................................10
1.13 Recovery Methods .................................................................................................12
1.14 Project Infrastructure .............................................................................................12
1.15 Environmental Studies, Permits and Social or Community Impact ......................13
1.16 Capital and Operating Costs ..................................................................................14
1.16.1 Capital Costs ........................................................................................14
1.16.2 Operating Costs ....................................................................................15
1.17 Economic Analysis ................................................................................................15
1.18 Adjacent Properties ................................................................................................18
1.19 Project Risks and Opportunities.............................................................................18
1.20 Conclusions and Recommendations ......................................................................18
2.0 INTRODUCTION AND TERMS OF REFERENCE .......................................................21
2.1 Terms of Reference ................................................................................................21
2.2 Site Visits ...............................................................................................................21
2.3 Sources of Information ..........................................................................................21
2.4 Units and Currency ................................................................................................23
3.0 RELIANCE ON OTHER EXPERTS ................................................................................30
3.1 Mineral Tenure.......................................................................................................30
3.2 Surface Rights ........................................................................................................30
3.3 Permits ...................................................................................................................31
3.4 Environmental ........................................................................................................31
4.0 PROPERTY DESCRIPTION AND LOCATION .............................................................32
4.1 Location .................................................................................................................32
4.2 Property Description and Tenure ...........................................................................32
4.3 Mineral Tenure in Guyana .....................................................................................36
4.3.1 Prospecting Licences ...........................................................................36
4.3.2 Mining Licences...................................................................................36
4.4 Royalties ................................................................................................................38
4.5 Environmental and Permitting ...............................................................................38
4.5.1 Environmental Liabilities.....................................................................38
4.5.2 Permitting for Exploration Activities...................................................39
4.6 Other Properties of Interest ....................................................................................39
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Omai Gold Mines Corp., Omai Gold Property PEA, Report No. 455
4.7 Other Signficant Factors and (or) Risks.................................................................39
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY .............................................................................................................40
5.1 Accessibility...........................................................................................................40
5.2 Local Resources and Infrastructure .......................................................................43
5.3 Physiography..........................................................................................................45
5.4 Climate ...................................................................................................................45
6.0 HISTORY ..........................................................................................................................46
6.1 Exploration History................................................................................................46
6.1.1 IAMGOLD ...........................................................................................48
6.1.1.1 2006-2007 Drilling Program ....................................................48
6.1.1.2 Historical Mineral Resource Estimate .....................................54
6.1.1.3 Historical Mineable Resource Estimate ...................................55
6.1.2 Mahdia Gold Corp. 2012 to 2017 ........................................................56
6.1.2.1 LiDAR Survey .........................................................................56
6.1.2.2 Drill Core Reconstruction and Rehabilitation..........................56
6.1.2.3 2012 Drilling ............................................................................57
6.2 Historical Mineral Processing ................................................................................58
6.3 Historical Site and Environmental Studies ............................................................58
6.4 Past Production ......................................................................................................58
6.5 Previous (2022) Updated Mineral Resource Estimate ...........................................61
7.0 GEOLOGICAL SETTING AND MINERALIZATION ...................................................63
7.1 Regional Geology ..................................................................................................63
7.2 Local and Property Geology ..................................................................................66
7.2.1 Rock Types ..........................................................................................66
7.2.2 Structure ...............................................................................................69
7.2.3 Hydrothermal Alteration ......................................................................71
7.2.4 Laterite and Saprolite ...........................................................................72
7.3 Wenot Deposit Geology .........................................................................................73
7.4 Mineralization ........................................................................................................75
7.4.1 Primary Gold Mineralization ...............................................................75
7.4.2 Secondary Gold Mineralization ...........................................................80
7.5 Additional Primary Mineralization Prospects of Interest ......................................83
7.5.1 West Wenot Extension Area ................................................................83
7.5.2 East Wenot Extension Prospect Area ..................................................86
7.5.3 Gilt Creek (Fennel Deep) Geology ......................................................89
7.5.4 Broccoli Hill.........................................................................................91
7.5.5 Blueberry Hill ......................................................................................92
7.5.6 Snake Pond Prospect ............................................................................93
8.0 DEPOSIT TYPES ..............................................................................................................95
9.0 EXPLORATION................................................................................................................98
9.1 Airborne Geophysics .............................................................................................98
9.2 Drone Survey .......................................................................................................101
9.3 Trenching and Sampling ......................................................................................103
9.3.1 Broccoli Hill Prospect Area ...............................................................103
9.3.2 Snake Pond Prospect Area .................................................................107
9.3.3 Blueberry Hill Prospect Area .............................................................111
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Omai Gold Mines Corp., Omai Gold Property PEA, Report No. 455
9.4 Auger Soil Sampling ............................................................................................116
9.5 Exploration Potential ...........................................................................................117
10.0 DRILLING .......................................................................................................................119
10.1 Historical Drill Core Re-Logging and Sampling Program (2020 to Early
2021) ........................................................

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