What you need to know: • Omai reported an updated Mineral Resource Estimate on its 100% owned Omai Gold Project in Guyana. • The MRE reported a significant increase to the 2024 resource with the Inferred resource increasing 92% to 4.4Moz grading 1.95 g/t Au and the Indicated resource increasing 7% to 2.1Moz grading 2.07g/t Au. • OMG plans to report an updated PEA on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA). • We have updated our estimates for the upcoming 2025 PEA and are now anticipating an average annual gold production of 336Koz. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) reported an updated Mineral Resource Estimate (MRE) on its wholly owned Omai Gold Property in Guyana. The MRE includes a significant expansion to the Wenot deposit and incorporates the previously disclosed Gilt Creek deposit. At Wenot, Inferred resources increased 130% to 3.72Moz grading 1.82 g/t Au (63.4Mt), while Indicated resources increased 16% to 970Koz grading 1.46 g/t Au (20.7Mt). This brings the total global resources at the project to 6.5Moz. The updated MRE is expected to materially enhance the economics of the upcoming PEA (planned for Q4/25). We are maintaining our BUY rating and increasing our target price to $1.60/share (previously $1.10/share) on Omai Gold Mines. The table below reflects the substantial increase in the Wenot mineral resource, particularly in the Inferred category, between the 2024 and 2025 MREs. We remind readers that 2025 was focused on resource growth as the Company finally had enough cash to properly explore the Wenot deposit (though we believe there remains further resource growth potential). Next year, it is likely that the Company will pivot more to resource conversion to upgrade much of the Inferred resource to Indicated, as it will look to advance towards a Pre-Feasibility Study. As a reminder, the Gilt Creek Deposit is an underground deposit located less than 500m from Wenot, hosting 1.15Moz at 3.22 g/t Au (11.1Mt at a 1.5 g/t cut-off). Updated PEA Estimates – New Target Derivation (Atrium Generated) With today’s updated MRE, we have attributed additional production from the Wenot deposit, boosting the assumed annual production from 239Koz to 336Koz per year. This brings our NPV5% (at US$2,700/oz Au) to C$4.3B (C$3.0B previously). These estimates include higher initial and sustaining capex for the expanded operation, as well as slightly higher cash cost and AISC as a result of the lower average grade and higher assumed strip ratio. Please see below for more details on these estimates.