Toronto, Ontario--(Newsfile Corp. - June 1, 2026) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai Gold" or the "Company") is pleased to announce assay results from eight additional diamond drill holes and four related wedged holes, from the current 50,000m drilling program at its 100% owned Omai Gold Project in Guyana, South America. Five rigs continue drilling at Omai. One drill has commenced drilling on a planned deep hole to test the depth extension of the Gilt Deposit.

Assay results are reported for eight holes collared across a 450m strike along the northeastern area of the Wenot shear-hosted deposit (Figure 1). Four additional holes reported were wedged for more targeted drilling. Wenot is one of the two orogenic gold deposits on the Omai property. These reported holes, collared further to the north, were designed to explore a series of apparent splays off of the northern side of the broad Wenot east-west shear corridor, and also to test for the down-dip extensions of the Dike Corridor gold zones. All of these holes were drilled to the south, testing the northern splays, then the gold zones within the prolific Dike Corridor. All but one hole continued further south to provide a deeper cut of the Dike Corridor, test the central contact with the Central Quartz Feldspar Porphyry zone (CQFP) and continue into the southern sedimentary sequence.

The best results from the northern splays included 4.77 g/t Au over 6.6m, 18.11 g/t Au over 1.5m, and 3.49 g/t Au over 16.9m (in the upper part of hole 173 previously reported), these all being above a 210m vertical depth and as far as 300m north of the CQFP. The best assays within the Dike Corridor included 8.54 g/t Au over 20.6m, 5.79 g/t Au over 7.7m, 14.07 g/t Au over 2.3m and 4.77 g/t Au over 6.6m. Most holes extended the Dike Corridor zones at least 50-75m downdip. Assays returned from the CQFP zone included 3.43 g/t Au over 12.25m and 2.54 g/t Au over 8.8m. One zone further into the southern sediments ran 7.48 g/t Au over 2.92m. These results continue to confirm the continuity and robustness of the main gold zones at Wenot, as well as extending these northeastern splays that would fall within the proposed pit.

Highlights* from the recent drilling include:
(refer to Table 1 for full assays and downhole depths):

• Hole 26ODD-180
  • 8.54 g/t Au over 20.6m
    • Including 25.89 g/t Au over 2.5m
    • Including 13.42 g/t Au over 5.8m
  • 3.43 g/t Au over 12.3m
    • Including 5.57 g/t Au over 5.4m

• Hole 26ODD-173W
  • 2.63 g/t Au over 11.5m
  • 3.68 g/t Au over 8.1m
  • 2.62 g/t Au over 13.1m
  • 5.79 g/t Au over 7.7m
    • Including 11.49 g/t Au over 3.6m

• Hole 26ODD-175
  • 4.77 g/t Au over 6.6m
    • Including 9.27 g/t Au over 3.0m

• Hole 26ODD-178W
  • 7.48 g/t Au over 2.9m

• Hole 26ODD-179
  • 2.54 g/t Au over 8.8m
    • Including 6.48 g/t Au over 2.7m

Elaine Ellingham, President & CEO commented: "The 50,000m drill program at Omai is advancing quickly with the five drills turning. To date this year, 23,685m has been drilled. The results of these twelve holes reported today is again a positive for Wenot. They explored the potential of a series of splays we had encountered in a few holes on the under-drilled northeastern flank of the Wenot deposit. These holes confirm the strike extension of these shallow zones that fall within the proposed pit area, but are far outside the area of historical mining. These holes were continued to the south, intersecting the main Wenot gold zones, the most impressive being 8.54 g/t Au over 20.6m that included two high grade intervals: 25.89 g/t Au over 2.5m and 13.42 g/t Au over 5.8m within an interval of felsic dikes and breccia within the Dike Corridor roughly 60m north of the central contact porphyry. Multiple impressive drill intersections in the Dike Corridor continue to speak to the ongoing strength of this project. Further east of this area remains under-explored.

We were on-site at Omai last week for the commencement of the deep hole into the Gilt Deposit. A newly arrived drill with rod-pulling-assist will allow this hole, targeting a 1200m+ depth, to advance more quickly.

Work continues to progress on the Preliminary Economic Assessment ("PEA") with an estimated 6- to 8-week timeframe. The new mine plan will integrate both the Wenot deposit and the adjacent intrusion-hosted Gilt Deposit. A new expanded Mineral Resource Estimate for Omai was announced very recently (news release April 14, 2026) and will form the basis for the upcoming PEA."

Wenot Northeast

These twelve holes were collared on 50m spaced section lines along a 450m strike in the northeastern part of the Wenot shear-hosted gold deposit (Figure 1). Wenot is one of the two orogenic gold deposits on the Omai property. These reported holes are part of a program designed to explore a series of apparent shear splays, on the far northern edge of the broad and prolific Wenot Shear Corridor. A number of previous gold intercepts in the uppermost part of drill holes that were focused on the zones to the south, suggested a series of possible splays off of the main Wenot shear to the northeast. Most of the current holes confirmed this by intersecting shallower gold zones as far as 310m north of the Wenot central contact zone. This further attests to the overall extent of the large Wenot gold system. Most of the splay intercepts are at depths of less than 210m, but as shallow as 65m. No deeper drilling has been done on these zones.

Gold was intersected in these splay zones in most of these sections with the best intercepts being 4.77 g/t Au over 6.6m, 18.11 g/t over 1.5m, and 3.49 g/t Au over 16.9m (previously reported in hole 173, the upper part of hole 173W), all at less than a 210m vertical depth. These holes were continued south past these splay zones to provide deeper intersections in the Dike Corridor. All but one hole were continued as far south as the Central Contact quartz feldspar porphyry and into the sedimentary sequence.

The gold zones associated with the splays are generally narrow but can be high grade. From west to east, the splay intersections include:

Ongoing Work Towards Preliminary Economic Assessment

The Company's independent consultants (SLR Consulting (Canada) Ltd.) continue to advance on the various components of an updated Preliminary Economic Assessment ("PEA") which will include a larger mine plan to incorporate the Gilt underground and a much-expanded Wenot super pit. Completion of the PEA is anticipated in the next six to eight weeks. Omai is also advancing on the permitting front, currently working through the final review of the terms and scope of an Environmental Impact Assessment (EIA) with the Guyana EPA. Results for an extensive program of metallurgical test work are expected shortly for 73 representative samples from the two deposits on the Omai Gold Project. All technical programs, including environmental assessment, metallurgy, tailings, and mine planning are being advanced to a standard aligned with pre-feasibility and feasibility-level study requirements.

Figure 1. Plan Map of Wenot Showing Drill Hole Locations

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8712/299596_8abc6357f43c0bcf_001full.jpg

Table 1. Recent Wenot Drill Results*

*True widths vary as mineralization at Wenot is generally hosted within stockwork vein systems with alteration halos, with an estimated true width range of 70-90%. Cut-off grade 0.30 g/t Au with maximum 3.0m internal dilution is applied. **If indicated, a maximum 5.0m internal dilution was applied. All grades are uncapped unless otherwise noted.

Quality Control

Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Certified reference materials, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags.

Drill core samples (halved-core) were shipped to Act Labs, a certified laboratory in Georgetown Guyana, respecting the best chain of custody practices. At the laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 μm, including cleaner sand. Fifty grams of pulverized material is then fire assayed by atomic absorption spectrophotometry (AA). Initial assays with results above 3.0 ppm gold are re-assayed using a gravimetric finish. For samples with visible gold and surrounding samples within deemed gold zones, two separate 250g or 500g pulverized samples are prepared, with 50 grams of each fire assayed by atomic absorption spectrophotometry, with assays above 3.0 ppm gold being re-assayed using a gravimetric finish. Certified reference materials and blanks meet with QA/QC specifications.

Qualified Person

Elaine Ellingham, P.Geo., is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and has reviewed and approved the technical information contained in this news release. Ms. Ellingham is a director and officer of the Company and is not considered to be independent for the purposes of National Instrument 43-101.

ABOUT OMAI GOLD

Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly Guyana, South America. The Company has established the Omai Gold Project as one of the fastest growing and well-endowed gold camps in the prolific Guiana Shield.

In April 2026, the Company announced an updated NI 43-101 Mineral Resource Estimate¹ (MRE) which included expansions to both the Wenot Deposit and Gilt Deposit. Most significantly, the Wenot Indicated MRE increased 49.8% to 1,453,000 ounces ("oz") of gold with an average grade of 1.59 g/t Au, contained in 28.4 million tonnes ("Mt") and the Wenot Inferred MRE increased 7.6% to 3,999,000 oz grading 1.35 g/t Au, contained in 92.4 Mt. Similarly, the adjacent Gilt Deposit saw an overall increase in ounces over the previous MRE. Gilt's Inferred MRE increased 120% to 1,465,000 oz averaging 3.22 g/t Au (in 14.2 Mt), while the Indicated MRE decreased by 9.5% to 1,042,000 oz averaging 3.33 g/t Au (in 9.7 Mt).

Five diamond drills have commenced a 50,000m program for 2026: at Wenot the focus is to further test the limits of the deposit, including both east and west, and to commence converting the large Inferred MRE to Indicated. Additional drilling will continue to explore certain known gold occurrences for possible near-surface higher-grade satellite deposits. Following the current updated MRE, an updated PEA is planned for Q3 2026 to include the expanded Wenot open pit deposit and the adjacent Gilt Creek underground deposit. The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 2005², ceasing operations when gold was below US$400 per ounce. The Omai site significantly benefits from existing infrastructure, including an on-site airstrip, and is connected by road to the two largest cities in Guyana, Georgetown and Linden.

¹ Omai Gold Mines news release titled "Omai Gold Increases Indicated Mineral Resources to 2.5 Moz Au at 2.04 g/t Au (38.1 Mt) and Inferred to 5.5 Moz Au at 1.59 g/t Au (106.6 Mt) with Expansion of Wenot and Gilt Deposits" dated April 14, 2026.

² Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on www.sedarplus.ca, including March 31, 2006 AIF and news release August 3, 2006.

Table 2. Drill Hole Coordinates

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing of completion of the drill program, and the potential for the Omai Gold Project to allow Omai to build significant gold Mineral Resources at attractive grades, and forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. Further, the Mineral Resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of process recovery will be realized. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Cautionary Note Regarding Mineral Resource Estimates

Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the Company's public disclosure available on SEDAR+ at www.sedarplus.ca. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. The accuracy of any Mineral Resource Estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a "Inferred" or "Indicated" Mineral Resource Estimate will ever be upgraded to a higher category. The Mineral Resource Estimates disclosed in this news release were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the "CIM Standards") in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101").

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299596