Ms. Elaine Ellingham reports

OMAI GOLD ENGAGES SLR CONSULTING TO DELIVER AN UPDATED MINERAL RESOURCE ESTIMATE AND UPDATED PRELIMINARY ECONOMIC ASSESSMENT

Omai Gold Mines Corp. has engaged SLR Consulting to complete an updated mineral resource estimate and preliminary economic assessment for its 100-per-cent-owned Omai gold project in Guyana, South America. The anticipated PEA will be supported by a mine plan that incorporates the much expanded Wenot open-pit deposit, together with the immediately adjacent Gilt Creek underground deposit. This is an important milestone that sets the groundwork for a continued aggressive plan to advance the Omai project toward development. The updated MRE is expected in first quarter 2026, to be followed by the PEA in second quarter 2026.

SLR Consulting is an industry leader in mining advisory and technical services, and has supported projects globally for more than 35 years. With multidisciplinary expertise and capabilities spanning geology, resource estimation, engineering, metallurgy, mine waste and environment, SLR delivers end-to-end support across all stages of the mining life cycle. SLR's Mining advisory team has extensive experience in all commodities and mining areas of the world, and is a trusted partner to clients seeking independent, high-quality guidance and technical support.

Elaine Ellingham, president and chief executive officer, commented: "These next steps will provide all stakeholders with a better understanding of the size and value potential of the Omai project. Omai has already been identified as the largest gold project in Guyana following our much increased mineral resource estimate announced just five months ago in August last year. Since then, we had five drills turning until just before the holiday break in December. The additional drilling will contribute to the updated MRE, which will form the base for the PEA. We anticipate that this upcoming preliminary economic assessment will be transformational and will illuminate the pathway to development."

About Omai Gold Mines Corp.

Omai is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100-per-cent-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 August, 2025, the company announced a 96-per-cent increase to the Wenot gold deposit National Instrument 43-101 mineral resource estimate to 970,000 ounces of gold (indicated) averaging 1.46 grams per tonne gold, contained in 20.7 million tonnes, and 3,717,000 ounces of gold (inferred MRE) averaging 1.82 g/t Au, contained in 63.4 Mt. This brings the global MRE at Omai, including the Wenot and adjacent Gilt Creek deposits, to 2,121,000 ounces of gold (indicated MRE) averaging 2.07 g/t Au in 31.9 Mt and 4,382,000 ounces of gold (inferred MRE) averaging 1.95 g/t Au in 69.9 Mt. A baseline PEA announced in April, 2024, contemplated an open-pit-only development scenario and included less than 30 per cent of the new mineral resource estimate for Omai. Three drills have commenced the 2026 drill program: At Wenot the focus is to further test the limits of the deposit, including both east and west, and to commence upgrading the large inferred MRE to indicated. Additional drilling will continue to explore certain known gold occurrences for possible near-surface higher-grade satellite deposits. An updated MRE and PEA are planned for first half 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 2005, ceasing operations when gold was below $400 (U.S.) 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.

Qualified person

Elaine Ellingham, PGeo, is a qualified person 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.

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