What you need to know: • Omai released an updated MRE at the Omai Gold Project outlining significant expansions of the Wenot and Gilt deposits. • Overall, Indicated resources increased ~18% and Inferred increased ~25% vs. the prior August 2025 MRE. • The upcoming updated PEA expected in 2-3 months will be based on this morning’s updated MRE. • We have updated our model with preliminary PEA assumptions and are increasing our target price to C$4.00/share. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) released an updated mineral resource estimate at the Omai Gold Project in Guyana with expansions to both Wenot and Gilt Creek UG. The updated MRE displayed a ~50% increase in Wenot’s Indicated gold resources to 1.45Moz (1.59 g/t), and a ~8% increase in Inferred to 4.0Moz (1.35 g/t), as OMG executed on upgrading resources while expanding the deposit. At Gilt Creek, underground Inferred resources increased by an impressive 120% to 1.47Moz (3.22 g/t), while Indicated resources declined by ~10% to 1.04Moz (3.33 g/t), and Gilt is expected to be included in the upcoming PEA. On the back of the update, we have made preliminary assumptions for the PEA, which are based on this updated MRE. We are maintaining our BUY rating and increasing our target price to C$4.00/share (previously $2.40/share) on Omai Gold Mines. Taken together, Indicated resources on the Omai Property increased ~18% to ~2.5Moz, averaging 2.04 g/t, while Inferred resources grew ~25% to ~5.5Moz, averaging 1.59 g/t, when compared to the prior August 2025 MRE. Notably, Wenot Open Pit, which will anchor the upcoming PEA, displayed a 9% increase in Indicated grade from 1.46 g/t to 1.59 g/t, as high-grade Inferred ore was upgraded. Similarly, Gilt Creek’s Indicated resource grade increased 3% to 3.33 g/t. The update was completed at a gold price assumption of US$3,000/oz vs. US$2,500/oz in August 2025. Wenot’s 0.30 g/t cut-off was unchanged, while Gilt’s was increased from 1.5 g/t to 1.7 g/t, highlighting that the substantial increase in resources and strong grades was driven by OMG’s drill success as opposed to adjusting assumptions. The substantially increased MRE reinforces Omai as the largest gold project in Guyana, and the Company has no plans to stop drilling the extensive land package. This marks OMG’s fifth resource update as the Company continues to execute on advancing the Project. The Wenot and Gilt deposits both remain open at depth, and OMG has commenced a 50,000m drill program with five drill rigs to further expand and upgrade resources. We continue to reiterate that the next major milestone, now that the updated MRE is released, will be the updated PEA, which is anticipated in the next 2 to 3 months. We discuss our expectations for the study in detail below.