OMAI GOLD MINES CORP - OMGGF STOCK NEWS

Omai Gold Mines has filed a National Instrument 43-101 Technical Report supporting its Preliminary Economic Assessment (PEA) for the Wenot Deposit at the Omai Gold Project in Guyana. The PEA indicates an after-tax NPV5% of $556 million and an IRR of 19.8%, based on a gold price of $1,950/oz, with sensitivity analysis at $2,200/oz showing an NPV5% of $777 million and IRR of 24.7%. Key financial metrics include an initial capital cost of $375 million and sustaining capital of $172 million over a 13-year mine life, with projected average gold production of 142,000 oz per year. The after-tax payback period is estimated at 4.3 years. The project projects cumulative after-tax cash flow of $1.07 billion, with average cash operating costs at $916/oz and all-in sustaining costs of $1,009/oz.

Omai Gold Mines Corp. (OMGGF) participated in the 121 Mining Investment Summit in London, engaging with over 400 investors for potential partnerships. Additionally, the company granted incentive stock options to 14 individuals, allowing them to purchase up to 8,850,000 common shares at $0.14 per share over a five-year period.

Omai Gold Mines Corp. appoints Marcel Cameron P.Eng. as Country Manager, Guyana, who brings 25 years of experience in mine planning. The company aims to advance operations at the Omai gold project, incorporating additional resources to boost economic returns. The approval of a new 3-year Prospecting Licence by the Guyana Geology & Mines Commission further strengthens the Company's position for future mining activities.

Omai Gold Mines Corp. announces positive results from the Wenot Project's Preliminary Economic Assessment, projecting 1.84 million ounces of gold production over a 13-year mine life. The after-tax NPV5% is $777 million, with an IRR of 24.7% and a 3.5-year payback period at a spot gold price of $2,200/oz.

Omai Gold Mines Corp. reports an updated Mineral Resource Estimate on its Omai Gold Property in Guyana, with an expansion to the Wenot Deposit and incorporation of the Gilt Creek Deposit. The Wenot MRE increased the Indicated MRE to 834,000 oz (10% increase) @ 1.48 g/t Au and the Inferred MRE to 1,614,000 oz (45% increase) @1.99 g/t Au. The Omai Property hosts two gold deposits, with a combined updated MRE of 1,985,000 ounces of gold (Indicated MRE) and 2,279,000 ounces of gold (Inferred MRE). The Wenot Deposit saw a 10% increase in Indicated MRE and a 45% increase in Inferred MRE, while the Gilt Creek Deposit experienced a 4% increase in Indicated MRE and a 28% increase in Inferred MRE. The preliminary Economic Assessment based on the updated MRE is expected to be announced in Q1 2024.

Omai Gold Mines Corp. has engaged Velocity Trade Capital Ltd. to provide market stabilization and liquidity services to the Company, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Services Agreement has a minimum set term of sixty days, after which either party may terminate the Services Agreement by providing the other with not less than 30 days prior written notice of termination. Velocity Trade will manage trading of the Company's securities listed on the Exchange from time to time for the purposes of maintaining an orderly market, with a view to reducing trading volatility and improving the liquidity of the Company's securities. In consideration for the provision of the services by Velocity Trade under the Services Agreement, Omai Gold has agreed to pay Velocity Trade a monthly fee of $6,000 per month. Velocity Trade and Omai Gold are not related parties and have no other agreements other than the market liquidity agreement which is the subject of this news release.

Omai Gold Mines Corp. (OMG) announces the election of Mr. Derek Macpherson to the Board of Directors, the results of the Annual General and Special Meeting (AGSM), and the granting of incentive stock options to a director of the Company. Mr. Macpherson brings over ten years of capital markets experience in mining and technical expertise as a metallurgist. The AGSM saw the re-election of existing directors and the addition of Mr. Macpherson to the Board.

Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) announces the completion of its 2023 Omai drill program, releasing strong drilling results from the Wenot gold deposit and extension in Guyana. The company is engaged in preparing an updated Mineral Resource Estimate and expects to proceed with a Preliminary Economic Assessment (PEA) immediately thereafter.

Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) announces further strong drill results from the Company's Omai gold project in Guyana. The new assays for diamond drill holes 23ODD-066, -067, and -068 extend the multiple gold-zones of the Wenot deposit and are expected to impact the upcoming Mineral Resource update positively. The company anticipates accelerated timelines and lower capital costs for the project, given its brownfields nature and existing infrastructure.