Omai Gold Mines Corp.

Elaine Ellingham, President & CEO and Executive Chairman, brings over 30 years of mining leadership with a directly relevant M&A track record: she served as Lead Director and interim CEO at Richmont Mines through the approximately C$1 billion acquisition by Alamos Gold — precisely the kind of outcome the Verdict Framework weights most highly in management assessment. CFO Petra Decher brings senior mining finance experience from Franco-Nevada and Marimaca Copper. VP Mining Jason Brewster has 25+ years of international mine engineering experience. The team is well-assembled for a company approaching its first consolidated PEA milestone on a large gold project.

The key concern for this factor is insider transaction activity: per publicly available data, insiders have been net sellers of OMG shares in the past three months. This is a negative signal at a stage when management should be demonstrating conviction through open-market purchases, particularly ahead of a major catalyst (the Q2 2026 PEA). Specific insider ownership percentages were not available in sources reviewed; the Management Information Circular filed on SEDAR+ ahead of the October 2025 AGM would contain authoritative figures. The 37.5% share dilution over the past twelve months through successive private placement rounds further dilutes the alignment signal.

The management team's credentials and demonstrated M&A track record justify a score above the midpoint. The insider selling is a meaningful deduction in a framework that weights skin-in-the-game explicitly. Score: 3/5.

The Omai Gold Property (100%-owned) in Guyana hosts the Wenot open-pit deposit and the Gilt Creek underground deposit on the site of the former Omai Gold Mine — once the largest gold mine in South America. As of the April 14, 2026 NI 43-101 resource update (prepared by P&E Mining Consultants Inc., filed on SEDAR+), the combined resource stands at 2.5 Moz Au Indicated (38.1 Mt at 2.04 g/t Au) plus 5.5 Moz Au Inferred (106.6 Mt at 1.59 g/t Au). Wenot open pit contributes 1,453 koz Indicated at 1.59 g/t (28.4 Mt, +49.8% vs. October 2025) plus 3,999 koz Inferred at 1.35 g/t (92.4 Mt). Gilt Creek underground contributes approximately 1,047 koz Indicated at ~3.35 g/t — a very high-grade underground component that significantly enhances the combined deposit's grade profile and economic potential.

The 2024 Wenot PEA (P&E Mining Consultants; NI 43-101 technical report filed SEDAR+ October 9, 2025) demonstrated after-tax NPV5% of US$556M and IRR of 19.8% at US$1,950/oz gold, supporting 142,000 oz/year for 13 years (1.84 Moz payable). The 2024 PEA was based on a resource substantially smaller than the current 2.5 Moz Indicated, and excluded Gilt Creek entirely. An updated PEA incorporating Wenot open pit and Gilt Creek underground is expected in Q2 2026 (within 2–3 months of April 14, 2026). At current gold prices (~US$3,200/oz), the economics should materially exceed the 2024 baseline.

Resource classification is the binding constraint: 5.5 Moz Inferred represents 69% of total ounces, carrying limited investment-grade confidence per NI 43-101 definitions. The 2.5 Moz Indicated component (at 2.04 g/t) is substantive and high-grade. The upcoming PEA will determine how much Inferred resource can be incorporated into the mine plan and at what economic discount. Guyana is a mining-active jurisdiction with the Omai operating history, though permitting and sovereign risk are secondary factors to monitor. Score: 3/5.

As of year-end 2025, Omai Gold reported cash of approximately C$57M (approximately US$41M), resulting from two significant private placements including a C$30M bought deal and a C$25.3M bought deal closed in 2025. This cash position is adequate to fund the Q2 2026 PEA work (estimated cost <C$5M) and at least 18–24 months of engineering, permitting, and drilling activities without additional dilutive financing. The company described its position as 'fully funded' for 2026 programs including the PEA, metallurgical testing, and continued exploration drilling.

Approximately 649.6 million shares are outstanding, with the total count growing approximately 37.5% over the past twelve months through successive private placements. Detailed warrant and option schedules were not available in sources reviewed; authoritative figures are available in the SEDAR+ MD&A and financial statements. At 649.6M shares and C$57M cash, the cash-per-share is approximately C$0.088 — a meaningful floor relative to the current stock price. The company is managed by an experienced team that has demonstrated the ability to access capital markets.

The large share count is the primary capital concern. Future financings to fund project development — eventually running into hundreds of millions for construction — will require significant additional share issuance at prices well above current exploration-stage levels. Score: 3/5.

The most important near-term catalyst for OMG is the updated Preliminary Economic Assessment, expected Q2 2026 — approximately 60–90 days from the April 14, 2026 resource announcement. This will be the first PEA to incorporate both Wenot open pit and Gilt Creek underground, representing a materially larger and higher-grade mine plan than the 2024 Wenot-only study. The company has engaged SLR Consulting to deliver the updated resource and PEA. At gold prices of approximately US$3,200/oz (vs. US$1,950/oz used in the 2024 PEA), the economic uplift should be substantial. This is a high-visibility, market-moving event with a clear and tight timeline.

The April 14, 2026 resource update itself was an immediate catalyst: the 49.8% increase in Wenot Indicated ounces and the formal inclusion of Gilt Creek underground at ~3.35 g/t drove a sharp stock price response. Additional near-term milestones include metallurgical test results (supporting mine design for both Wenot and Gilt Creek), permitting engagement with the Guyana Geology and Mines Commission, and continued exploration drilling on untested regional targets. The Guyana government has made public statements of support for the project's advancement, reducing sovereign risk concerns.

Score: 4/5. The PEA is the single most value-crystallising event on the TSXV calendar for gold exploration companies in 2026, and it is expected within the quarter.

The 2024 Wenot PEA is the only published economic study available. Its after-tax NPV5% of US$556M = approximately C$745M (at 1.34 CAD/USD). Applying the mandatory 50% PEA study-tier discount: adjusted project NAV = C$372.5M. Adding year-end cash of C$57M: total adjusted value = C$429.5M. With 649.6M shares outstanding, the discounted NAV per share is approximately C$0.66. At a current price of approximately C$2.30/share, the stock trades at a discounted P/NAV of approximately 3.5× — firmly in the 'above 1.0×' range that defines a Score 2. This is not a commentary on the fundamental quality of the project; it reflects the market pricing in a much larger PEA that does not yet exist.

A rough projection for the upcoming PEA: the 2024 Wenot PEA used a mine plan producing 1.84 Moz over 13 years. The current Indicated resource alone (2.5 Moz) exceeds the entire planned production from the 2024 PEA, and Gilt Creek's high-grade underground component (1,047 koz at ~3.35 g/t Indicated) was not included at all. At US$3,200/oz gold, scaling the economics conservatively suggests a new NPV5% of US$1.5–3B is plausible. Applying a 50% PEA discount to the midpoint (US$2.25B = C$3.0B): adjusted project NAV = C$1.5B, plus cash C$57M = C$1.56B, or approximately C$2.40/share. At C$2.30, the P/NAV (speculative estimate) = approximately 0.96× — still above 1.0× at the lower bound of this range.

The Verdict Framework does not permit scoring based on a speculative future PEA. Based solely on the 2024 PEA (discounted NAV C$0.66/share), the stock at C$2.30 trades at approximately 3.5× discounted P/NAV. The resource is also 69% Inferred in ounce terms, which the framework explicitly treats as a Score 2 condition ('based only on a PEA with mostly Inferred resources'). Score: 2/5. Note: nav_per_share of C$0.66 is based exclusively on the 2024 Wenot-only PEA with a 50% PEA discount applied — it does not represent the upcoming consolidated PEA.