Omai Gold 2026 PEA: From Preliminary Economics to Verifiable Development Readiness

Executive summary from the original paper

Omai’s August 2026 preliminary economic assessment (PEA) describes a proposed large-scale redevelop‐ ment of a former producing gold district in Guyana. It combines the Wenot open pit and Gilt underground de‐ posit around a 25,000-tonne-per-day carbon-in-leach plant. The company projects 6.327 million payable ounces over 18 operating years, an after-tax net present value (NPV) of US$3.966 billion at a 5% discount rate, a 24% after-tax internal rate of return (IRR), and US$1.427 billion in initial capital at an assumed US$3,600/oz gold price. These are modeled results, not a production forecast with reserve-level confid‐ ence. The PEA explicitly incorporates Inferred Mineral Resources and does not establish a Mineral Reserve. [S01, pp. 1-5] [S05] The proposed project has three connected characteristics. First, its physical scale is substantial. The mining schedule includes 134.1 million tonnes of material from Wenot at 1.08 g/t gold and 22.6 million tonnes from Gilt at 2.98 g/t. The combined plan reports 156.67 million tonnes of mineralized feed and 788.43 million tonnes of waste. Second, the schedule depends on two distinct mining systems, high-volume surface mining and selective underground production, each with different geotech

nical, equipment, staffing, ventilation, and cost exposures. Third, the project uses a brownfield setting with roads, prior workings, a pre-existing tailings system, and an airstrip, while introducing a much larger new mine footprint and a substantial capital pro‐ gram. [S01, pp. 2-4, 9-13] The resource inventory provides geological potential but also defines the central qualification. The April 2026 estimate totals 2.495 million ounces Indicated and 5.465 million ounces Inferred, so approximately 68.7% of the disclosed contained resource ounces sit in the lower-confidence category. The proportions in the eventual mine schedule are not disclosed in the news release and must not be inferred directly from the global resource split. The next study needs explicit conversion schedules, quantified material excluded after infill drilling, and an integrated reserve-level mine plan. An exploration intercept received after the resource database cut-off is an exploration result, not an automatic increment to the official mine inventory. [S01, pp. 6-8] [S02] The PEA’s price sensitivity is informative and unusually important to interpretation. With pit selection and production schedules held constant, the company’s model reports after-tax NPV5

of US$2.445 billion at US$3,000/oz, US$3.966 billion at US$3,600/oz and US$5.485 billion at US$4,200/oz. These are conditional outputs of the disclosed model. They neither establish lender terms nor account for a mine-plan redesign at a materially different metal price. The report’s nominal/real basis, tax schedule, annual cash-flow sequence and construction funding assumptions require examination in the complete technical report. [S01, p. 5] Company-disclosed price sensitivities reproduced as an independent chart, with all other mine-plan settings held constant. Source: S01 p. 5. OMAI GOLD | INDEPENDENT WHITE PAPER 24 SEP 2026 INDEPENDENT DESK REVIEW • AUDIT REVISION 2.1 The independent arithmetic review identifies several figures requiring a line-by-line bridge rather than imme‐ diate acceptance. For example, the company’s table reports US$9.325 billion in life-of-mine operating costs and US$1,501 per payable ounce, while dividing the aggregate cost by the disclosed 6,326,775 payable ounces gives approximately US$1,474 per ounce. A similar gap appears between US$10.000 billion of total stated AISC and the quoted US$1,608/oz. The published table may use annual weighting, different denomin‐ ators, rounding conventions or definiti

ons absent from the 17-page news release. The available source does not establish an explanation. This white paper identifies reconciliation requests, not allegations of misstate‐ ment. [S01, pp. 4, 11] Environmental and social feasibility deserves equal analytical weight. Omai’s base case assumes on-site heavy-fuel-oil power with a planned 60 MW initial installed capacity and 14 MW for underground demand. Tailings management would progress from the historic Fennel pit and TSF2 to an expanded TSF3, with a share of tailings converted into underground paste backfill. A prior operator’s 1995 tailings accident is an important historical fact and a reason to demand modern, independently reviewed designs, transparent emergency preparedness, and measurable downstream water protection. The historic event does not demonstrate the condition of today’s proposed facilities, and responsibility should not be assigned to the present developer without documentary evidence. [S01, pp. 10, 12-13] [S13] The practical development question is therefore not whether a favorable PEA exists. The question is whether updated geological confidence, engineered mine plans, defensible cost denominators, financed construc‐ tion, secure power, verified water and t

ailings designs, environmental approvals, and local benefit-sharing converge in an auditable feasibility package. This paper provides an evidence-based route from preliminary economics to an investment-ready decision process, without representing a new mineral valuation or recommending a securities transaction. Principal reported indicators Indicator Company’s August 2026 PEA Interpretation Mine life 18 operating years After approximately two years of pre-production Total payable gold 6.327 Moz Conditional PEA output, no proven reserve Wenot open pit feed 134.1 Mt at 1.08 g/t Includes disclosed mining dilution Gilt underground feed 22.6 Mt at 2.98 g/t Underground production planned from Year 3 Plant nameplate 25,000 tpd Annual nameplate capacity 9.125 Mt at 365 days Reported average recovery 93% Must be confirmed by domain, variability and pilot data Initial capital US$1.427bn Includes US$285m contingency Underground growth capital US$293m Separate from initial capital Sustaining capital US$636m Open pit, underground and plant over life of mine Net closure cost US$41m Reconciliation to closure liability required Reported cash cost / AISC US$1,501 / US$1,608 per oz Non-GAAP figures, reconciliation needed After-tax NPV5 / IRR US$3.9

66bn / 24% At US$3,600/oz gold Source: [S01, pp. 1-5, 11-12]. OMAI GOLD | INDEPENDENT WHITE PAPER 24 SEP 2026 INDEPENDENT DESK REVIEW • AUDIT REVISION 2.1