NI 43-101 Mineral Resource Estimates
On August 25, 2025 the Company announced an updated Mineral Resource Estimate on its 100%-owned Omai Gold Property in Guyana. It included an expansion to the Wenot Deposit and incorporated the previously disclosed Gilt Creek Deposit as follows:
4,382,000 ounces of gold (Inferred MRE) averaging 2.07 g/t Au in 31.9 Mt, plus
2,121,000 ounces of gold (Indicated MRE) averaging 1.95 g/t Au in 69.6 Mt
Most significantly, the Wenot Mineral Resource Estimate (“MRE”) increased the Inferred Resource to 3.17 million ounces (130% increase) @ 1.46 g/t Au and the Indicated Resource to 0.97 million oz (16% increase) @1.95 g/t Au.
Table 1. August 2025 Mineral Resource Estimates (Please review "Notes to Accompany the 2025 MRE" below the tables for assumptions and additional information)
Table 2. Comparison between Wenot 2024 (January) MRE and 2022 (October) MRE
Notes to Accompany the August 2025 Mineral Resource Estimate:
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- Wenot wireframe constrained gold assays were composited to 1.5 metre lengths and subsequently capped between 7 to 28 g/t. Gilt Creek Wireframe constrained gold assays were composited to 1.0 metre lengths and subsequently capped between 12 to 40 g/t.
- The Wenot Mineral Resource Estimate incorporates 12,028 assay results from 639 diamond drill holes totalling 110,920 m within the mineralized wireframes. The Gilt Creek Mineral Resource Estimate incorporates 7,056 assay results from 46 diamond drill holes totalling 27,997 m within the mineralized wireframes
- Grade estimation was undertaken with ID3interpolation.
- Wenot wireframe constrained bulk density was determined from 48 site visit samples. Gilt wireframe constrained bulk density was determined from 28 site visit samples.
- Wenot gold process recoveries used were 90% for Alluvium/Saprolite and 92% for Transition/Fresh Rock. Gilt Creek gold process recovery used was 92%
- The gold price used was US$2,500/oz
- Wenot US$ open pit operating costs used were $2.50/t for mineralized material mining, $2.00/t for waste mining, $11/t for Alluvium/Saprolite processing, $18/t for Transition/Fresh Rock processing and $4/t G&A resulting in respective 0.20 and 0.30 g/t Au cut-off grades. Wenot and Gilt Creek US$ underground operating costs used were $85/t for mining, $18/t for processing and $7/t G&A resulting in a 1.5 g/t Au cut-off grade.
- Underground MRE blocks were reviewed for grade and geometric continuity. Isolated/orphaned and single block width strings of blocks were removed in order to only report Mineral Resources with a reasonable prospect of eventual economic extraction.
- Wenot pit slopes were 55o.
