Omai Gold Mines Corp.

Interim MD&A – Quarterly Highlights Six months ended June 30, 2022 (Expressed in United States Dollars)

a size of at least 2.7 km long by 450 m deep by 200 – 300 m wide is suggested. This is along strike and adjacent to the Wenot NI 43-101 Mineral Resource Estimate filed February 18, 2022 of:

• 703,300 ounces of gold in an Indicated resource of 16.7 million tonnes averaging 1.31 grams of gold per tonne, and
• 940,000 ounces of gold in an Inferred resource of 19.5 million tonnes averaging 1.50 grams of gold per tonne

1. Tested four exploration target areas west and southwest of the Fennell pit. Narrow high-grade mineralization was identified at Blueberry Hill and trenching and sampling indicate flat-lying,high-grade veins and potential for stockwork vein systems that will be further pursued.

1. Strengthened the Board of Directors with the addition of Don Dudek, a highly experienced geologist and mining executive, who brings a wealth of experience in gold deposits of West Africa, that are deemed geologically related to gold deposits of the Guiana Shield.

1. Completed a private placement on April 27th for gross proceeds of C$2,608,000 at a price of C$0.12 per unit. With a significant lead order, we expanded our institutional ownership.

1. Commenced trading of the common shares of OMAI on the OTCQB® Venture Market under the ticker symbol OMGGF on August 11th.

1. Participated in the Prospectors’ and Developers’ Convention in mid-June, where we hosted a booth and met with many shareholders and potential investors. OMAI’s Chairman and CEO met with the Honourable Vickram Bharrat, the Minister of Natural Resources of Guyana, and presented at “Guyana Night”.

1. Completed a marketing initiative covering three major European cities in May and key U.S. east coast cities in June, to introduce targeted investors to the Company’s project, results, and catalysts for future value appreciation.

The Company continued to focus on its core objectives:

1. Building gold resources that could support the re-development of an economic mining operation:
2. • Following the January announcement of the maiden NI 43-101 Mineral Resource Estimate for the new Wenot deposit, the Company initiated drilling on the eastern and western extensions and was successful at confirming that gold mineralization extends along strike at least 900 m to the west and 400 m to the east, where it remains open along strike. The Wenot area warrants significant additional drilling as management sees this as a prime target for further resource expansion.

1. Reducing overhead costs in order to maximize funds available for exploration:
2. • Following significant rationalization of G&A and in-country operations over the past 12 months, management believes it has achieved its objective of significantly reducing overhead costs and focusing its funds on exploration, and will continue to be vigilant going forward.

1. Executing quality exploration programs in an impactful, safe, responsible, and cost effective manner:
2. • The Company has developed a quality team of geologists and geotechnicians that have been very effective in implementing cost-effective and successful exploration programs with a focus on discovering and building gold resources.

1. Creating value for all stakeholders by both verifying historic and known mineralization and resources, and pursuing new discoveries on this past producing gold property:
2. • In Q2 2022, the Company continued drilling along the Wenot shear corridor with the objective of expanding the resource. A review was completed of the data and remaining core from Iamgold’s 2007 diamond drill program that identified a historic resource, located below the past producing Fennell

Omai Gold Mines Corp.

Interim MD&A – Quarterly Highlights Six months ended June 30, 2022 (Expressed in United States Dollars)

deposit. This study led to the engagement of P&E Consulting Ltd. in July to complete a NI 43-101 that will include the historic Fennell resource, as well as an update on the adjacent Wenot resource, before year end.

Corporate Background

The company originally was incorporated under the Ontario Business Corporation Act (“OBCA”) on March 22, 1962, as Citadel Gold Mines Inc.

On June 15, 2011, Anconia Resources Corp. (“Anconia”) completed a reverse takeover transaction pursuant to which Anconia (then Citadel) acquired all of the issued and outstanding common shares in the capital of 2215107 Ontario Inc., a private Ontario company (incorporated under the OBCA on August 18, 2009) with an interest in a mineral property in Nunavut.

On October 10, 2019, Anconia and Avalon Gold Exploration Inc. (Guyana) (“Avalon”) announced that they had entered into a definitive acquisition agreement dated October 9, 2019 (the “RTO”), in respect of a proposed transaction (the “Transaction”), whereby Anconia agreed to acquire all of the issued and outstanding securities of Avalon, by way of three-cornered amalgamation, share exchange or such other form of business combination as the parties determined. The entity that resulted from the completion of the Transaction (the “Resulting Issuer”), continued to carry on base and precious metals exploration and development, focused primarily on the exploration of Avalon’s Omai Gold Mine project in Guyana.

Avalon is a Barbados corporation incorporated on February 22, 2018, based in Christ Church, Barbados, with a wholly-owned operating subsidiary, Avalon Gold Exploration Inc. (“AGE”).

On October 1, 2020, the Company completed the RTO with Avalon, pursuant to which the Company acquired all of the issued and outstanding common shares in the capital of Avalon. On closing of the transaction, the Company changed its name to Omai Gold Mines Corp. (“OMAI”) and completed a consolidation of Anconia’s shares on the basis of one post-consolidation common share for each 15 pre-consolidation common shares.

Exploration and Evaluation Projects

Omai Project

On April 26, 2019, the Guyana Geology & Mines Commission (“GGMC”) issued Prospecting Licence (PL #01/2019) to Avalon for the exclusive right of occupation and exploration for gold, precious minerals and precious stones, on 4,590 acres of licenced area (the “Omai PL”), including the site of the past-producing Omai Gold Mine, Potaro Mining District, Guyana. The Company, through AGE, holds a 100% interest in the Omai PL which provides for an exclusive right of occupation and exploration for gold, precious minerals and precious stones and to use certain existing infrastructure at the Omai Gold Mine for any future mining operations, subject to entering into specific lease agreements.

The GGMC granted the Omai PL to AGE on April 26, 2019. The Company renewed the license for one-year period prior to the April 25, 2022 expiry date. The Company is permitted to renew the license for an additional one-year period in 2023. In consideration for the license, Avalon agreed in 2019 to pay the GGMC an aggregate fee of $4 million to secure the Omai PL, of which $1 million was paid during the 1st year, $1 million was paid during the 2nd year and a further $2 million was due on October 1st, 2021. The Company paid $1 million on October 1, 2021 and as of the date of this report the remaining $1 million has been paid. There are no known rights infringing on the rights the Company holds on the Omai PL.

On December 22, 2021, the Company closed a transaction resulting in the acquisition of the Eastern Flats property consisting of prospecting and mining rights, adjoining the Omai PL to the east. The Eastern Flats property consists of 1,519 acres along the main trend of mineralization seen in the Wenot Pit. While there has been little to no exploration carried out on the Eastern Flats, interpretation of the 2020 airborne geophysical survey (magnetics and radiometrics) has indicated that several targets for gold mineralization extend from the Omai PL onto Eastern Flats.

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Omai Gold Mines Corp.

Interim MD&A – Quarterly Highlights Six months ended June 30, 2022 (Expressed in United States Dollars)

In addition, Avalon holds an option to acquire a 100% interest in a prospecting licence known as “Kaburi South”, covering approximately 5,235 acres, located adjacent to Troy Resources Limited’s Karouni mine in Guyana.

Exploration Activity

The Company commenced exploration on the Omai property in late 2020 following the completion of the Company’s reverse-takeover transaction. At that time, the Company completed construction on a modern exploration camp capable of housing up to 60 workers. The camp includes exploration offices and a large facility for core logging, sampling and storage. The Company also retained full-time security for the camp.

During the first quarter of 2021, the Company re-logged and re-sampled 6,000 metres of drill core that was drilled in 2012 and recovered and remediated in 2020. The core had been stored in a secure government facility since a limited exploration program ceased operations in 2012. Assay results from these 2012 holes demonstrate that significant gold mineralization extends at least 150 metres below the bottom of the Wenot Pit, at similar grades and widths.

In 2021, the Company completed 10,702 metres of diamond drilling, with the majority of the drilling focused on the discovery of an extension of mineralization adjacent to, and below the Wenot Pit, which produced 1.4 million ounces of gold between 1994 and 2003. Drilling continued from February through to mid-December with one short break.

The 2021 drilling at Wenot consisted of 16 holes totalling 9,367 metres. These tested the resource potential below and adjacent to the past producing Wenot pit, along its full 1.7 km axis. Significant results were announced from the Wenot drilling in 2021, with highlights including:

• 2.2 g/t Au over 19.5 m, 3.6 g/t Au over 13.5 m, and 9.0 g/t Au over 16 m including 1 m of 127.7 g/t Au, demonstrating the potential for multiple mineralized zones (hole 21ODD-001)
• 3.6 g/t Au over 32.1 metres including 26.7 g/t Au over 0.4 m and 25.7g/t Au over 1 m and an additional intersection further downhole of 2.2 g/t Au over 18.4 m (hole 21ODD-002)
• 1.7 g/t Au over 14.1 m and 4.0 g/t Au over 3.1 m in hole 21ODD-003
• 6.6 g/t Au over 9.0 m, 2.8 g/t Au over 13.0 m, 4.7 g/t Au over 4.0 m and 1.9 g/t Au over 10.2 m in hole 21ODD-008
• 0.9 g/t Au over 13.0 m in hole 21ODD-010
• 1.5 g/t Au over 12.4 m, 1.6 g/t Au over 9.2 m and 5.1 g/t Au over 2.0 m in hole 21ODD-011
• 6.92 g/t Au over 19 m, and 2.2 g/t Au over 16m in hole 21ODD-013
• 56.0 g/t Au over 1.5m, and 2.12 g/t over 12m in hole 21ODD-014
• 1.15 g/t over 19.5 m in hole 21ODD-026 (Section 305840E).
• 22.05 g/t Au over 1.7 m, 5.28 g/t Au over 2.7 m and 3.33 g/t Au over 4.4 m in hole 21ODD-020
• 5.16 g/t Au over 8.4 m, 5.0 g/t Au over 6.0 m, 1.46 g/t Au over 11 m with nearby 1.03 g/t Au over 5.0 m in hole 21ODD-021
• 16.77 g/t Au over 6.0 m, 1.97 g/t Au over 16.7 m, and 4.63 g/t Au over 20.0 m in hole 21ODD-022
• 3.3 g/t Au over 14.1 m, 2.96 g/t Au over 6.0 m and 0.82 g/t Au over 22.0 m in hole 21ODD-023
• 15.2 g/t Au over 6.0 m, 1.38 g/t over 16.5 m and 1.8 g/t over 13.5 m in hole 21ODD-024
• 2.3 g/t Au over 10.5 m in hole 21ODD-025
• 2.12 g/t Au over 10.5 m and 1.15 g/t over 19.5 m in hole 21ODD-026

Based on these results, the Company reached a significant milestone with the January 4, 2022 announcement of a maiden Mineral Resource Estimate for Wenot. P&E Consulting Ltd. as the independent technical consultants, or Qualified Person (“QP”), subsequently filed the NI 43-101 report on www.sedar.comon February 18, 2022.

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Omai Gold Mines Corp.

Interim MD&A – Quarterly Highlights Six months ended June 30, 2022 (Expressed in United States Dollars)

The Wenot Mineral Resource Estimateannounced January 4, 2021 consists of:

• Indicated resources of 16.7 million tonnes averaging 1.31 grams of gold per tonne for 703,300 ounces of gold, and
• Inferred resources of 19.5 million tonnes averaging 1.50 grams of gold per tonne for 940,000 ounces of gold.

Methologies and assumptions are detailed in the Company’s NI 43-101 filed on www.sedar.comon February 18, 2022.

The QP was able to integrate not only the 16 diamond drill holes completed by the Company in 2021, but also incorporated 10,508 assay results from 549 diamond drill holes totalling 21,541 metres within the mineralized wireframes. This was possible since the Company has the extensive historical database that includes both production and exploration data.

The multiple subvertical mineralized shears that comprise the new Wenot deposit are consistent with the material historically mined in the overlying pit, and further, drilling provided evidence that these zones remain open at depth and along strike. Wenot is located approximately 400 m south of the past-producing Fennell open pit that hosts a historic resource.

The Wenot deposit is hosted within a regional structure, known on the property as the Wenot shear corridor. The Wenot shear straddles the contact between a series of basaltic to andesitic metavolcanics to the north and a series of lithic wacke metasediments to the south. A wide, often mineralized feldspar porphyry typically occurs at or near the sheared contact zone, however, gold mineralization occurs within multiple sub-vertical mineralized shear structures that occur across the shear corridor that is typically 150 to 350 m wide. Although historically these mineralized shear structures were mostly modelled and mined within the metavolcanic sequence, drill data clearly shows that these mineralized shear structures also occur within the metasedimentary sequence. At the west end of the Wenot pit, the shear corridor appears to have migrated further into the metasedimentary package with fewer zones within the northern, metavolcanic sequence.

Higher-grade zones are typically associated with sheared structures that host extensional veins. Gold, quartz- ankerite-sericite alteration and pyrite are associated with a range of subvertical felsic to mafic dikes within the basaltic to andesitic units but also within the metasediments. A second target type is the contact between the rhyolite dikes and basalts, which host highly sheared zones with strong iron and ankerite-sericite alteration and sulphides.

In 2021, the Company also completed a total of eleven holes targeted on a more exploratory basis to test potential mineralization nearby. The focus was to evaluate other un-mined areas with potential for near surface gold deposits amenable to open pit mining. Four holes were completed to test a couple of known gold occurrences at Gilt Creek and Snake Pond, west of the Fennell pit, interpreted to be related to vein structures associated with the Fennell deposit, where they intrude into the adjacent host volcanics. Quartz veining and minor sulphidization and intervals with anomalous gold were encountered in all holes and additional follow-up is warranted. Six scout holes were drilled on the large Broccoli Hill target, where known gold anomalies in soil and historic auger samples and in some cases with quartz veining, were identified by the Company’s trenching and mapping work. Airborne geophysics indicates a magnetic low in the south central portion of Broccoli Hill that has similarities to the magnetic signature of the Fennell deposit, which lies only 200-400 metres to the west of Broccoli Hill. The trenching at Broccoli Hill exposed a quartz-rich shear zone, with samples assaying 29.3 g/t Au, 7.8 g/t Au, 5.0 g/t Au and 2.2 g/t Au along a 40-metre strike on the northwest side of Broccoli Hill. This first round of drilling on Broccoli Hill was to establish bedrock lithologies across the large target area. A total of 690 metres in six holes were completed and gold mineralization was intersected in four of the six holes returning assays greater than one g/t Au, and as high as 4.04 g/t Au over 0.9 m and 0.91 g/t over 6.8 m. Broccoli Hill represents a large prospective target area that has been the focus of much artisanal mining activity for over 100 years and warrants additional exploration.

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