Aumega Metals Cape Ray Drilling Extends Central Zone Mineralisation

• Central Zone Mineralisation Extended: Diamond drilling at the Cape Ray Project intersected 1.85 g/t over 13.5 metres including 4.79 g/t over 0.85 metres from 340.5 metres, extending mineralisation down plunge of Z04 at Central Zone, with the deposit remaining open in multiple directions.
• Completed Comprehensive Mapping and Till Geochemical Sampling at Cape Ray West: Completed the Company's largest surface program in the project's history, with 91 rock and1,082 till samples collected; assay results pending.
• Preliminary Electromagnetic Survey Results: Identified several discrete anomalies at Cape Ray with magnetic signatures consistent with the Central Zone deposits.
• Mineral Resource Growth: Targeting a material growth in mineral resources based on results from recent drilling and from the systematic exploration program.
• Strong Treasury Position: AuMEGA remains well funded with C$9.2 million in cash¹, fully supporting one of the largest and most systematic exploration campaigns in Company history.

Edmonton, Alberta--(Newsfile Corp. - September 9, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to provide an update on its fully funded 2025 exploration program. This update highlights new drill results from the Cape Ray Project ("Cape Ray") and the Company's most comprehensive field initiatives to date on the Cape Ray Shear Zone ("CRSZ") in Newfoundland and Labrador ("Newfoundland"), Canada.

The 2025 program represents one of the most extensive and technically integrated exploration efforts in AuMEGA's history. It combines the largest surficial geochemical campaign ever undertaken on the CRSZ with systematic mapping, project-wide geophysics, and targeted drilling - all designed to advance the Company's commanding district-scale land package along one of Atlantic Canada's most prospective gold belts.

AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented

"Our 2025 exploration campaign is the most comprehensive program ever undertaken by the Company and is building a strong foundation for future discovery success. At Cape Ray, we have extended the mineralisation down plunge of Z04 at Central Zone with a highly encouraging intercept of 1.85 g/t gold over 13.5 metres. The Central Zone deposits form the largest component of the Company's mineral resource, comprise a series of high-grade open pits with gold mineralisation remaining open along strike and down plunge. Our extensive geological review completed over the last three years leads us to believe we have considerable scope for resource growth in this area which requires a dedicated work program to update our mineral resources and identify further extensional target opportunities.

In parallel, we have completed the Company's largest-ever mapping and till geochemical program at Cape Ray West, with final results expected shortly. When integrated with the high-quality geophysics data we have been collecting, we are highly confident we will be able to generate new drill targets across this project.

Our Cape Ray regional activities will continue in conjunction with extensive, systematic exploration work at other targets along the CRSZ including Bunker Hill and at Hermitage. We are building a pipeline of opportunities through our district-scale land package, along strike from the multi-million-ounce Valentine Project, which is expected to produce first gold imminently. With the recent transactions in Newfoundland including the acquisition of Calibre Mining by Equinox Gold, and Maritime Resources by New Found Gold, it is clear that major gold companies are recognising this jurisdiction as a major gold mining district."

Cape Ray Project - Brownfields Activity

The Cape Ray Project currently hosts 420 koz of gold in indicated resources and 141 koz in inferred resources, based on a gold price of $1,750 per ounce². In late May 2025, the Company commenced an initial phase of diamond drilling aimed at testing extensions of existing mineral resources and newly identified grassroots drill targets.

The Company completed nine diamond drill holes totalling 2,559.7 metres across a 5.3 kilometre stretch spanning the deposits at Central Zone and Window Glass Hill (see Figure 1). The majority of the holes were designed to test conceptual targets significantly away from current resource boundaries, with some areas ranging from 0.6 kilometres to 0.8 kilometres from known mineralisation³.

Figure 1: Cape Ray 2025 Drill Program - Phase One

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Of most significance is drill hole CRD412 which intersected 1.85 g/t gold over 13.5 metres including 4.79 g/t over 0.85 metres from 340.5 metres, extending mineralisation down plunge of the Z04 deposit at Central Zone (see Figure 2). CRD412 was targeting an area approximately 80 metres across strike and consisting of 160 metres of plunge extent where historical drilling has not adequately tested the extent of the Z04 deposit. Further review of the intercept indicates the deposit remains open up plunge towards Z41 deposit to the northwest.

This significant intercept demonstrates that low-cost, resource growth potential remains at Cape Ray. These results combined with last year's significant drill intercepts at Central Zone⁴ demonstrate that the deposits are still open both along strike, and up and down plunge.

The Company also recognises that there is a material silver component in its Cape Ray deposits which was not included in the last Mineral Resource update and will undertake additional work with an aim to provide an initial silver mineral resource estimate to accompany the existing gold inventory.

Figure 2: Long Section of the Z04 and Z41 deposits displaying the interpreted gold mineralisation extended down plunge. The long section plane is orientated 50 degrees towards the southeast, looking towards the northwest.

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The other holes drilled in the recent program recorded important stratigraphic and structural information which will be incorporated into a full-field geological model to be used for targeting. No significant gold assays were recorded in these holes.

Final multi-element assays, including silver results, for the spring and summer drill program at Cape Ray remain pending.

Cape Ray Project - Greenfields Activity

AuMEGA is also advancing multiple complementary exploration streams. In May 2025, a project-wide electromagnetic ("EM") survey was completed. Preliminary data demonstrate several discrete EM anomalies interpreted to represent zones of high conductivity (possible areas of sulphide and/or graphitic sedimentary rocks) coincident with magnetic signatures that are consistent with known deposits at Central Zone. Final processing of the EM survey is underway, with results expected to be reported in the near term.

In July, the Company also executed its largest-ever till geochemical and mapping program at Cape Ray West. In total, 1,082 till samples and 91 rock samples were collected across 16 kilometre2, providing unprecedented coverage of this underexplored area. Historical datasets confirm strong correlations between till anomalies and known deposits (see Figure 3), making this program particularly significant. Pending assay results will be integrated with EM and airborne magnetic data to create a layered targeting model, supporting the next round of drilling.

Figure 3: Cape Ray West Till and Rock Sampling Program

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Based on this work, AuMEGA is planning further exploration activities designed to expand the mineral resource base at Cape Ray.

Current Field Work

At Bunker Hill, AuMEGA has launched its most extensive surface geochemical program to date, designed to systematically define and refine drill targets across what is considered one of the most prospective and underexplored parts of the CRSZ⁵. In early August, the Company commenced an expansive till geochemical sampling and mapping campaign covering nearly the entire Bunker Hill Project. This initiative represents a step-change in scale and detail, with over 4,400 samples planned across an area of ~75 kilometre2. This program is currently 50% complete and results from this program will refine drill targets.

At Hermitage, AuMEGA is preparing for the largest surface exploration campaign ever undertaken on the project. This upcoming effort follows a series of encouraging results from previous surficial sampling and the completion of a high-resolution airborne magnetic survey in late 2024⁶. These earlier programs confirmed the presence of several high-grade gold anomalies along the project's central corridor, highlighting Hermitage as a priority growth opportunity within the portfolio.

Looking Ahead

With fieldwork well underway and multiple large datasets pending, AuMEGA anticipates a steady cadence of news flow throughout the remainder of 2025. Key upcoming milestones include:

• Final multi-element assay results from Cape Ray drilling.

• Processed results from the Cape Ray EM survey.

• Assay results from the Cape Ray till geochemical program.

• Assay results from the Bunker Hill till geochemical program.

• Launch of the Hermitage surface program.

• Commencement of additional drilling at Cape Ray and Bunker Hill.

• Resource expansion initiatives at Cape Ray

All future activities will be based on results.

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This announcement has been authorised for release by the Company's Board of Directors.

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