• High-grade gold-in-till anomalies: Multiple >99th percentile gold values define three large, coherent anomalies extending up to approximately three kilometres in strike with peak value of 402 ppb gold-in-till.
• Untested intrusive contact: Anomalies are spatially associated with a network of cross-cutting structures within the Isle aux Morts Granite - a large, underexplored felsic intrusive that has never been drill tested.
• Coincident anomalous features: Gold-in-till anomalies align with magnetic breaks and mapped geological structures, forming a multi-layered anomaly signature.
• Generation of drill targets in progress: Integration of geochemical, geophysical and structural datasets is underway to define priority drill targets.
• Planned, fully funded initial drilling: Drilling planned in Q4 2025 on high-priority targets. The program is fully funded.
• Assays pending: Results expected from sampling over the major airborne electromagnetic anomaly southeast of Central Zone and across the Isle aux Morts Granite.

Edmonton, Alberta--(Newsfile Corp. - October 16, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to report results from its recently completed surficial geochemistry (till) program at Cape Ray West, part of the Company's 100%-owned Cape Ray Gold Project ("Cape Ray") located along the Cape Ray - Valentine Shear Zone ("CRSZ") in southwestern Newfoundland, Canada.

The program has outlined multiple high-grade gold-in-till anomalies, defining a new multi-kilometre gold corridor along the western contact of the Isle aux Morts Granite - a large, underexplored intrusive complex that has never been drill tested and which represents a new discovery frontier at Cape Ray.

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

"Cape Ray continues to demonstrate all the hallmarks of a fertile gold system, as we've now expanded the footprint of mineralisation well beyond the boundaries of our current high-grade deposits. Cape Ray West has opened a brand-new, multi-kilometre discovery corridor. The results, located approximately three kilometres west of our Window Glass Hill mineral resource and one kilometre south of our BP deposit, reveal the convergence of high-grade gold-in-till anomalies with key structural and geophysical features along the Isle aux Morts Granite - a massive, underexplored intrusive complex. We are set up with multiple high-quality drill targets, which the Company is fully funded to drill in the fourth quarter of 2025.

"Through the great work conducted this year, and the important analysis of the past two years, we've built a robust pipeline of high-quality opportunities across our district-scale land package. This includes Cape Ray and Cape Ray West, along with the exceptional regional programs advancing at Bunker Hill and Hermitage. Collectively, these projects reinforce our conviction that AuMEGA is operating within one of the most prospective and underexplored gold belts in Canada - the same belt that hosts the country's newest large-scale gold mine at Valentine (Figure 1)."

Figure 1: AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage Flexure.

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Overview

The Cape Ray Project hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources, estimated at a gold price of US$1,750/oz¹.

In recent months, AuMEGA completed an extensive review of both historical and new exploration data across all project areas, with a focus on Cape Ray. Much of the historical geological information had been limited to the resource pit shells.

This work integrated decades of legacy data with new high-resolution airborne electromagnetic ("EM"), magnetic and geochemical datasets² acquired in 2025, aiming to fast-track discoveries through a modern, data-driven exploration approach³.

The review confirmed that systematic till geochemistry is a powerful tool for mapping gold trends along the CRSZ. Importantly, historic till anomalies closely mirror the known resource footprints, validating the method as an effective discovery tool for orogenic gold systems in glaciated terrains.

Figure 2: Cape Ray West results (>20ppb Au) in relation to the Historic surficial geochemical footprint (>20ppb Au) and pit shell outlines over the Cape Ray Resource Corridor.

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Cape Ray West Results

Building on this proven methodology, AuMEGA has completed an extensive till geochemical sampling and mapping program at Cape Ray West, aimed at expanding exploration into previously untested ground west of the current resource corridor (Figures 2 - 6).

Figure 3: Cape Ray Project area.

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The Isle aux Morts Granite, a large felsic intrusive covering much of western Cape Ray, represents a major, untested discovery opportunity (Figure 3). Despite its size and proximity to known mineralised trends, neither the intrusive nor its contact zones have ever been drill tested.

To build on this potential, AuMEGA completed detailed geological mapping and rock sampling, integrating results with airborne magnetic and EM datasets to refine high-ranking structural and geochemical targets.

The till geochemical sampling grid was completed at 160 by 80 metre spacing, oriented north-south, with results defining three discrete gold-in-till anomalies (Figures 4 - 6 and Appendix 1 - Section 2: Balanced Reporting)⁴.

• Anomaly One

Trends northwest-southeast and is coincident with a geophysical feature of the same orientation. The anomaly extends into the Isle aux Morts Granite and along the northern boundary of a fault between paragneiss and siliciclastic sediments with a peak of 402 ppb gold and coincident arsenic anomalism.

• Anomaly Two

Occurs within the Isle aux Morts Granite, extending approximately 1,500 metres in length along a north-south trend coincident with geophysical features and mapped structures and quartz veins of the same orientation with a strong and coherent anomaly peaking at 118 ppb gold.

• Anomaly Three

Approximately 1,900 metres long, trending east-northeast to west-southwest, coincident with geophysical features within both the paragneiss and the Isle aux Morts Granite and a peak value of 113 ppb gold.

Collectively, these results underscore the untapped potential of the Isle aux Morts Granite as a new exploration front for AuMEGA and reinforce the Company's strategy of combining modern datasets with legacy knowledge to unlock new discoveries across the CRSZ.

Figure 4: Gold-in-till results from Cape Ray West Project.

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Figure 5: Gold-in-till results from Cape Ray West Project.

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Figure 6: Gold-in-till results from Cape Ray West Project overlayed on a new geological map.

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Ongoing and Next Steps

Following receipt of preliminary results, the Company mobilized a field team to undertake a broader till survey and expand geological mapping and rock sampling over the majority of the Isle aux Morts Granite (Figure 2). Sampling has now been completed, and the material is being collated for dispatch to the laboratories for preparation and assaying.

While awaiting assay results, the Company is integrating new till assay and geological data with EM and magnetics geophysical datasets to finalise priority drill targets. The Company remains fully funded to commence drill testing at Cape Ray West in the fourth quarter of 2025.

Figure 7: Isle aux Morts Granite looking north.

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

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