Mr. Sam Pazuki reports

AUMEGA FURTHER DEMONSTRATES PROSPECTIVITY AT BUNKER HILL AND ANNOUNCES MALACHITE DRILL RESULTS

Aumega Metals Ltd. has released results from the remaining assays related to the Bunker Hill till survey and the reconnaissance-style diamond drill program at Malachite, both located along the Cape Ray shear zone (CRSZ) in Newfoundland and Labrador, Canada.

Key highlights:

• Limited till program at Bunker Hill West delivered significant gold-in-till anomalies, including 148 parts per billion and 94 parts per billion gold, nearly 40 times the crustal abundance level.
• Gold-in-till anomalism at Bunker Hill represents a large geochemical footprint surrounding historical outcrop samples grading upwards of 18.67 grams per tonne gold, 35.3 grams per tonne silver and 4.2 per cent lead.
• Gold-in-till anomalism at Bunker Hill correlates with significant structural complexity revealed from recent high-resolution airborne magnetic surveys.
• Results from limited reconnaissance diamond drilling at Malachite confirmed further gold and copper mineralization in bedrock.
• Planning for 2025 exploration program expected to include largest drill program in the last three years.

Aumega Metals' managing director and chief executive officer, Sam Pazuki, commented: "The Bunker Hill project to date has delivered incredible results to the business. The prospecting programs completed this year returned significant copper and silver values in a large area with significant historic copper, gold and silver results and collectively represent the highest-grade samples we have so far collected from anywhere in our portfolio. The high-resolution airborne magnetics also revealed considerable structural complexity in the Bunker Hill area, with several major second- and third-order splays and possible linking structures off the main CRSZ correlating with the prospecting and till results received. The latest results from Bunker Hill, with peak gold-in-till values of 94 parts per billion and 148 parts per billion gold, further increase our confidence in the prospectivity of the project; and we now have three large zones identified as high priority for future drilling.

"While we continue to believe in the prospectivity of the Malachite project, the drilling results to date are yet to reveal a clear source of significant surficial mineralization we have identified over the past two years. The underlying structural complexity of Malachite will require additional drilling; and, while the most drilling results did not deliver an economic intercept, it has refined our targeting strategy for future work at Malachite. In comparing Malachite to Bunker Hill, the latest results from Bunker Hill are reason to prioritize our focus there going forward. Activity at Malachite will remain in the early stages of exploration, however, in new higher-confidence areas.

"The bottom line is that we have a massive land package along a major gold structure that already hosts our own mineral resources as well as Calibre's five million ounces at the Valentine project. In my experience, large deposits in greenstone belts are rarely one-offs, but rather they are one of multiple deposits hosted in a belt. We are well positioned with our landholdings to identify and discover areas with the potential to host other multimillion-ounce gold deposits. With our recent confirmation of high-grade copper in outcrop, we also believe there is significant potential for intrusive-related copper discoveries. We have used our best-in-class exploration techniques to test areas, identify new targets and advance projects forward. Bunker Hill is a prime example of one of these projects where we have allocated limited capital to date but have advanced it to the stage where substantial drilling is now confidently justified."

Bunker Hill West till survey results

The Bunker Hill West area is characterized by the east-west-trending CRSZ, which displays significant structural complexity with several major second-order splays. During the Canadian fall of 2024, the company completed a limited till program over the Bunker Hill West area, located at the eastern edge of the Malachite project and site of the company's large 2021 geochemistry survey. The Bunker Hill West till survey included grid lines 400 metres apart, with stations spaced at 100 metres and centred over a cluster of historical high-grade outcropping samples that graded 18.67 grams per tonne gold and 12.25 grams per tonne gold.

The recent till survey results returned peak gold values of 148 parts per billion and 94 parts per billion. Importantly, the results revealed a large, multistation anomaly located 270 metres from historic high-grade outcrop and float samples, proximal to a major fault cutting through the CRSZ and trending to the northeast.

Interpretation of the recent airborne magnetic survey announced in October revealed a dominant north-northwest-striking structure, truncated by the CRSZ proximal to the intersection of the major second-order fault and the historic gold showing. This structure is coincident with till results of 148 parts per billion and 35 parts per billion gold approximately 850 metres south of the CRSZ.

These tills samples are also anomalous in silver and lead and are coincident with the high-grade gold in outcrop, with peak silver at 35.3 grams per tonne and lead at 4.2 per cent. The gold-silver-lead association in both outcrop and tills as well as the area hosting the confluence of multiple structures represents a high-priority area for future drilling expected in 2025.

Malachite diamond drill program results

During the summer field season, the company completed a small, reconnaissance-style diamond drill program to test geochemical targets along three interpreted splays identified from the 2024 winter reverse circulation (RC) bottom-of-hole (BOH) survey. The diamond drill program included five drill holes for approximately 1,100 metres combined.

CRD385 and CRD386 targeted the major east-west-striking splay off the CRSZ, which was identified as potentially being fertile for gold during the winter RC BOT program. These two scissored holes were designed to test for primary mineralization below a BOH RC hole that returned values upward of 0.63 gram per tonne gold, 1.99 per cent copper and 27.7 grams per tonne silver over 0.9 metre.

Diamond hole CRD385 returned peak values of 0.33 gram per tonne gold, 3.93 grams per tonne silver, 2,157 parts per million lead and 873 parts per million zinc over 0.91 metre. The mineralization was associated with shearing near the contact of a granodiorite and mafic intrusive unit, with chlorite alteration observed along the structure.

All other drill holes intersected abundant brittle and ductile structural features throughout with hydrothermal alteration assemblages and discrete polymetallic veining observed. No economic mineralization was observed in these drill holes.

The Malachite area displays significant structural complexity; and exploration work to date, including limited diamond drilling, has confirmed the presence of gold and copper associated with clear evidence of hydrothermal fluid activity and large geochemical signatures. While Malachite continues to demonstrate discovery potential, it will require a larger drill program to test the dozens of structures across the area. This advanced work will be deferred in favour of Bunker Hill, which has returned significantly higher gold and copper values in outcrop with several discrete areas of high interest.

Next steps

The company is currently reviewing the results from the recent till and airborne magnetic surveys at the Bunker Hill project. This new information will be incorporated into the targeting and matrix register, building toward the planning and execution of RC and diamond drilling focused on Bunker Hill.

The company is in the process of defining its 2025 exploration program, which is expected to be one of the largest programs in the company's recent history. These plans will be announced in the near term.

About Aumega Metals Ltd.

Aumega Metals is utilizing best-in-class exploration to explore on its district-scale land package that spans 110 kilometres along the Cape Ray shear zone, a significant underexplored geological feature recognized as Newfoundland's largest identified gold structure. This zone currently hosts Calibre Mining's Valentine gold project, which is the region's largest gold deposit (greater than five million ounces), along with Aumega's expanding mineral resource.

The company is supported by a diverse shareholder registry of prominent global institutional investors and strategic investment from B2Gold Corp., a leading, multimillion-ounce-a-year gold producer.

Additionally, Aumega holds a 27-kilometre stretch of the highly prospective Hermitage flexure and has also secured an option agreement for the Blue Cove copper project in southeastern Newfoundland, which exhibits strong potential for copper and other base metals.

Aumega's Cape Ray shear zone hosts several dozen high-potential targets, along with its existing defined gold mineral resource of 6.1 million tonnes of ore grading an average of 2.25 grams per tonne totalling 450,000 ounces of indicated resources and 3.4 million tonnes of ore grading an average of 1.44 grams per tonne totalling 160,000 ounces in inferred resources.

Aumega acknowledges the financial support of the junior exploration assistance program, Department of Industry, Energy and Technology, provincial government of Newfoundland and Labrador, Canada.

Competent person statement

The information contained in this announcement that relates to exploration results is based upon information reviewed by Rick Greenwood, PGeo, vice-president of exploration for Aumega Metals. Mr. Greenwood is a member of the Professional Geoscientists of Ontario (PGO) and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the JORC Code (2012).