Mr. Sam Pazuki reports

AUMEGA METALS CLOSES THE SECOND TRANCHE OF PRIVATE PLACEMENT FINANCING

Aumega Metals Ltd. (formerly, Matador Mining Ltd.) has closed the second and final closing of its previously announced financing following shareholder approval at the company's special shareholder meeting on Dec. 4, 2024.

Under the tranche two placement, the company issued an aggregate of 128,035,776 ordinary shares to institutional, professional and accredited investors for aggregate gross proceeds of $7.3-million (Canadian), consisting of:

• Hard dollars: 65,236,111 new shares at a price of 5.0 Canadian cents/5.4 Australian cents per share;
• Flow-through: constituting as flow-through shares as defined in Subsection 66(15) of the Income Tax Act (Canada) as follows:
  • Traditional flow-through: 34,299,666 new shares at a price of six Canadian cents/6.5 Australian cents per share;
  • Premium flow-through: 28.5 million new shares at a premium flow-through price of 6.825 Canadian cents/7.408 Australian cents per share.

The tranche two placement was in addition to the previously announced first tranche closing, whereby the company issued 131,152,889 ordinary shares to institutional, professional and accredited investors for aggregate gross proceeds of $8.77-million (Canadian).

Certain directors and officers of the company participated in the tranche two placement and subscribed for an aggregate of 1,366,666 ordinary shares, making it a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Such participation is exempt from the formal valuation per Section 5.5(b) of MI 61-101, and minority shareholder approval requirements per Section 5.7(1)(a) of MI 61-101, as neither the fair market value of any shares issued to, nor the consideration paid by, such insiders exceeds 25 per cent of the company's market capitalization. The company filed a material change report more than 21 days before the date of the tranche two placement closing.

The proceeds from the financing will be used primarily to advance the company's exploration program in Newfoundland and Labrador, which is expected to include the company's largest drill program in the past three years of up to 20,000 metres with an aim to increase the existing mineral resource and the discovery at the highly prospective Bunker Hill project. Additionally, the company will continue to invest in early-stage exploration activities to further define and advance new and existing targets at Hermitage and Malachite. Finally, proceeds from the financing will also be used for working capital and general corporate purposes.

The new shares were issued pursuant to an exemption from the prospectus requirements under Canadian securities laws pursuant to Section 2.16 of National Instrument 45-106. All securities will be subject to a hold period in Canada of four months plus a day from the date of issuance, and rules on the resale of the securities in Canada will apply in accordance with applicable Canadian securities laws. The hold period for new shares sold in the tranche two placement ends on April 7, 2025, for the new shares that are traditional flow-through shares and premium flow-through shares, and ends on April 10, 2025, for the new shares that are hard-dollar shares. Securities issued to non-Canadian investors for trading on the Australian Securities Exchange will be freely tradable.

Aumega paid aggregate finders approximately $220,150 (Canadian) to certain finders in connection with the tranche two placement and approximately $555,000 (Canadian) to certain finders in connection with the tranche one placement, for an aggregate of $775,150 (Canadian).

The offering remains subject to the receipt of final approval from the TSX Venture Exchange.

About Aumega Metals Ltd.

Aumega is utilizing best-in-class exploration methodologies to explore on its district-scale land package that spans 110 kilometres along the Cape Ray shear zone, a significant underexplored geological feature recognized in Newfoundland, Canada, as the 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 a 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 g/t, 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.

Reference to previous Australian Securities Exchange announcements

In relation to this news release, all data used to assess targets have been previously disclosed by the company and referenced in previous Joint Ore Reserves Committee releases. Please see these announcements: mineral resource estimate announced on May 30, 2023, Bunker Hill ASX announcements dated April 22, 2022, April 23, 2024, Sept. 24, 2024, May 28, 2024, and Oct. 15, 2024, Malachite ASX announcements dated April 20, 2022, June 8, 2022, Jan. 25, 2023, and Oct. 11, 2023, and targeting workshop ASX announcement July 3, 2024.

In relation to the mineral resource estimate announced on May 30, 2023, the company confirms that all material and technical assumptions underpinning the estimates in that announcement continue to apply and have not materially changed. The company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

We seek Safe Harbor.