Mr. Sam Pazuki reports

AUMEGA METALS ANNOUNCES ADOPTION OF OMNIBUS EQUITY INCENTIVE PLAN

At Aumega Metals Ltd.'s special shareholder meeting held on Dec. 4, 2024, the shareholders adopted an amended and restated equity incentive plan, which has a 10-per-cent rolling stock option component and a fixed share unit (being restricted share units, performance share units, deferred share units or stock appreciation rights) component reserving an aggregate of 65,732,263 shares for issuance (in both cases subject to the maximum capacity approved by shareholders referred to below). Shareholder approval of the plan must be obtained annually at the company's annual general meeting. In addition, the plan must be submitted to the TSX Venture Exchange for review and acceptance on an annual basis.

The company is subject to placement capacity limits under the ASX (Australian Securities Exchange) listing rules. The maximum number of securities that can be issued under the plan without using placement capacity is set at 70 million, within a period of three years from the date of approval. Any issues under the plan exceeding this number (up to the maximum limits referred to above) will either come out of the company's available placement capacity under ASX Listing Rule 7.1 or be subject to shareholder approval under ASX Listing Rule 7.1 or 10.14, as applicable.

About Aumega Metals Ltd.

Aumega Metals 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 as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Calibre Mining's Valentine gold project, which is the region's largest gold deposit (more 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 of the Department of Industry, Energy and Technology, provincial government of Newfoundland and Labrador, Canada.