Mr. Sam Pazuki reports

AUMEGA ANNOUNCES RESULTS FROM AIRBORNE MAGNETIC SURVEY ON THE HERMITAGE GOLD-ANTIMONY PROJECT

Aumega Metals Ltd. has released the results of the recently completed high-resolution, airborne magnetic survey over the entire Hermitage gold-antimony project, located in southern-central Newfoundland and Labrador, Canada.

Key highlights:

• High-resolution airborne magnetic geophysical survey completed over the Hermitage gold-antimony project covering an area of approximately 234 square kilometres consisting of 4,756 line kilometres;
• Results demonstrate significant geological complexity across the entire 27-kilometre strike length with several second-order and third-order faults throughout the project area;
• Large geological structures align with the previous high-grade prospecting samples that included 7.31 grams per tonne gold, 193 grams per tonne silver and 2,044 parts per million stibnite (antimony);
• Comprehensive analysis under way and will determine specific drill targets ahead of prospecting and inaugural diamond drill planned for later in 2025.

Sam Pazuki, Aumega Metals' managing director and chief executive officer, commented: "Our Hermitage gold-antimony project is a highly prospective opportunity on a massive land package along the second-largest known gold structure in Newfoundland. It is geologically akin to the geology of some of the largest gold deposits globally, including Bendigo and Fosterville in Victoria, Australia, Golden Mile in Kalgoorlie, Australia, and Windfall in Quebec, Canada.

"The exploration activities at Hermitage to date have been limited; however, despite this, the results are highly encouraging with multigram outcropping gold samples collected (up to 7.31 grams per tonne) to go along with silver (up to 193 grams per tonne) and antimony (up to 2,044 parts per million). The latest results from the high-resolution airborne magnetic survey highlight several major structures throughout the project area. Of particular note is the structural complexity near the centre of the property where we have the highest-grade gold sample collected to date.

"We will continue to proceed with comprehensive analysis and interpretation of the new geophysics data and couple that with the previous results to determine specific areas of interest, including specific targets that we plan on drilling in 2025. This inaugural drill program is expected for later in the year and will comprise of up to 3,000 metres of drilling."

Airborne magnetic survey overview

The airborne magnetic survey consisted of 4,756 line kilometres over 27 kilometres of strike flown across Hermitage for a total of approximate 234 square kilometres of coverage. Data were acquired at 50-metre line spacing with a sensor height of 30 metres. The geophysical survey was completed before the end of 2024 by SHA Geophysics.

Airborne magnetic survey results

The imagery from the airborne geophysical survey has revealed major structural boundaries and broad-scale deformation features, further confirming Hermitage as a high-priority greenfield target for the company. The project area is structurally unique within the geological framework of the province, trending northwest-southeast along the Hermitage flexure compared with most other structures oriented in the exact opposite direction.

The geophysics demonstrates that the Hermitage structural domain is favourable to host large dilation zones permitting mineralizing fluids in a favourable geological host, as demonstrated along this same provincial suture zone northeast at Newfound Gold's Queensway project.

Anomalous to high-grade gold-antimony-silver mineralization has been identified in quartz and quartz-carbonate veins hosted in a mix of sediments and volcanics across 27 kilometres of the project. The company had previously prospected the central area of Hermitage along stream beds as there is limited outcrop. Extensive late, syn-deformation to postdeformation sheeted and extensional quartz-carbonate veining has been noted in the limited outcrop across a regional area with minimal exposure. These stream bed outcroppings are where most of the high-grade samples have been collected. It has yielded numerous gold values with peak sample grading 7.31 grams per tonne, stibnite samples of up to 2,044 parts per million and silver samples of up to 193 grams per tonne.

The company has identified key areas as primary targets for follow-up diamond drilling and additional prospecting as the stream beds also appear to be highlighted in the magnetic geophysical response as northeast-southwest-trending faults to the overall stratigraphy. Many of the highlights encountered within this area display multiple phases of deformation and veining events. Given the limited exposure and early success with minimal field time, the prospectivity of additional mineralization hiding under cover is very encouraging.

Hermitage next steps

The company is currently undertaking a comprehensive review of the geophysical data received, coupled with previous results. For 2025, the company is planning geological mapping and prospecting activities that will be based on the results of the geophysical survey. The company is also planning to deploy an inaugural diamond drill program for up to 3,000 metres and expects this drilling to commence in the second half of 2025. The amount of drilling will be based on results and can be scaled up or down and will also be weather dependent given additional logistical support required for the project.

Winter program update

The company's coming winter drill program is progressing well. Weather conditions have been generally favourable despite a rainfall event for two days in the middle of January, which delayed site development and equipment mobilization. The company is currently constructing winter camps, which is expected to be operational by the end of the first week of February, 2025. Drilling is expected to commence in the near term. The company expects to drill between 10,000 metres and 12,000 metres in the first quarter of 2025 at Bunker Hill.

This announcement has been authorized for release by the company's board of directors.

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, Canada'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 statements

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 that 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). Mr. Greenwood consents to the inclusion in the announcement of the matters based upon the information in the form and context in which they appear.