Mr. Sam Pazuki reports

AUMEGA METALS COMMENCES DIAMOND DRILLING AT CAPE RAY AND ANNOUNCES PARTIAL DIAMOND DRILL RESULTS FROM BUNKER HILL

Aumega Metals Ltd. has launched its spring field exploration program at the Cape Ray project and received partial assay results from its winter diamond drill campaign at Bunker Hill, both located along the Cape Ray shear zone (CRSZ) in Newfoundland and Labrador, Canada.

Key highlights:

• Diamond drilling recommences -- planned up to 10,000 metres of diamond drilling (success dependent), along with mapping and sampling, across high-priority targets at Cape Ray and Bunker Hill;
• Encouraging early drill results at Bunker Hill West -- diamond drill hole CRD396 intersected 1.84 grams per tonne gold over 1.0 metres, including 5.58 grams per tonne gold, 96 grams per tonne silver and 3.64 per cent lead over 0.3 metre, supporting the presence of a larger mineralized system along the Branch fault;
• Multiple catalysts ahead -- assays pending from nine diamond holes and 147 RC (reverse circulation) base-of-till holes -- results expected in coming weeks;
• New targets emerging at Cape Ray -- electromagnetic (EM) survey under way targeting structural complexity and graphite-rich rocks; results expected in June to guide Cape Ray West drilling;
• Strong treasury of $13.1-million in cash -- fully financed to deliver one of the largest and most systematic exploration campaigns in Aumega's history.

With a strong cash position of $13.1-million as at March 31, 2025, the company is fully financed to execute one of its most ambitious exploration programs to date. This includes extensive follow-up drilling and fieldwork designed to build on recent discoveries and advance the company's district-scale land package in what is emerging as Canada's next major gold district.

Aumega Metals' managing director and chief executive officer, Sam Pazuki, commented: "Our spring exploration program is now in full swing, and the results from these activities will further sharpen our understanding of this underexplored yet highly prospective gold district. Initial diamond drilling at Bunker Hill West, particularly hole CRD396, has delivered an encouraging intercept that underscores the potential scale and strength of the mineralized system along the Branch fault. Combined with historical high-grade outcrops and structural data, these results point to a potentially large and generally untested gold system.

"These early successes validate our strategic focus on major structural targets off the Cape Ray shear zone and demonstrate the value of integrating RC and diamond drilling to effectively vector into high-potential zones. These are areas never tested and, in many cases, never explored. Most previous explorers focused exploration efforts on the main CRSZ and within the current mineral deposit zones at Cape Ray.

"Drilling is now active testing for new discoveries along strike of those existing resources at Cape Ray while also advancing new targets at Cape Ray West with support from airborne geophysics. We continue to plan for up to 10,000 metres of drilling; however, the amount of metres drilled will be strictly based on success and weather. The company may elect to drill more or less as the program evolves.

"With a strong treasury of $13.1-million, we are fully funded to execute one of the largest and most systematic exploration programs in our history. We have mobilized teams across multiple targets, are generating significant new data and are positioning Aumega to make meaningful discoveries in what we believe is emerging as Canada's next major gold belt."

Partial diamond drilling results

During the shortened winter diamond drill program, Aumega Metals completed 15 drill holes totalling 3,673 metres. Drilling focused on two key areas: six stratigraphic drill holes were drilled at the Nitty Gritty target while the remaining holes tested the structural corridor extending between Nitty Gritty and Bunker Hill West. This includes follow-up diamond drill holes that tested encouraging RC drill anomalies -- most notably hole CRC0284, which previously returned a significant in situ gold anomaly of six metres at 0.42 gram per tonne on a major second-order structure off the CRSZ.

The company has now received assay results from seven diamond drill holes with the remaining nine drill holes expected to be returned over the coming weeks. One of these drill holes confirmed anomalous gold mineralization associated with the Branch fault, a major geological structure first identified and reported by the company in 2024.

A standout result came from diamond drill hole CRD396, which intersected 1.84 grams per tonne gold over 1.0 metre, including a higher-grade interval of 5.58 grams per tonne gold, 96 grams per tonne silver and 3.64 per cent lead over 0.3 metre from 10 metres. This intercept lies approximately five kilometres east of the historic 18.7-gram-per-tonne-gold outcrop at the intersection of the Branch fault and the CRSZ, within the Bunker Hill West target area. This result reinforces the potential for a larger mineralized gold system along the Branch fault and establishes a promising vector for future exploration.

The company plans to initiate inaugural drilling at Bunker Hill West in mid-2025, leveraging these results to refine its targeting along the Branch fault.

At the Nitty Gritty target, diamond drill hole CRD392 returned one metre at 0.33 gram per tonne gold from 63 metres within a fault zone, confirming the presence of mineralizing fluids within the system. Three other drill holes at Nitty Gritty did not return significant mineralization; however, it has provided valuable structural and geological context that will inform coming drill plans within the broader Nitty Gritty target area.

Bunker Hill next steps

Assay results remain pending for nine diamond drill holes and all 147 RC BOT holes completed during the winter program. The company is actively reviewing received assay data and integrating it with historical data sets to refine its targeting strategy for the coming summer drill program, scheduled to commence in mid-2025.

When drilling resumes at Bunker Hill, the initial focus will be on Bunker Hill West, a high-priority target area that hosts multiple major geological structures -- including the Branch fault -- and is the site of historic high-grade gold samples, including 18.7 grams per tonne gold from outcrop.

In addition to Bunker Hill West, the company intends to drill several new targets generated from the winter bottom-of-hole (BOH) program as well as conduct follow-up drilling at Nitty Gritty, where further structural and lithological targets are being refined.

The summer field program will also include detailed mapping and systematic rock and soil sampling across underexplored areas of high prospectivity, including the full 20 kilometres of strike the company holds along the Branch fault. The recently staked ground south of the CRSZ at Bunker Hill will also be assessed. Both areas of interest have received limited historical exploration.

Cape Ray field exploration

Aumega has officially launched its spring and summer exploration program at the Cape Ray project, with a dual focus on expanding the existing resource base and identifying new mineralized bodies along strike several kilometres from current deposits. Diamond drilling along strike of the existing mineral resource has commenced. The total drill program planned for Cape Ray is up to 5,000 metres of drilling.

As part of this effort, the company is conducting an EM geophysical survey aimed at delineating structural complexity and identifying graphitic schists-host rocks associated with current mineral resources. Results from this airborne EM survey are expected in June and will be integrated with continuing geological mapping and sampling efforts, particularly across the Cape Ray West area. This zone remains underexplored yet highly prospective, with the potential to host significant new mineral discoveries.

In parallel, field teams have been deployed to map and sample regions where prior exploration returned promising results that were never followed up. These efforts are designed to uncover new targets and deepen the company's understanding of the broader mineralized corridor.

RC drilling is expected to commence shortly while helicopter-supported diamond drilling at Cape Ray West is scheduled for later in June.

With a robust cash position of $13.1-million as at March 31, 2025, Aumega is fully financed to execute its expansive 2025 exploration program, spanning multiple high-potential targets across its district-scale land package.

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 (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 of the 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 Giles Dodds, exploration manager for AuMega Metals. Mr. Dodds is a member of the Australian Institute of Geoscientists (AIG) 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. Dodds consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears.

For the purposes of the TSX Venture Exchange, the information contained in this announcement that relates to exploration results is based upon information reviewed by Shamus Duff, PGeo, project geologist, exploration, for Aumega Metals. Mr. Duff is a member of the Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL) and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration. Mr. Duff consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears.