Mr. Sam Pazuki reports

AUMEGA METALS PROVIDES STRATEGIC UPDATE ON CAPE RAY DISTRICT GROWTH

Aumega Metals Ltd. has provided a strategic update on its Cape Ray project, located in southwestern Newfoundland, Canada, highlighting its economic foundation and the significant exploration upside emerging across the broader Cape Ray district.

Key highlights:

• Established gold mineral resource provides a strong technical and valuation foundation for growth, completed in 2023 using a gold price assumption of $1,750 (U.S.) per ounce:
  • Indicated: 6.2 million tonnes at 2.25 grams per tonne gold for 450,000 ounces;
  • Inferred: 3.4 million tonnes at 1.44 grams per tonne gold for 160,000 ounces;
• Assessing the potential for a mineral resource update incorporating improvements (such as higher gold prices, additional drilling, relogging of historic drill core, refined geological interpretation and inclusion of silver) while maintaining a clear exploration-led growth strategy;
• Historic scoping study completed: a 2020 scoping study was completed on a prior mineral resource using a gold price assumption of $1,550 (U.S.) per ounce, providing historic context;
• 2025 exploration programs materially expanded the Cape Ray opportunity, identifying multiple high-priority targets to be tested in a focused 2026 drilling campaign;
• The Isle aux Morts granite (IMG) has emerged as a new district-scale exploration opportunity, located immediately adjacent to the existing Cape Ray resource corridor;
• Integrated geochemical and geophysical results suggest the IMG may represent a previously unrecognized, potentially fertile intrusive-related gold system, opening a new discovery window near known mineralization;
• The board believes the company's current market valuation does not reflect the scale and quality of the existing mineral resources or the growing exploration upside across the Cape Ray district.

Aumega Metals' managing director and chief executive officer, Sam Pazuki commented: "Gold and silver prices are at record levels, driving a broad rerating across the mining sector, yet few companies, particularly in Newfoundland, have a defined mineral resource that provides a tangible foundation for value.

"Aumega Metals is one of them. We completed a defined gold mineral resource at Cape Ray in 2023 using a conservative gold price assumption of $1,750 (U.S.) per ounce, well below current prices. In our view, the company's current share price does not reflect the value of that resource nor the quality and scale of our district-scale land position.

"The Cape Ray project is located on the same major gold structure that hosts Equinox Gold's Valentine gold mine, the largest gold mine discovered in Newfoundland and is now in production. Our mineral resource and district-scale landholding are directly contiguous with this structure, providing a rare combination of existing ounces and meaningful exploration upside.

"What excites us most today is how much our 2025 exploration programs expanded that opportunity. Historically, prior to 2022, exploration activities across Cape Ray were largely confined to known resources, with most drilling within and proximal to the modelled mineral resources. Our recent work has significantly broadened this exploration search space, and we have the potential for a greater opportunity.

"Early greenfields results from the Isle aux Morts granite suggest a previously unrecognized, potentially fertile intrusive-related gold system (IRGS), with geological characteristics similar in style to known IRGS deposits like Snowline Gold's Valley-Rogue multimillion-ounce discoveries in the Yukon and Northern Star's Hemi multimillion-ounce deposit in Western Australia.

"With higher gold prices, the possible mineral resource update with the potential inclusion of silver, and a rapidly growing pipeline of drill-ready targets, we believe the Cape Ray district represents deep value today with significant growth potential through continued exploration success."

Established mineral resource underpins value

Cape Ray hosts a defined gold mineral resource estimate (MRE) located on a major regional gold structure that also hosts the multimillion-ounce Valentine gold mine, which is owned and operated by Equinox Gold. Aumega controls a contiguous, district-scale land package covering both the established resource corridor and multiple emerging exploration areas.

Cape Ray hosts a defined gold mineral resource comprising:

• Indicated resources: 6.2 million tonnes at 2.25 g/t gold for 450,000 ounces;
• Inferred resources: 3.4 million tonnes at 1.44 g/t gold for 160,000 ounces.

Since completion of the 2023 MRE, gold and silver prices have increased materially. In response, the company is assessing a potential update to the MRE with the objective of improving both local and regional geological understandings and better reflecting the underlying value of the Cape Ray project while maintaining a clear focus on exploration and discovery rather than near-term development.

A potential resource update would be inclusive of the following:

• Higher gold price assumptions;
• Additional drilling completed subsequent to the 2023 estimate;
• Relogging of historic drill core;
• Improved geological and structural interpretation;
• Inclusion of silver.

Historical resource estimates at Cape Ray included indicated and inferred silver resources, which were not incorporated into the 2023 MRE update primarily due to timing considerations, as not all samples within the resource domains were analyzed for silver. The company is reviewing the option to incorporate a silver estimate into any future resource update.

Historic scoping study -- context only

In 2020, the company released a scoping study evaluating a conceptual development scenario for Cape Ray based on a gold and silver resource that differs materially from the company's current 2023 mineral resource estimate. The study used a base-case gold price of $1,550 (U.S.) per ounce and capital and operating cost assumptions reflective of the prevailing cost environment at that time.

This study is historical in nature, is not current and should not be relied upon. The company is not advancing Cape Ray toward development based on this study. It is referenced solely to demonstrate that the project has previously been evaluated at a conceptual level. The company is not treating the scoping study as current mineral resources or mineral reserves.

Any consideration of future technical or economic studies would be subject to additional exploration success and updated technical work.

2025 exploration advancing district-scale opportunities

During 2025, Aumega completed extensive exploration programs designed to expand the Cape Ray district and generate new discovery opportunities. This work materially advanced the company's understanding of regional geology and structural controls on mineralization.

Anomalous till geochemical sample results confirmed the potential for gold mineralization at Cape Ray West and within the IMG, a large intrusive complex historically interpreted as non-mineralized. Aumega's reinterpretation, supported by modern multielement geochemistry, detailed geological mapping and high-resolution geophysics, suggests the IMG may represent a previously unrecognized, potentially fertile mineral system, opening a new and highly prospective exploration search space within the broader Cape Ray district.

While still early stage, the work completed and understanding of the Cape Ray West area show that the IMG could potentially be an IRGS, comparable in style with globally significant systems such as Snowline Gold's Valley discoveries in Yukon or De Grey Mining's Hemi discovery in Western Australia.

The company plans to advance the priority Cape Ray West and IMG targets with diamond drilling during the spring/summer 2026 field season.

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-Valentine shear zone, a significant underexplored geological structure in Newfoundland, Canada. This zone currently hosts Equinox Gold's Valentine gold project, a multimillion-ounce deposit, which is the region's largest gold project, 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 significant, intermediate 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 6.2 million tonnes grading an average of 2.25 g/t gold totalling 450,000 ounces of indicated resources and 3.4 million tonnes grading an average of 1.44 g/t gold 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 announcements

In relation to this news release, all data used to assess targets have been previously disclosed by the company and referenced in previous JORC (Joint Ore Reserves Committee) Table 1 releases. Please see announcements dated Jan. 15, 2026, Oct. 16, 2025, May 30, 2023, May 6, 2020, and Feb. 4, 2020.

In relation to the mineral resource estimate announced on May 30, 2023, the company confirms that all material assumptions and technical parameters 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.

Historic scoping study

The scoping study announced on May 6, 2020, and referenced in this news release is historical, is not current, was conceptual in nature and should not be relied upon. The company is not advancing Cape Ray toward development based on this study. It is referenced solely to demonstrate that the project has previously been evaluated at a conceptual level. The company is not treating the scoping study as current mineral resources.

Competent person statement (JORC)

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 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. 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.

Qualified person (National Instrument 43-101)

The scientific and technical information in this press release was reviewed and approved by Shamus Duff, PGeo, project geologist. Mr. Duff is a qualified person as defined under NI 43-101 and a professional geologist registered with Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL). Mr. Duff consents to the publication of this press release and certifies that the information is provided fairly and accurately represents the scientific and technical information disclosed within it.

Technical report

Additional scientific and technical information regarding the Cape Ray project is contained in the technical report titled "Technical Report on the Cape Ray Gold Project, Newfoundland, Canada," dated May 28, 2024 (with an effective date of May 26, 2024), prepared by Trevor Rabb, PGeo, and Ronald Voordouw, PGeo, of Equity Exploration Consultants Ltd., and Andrew Kelly, PEng, of Blue Coast Research. The report is available for download on SEDAR+.

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