Mr. Sam Pazuki reports

AUMEGA METALS ANNOUNCES BROKERED LIFE OFFERING OF UP TO C$10 MILLION

Aumega Metals Ltd. has entered into an agreement pursuant to which Clarus Securities Inc. has agreed to act as lead agent and sole bookrunner, for and on behalf of a syndicate of agents, in connection with a best efforts private placement pursuant to which the company intends to issue a combination of up to: (i) 42,553,191 flow-through (FT) shares at a price of 4.70 cents per FT share; (ii) 55,147,059 charity flow-through shares at a price of 5.44 cents per premium FT share; and (iii) 125 million common shares of the company at a price of 4.0 cents per hard-dollar (HD) share, for aggregate gross proceeds of up to $10-million.

The company will use an amount equal to the gross proceeds received by the company from the sale of the FT shares and the premium FT shares, pursuant to the Income Tax Act (Canada), to incur (or be deemed to incur) eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as both terms are defined in the tax act) related to the company's projects in Newfoundland, Canada, as more fully described in the offering document, on or before Dec. 31, 2027, and to renounce all the qualifying expenditures in favour of the subscribers of the FT shares and the premium FT shares effective Dec. 31, 2026.

The company intends to use the net proceeds from the sale of HD shares for general and administrative expenses and unallocated working capital purposes.

The offering is expected to close on or about March 3, 2026 (Canada)/or March 4, 2026 (Australia), or such other date as the company and the agents may agree, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the LIFE (listed issuer financing exemption) offering will be offered for sale to purchasers resident in the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended and supplemented by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The securities issued to Canadian resident subscribers in the LIFE offering will not be subject to a hold period pursuant to applicable Canadian securities laws, except as may be required by TSX-V policies.

There is an offering document related to the LIFE offering that can be accessed under the company's SEDAR+ profile and on the company's website. Prospective investors should read this offering document before making an investment decision.

The offering document is not a prospectus for the purposes of the Australian Corporations Act 2001 (Cth), and has not been and will not be lodged with the Australian Securities and Investments Commission under that act. Any Australian participation in the offering will be limited to investors who qualify as sophisticated or professional investors under sections 708(8), (10) and (11) of the Corporations Act 2001 (Cth).

The proceeds from the LIFE offering 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 last four years of up to 15,000 metres with an aim to drill several high-priority targets identified through its 2025 exploration program. These targets are located in the broader Cape Ray district, specifically the Isle aux Morts Granite and Cape Ray West, and at Bunker Hill. Additionally, the company will continue to invest in early-stage exploration activities to further define and advance new and existing targets at Hermitage and Intersection.

As a consideration for their services in connection with the LIFE offering, the agents will receive a cash commission equal to 6.0 per cent of the gross proceeds of the LIFE offering. Any commission paid would be in accordance with both TSX-V and Australian Securities Exchange policies.

Aumega Metals' managing director and chief executive officer, Sam Pazuki, commented:

"The company is entering a pivotal phase. Over the past several years, we have methodically advanced our exploration strategy -- identifying and derisking multiple high-priority targets at Cape Ray West and Bunker Hill that now warrant large-scale drilling. This financing is designed to aggressively test those targets.

"At Isle aux Morts Granite, early greenfields results point to a previously unrecognized and potentially fertile intrusive-related gold system (IRGS). The geological characteristics we are observing are comparable in style to major IRGS discoveries such as Snowline Gold's Valley-Rogue discoveries in the Yukon. Importantly, this target sits within the broader Cape Ray district, several kilometres from our existing 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, calculated in 2023 at a conservative gold price of $1,750 (U.S.) per ounce (1). We are also evaluating the potential for a resource update incorporating higher gold price assumptions and silver credits.

"At Bunker Hill, our 2025 field program has identified multiple gold and base metal corridors aligned with compelling geophysical signatures and structural orientations that differ materially from historic interpretations of fertility. These corridors are contiguous with Equinox Gold's Valentine gold mine, a multimillion-ounce deposit that commenced production in the fourth quarter 2025. Recent announcements from Equinox highlight the broader prospectivity of this largely underexplored gold belt.

"We believe we are witnessing the emergence of a new Canadian gold district. With the largest land position along this structure, Aumega, with a strong institutional shareholder base and strategic investor in B2Gold, is exceptionally well positioned to make the next significant discovery."

About Aumega Metals Ltd.

Aumega is using 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 that 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 (2).

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 ASX 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 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.

Competent person's 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 that is relevant to the style of mineralization and type of deposit under consideration and to the activity that 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 news release was reviewed and approved by Shamus Duff, PGeo, project geologist. Mr. Duff is a qualified person as defined under National Instrument 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 news 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 technical report is available for download on SEDAR+.

(1) See the technical report.

(2) See the news release dated May 30, 2023, and the technical report.

We seek Safe Harbor.