Mr. Sam Pazuki reports

AUMEGA METALS CLOSES FIRST TRANCHE OF PREVIOUSLY ANNOUNCED UPSIZED FINANCING

Further to Aumega Metals Ltd.'s press releases dated Feb. 25, 2026, and Feb. 18, 2026, it has closed the first tranche of its previously announced upsized brokered private placement financing for aggregate gross proceeds of up to $30,094,623.

Under tranche one, the company issued 98,376,589 premium flow-through units (PFT units) at a price of 5.44 cents per PFT unit, for aggregate gross proceeds of approximately $5.35-million. Each PFT unit consists of one common share and one common share purchase warrant, issued as flow-through shares under the Income Tax Act (Canada). Each warrant entitles the holder to acquire one non-flow-through common share at a price of 5.5 cents for a period of 30 months from today's closing.

Tranche one was completed within Aumega's available placement capacity under the Australian Stock Exchange (ASX) Listing Rules 7.1 and 7.1A. 19,675,318 flow-through shares and 98,376,589 warrants were issued pursuant to the company's ASX Listing Rule 7.1 placement capacity and 78,701,271 flow-through shares were issued pursuant to the company's ASX Listing Rule 7.1A placement capacity.

The second tranche comprises shares and warrants to be issued in excess of the company's available placement capacity and will therefore be subject to shareholder approval at a special shareholder meeting scheduled for April 10, 2026 (Australia)/April 9, 2026 (North America).

Tranche two is expected to comprise up to (i) 135 million PFT units (each of which shall be comprise one common share and one warrant, as per the PFT units issued in tranche one) at a price of 5.44 cents per PFT unit, for aggregate gross proceeds of up to approximately $7,344,000, (ii) 22,127,660 flow-through shares at a price of 4.7 cents per flow-through share, for aggregate gross proceeds of up to approximately $1.04-million, and (iii) 408,973,412 hard dollar units (the HD units) at a price of four cents per HD unit, for aggregate gross proceeds of up to approximately $16,358,936. Each HD unit will consist of one common share and one warrant.

Following closing of tranche one, Condire Investors LLC will hold 98,376,589 flow-through shares representing approximately 11.1 per cent of the company's outstanding shares on a non-diluted basis and an equivalent number of warrants. The warrants issued to Condire are subject to a blocker provision that prevents exercise if such exercise would result in Condire holding 20 per cent or more of the company's issued and outstanding common shares. Upon closing of tranche two, Condire will hold shares of the company representing approximately 19.9 per cent of the company on a non-diluted basis.

An amount equal to the gross proceeds from the sale of the PFT units in tranche one will be used to incur Canadian exploration expenses that qualify as flow-through mining expenditures in Canada on or before Dec. 31, 2027, with renunciation effective Dec. 31, 2026, to initial Canadian subscribers. Net proceeds from any hard dollar units under the broader offering are intended to finance exploration advancement and general working capital, as previously disclosed.

The offering is being conducted on a best efforts, fully marketed basis by Clarus Securities Inc. as co-lead agent and sole bookrunner, Canaccord Genuity Corp. as co-lead agent, together with BMO Capital Markets. In connection with the closing of tranche one, the company paid the agents a cash commission of $84,997 and paid a finder's fee of $236,104 to a third party, representing in aggregate 6 per cent of the gross proceeds of the tranche one subscription amount.

All securities issued under tranche one, including the common shares issuable upon the exercise of the warrants, are subject to a statutory hold period of four months from the date of issuance of the PFT units under applicable Canadian securities laws. Resale restrictions also apply under applicable ASX and TSX Venture Exchange rules and policies.

Early warning reporting

Pursuant to the requirements of National Instrument 62-103 respecting the Early Warning System, Condire Resource Master Partnership LP will file an early warning report in connection with acquiring 98,376,589 PFT units, comprising of 98,376,589 common shares of Aumega and 98,376,589 warrants, which represents approximately 11.1 per cent of the issued and outstanding shares of Aumega. A copy of Condire's related early warning report will be filed with the applicable securities commissions and will be made available under the company's profile on SEDAR+.

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-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 grams per tonne 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.

We seek Safe Harbor.