Mr. Sam Pazuki reports

AUMEGA METALS CLOSES ~C$30.1 MILLION FINANCING, STRENGTHENING INSTITUTIONAL REGISTER AND FUNDING LARGER-SCALE 2026 EXPLORATION PROGRAM

Aumega Metals Ltd. has successfully closed its previously announced approximately $30.1-million financing, marking a transformational step in strengthening the company's balance sheet and positioning it for accelerated exploration and discovery.

Key highlights

• Approximately $30.1-million in gross proceeds significantly strengthens Aumega's balance sheet and funding runway;
• Strong institutional backing with new cornerstone investors, including Condire Investors LLC (19.9 per cent) and Nokomis Capital LLC (9.2 per cent);
• Continued support from strategic shareholder B2Gold Corp. (9.9 per cent);
• Expanded participation from global institutions including Franklin Resources Inc. (8.2 per cent) and Schroders PLC (5.2 per cent);
• Fully financed to execute a larger-scale exploration program across Cape Ray, Cape Ray West (including Isle aux Morts Granite) and Bunker Hill.

The financing was completed in two tranches in accordance with Australian Securities Exchange listing rules 7.1 and 7.1A. The first tranche closed on March 5, 2026, raising gross proceeds of approximately $5.4-million, with the second tranche (tranche two) closing following shareholder approval at the company's special meeting held on April 10, 2026 (Australia)/April 9, 2026 (North America), contributing gross proceeds of approximately $24.7-million.

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

"The successful completion of this financing represents a pivotal moment for Aumega. Not only have we materially strengthened our balance sheet, but we have also significantly enhanced the quality of our shareholder register with the addition of several globally recognized institutional investors.

"We emerge from this process with a predominantly institutional shareholder base, anchored by Condire Investors and supported by our long-term strategic investor, B2Gold. This level of backing reflects growing confidence in both the scale of our land position and the discovery potential we see across our district.

"With this capital in place, we are fully funded to execute expanded exploration programs including inaugural drilling of the Isle aux Morts Granite, potential expansion of our resource, and additional exploration activities and drilling at Bunker Hill. Our focus remains on disciplined, systematic exploration across our 110-kilometre land package along the Cape Ray shear zone and Hermitage.

"We have long believed that Newfoundland is the next major mining jurisdiction in Canada, and we believe Aumega is uniquely positioned with a defined resource base1, district-scale control, and a strong technical and leadership team-to unlock significant long-term value for shareholders."

Financing overview

The financing consisted of the following securities (with the terms of the securities described below):

• Hard dollar units (HD units):
  • 408,973,412 HD units at four cents per HD unit;
  • Gross proceeds: approximately $16,358,936.
• Premium flow-through units (PFT units):
  • 233,376,589 PFT units at 5.44 cents per PFT unit;
  • Gross proceeds: approximately $12,695,686.
• Flow-through shares (FT shares):
  • 22,127,660 FT shares at 4.7 cents per FT share;
  • Gross proceeds: approximately $1.04-million.

Each HD unit and PFT unit consisted of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of 5.5 cents for a period of 30 months from the closing date of tranche one (as defined above).

Use of proceeds

Net proceeds of the financing are expected to be used primarily for:

• The advancement of the company's exploration programs in Newfoundland, Canada;
• To finance expanded drill programs across Cape Ray Resource, Cape Ray West (including Isle aux Morts Granite) and Bunker Hill;
• To support continuing target generation and early stage exploration;
• To provide working capital and general corporate purposes.

The company notes that exploration programs are subject to final budgeting, permitting, weather conditions and operational planning.

Financing details

• Premium flow-through (or charity flow-through): Approximately $12.7-million of PFT units priced at 5.44 cents each (which is equivalent to approximately 5.62 Australian cents based on the exchange rate for converting Canadian dollars into Australian dollars of $1 (Canadian): $1.0330549 (Australian) on Feb. 12, 2026, per PFT unit, represented a 36-per-cent premium to the HD unit price of four cents. A total of approximately 233.4 million shares and 233.4 million warrants comprising the premium FT units fall into this category.
• Traditional flow-through: Approximately $1-million of FT shares priced at 4.7 cents each (which is equivalent to approximately 4.9 Australian cents based on the exchange rate) per FT share representing a premium of 17.5 per cent to the HD unit price of four cents.
• Hard dollars: Approximately $16.4-million of HD units priced at four cents each (which is equivalent to approximately 4.13 Australian cents based on the exchange rate) per HD unit, priced at market to the TSX-V close price on Feb. 11, 2026, and an 8.7-per-cent premium to the ASX close price on Feb. 10, 2026, for a total of approximately 409 million HD units issued.
• Insiders: Company insiders subscribed for 1.35 million HD units and 851,064 FT shares.

Certain directors and officers of the company participated in the financing and subscribed for an aggregate of 2,201,064 shares, making it a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation per Section 5.5(b) of MI 61-101, and minority shareholder approval requirements per Section 5.7(1)(a) of MI 61-101, as neither the fair market value of any shares issued to or the consideration paid by such insiders exceeds 25 per cent of the company's market capitalization. The company filed a material change report more than 21 days before the date of the tranche two closing.

Flow-through shares

The shares comprising the PFT units and the FT shares were issued as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The warrants comprising the PFT units will not be flow-through warrants for the purposes of the tax act. The tax benefits associated with such shares are available only to the initial Canadian subscribers. The company is expected to use an amount equal to the gross proceeds from the sale of the FT shares and the gross proceeds from the sale of the shares underlying the PFT units to incur eligible Canadian exploration expenses (as defined in the tax act): (i) that will qualify as flow-through mining expenditures (as defined in the tax act) related to the company's exploration activities in Canada on or before Dec. 31, 2027. All qualifying expenditures will be renounced in favour of the Canadian applicable subscribers effective Dec. 31, 2026.

The term flow-through share is defined under Canadian tax legislation and does not represent a special class of shares under corporate law. Shares issued under the financing will rank pari passu with existing common shares.

All securities issued are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. All shares and warrants issued are subject to a hold period of four months plus a day from the date of issuance and resale rules will apply in accordance with applicable Canadian securities laws. All securities were issued on a private placement basis to institutional, professional and accredited investors. The company did not issue any securities using Section 5A.2 of National Instrument 45-106 -- Prospectus Exemptions and Coordinated Blanket Order 45-935 -- Exemptions From Certain Conditions of the Listed Issuer Financing Exemption and, accordingly, the offering document dated Feb. 12, 2026, of the company prepared in respect of the LIFE will not be used for any part of the financing and the company did not issue any shares or warrants under the LIFE document.

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.

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: March 6, 2026, Feb. 25, 2026, Feb. 18, 2026, Feb. 4 2026, Jan. 15, 2026, Jan. 8, 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.

Qualified person (NI 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 National Instrument 43-101 -- Standards of Disclosure for Mineral Projects 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 provided fairly and accurately represents the scientific and technical information disclosed in it.

Technical report

Additional scientific and technical information regarding the company's mineral 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.

We seek Safe Harbor.