Edmonton, Alberta--(Newsfile Corp. - February 26, 2026) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") announces an update to the previously announced, oversubscribed financing to raise aggregate gross proceeds of approximately C$30.1 million (the "Offering") led by anchor investor Condire Investors, LLC.Despite continued demand and inbound interest to participate in this Offering, the Company appreciates the support and confidence in the business however, it will not ...

Core Insights - AuMEGA Metals Ltd provides a strategic update on its Cape Ray Project, emphasizing its economic foundation and exploration potential in the Cape Ray District [2][4] - The company highlights that its defined mineral resource does not reflect its current market valuation, especially in light of rising gold and silver prices [3][4] Mineral Resource and Economic Foundation - The Cape Ray Project has a defined gold mineral resource estimate completed in 2023, based on a conservative gold price of US$1,750 per ounce [8][12] - The established mineral resource includes indicated resources of 6.2 million tonnes at 2.25 g/t gold for 450,000 ounces and inferred resources of 3.4 million tonnes at 1.44 g/t gold for 160,000 ounces [13][30] - The company is assessing a potential update to the mineral resource estimate to reflect higher gold prices and the inclusion of silver [9][14] Exploration Opportunities - The 2025 exploration programs have significantly expanded the opportunity at Cape Ray, identifying multiple high-priority targets for a focused drilling campaign in 2026 [6][19] - Early results from the Isle aux Morts Granite suggest a potentially fertile intrusive-related gold system, comparable to significant deposits in other regions [7][22] - The company plans to advance priority targets with diamond drilling during the spring/summer 2026 field season [22] Market Context and Valuation - AuMEGA's current market valuation is believed to not reflect the scale and quality of its existing mineral resources or the exploration upside in the Cape Ray district [9][12] - The company is supported by a diverse shareholder registry, including strategic investment from B2Gold Corp, enhancing its financial backing for exploration activities [29]

Core Insights - AuMEGA Metals Ltd has identified the Isle aux Morts Granite (IMG) as a high-priority drill target for the 2026 field season following favorable results from a multi-element surficial geochemistry interpretation [2][3] - The IMG is a large, underexplored felsic intrusion adjacent to the company's existing resource corridor, which currently hosts a defined gold Mineral Resource of 6.2 million tonnes grading 2.25 g/t gold for 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading 1.44 g/t gold for 160,000 ounces of Inferred Resources [3][34] - The reinterpretation of the IMG suggests it may represent a previously unrecognized and potentially fertile mineral system, changing the exploration potential of this area [4][22] Geochemical Findings - The surficial geochemistry program involved the collection of 439 till samples across a survey grid, revealing large, coherent gold-in-till anomalies that are spatially related to geophysical lineaments [10][11] - Strong multi-element geochemical coherence was observed, with gold anomalies coinciding with elevated copper, molybdenum, and bismuth, indicating a potentially fertile gold and/or copper system [6][21] - The till material collected is homogeneous and suggests a proximal bedrock source for the geochemical responses, supporting the interpretation of structural control over mineralization [12][22] Target Areas and Future Plans - Seven target areas have been defined across the Cape Ray West area, with the Western Corridor identified as a significant target due to its geological setting and strong gold-in-till anomalism [15][16][29] - The company plans to extend surficial geochemistry coverage and geological mapping across the IMG, along with a focused diamond drilling program in summer 2026 to test high-conviction targets [29][34] - Assays from ongoing drilling and geochemical surveys are expected in the first quarter of 2026, which will further inform the exploration strategy [6][29]

Core Points - AuMEGA Metals Ltd is changing its registry and transfer agent to Computershare Investor Services effective December 15, 2025, for both the Australian Stock Exchange and TSX Venture Exchange [1][2] - The company has a strong shareholder base, including B2Gold Corp, which owns 10% of its outstanding shares, and approximately 50% of shares held by major global institutions [3][6] - AuMEGA has engaged Renmark Financial Communications Inc. to enhance its investor relations and support growth in North America, with a monthly fee of up to C$9,000 for seven months starting December 1, 2025 [4] Company Overview - AuMEGA Metals Ltd is focused on exploring a 110-kilometer land package along the Cape Ray Shear Zone in Newfoundland, Canada, which is recognized as the largest identified gold structure in the region [5][6] - The company has defined a gold Mineral Resource of 6.2 million tonnes at an average grade of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes at an average grade of 1.44 g/t, totaling 160,000 ounces in Inferred Resources [7] - AuMEGA also holds a 27-kilometer stretch of the Hermitage Flexure and has secured an Option Agreement for the Blue Cove Copper Project, indicating strong potential for copper and other base metals [6]

Core Viewpoint - AuMEGA Metals Ltd has mobilized a second diamond drill rig to enhance its drilling program on the Major Electromagnetic anomaly at the Cape Ray Gold Project in Newfoundland and Labrador, Canada, indicating a strong commitment to exploration and resource development [1][4]. Drilling Program - The current diamond drill program is focused on a newly defined airborne electromagnetic conductor measuring approximately 500 metres by 1,000 metres, located 500 metres southeast of the Central Zone deposits, which has not been drill tested before [2][4]. - The company plans to maximize drilling efforts in the upcoming weeks before the winter break, aiming to explore the hangingwall of the Cape Ray Shear Zone near the Central Zone [4]. Exploration and Assay Results - AuMEGA has pending assay results from various exploration programs, including Bunker Hill, Cape Ray, Isle aux Morts Granite, and Hermitage surficial till geochemical surveys, which are expected to generate new drill-ready targets [5]. - The company is systematically exploring its district-scale land package to identify major deposits [5]. Geological Context - The Cape Ray Shear Zone is recognized as Newfoundland's largest identified gold structure, hosting Equinox Gold's Valentine Gold Project, a multi-million-ounce deposit, alongside AuMEGA's expanding Mineral Resource [7]. - AuMEGA's existing defined gold Mineral Resource includes 6.2 million tonnes grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources [9]. Additional Projects - AuMEGA holds a 27-kilometre stretch of the Hermitage Flexure and has secured an Option Agreement for the Blue Cove Copper Project, which shows strong potential for copper and other base metals [8].

Core Viewpoint - AuMEGA Metals Ltd has initiated a diamond drilling program at its Cape Ray Project in Newfoundland and Labrador, focusing on a newly identified electromagnetic anomaly that is approximately 500 metres southeast of the central zone deposit [1][6]. Exploration Details - The identified anomaly is near an access road and has been historically overlooked, despite proximity to a high-grade gold sample of 111.5 grams per tonne collected years ago [2][7]. - The target area is characterized by significant structural features and is adjacent to the highest-grade section of the company's resource [2][12]. Drilling Program - The CEO indicated that early data prompted a swift response, leading to the mobilization of a second drill rig, with plans to continue drilling through the end of the year [3][14]. - The company aims to maximize drilling efforts before Christmas, with a focus on the EM anomaly and additional targets at Cape Ray West [3][10]. Additional Targets - AuMEGA is also exploring the Cape Ray West area, where a recent till program has revealed a multi-kilometre gold trend along the Isle aux Morts granite, previously thought to be unmineralized [3][12]. - Preliminary data from the granite area has shown promising signs, and the company is awaiting assay results to further inform its exploration strategy [4][13]. Future Outlook - The company is expecting results from multiple exploration zones, which will contribute to an expanded pipeline of drill targets leading into 2026 [4][16]. - The CEO expressed optimism about the potential for significant discoveries that could enhance shareholder value [10][11].

Core Viewpoint - AuMEGA Metals Ltd has initiated a diamond drilling program at its Cape Ray Project in Newfoundland and Labrador, marking a significant advancement in its exploration efforts aimed at discovering new gold resources [2][8]. Exploration Strategy - The company employs a systematic exploration strategy that has identified compelling targets within the Cape Ray Shear Zone (CRSZ), focusing on a newly defined airborne electromagnetic (EM) conductor near the high-grade Central Zone deposits [3][4]. - The EM conductor measures approximately 500 metres by 1,000 metres and is located 500 metres southeast of the Central Zone, which has not been previously drill tested [4][9]. Drilling Program Details - The drill program is fully funded and will commence with one diamond rig, with the potential to scale up to a second rig based on initial results [10]. - The initial drilling will target priority structures within the EM anomaly, which is believed to represent a new gold-bearing trend parallel to the Central Zone [9][10]. Historical Context and Potential - The area has been historically overlooked due to lack of surface exposure but is situated on a structural network similar to that of the Central Zone, which previously yielded a standout gold heavy mineral concentrate sample of 111.5 g/t [7][8]. - The company has identified several drill targets within the EM anomaly and is optimistic about the potential for new discoveries in this underexplored area [8][9]. Additional Exploration Efforts - AuMEGA has recently completed a till geochemical survey over the Isle aux Morts Granite, another high-priority target within the identified multi-kilometre gold corridor, with results expected soon [12][13]. - The company plans to refine drill locations for Cape Ray West based on the upcoming survey results and is prepared to mobilize for additional drilling if conditions allow [13]. Company Overview - AuMEGA Metals Ltd operates on a district-scale land package spanning 110 kilometers along the Cape Ray Shear Zone, recognized as Newfoundland's largest identified gold structure [15]. - The company currently holds a defined gold Mineral Resource of 6.2 million tonnes grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources [17].

Core Viewpoint - AuMEGA Metals Ltd has established a Technical Committee to enhance strategic oversight of its exploration programs in Newfoundland and Labrador, Canada [1][2]. Group 1: Technical Committee Formation - The Technical Committee will consist of at least three Directors with significant geological and mining expertise [2]. - The Committee will collaborate closely with management and the technical team, and will act as a liaison with key strategic shareholders to align on exploration priorities and long-term value creation [2]. Group 2: Board Changes - Mr. Kerry Sparkes will retire from the Board effective November 30, 2025, to focus on personal commitments [2]. - Sparkes joined AuMEGA as a technical advisor in June 2021 and was appointed to the Board in September 2022, playing a crucial role in shaping the exploration strategy [3]. Group 3: Company Overview - AuMEGA Metals Ltd is focused on exploring its district-scale land package along the Cape Ray Shear Zone, recognized as Newfoundland's largest identified gold structure [5]. - The Cape Ray Shear Zone hosts several high-potential targets and has an existing defined gold Mineral Resource of 6.1 million tonnes grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources [7]. Group 4: Strategic Partnerships - The company is supported by a diverse shareholder registry, including strategic investment from B2Gold Corp, a significant intermediate gold producer [6]. - AuMEGA also holds a 27-kilometre stretch of the Hermitage Flexure and has secured an Option Agreement for the Blue Cove Copper Project, which shows strong potential for copper and other base metals [6].

Core Insights - AuMEGA Metals Ltd has reported significant results from its surficial geochemistry program at Cape Ray West, indicating the presence of multiple high-grade gold-in-till anomalies and defining a new multi-kilometre gold corridor [2][3][4] Exploration Results - The program has identified three large coherent gold-in-till anomalies, with the highest peak value recorded at 402 parts per billion (ppb) gold-in-till, extending up to approximately three kilometres [6] - The anomalies are associated with the Isle aux Morts Granite, which has not been drill tested, representing a new discovery opportunity [3][15] - The integration of geochemical, geophysical, and structural datasets is ongoing to define priority drill targets, with drilling planned for Q4 2025 [6][26] Project Overview - The Cape Ray Project currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources, based on a gold price of US$1,750 per ounce [8] - AuMEGA's exploration strategy combines modern datasets with historical geological information to enhance discovery potential across its district-scale land package [9][10] Future Plans - The company is fully funded for the upcoming drilling program and is currently awaiting assay results from additional sampling conducted over the Isle aux Morts Granite [26][24] - A broader till survey and geological mapping have been completed, with samples dispatched for laboratory analysis [24][26]

Core Insights - AuMEGA Metals Ltd has identified a major new electromagnetic anomaly at the Cape Ray Project, which is located along the Cape Ray-Valentine Shear Zone in Newfoundland and Labrador, Canada [2][4][10] - The recent Airborne Time Domain Electromagnetic survey successfully confirmed known mineralization and uncovered several new conductive zones that may indicate previously unrecognized mineralized trends [3][8][9] Summary by Sections New Anomaly Identification - A significant new anomaly was located 500 meters southeast of the Central Zone deposits, which has never been drilled despite a historical sample showing 111.5 g/t gold collected nearby [5][13] - The anomaly is classified as a high-priority drill target, with potential to represent a new trend of gold mineralization comparable to existing deposits [14][11] Survey Results - The EM survey covered 930 line-kilometers and detected conductive zones associated with gold mineralization, including graphite and sulfide-rich areas [8][9] - The Central Zone deposits exhibit strong conductivity values that align with gold-bearing host rocks, indicating a robust mineralized system [5][9] Future Plans - A fully funded drilling program is scheduled for the fourth quarter of 2025 to test the new anomaly [5][15] - The company is also conducting a till geochemical survey and geological mapping to support further exploration efforts [15][22] Resource Overview - The Cape Ray Project currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources, based on a gold price of US$1,750 per ounce [7][30] - The project is part of a larger land package along the Cape Ray Shear Zone, recognized as Newfoundland's largest identified gold structure [28][30] Additional Anomalies - The EM survey identified multiple additional conductive zones across Cape Ray, which share geophysical and geological characteristics with existing deposits [17][19] - Key anomalies include those at Cape Ray West and other underexplored areas, indicating a growing pipeline of untested targets [21][22]