AuMEGA Identifies Major New Anomaly at the Cape Ray Project

Key Highlights

• Major, Untested Anomaly Identified: New anomaly located 500 metres southeast of the Central Zone deposits; never drill tested despite a historical sample of 111.5 g/t gold collected nearby¹.
• Central Zone "lights-up": Largest gold deposit at the Cape Ray Project ("Cape Ray") exhibits extremely strong conductivity values that match gold-bearing host rocks.
• Pipeline of Opportunities Expands: Other conductive anomalies point to possible new gold-bearing trends in underexplored areas of Cape Ray.
• Near-term Drilling: Fully funded drill program to test the new anomaly scheduled for the fourth quarter 2025.

Edmonton, Alberta--(Newsfile Corp. - October 2, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to report results from its recently completed Airborne Time Domain Electromagnetic ("EM") survey at the Cape Ray, located along the Cape Ray-Valentine Shear Zone ("CRSZ") in Newfoundland and Labrador, Canada.

The survey successfully delineated known mineralisation at the Central Zone deposits and, importantly, identified several new highly conductive zones with the potential to represent previously unrecognised mineralised trends.

AuMEGA Metal's Managing Director and CEO, Sam Pazuki, commented:

"The EM survey delivered exactly what we wanted — clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies. Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature. It's a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray.

"With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada."

Figure 1: AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure

To view an enhanced version of this graphic, please visit:
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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 ounce².