AuMEGA Metals Closes First Tranche of Previously Announced Upsized Financing

Edmonton, Alberta--(Newsfile Corp. - March 5, 2026) - AuMEGA Metals Ltd. (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce that further to its press releases dated 25 February 2026 and 18 February 2026, it has closed the first tranche ("Tranche One") of its previously announced upsized brokered private placement financing (the "Offering") 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 C$0.0544 per PFT Unit, for aggregate gross proceeds of approximately C$5.35 million. Each PFT Unit consists of one common share (a "Flow-Through Share") and one common share purchase warrant (a "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 C$0.055 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 ("Tranche Two") is comprised of 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 10 April 2026 (Australia) / 9 April 2026 (North America).

Tranche Two is expected to be comprised of up to (i) 135,000,000 PFT Units (each of which shall be comprised of one common share and one Warrant, as per the PFT Units issued in Tranche One) at a price of C$0.0544 per PFT Unit, for aggregate gross proceeds of up to approximately C$7,344,000, (ii) 22,127,660 Flow-Through Shares at a price of C$0.047 per Flow-Through Share, for aggregate gross proceeds of up to approximately C$1,040,000, and (iii) 408,973,412 hard dollar units (the "HD Units") at a price of C$0.040 per HD Unit, for aggregate gross proceeds of up to approximately C$16,358,936. Each HD Unit will consist of one common share and one Warrant.