AuMEGA Metals intercepts 100.5 g/t Au at Intersection

Second highest-grade gold sample ever collected across the Company's Newfoundland property portfolio highlights the potential of a highly prospective, underexplored structural corridor.

Toronto, Ontario--(Newsfile Corp. - October 8, 2026) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce high-grade gold results from a comprehensive surficial geochemical, geological mapping and prospecting program completed at its 100%-owned Intersection Project ("Intersection" or the "Project') along the Cape Ray Shear Zone ("CRSZ") in southwest Newfoundland and Labrador ("Newfoundland").

Highlights

• 100.5 g/t gold sample (float), the second-highest grade gold sample ever collected across AuMEGA's Newfoundland property portfolio¹.

• Two additional samples grading 23.8 g/t gold (float) and 23.1 g/t gold (float), confirming multiple high-grade gold occurrences within the project area.

• Intersection lies at the convergence of the CRSZ and Hermitage Flexure, two of Newfoundland's largest known gold-bearing structural corridors.

• Results advance Intersection from the broad gold-in-till anomalism identified in 2024 to the identification of high-grade gold mineralisation at surface².

• The Project shares important geological characteristics with the Valentine Gold District and is adjacent to mineral claims recently staked by Equinox Gold.

• Additional assay results remain pending and will be integrated with geological, structural and geochemical data to design a follow-up exploration program (Figures 2 and 3).

Figure 1. Overview of AuMEGA Metals Portfolio.

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Sam Pazuki, Managing Director and CEO of AuMEGA, commented:

"These results demonstrate the value of the systematic exploration approach we have applied across our Newfoundland portfolio and our ability to continually build the exploration pipeline. By progressively integrating geochemistry, geological mapping, prospecting, geophysics and structural interpretation, we have identified areas containing exceptionally high-grade gold mineralisation while generating and expanding the targets that led to our 2026 drilling programs.

"That process enabled us to drill the first-ever holes into several new targets across the portfolio in 2026. Intersection is progressing through the same disciplined sequence. Our 2024 reconnaissance program identified four large gold target areas, and the expanded 2026 program has now identified multiple high-grade gold occurrences at surface, including the 100.5 g/t gold sample.

"This is the proper way to explore large, remote and underexplored land packages: systematically build the geological evidence, strengthen the targets and advance the highest-priority areas toward drilling. With additional assays pending, we will integrate the complete dataset to design the next phase of exploration, which we expect will include advancing targets toward drill testing."

Intersection Background Overview

The 169 km² Intersection Project is positioned where the CRSZ and Hermitage Flexure, two of Newfoundland's largest known gold-bearing structural corridors, converge. The Project contains prospective Windsor Point Group sedimentary rocks, the same stratigraphic package that hosts the Company's Central Zone deposit, together with felsic intrusions in a geological setting that shares important characteristics with the Valentine Gold District.

AuMEGA's inaugural exploration program at Intersection in 2024 comprised 914 till samples collected across an area measuring approximately 15 kilometres by seven kilometres. The program identified four large gold target areas, including a significant anomaly within the Windsor Point Group, and returned values of up to 173 ppb gold with associated silver-copper-bismuth anomalism³.

Building on those results, the Company completed a substantially expanded surficial geochemical, geological mapping and prospecting program across the eastern portion of the Project in 2026. The program included systematic till sampling on a nominal 320-metre by 80-metre and infill on a 160-metre by 80-metre grid. The float samples, collected during geological mapping and reconnaissance in parallel to the till sampling program, returned samples grading 100.5 g/t gold, 23.8 g/t gold and 23.1 g/t (Figure 2 and 3) gold represent an important advancement from broad regional gold anomalism to the identification of high-grade gold mineralisation at surface. A total of 56 grab samples were collected during this reconnaissance geological mapping program. Assays are pending for the majority of the program samples collected.

In May 2026, AuMEGA staked the Solstice Project immediately north of Intersection. The strategic significance of the area is further highlighted by mineral claims recently staked by Equinox Gold adjacent to the Intersection and Solstice projects (Figure 1).

Figure 2. High-grade 2026 float samples and historical gold-in-till results at Intersection

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2026 Intersection Target Generation Program

The 2026 exploration program was designed to expand systematic coverage across Intersection, improve the Company's understanding of the underlying geology and regional structural architecture, and identify areas warranting advancement toward drill-ready status (Figure 3).

Field activities included:

• Systematic till sampling on a nominal 320-metre by 80-metre and infill on a 160-metre by 80-metre grid;

• Geological and structural mapping;

• Prospecting and rock sampling; and

• Follow-up evaluation of prospective geological and structural settings.

The three high-grade float samples were collected shortly after field activities commenced and before the start of the Company's 2026 drilling campaigns. Assay results from additional rock and till samples remain pending.

Figure 3. Intersection target-generation program showing high-grade float samples, historical results and the 2026 survey grid with assays pending.

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Next Steps

Upon receipt of the remaining assay results, the Company will integrate the complete geochemical dataset with geological mapping, historical airborne magnetic and electromagnetic surveys, and updated structural interpretations.

The integrated interpretation will be used to refine priority targets and design the next phase of exploration, which is expected to consider:

• Tighter-spaced surficial geochemistry;

• Detailed prospecting and structural mapping;

• Ground geophysics, potentially including induced polarization; and

• Advancement of priority targets toward scout drilling.

Exploration Activities Continue Across AuMEGA's Portfolio

Drilling continues at the Company's Bunker Hill Project, where AuMEGA is testing priority gold and polymetallic targets across multiple prospective structural corridors.

At Cape Ray, the first phase of the Company's 2026 drilling program has been completed, and assay results are pending.

These programs form part of AuMEGA's systematic strategy to advance multiple discovery and resource-growth opportunities across its district-scale Newfoundland property portfolio.

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This announcement has been authorised for release by the Company's Board of Directors.

To learn more about the Company, please visit www.aumegametals.com, or contact:

ABOUT THE COMPANY

AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) is utilising 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 under-explored geological feature recognised as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Equinox Gold's Valentine Gold Project, a multi-million-ounce deposit which is the region's largest gold project, along with AuMEGA's Mineral Resource. Additionally, AuMEGA holds a 27-kilometre stretch of the highly prospective Hermitage Flexure.

The Company is supported by a diverse shareholder registry of prominent global institutional investors including Condire Investors LLC, and strategic investment from B2Gold Corp, a significant, intermediate gold producer.

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 g/t gold, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t gold, totaling 160,000 ounces in Inferred Resources.⁴

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 Table 1 releases. Please see announcements dated 14 April 2021 and 30 October 2024. In relation to the Mineral Resource estimate announced on 30 May 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

The scientific and technical information in this press release was reviewed and approved by Shamus Duff, P. Geo., Project Geologist. Mr. Duff is a Qualified Person as defined under National Instrument 43-101 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 is provided fairly and accurately represents the scientific and technical information disclosed within it.

GRAB SAMPLING PROCEDURES

Grab samples are collected by AuMEGA personnel and bagged in the field in a pre-numbered calico bag. Samples are logged in either the core shack or remote camp. The sample is sent off to the laboratory for analysis with a small sub-sample retained for future reference at the Company's facility. Readers are cautioned that while AuMEGA sampling policies aim to collect representative samples, grab samples are inherently selective in nature and may not be representative of the in-situ geology or mineralization at a larger scale. The full analytical results are available on the Appendix 1 - Table 1 of the ASX press release which is available on the Company's website.

AuMEGA metals used ALS Laboratories in Moncton, New Brunswick for the analysis of rock samples. All samples are crushed to 90% passing 2mm, riffle split to 500 grams and pulverized to 85% passing 75µm. Gold is analyzed by fire assay with an ICP-AES finish and samples returning over 10 g/t are re-run using gravimetric analysis. Samples are also analyzed by a 48 element 4-acid digestion with an ICP-MS finish. Samples are securely stored at the Company's facilities until they are shipped either by a trusted 3rd party shipper or company personnel to the lab. ALS is an ISO accredited laboratory and is independent from the Company.

All sampling was carried out under AuMEGA's sampling guidelines which adheres to industry best practice. All QA/QC data is reviewed by the Database Manager, Exploration Manager and/or Competent Person to ensure quality of assays; batches containing multiple Certified Reference Material (CRM) that report outside of two standard deviations from expected values are re-assayed. Any batches containing individual CRM's greater than three standard deviations from expected values are also re-assayed.

HISTORIC RESULTS

Some data disclosed in this news release is related to historical sampling. The company has not independently analyzed the results in order to verify the results; however, the Company considers these historical results relevant as the Company is using this data as a guide to plan exploration programs. The full results of the historical work referenced in this release can be accessed online.

¹ News Release 14 April 2021

² News Release 30 October 2024

³ New Release 30 October 2024

⁴ News Release 30 May 2023

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318022