Cape Ray Drilling Yields 1.85 g/t Over 13.5m; New EM Anomaly Discovered Nearby

Exploration Breakthrough at Cape Ray

AuMEGA Metals Ltd has reported a major step forward in its exploration campaign in Newfoundland and Labrador with the discovery of a substantial new electromagnetic (EM) anomaly near its flagship Cape Ray Project. Located just 500 metres southeast of the established Central Zone deposits, this anomaly spans approximately 1,000 metres along strike and 500 metres wide, exhibiting conductivity signatures comparable to known gold-bearing zones. Notably, this target area remains untested by drilling despite historical high-grade gold samples nearby, highlighting its potential as a new mineralised trend.

The company’s recent diamond drilling program further bolstered the prospectivity of the Central Zone, with hole CRD412 intersecting 1.85 grams per tonne (g/t) gold over 13.5 metres, including a higher-grade interval of 4.79 g/t over 0.85 metres at depth. This result extends mineralisation down plunge of the Z04 deposit and confirms that the system remains open in multiple directions, underscoring the potential for resource growth.

Expanding Gold Corridors and Systematic Exploration

Complementing geophysical advances, AuMEGA completed an extensive till geochemical survey at Cape Ray West, revealing multiple gold-in-till anomalies exceeding the 99th percentile, with peak values reaching 402 parts per billion (ppb). These anomalies outline new large-scale targets along the Isle aux Morts Granite, an untested intrusive unit that could represent a significant new exploration front. The integration of geophysical, geological, and geochemical data is shaping a robust pipeline of targets for upcoming drill testing.

Beyond Cape Ray, the company is advancing exploration at its Bunker Hill and Hermitage projects, with large-scale till sampling and mapping programs underway. The Hermitage Gold-Antimony Project, in particular, is undergoing its largest surface exploration campaign to date, aiming to refine drill targets within a geologically favourable setting analogous to globally significant gold districts.

Financial Strength and Corporate Developments

AuMEGA’s exploration momentum is underpinned by a strong treasury, holding approximately C$6.3 million in cash as of 30 September 2025. This financial position fully funds the planned drill program for the fourth quarter, enabling the company to aggressively test its new and existing targets. Operating cash outflows and exploration expenditures reflect the scale of ongoing activities, including the recently completed spring drill program and extensive geochemical surveys.

On the corporate front, the appointment of James Withall to the Board brings nearly three decades of international mining and exploration experience. Withall’s track record includes leading the discovery and advancement of the multi-million-ounce Ikkari gold project in Finland, positioning AuMEGA to benefit from seasoned leadership as it advances its district-scale portfolio.

Positioning in an Emerging Gold District

AuMEGA’s land package spans 105 kilometres along the Cape Ray Shear Zone, Newfoundland’s largest identified gold-bearing structure. This corridor is gaining prominence following the merger of Equinox Gold and Calibre Mining, which highlights the Cape Ray-Valentine shear as an emerging gold mining district. With a current Mineral Resource of approximately 610,000 ounces of gold at Cape Ray, the company’s systematic exploration approach is unlocking new opportunities in a region with complex geology and significant glacial cover.

As assay results from recent till surveys are awaited, and with drilling poised to test high-priority targets, AuMEGA is well positioned to potentially expand its resource base and enhance its standing in this evolving gold province.