AuMEGA Metals Boosts Exploration with New Drill Rig for Gold Project

AuMEGA Metals Ltd has announced the mobilization of a second diamond drill rig to enhance its exploration efforts at the Cape Ray Gold Project located in Newfoundland and Labrador, Canada. This initiative aims to expand the existing diamond drilling program focused on a significant electromagnetic anomaly in the region. The announcement was made on November 25, 2025.

The newly defined airborne electromagnetic conductor, measuring approximately 500 metres by 1,000 metres, is situated in the immediate hangingwall of the Central Zone, a proven high-grade gold system. Notably, this conductor, located 500 metres southeast of the Company’s existing Central Zone deposits, has never been tested by drilling before.

Drilling Program Progress and Future Plans

Managing Director and CEO Sam Pazuki expressed enthusiasm regarding the ongoing drill program, stating, “Our fully funded drill program is progressing well and we have made the decision to dispatch a second drill rig to support the drilling efforts.” He emphasized the company’s intention to maximize drilling activities over the coming weeks before the onset of winter.

Additionally, AuMEGA is awaiting assay results from several ongoing exploration programs, including Bunker Hill, Cape Ray, Isle aux Morts Granite, and Hermitage surficial till geochemical surveys. These results are anticipated to yield new drill-ready targets, further advancing the exploration of the district-scale land package.

Strategic Position and Resource Potential

AuMEGA Metals operates on a district-scale land package that spans 110 kilometers along the Cape Ray Shear Zone, recognized as Newfoundland’s largest identified gold structure. The zone is adjacent to Equinox Gold’s Valentine Gold Project, a multi-million-ounce deposit, and is home to AuMEGA’s expanding Mineral Resource.

The company has reported an existing defined gold Mineral Resource of 6.2 million tonnes grading an average of 2.25 g/t, amounting to 450,000 ounces of Indicated Resources. Furthermore, it has 3.4 million tonnes grading an average of 1.44 g/t, equating to 160,000 ounces in Inferred Resources.

AuMEGA is also supported by a diverse shareholder registry, including strategic investment from B2Gold Corp, a notable gold producer. The Company has secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland, which shows potential for copper and other base metals.

The company acknowledges the financial support of the Junior Exploration Assistance Program from the Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador.

As the company pushes forward with its exploration initiatives, it remains committed to uncovering the next series of major deposits within its extensive land package. For more information about AuMEGA Metals, visit their official website at www.aumegametals.com.

This announcement has been authorized for release by the Company’s Board of Directors.