AuMEGA Identifies Major New Anomaly at the Cape Ray Project

Executive Summary

• AuMEGA Metals completed a 930 km airborne time‑domain electromagnetic (TDEM) survey at the Cape Ray Project, confirming known Central Zone mineralisation and discovering several new high‑conductivity anomalies.
• A major, previously untested anomaly was located ~500 m southeast of the Central Zone deposits; it extends ≥1 km along strike, is 500 m wide, and mirrors the geophysical signature of existing gold resources.
• The company has a fully funded Q4 2025 drill program to test this high‑priority target, alongside ongoing surficial sampling and mapping across additional anomalies.

Key Details

• Survey Scope: 930 line‑km TDEM survey covering 59.5 km² of the Cape Ray‑Valentine Shear Zone; flight lines spaced 100 m, tie lines 1 km.
• Known Resources (baseline): 420,000 oz Indicated + 141,000 oz Inferred Au at US$1,750/oz.
• Major New EM Anomaly:
• Location: 500 m SE of Central Zone deposits.
• Size: ≥1,000 m strike length, ~500 m width; open beyond survey limits.
• Interpretation: Graphitic schist‑bearing Windsor Point Group sediments thrust into hanging‑wall strata – similar host to existing resources.
• Historical Indicator: Nearby historic soil sample graded 111.5 g/t Au (no drilling to date).
• Drilling Plan: Fully funded program slated for Q4 2025 to test the major anomaly; reverse‑circulation or diamond drilling anticipated.
• Additional Anomalies Identified:
• Anomaly A: South of Window Glass Hill Granite, 300–1,500 m from historic drill holes, similar host lithology.
• Anomaly B (Cape Ray West): Geophysical and structural match to Central Zone; first‑pass mapping completed, assay results pending.
• Anomaly C: East of Central Zone; aligns with historic gold‑in‑soil anomalies – strong follow‑up target.
• Anomaly D: SW edge of survey, ~800 m strike, supported by a 550‑m historic till anomaly and a 2023 float sample (4.38 g/t Au, 49 g/t Ag, 1.38 % Cu).
• Surficial Work Completed: July 2025 EM survey; August 2025 till geochemical program across Cape Ray West – 1,082 till samples & 91 rock samples over 16 km². Assay results pending.
• Future Exploration Activities (2025):
• Targeted surficial geochemical sampling on high‑priority EM anomalies.
• Detailed structural mapping and rock sampling to refine controls.
• Planning of RC/diamond drilling campaigns for identified targets.

Notable Quotes

“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… It’s a compelling opportunity that could represent a completely new trend of gold mineralisation at Cape Ray.” – Sam Pazuki, Managing Director & CEO

Materiality Assessment: Non‑Material – Positive (the release provides material exploration updates but does not yet disclose financial results or definitive resource changes).