AuMEGA Metals Ltd announced a major update on its 2025 exploration program on 29 July 2025. The company completed a 2,559.7‐metre diamond drill program at Cape Ray and is now awaiting assay results expected in early to mid-August 2025. This first phase focused on extending known mineral resources and testing new target areas identified through an extensive review of historic and recent exploration data. In addition, AuMEGA has begun a large-scale till geochemical sampling program at Cape Ray West with plans to collect approximately 1,500 samples across a 16-kilometre‐squared area to better pinpoint drill targets. The update also details strategic fieldwork at the Bunker Hill project, where earlier winter drilling identified gold mineralisation along key structures. The company’s winter program involved 147 reverse circulation and 15 diamond drill holes, generating data that will guide an upcoming, targeted drilling campaign in late third or early fourth quarter 2025. Complementing these efforts, an expansive till sampling campaign is planned at Bunker Hill – with over 600 samples across one area and some 3,800 samples over 56 square kilometres – to support more precise drill targeting and cost-efficient exploration. AuMEGA is also set to launch its most extensive surface exploration campaign to date at the Hermitage project, with over 1,700 systematic till samples planned for the third quarter to further define high-grade gold anomalies. The company’s approach is rooted in a data-driven methodology, integrating reverse circulation and diamond drilling, till geochemical sampling, and airborne geophysical surveys. The exploration update provides detailed technical information such as drill hole identifiers, targeted depths, and key intercepts, which highlight both resource extensions and new anomalies within the Cape Ray district. AuMEGA also noted a robust treasury position of C$9.2 million, positioning it to execute one of the largest and most systematic exploration campaigns in its history. Bullish sentiment surrounds the company’s disciplined, multi-pronged exploration strategy and fully funded program, which underscores a commitment to expanding its land package along one of Newfoundland’s largest identified gold structures. The comprehensive review of historical and new data, combined with advanced geophysical and geochemical techniques, adds confidence in the potential for significant discoveries. On the other hand, a note of caution remains as much of the value proposition hinges on upcoming assay results and on early-stage exploration data. The absence of immediate high-grade intercepts in some drill holes and the inherent risks associated with exploration mean that the ultimate commercial viability of these targets remains to be seen.