# AAM: AuMEGA Metals Corporate Presentation - September 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142235 Publisher: asx Original announcement: 2026-09-22T05:09:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T06:10:08.549Z Atlas analysis updated: 2026-09-22T06:10:08.549Z - Company: AuMEGA Metals - Ticker: AAM - Exchange: ASX - Region: Newfoundland, Canada - Primary commodity: Gold - Secondary commodities: Copper, Molybdenum, Bismuth, Lead, Zinc, Silver, Antimony - Document categories: Resource update, Other - Extracted: 2026-09-22 06:10:09 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary AuMEGA Metals presents its corporate overview, highlighting its district-scale gold projects in Newfoundland, Canada, and a C$27 million cash balance. The company's Cape Ray Gold Project has an existing Mineral Resource Estimate from February 2023, totaling 450 koz Au Indicated and 160 koz Au Inferred. The presentation emphasizes the potential for resource re-rating due to current high gold prices and ongoing exploration at targets like Isle aux Morts Granite and Bunker Hill. Reasoning: The corporate presentation highlights a strong financial position and significant exploration upside in an emerging gold district, with an existing resource that could be re-rated. However, the resource numbers are historical, and a large portion is Inferred, limiting immediate economic confidence. - Positive factor: Strong cash balance of C$27M to fund exploration and development - Positive factor: Existing resource estimate provides a tangible valuation foundation - Positive factor: Significant potential for resource re-rating due to current gold prices being much higher than those used in the estimate - Positive factor: Multiple exploration targets identified for potential new discoveries - Positive factor: Resource estimate is compliant with NI 43-101 and JORC Code, and signed off by a Qualified Person - Negative factor: The resource estimate is historical, with an effective date over two years old, indicating low novelty for the resource numbers themselves - Negative factor: A significant portion of the resource is in the Inferred category, which is speculative and cannot support economic studies alone Low confidence — this extraction should be reviewed alongside the original source. - Rubric flag: Stale Estimate — The effective date of the resource estimate \(2023-02-22\) is more than two years prior to the document date \(2026-09-22\). This indicates the estimate is stale and may not reflect current geological understanding or market conditions. Facts used in scoring: 23 ## Classification and evidence **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The resource estimate was compiled by Trevor Rabb, P.Geo., a 'qualified person' and 'Competent Person' who consented to the inclusion of his information. Evidence · text > The information in this presentation relating to the Mineral Resource estimate for the Cape Ray Gold Project is based on, and fairly represents, information compiled by Trevor Rabb, P.Geo. \(EGBC \#39599 and PEGNL \#11155\), who is a “qualified person” for the purposes of NI 43-101 and a Competent Person as defined in the JORC Code 2012. EGBC \(formerly APEGBC\) and PEGNL \(formerly APEGNL\) are Recognised Professional Organisations accepted for the purposes of reporting in accordance with Appendix 5A of the ASX Listing Rules. Mr Rabb is an employee of Equity Exploration Consultants Ltd. and is independent of the Company. Mr Rabb has consented to the inclusion in this presentation of the matters based on his information in the form and context in which they appear. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is reported in accordance with the JORC Code 2012. Evidence · text > Mineral Resources are reported in accordance with the JORC Code 2012 and are classified as Indicated and Inferred **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate is reported in accordance with NI 43-101. Evidence · text > All scientific and technical information in this presentation has been prepared by or under the supervision of, or has been reviewed and approved by, a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects \("NI 43-101"\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The presentation clearly states the cut-off grades used for both open pit \(0.30 g/t gold\) and underground \(2.00 g/t gold\) resources. Evidence · text > Mineral Resources are reported using a cut-off grade of 0.30 g/t gold for open pit and 2.00 g/t gold for underground. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes a significant portion of Inferred Mineral Resources \(160 koz Au\), which is a speculative category. Evidence · text > INFERRED 160 koz Au \| 3.5 Mt @ 1.44 g/t Au **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the Mineral Resource Estimate is February 22, 2023, while the presentation is dated September 2026, making the estimate over two years old. Evidence · text > The Mineral Resources for the Cape Ray Gold Project have an effective date of 22 February 2023. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The presentation discusses an existing Mineral Resource Estimate and refers to it as a 'Defined Initial Resource Base' and mentions 'Resource Re-Rating Potential', indicating it is an update or re-presentation of an existing resource. Evidence · text > Defined Initial Resource Base 1 Indicated 450 koz Au \| Inferred 160 koz Au ## Extracted facts Stored fact records: 23. Some facts used in scoring do not have a stored record. ## Resource Estimates (23) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-0) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:22336791388d872a4922 - Deposit or zone: Zone 4 #### Resource Data - Category: indicated - Tonnes: 1205000 - Grade: 3.88 - Grade Unit: g/t - Contained Metal: 151000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This is a high-grade indicated open pit resource, contributing materially to the project's value, though the estimate is historical. - Positive factor: High-grade indicated resource for open pit mining - Positive factor: Contributes significantly to the overall indicated resource base - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 3.88 Context: 1,205 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-1) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:cc3381af6564ae348c3d - Deposit or zone: Zone 51 #### Resource Data - Category: indicated - Tonnes: 546000 - Grade: 5.15 - Grade Unit: g/t - Contained Metal: 90000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource shows very high grades, making it a material component of the project, despite being a historical estimate. - Positive factor: Very high-grade indicated resource for open pit mining - Positive factor: Adds significant contained gold ounces to the indicated resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 5.15 Context: 546 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-2) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:5c102d851951c320551b - Deposit or zone: Zone 41 #### Resource Data - Category: indicated - Tonnes: 841000 - Grade: 2.04 - Grade Unit: g/t - Contained Metal: 55000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource provides a moderate-grade contribution to the project, though it is based on a historical estimate. - Positive factor: Moderate-grade indicated resource for open pit mining - Positive factor: Adds to the overall indicated resource base - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 2.04 Context: 841 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-3) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:d313b064459236e2d5fc - Deposit or zone: PW #### Resource Data - Category: indicated - Tonnes: 533000 - Grade: 0.99 - Grade Unit: g/t - Contained Metal: 17000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource has a lower grade, making its contribution less material, and the estimate is historical. - Positive factor: Contributes to the indicated open pit resource base - Negative factor: Lower grade for an indicated resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 0.99 Context: 533 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-4) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:78526fb448f2f63aaec2 - Deposit or zone: H Zone #### Resource Data - Category: indicated - Tonnes: 70000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 3000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource is very small in scale, making its contribution to the overall project immaterial, and the estimate is historical. - Negative factor: Very small tonnage and contained metal for an indicated resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 1.24 Context: 70 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-5) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:5d7412bafbc1cbe52c2a - Deposit or zone: WGH #### Resource Data - Category: indicated - Tonnes: 2512000 - Grade: 1.01 - Grade Unit: g/t - Contained Metal: 81000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource has a large tonnage but lower grade, making its overall contribution moderate, and the estimate is historical. - Positive factor: Large tonnage indicated resource for open pit mining - Negative factor: Lower grade for an indicated resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 1.01 Context: 2,512 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-6) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:36949bc8d9c009320ce1 - Deposit or zone: Isle Aux Morts All #### Resource Data - Category: indicated - Tonnes: 220000 - Grade: 2.81 - Grade Unit: g/t - Contained Metal: 20000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource at Isle Aux Morts provides a moderate-grade contribution, but its tonnage is relatively small, and the estimate is historical. - Positive factor: Moderate-grade indicated resource for open pit mining - Negative factor: Relatively small tonnage for an indicated resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 2.81 Context: 220 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-7) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:3afac288e43e5fbc25bb - Deposit or zone: Big Pond All #### Resource Data - Category: indicated - Tonnes: 14000 - Grade: 5.63 - Grade Unit: g/t - Contained Metal: 3000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated open pit resource has very high grades but an extremely small tonnage, rendering it immaterial to the overall project, and the estimate is historical. - Positive factor: Very high-grade indicated resource for open pit mining - Negative factor: Extremely small tonnage and contained metal, making it immaterial - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 5.63 Context: 14 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-8) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:3ddd66d24599e9ede930 - Deposit or zone: Zone 4 #### Resource Data - Category: indicated - Tonnes: 169000 - Grade: 2.89 - Grade Unit: g/t - Contained Metal: 16000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated underground resource has a lower grade for its category, making its contribution less material, and the estimate is historical. - Positive factor: Contributes to the indicated underground resource base - Negative factor: Lower grade for an indicated underground resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 2.89 Context: 169 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-9) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:43799beb8d13c24080f0 - Deposit or zone: Zone 51 #### Resource Data - Category: indicated - Tonnes: 91000 - Grade: 4.7 - Grade Unit: g/t - Contained Metal: 14000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated underground resource provides a moderate-grade contribution, but its tonnage is relatively small, and the estimate is historical. - Positive factor: Moderate-grade indicated resource for underground mining - Negative factor: Relatively small tonnage for an indicated resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 4.70 Context: 91 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-10) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:0cbaa72adfd8f5b28388 - Deposit or zone: Zone 41 #### Resource Data - Category: indicated - Tonnes: 8000 - Grade: 2.82 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This indicated underground resource is extremely small and lower grade, making its contribution immaterial, and the estimate is historical. - Negative factor: Extremely small tonnage and contained metal, making it immaterial - Negative factor: Lower grade for an indicated underground resource - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 2.82 Context: 8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-11) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:609073465e7457db910b - Deposit or zone: Zone 4 #### Resource Data - Category: inferred - Tonnes: 180000 - Grade: 3.43 - Grade Unit: g/t - Contained Metal: 20000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource shows high grades but has lower geological confidence due to its category and historical nature. - Positive factor: High-grade inferred resource for open pit mining - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 3.43 Context: 180 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-12) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:a22ef8aa930f5272df24 - Deposit or zone: Zone 51 #### Resource Data - Category: inferred - Tonnes: 51000 - Grade: 2.28 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource is small and has lower geological confidence, making its contribution less material, and the estimate is historical. - Negative factor: Small tonnage and contained metal for an inferred resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 2.28 Context: 51 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-13) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:4501013c08c7f5625af2 - Deposit or zone: Zone 41 #### Resource Data - Category: inferred - Tonnes: 104000 - Grade: 3.16 - Grade Unit: g/t - Contained Metal: 11000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource has high grades but lower geological confidence, and the estimate is historical. - Positive factor: High-grade inferred resource for open pit mining - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 3.16 Context: 104 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-14) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:77ef7b15e4fd3bae817e - Deposit or zone: PW #### Resource Data - Category: inferred - Tonnes: 620000 - Grade: 1.32 - Grade Unit: g/t - Contained Metal: 26000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource has a lower grade and lower geological confidence, and the estimate is historical. - Negative factor: Lower grade for an inferred resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 1.32 Context: 620 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-15) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:f8d25f3e7c16f5c5c137 - Deposit or zone: H Zone #### Resource Data - Category: inferred - Tonnes: 4000 - Grade: 0.81 - Grade Unit: g/t - Contained Metal: 100 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource is extremely small and has lower geological confidence, making its contribution immaterial, and the estimate is historical. - Negative factor: Extremely small tonnage and contained metal, making it immaterial - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 0.81 Context: 4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-16) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:09d6c8e55e10e524cf62 - Deposit or zone: WGH #### Resource Data - Category: inferred - Tonnes: 1192000 - Grade: 0.98 - Grade Unit: g/t - Contained Metal: 37000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource has a large tonnage but lower grade and lower geological confidence, and the estimate is historical. - Positive factor: Large tonnage inferred resource for open pit mining - Negative factor: Lower grade for an inferred resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 0.98 Context: 1,192 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-17) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:ab56e66d1d26082c4d9e - Deposit or zone: Angus #### Resource Data - Category: inferred - Tonnes: 842000 - Grade: 0.79 - Grade Unit: g/t - Contained Metal: 21000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource has significant tonnage but low grade and lower geological confidence, and the estimate is historical. - Positive factor: Significant tonnage inferred resource for open pit mining - Negative factor: Low grade for an inferred resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 0.79 Context: 842 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-18) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:de82e548161c38d8bc93 - Deposit or zone: Isle Aux Morts All #### Resource Data - Category: inferred - Tonnes: 244000 - Grade: 1.93 - Grade Unit: g/t - Contained Metal: 15000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource at Isle Aux Morts provides a moderate-grade contribution but has lower geological confidence, and the estimate is historical. - Positive factor: Moderate-grade inferred resource for open pit mining - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 1.93 Context: 244 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-19) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:8134390b558fb416d1fe - Deposit or zone: Big Pond All #### Resource Data - Category: inferred - Tonnes: 74000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 6000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred open pit resource is small but moderate-grade, with lower geological confidence, and the estimate is historical. - Positive factor: Moderate-grade inferred resource for open pit mining - Negative factor: Small tonnage and contained metal for an inferred resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 2.50 Context: 74 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-20) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:49f75cc1c95e14e0c0d9 - Deposit or zone: Zone 4 #### Resource Data - Category: inferred - Tonnes: 21000 - Grade: 3.19 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred underground resource is very small and lower grade, with lower geological confidence, and the estimate is historical. - Negative factor: Very small tonnage and contained metal for an inferred resource - Negative factor: Lower grade for an inferred underground resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 3.19 Context: 21 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-21) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:a79955a986bb9643d5b9 - Deposit or zone: Zone 51 #### Resource Data - Category: inferred - Tonnes: 80000 - Grade: 5.17 - Grade Unit: g/t - Contained Metal: 13000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred underground resource shows high grades but has lower geological confidence and small tonnage, and the estimate is historical. - Positive factor: High-grade inferred resource for underground mining - Negative factor: Small tonnage for an inferred resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 5.17 Context: 80 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aam-aumega-metals-corporate-presentation-september-2026--65d51c52-225d-477c-b3bf-a15182929100#fact-resource-facts-22) Cape Ray Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cape Ray Gold Project - Commodity: gold - Region: canada\_nl - Reported Region: Newfoundland, Canada - Ticker: AAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Trevor Rabb - Resource group id: resource:5503f5d0651e8a783578 - Deposit or zone: Zone 41 #### Resource Data - Category: inferred - Tonnes: 36000 - Grade: 3.29 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz - Cutoff Grade: 2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2023-02-22 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-30T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This inferred underground resource is small and lower grade, with lower geological confidence, and the estimate is historical. - Negative factor: Small tonnage and contained metal for an inferred resource - Negative factor: Lower grade for an inferred underground resource - Negative factor: Inferred category implies lower geological confidence - Negative factor: Resource estimate is historical, effective date is over two years old Evidence · table > 3.29 Context: 36 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.6 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.