AuMEGA Metals Ltd ($AAM)

[Audio Gap] today's meeting. I'd also like to acknowledge and thank my fellow Board members and management team for their continued dedication and focus in advancing AuMEGA's interest on behalf of our shareholders. I would now like to introduce my fellow Board members. We have our Managing Director and Chief Executive Officer, Sam Pazuki. We have our Non-Executive Directors, Dr. Nicole Adshead-Bell and James Withall; and our Executive Director and Company Secretary, Carol Marinkovich. It is particularly exciting for us today on 2 fronts. This is our first AGM where we have actually had all our directors present in the room together. And as we are here in Port aux Basques in Newfoundland, it marks our first AGM to be held in Canada. Also attending today, we have our Chief Financial Officer, Ryan Finkelstein -- sorry Finkelstein, who is here with us in Port aux Basques. And we have Zac Carroll from Grant Thornton, who is our company auditor. He is attending remotely by Teams. Also joining us remotely from Perth is Rod Somes from Computershare Investor Services, who is the company's share registry, and he will assist in finalizing the voting process once the poll is closed. Today, I'll be providing a brief address to shareholders before we proceed with the formal business of the meeting. Following the conclusion of the formal proceedings, our Managing Director and CEO, Sam Pazuki, will provide a corporate update. And it will just be a verbal update. We won't have a presentation to go with that. After which -- after Sam's present -- update, the shareholders will be provided an opportunity to engage with the Board and the management team. As today's meeting is being conducted both in-person here in Newfoundland and online via Teams, I ask that anybody wishing to ask a question, please state their name for the record prior to speaking. Shareholders participating online are invited to submit questions through the Q&A function on your screen, and we will allow sufficient time for those questions to be received and addressed. As with people in the office here, we ask shareholders online to provide your name with any questions submitted. Questions relating to the general business of the company will be addressed following the Managing Director's update. Thank you. I'll now move on to the -- my company address. Fellow shareholders, 2025 was an important year in the continued evolution of AuMEGA Metals. Over the past several years, the company has methodically assembled one of the largest land positions along the Cape Ray Shear Zone in Newfoundland & Labrador. This is the major geological structure, which now has one of Canada's most exciting emerging gold districts. Throughout 2025, our focus remained clear and disciplined, that was on advancing our understanding of the district scale opportunity available to us through systematic exploration, prudent capital allocation and the continued strengthening of the company's technical and financial foundations. I'm pleased to say we made progress during the year and has meaningfully advanced each of these objectives. Operationally, our team continued to improve its understanding of the geology and mineral systems across our extensive land package through an integrated exploration approach involving expansive till geochemistry, structural and geological mapping, airborne geophysics and drilling, AuMEGA has refined its exploration model and expanded the number and quality of targets that are now emerging across the industry. Importantly, this work was undertaken safely, responsibly and with minimal environmental disturbance despite the operating environment we work in, which is both challenging and climatically vigorous at times. Through the field season, we had up to 30 people on-site, and I would like to acknowledge the outstanding efforts of the exploration and operations teams for the professionalism and discipline they demonstrated throughout the year. One of the more significant developments during 2025 was the advancement of the Bunker Hill project. Through new geological interpretation and geochemical data sets collected, the company has identified multiple structural corridors capable of hosting both gold and potential base metal mineralization. The scale of the gold and copper geochemical anomalies identified together with the correlation to structures interpreted from magnetics has significantly upgraded the exploration prospectivity of this project, and it reinforces our view that the Cape Ray Shear Zone remains materially underexplored relative to its geological potential. Arguably, even more exciting was the emergence of Isle aux Mort Granite as a priority exploration target. Historically, this area was considered non prospective for gold mineralization and this large, intrusive complex has now demonstrated strong gold and multi-element geochemical signatures consistent with a potentially fertile mineral system. The scale and coherence of the anomaly outlined during the year has opened up an entirely new exploration search space adjacent to our existing resource corridor. And importantly, it has broadened our thinking around the district scale potential in Southwest Newfoundland. Along these exploration activities, AuMEGA has also strengthened its corporate and financial position. In early 2026, the company announced a CAD 30 million institutional financing anchored by Condire Investors and supported by continued participation from our long-term strategic holder, B2Gold, along with several other high-quality global resource investors. We view this financing as a strong endorsement of both the quality of the opportunity we are pursuing and the disciplined manner in which the company has approached exploration and capital management. This financing provides AuMEGA with the balance sheet strength and flexibility required to execute what we believe will be one of the most important exploration campaigns in the company's history. Today, AuMEGA stands at a compelling stage in its development. We have one of the largest land positions along the Cape Ray Shear Zone. We have an established mineral resource at Cape Ray. We have an expanding pipeline of high-priority exploration projects, and we have strengthened the institutional shareholder base to be capable of supporting long-term growth. Importantly, this platform has built --been built through several years of disciplined grassroots exploration work, strong technical leadership and a willingness to challenge conventional geological thinking. Exploration success is never guaranteed. Discoveries require patience, persistence and disciplined decision-making. However, the Board remains highly encouraged by the quality of the geological data being generated and the caliber of the technical team advancing that work. Also the growing support we continue to receive from long-term shareholders and institutional investors. So on behalf of the Board, I would like to sincerely thank our shareholders for your continued support and confidence and believing in all of us. I would now like to thank our employees, our contractors, our local communities, our First Nations partners and the government of Newfoundland and Labrador for ongoing collaboration and support as we continue to advance this exciting district scale opportunity. And finally, I would like to acknowledge my fellow Board members and management team for the dedication, professionalism and commitment shown throughout what has been a transformative period for the company. We believe AuMEGA remains in the early stages of unlocking the full potential of this district, and we are excited about the opportunities ahead. Thank you. We'll now turn to the formal business of the meeting and the notice of meeting. I confirm that the notice of Annual General Meeting, which was lodged with the ASX on the 26 -- 28th of April 2026 [Technical Difficulty] I take it as being [Technical Difficulty] voting on the resolutions and proxies. All resolutions will be determined by way of a poll. Those entitled to vote on the resolutions are shareholders, proxy holders and corporate representatives of shareholders. Eligible attendees should have received a voting card upon registration at this meeting. If anyone present here in Port aux Basques believe they are entitled to vote, but has not yet received a voting card, please speak with Carol Marinkovich, who will be conducting the poll. For each resolution, the valid proxy votes received by the company as at 8:30 p.m. Australian Eastern Standard Time on Tuesday, 26th of May, together with the manner in which those proxy votes are directed to be cast will be displayed on screen. For the purposes of the poll, I appoint Carol Marinkovich, our Company Secretary, as the returning officer. Carol has reviewed and prepared summaries of the proxy forms received so far and will oversee the conduct of the poll. Shareholders who have already submitted a proxy vote should not -- note that those votes have already been included in this poll and accordingly, do not need to lodge another vote unless you wish to change your voting instructions. I now declare the poll open. And it will remain open until we formally close -- declare it closed at the end of this session. Please note that votes must be submitted prior to the close of the poll to be counted. Shareholders attending in-person who are entitled to vote on the poll include shareholders, corporate representatives, attorneys and proxy holders. Eligible attendees will have been issued a white voting card upon registration. If you are attending in more than one capacity, you will have received a separate voting card for each capacity in which you're entitled to vote. In the time during the meeting, I will ask eligible voters to mark your voting instructions on the voting cards. If you are a shareholder and wish to cast all your votes on the resolution, please place a mark in either the for, against or abstain box beside the relevant resolution. If you are a proxy holder, a summary of the votes to which you're entitled will be attached to your voting card. When discretionary votes are available, those votes may be cast at your discretion by marking the corresponding for, against or abstain box. [Technical Difficulty] if it does not include the discretionary votes, you are not required to mark your voting card, I may simply hand it to the returning officer at the conclusion of the resolutions. Once all resolutions have been considered and voted upon, please hand your voting card to Computershare representative. Are there any questions relating to the voting process? Are there any questions online? No. Okay. Proxies have been inspected and all valid lodged proxy forms have been accepted. Proxies have been received representing -- 222,230,102 shares, being approximately 15% of the issued capital of the company. All of the directed -- sorry, all undirected proxies or open votes that nominate the Chair of the meeting as proxy will be voted in favor of each resolution set out in the Notice of Meeting, and I have the card here for that. Turning to the proceedings. There will be an opportunity for shareholders to ask questions of the Board as they relate to the formal business of today's meeting, being the resolutions. When asking a question, I ask that shareholders in the [Technical Difficulty] I'll now move to the formal items of the business. The first order of business is to receive and consider the annual report. I confirm that all shareholders have been provided with a copy of the company's annual report and financial statements for the financial year ended 31 December, 2025, including the statement of financial position, the statement of cash flows, statement of profit or loss and other comprehensive income, together with the directors' report and the auditor's report. There is no resolution required in relation to this business item. There have been no written questions received for the auditor under Section 250PA of the Corporations Act. However, representative of the company's auditor, Grant Thornton, being Zac Carroll, are in attendance online here today. I now invite shareholders to raise any questions or comments regarding the financial statements and reports, including any questions relating to the conduct of the audit. If online, you can use the Q&A function on screen, state your name for any questions. Any questions, Ryan?

No questions.

No questions. Thank you. We'll now proceed to consideration of the resolution set out in the Notice of Annual General Meeting. Shareholders will have the opportunity to ask questions of each resolution after the final resolution has been read out. I'll ask that if you are in the room, you raise your hand if you are wishing to ask a question. State your name and the resolution number you're referring to. If online, please type your name and your question and the resolution number in the Q&A section on your screen and we will take questions after the resolutions have been read out. Moving to Resolution 1, Adoption of the Remuneration Report. This is a nonbinding resolution, which relates to adoption of the remuneration report as detailed on screen and the proxies so far received are detailed on the screen. We see no, so far, approval of such. I'll now move to Resolution 2, which relates to the [Technical Difficulty] -- to the reelection of Non-Executive Director, James Withall, as detailed on screen. The proxies received and in relation to this resolution details are on screen. I'll now move to Resolution 3. This is an ordinary resolution, which relates to the reelection of Non-Executive Director Nicole Adshead-Bell, as detailed on screen, and the proxies received in relation to the resolution are also shown on the screen. Resolution 4 is a resolution which relates to myself. So I'll pass the Chair to James Withall for the next moment.

Thank you, Justin. Resolution 4 is an ordinary resolution, which relates to the reelection of Non-Executive Director, Justin Osborne, as detailed on the screen. The proxies received in relation to this resolution are on the screen. I now hand the Chair back to Justin.

Thanks, James. Resolution 5 is an ordinary resolution which relates to the reelection of Executive Director, Carol Marinkovich, as detailed on screen. And the proxies received so far in relation to this resolution are detailed on screen. Now moving to Resolution 6. This is an ordinary resolution which relates to the reelection of Managing Director, Sam Pazuki, as detailed on screen, and the proxies received in relation to this resolution are also detailed on screen. Now move to proxy -- Resolution 7. This is an ordinary resolution which relates to the issue of onboarding options for Mr. James Withall, as detailed on screen. Again, the proxies received in relation to this resolution are detailed on screen. Resolution 8, the issue of onboarding options of shares to Mr. James Withall. This is an ordinary resolution relating to the issues of onboarding shares to James, as detailed on screen and the proxies received in relation to this resolution are also on screen. Strong [indiscernible]. Resolution 9 is relating to the ordinary resolution which relating to the approval of the Omnibus Equity Incentive Plan as detailed on screen and proxies received in relation to this resolution are on screen. Moving to Resolution 10 is to the issue of -- resolution relates to the issue of long-term equity incentives to Mr. Sam Pazuki, as detailed, and the proxies received in relation to the resolution are also shown on screen. Resolution 11 is ordinary resolution relating to the issue of LCI equity incentives to Ms. Carol Marinkovich, as detailed on screen and the proxies are also shown on screen. Resolution 12 relates to myself, I'll once again hand over to James, to Chair of the meeting.

Thank you, Justin. Resolution 12 is an ordinary resolution which relates to the issue of long-term equity incentives to Mr. Justin Osborne, as detailed on the screen. The proxies received in relation to this resolution are on the screen. I hand the Chair back to Justin now.

Thanks, James. Resolution 13 is an ordinary resolution which relates to the issue of long-term equity incentives to Dr. Nicole Adshead-Bell as detailed on screen and the proxies received in relation to this resolution are also shown on screen. Moving to Resolution 14. This is an ordinary resolution relating to the issue of long-term equity incentives to Mr. James Withall, as detailed on screen and the proxies again received so far are shown on screen. Resolution 15 is an ordinary resolution which relates to the reappointment of the company's auditors, Grant Thornton Audit Proprietary Limited and the proxies received in relation to this resolution are shown on screen. And finally, I'll move to Resolution 16, Approval of the Listing Rule 7.1A Mandate. This is a special resolution, which relates to the approval of the company having an additional 10% placement capacity as detailed on the screen under Listing Rule 7.1A Mandate. The proxies received in relation to this resolution are also shown on the screen. Thank you. So that concludes the resolutions to be voted on today. And now I'll ask, are there any questions that anybody has in the room relating to the resolutions? All right. Ryan, do we have any questions online?

No questions. No questions.

Thank you. As noted, we are conducting a poll on all resolutions. And I note that the poll is currently open. Those shareholders lodging votes today in-person, I now invite Carol Marinkovich to collect your completed voting cards.

Just a second, Justin. Everyone has voted already.

Everyone has voted in the room?

Yes.

Given that all other votes have been received online, I can declare that there are no further cards to be collected, and the poll is closed. The staff of Computershare will now process the poll, and the results will be announced to the ASX once they are available. I'll close this section of the formal part of the meeting. I'd like to hand over to our Managing Director, Sam Pazuki, to provide a company update for those in the room and those online. At the end of this, we'll provide an opportunity to -- for those online to ask questions. And again, we'll ask you to state your name and then your question. Thank you. Sam?

Great. Thank you, Justin. My pleasure to be here. As Justin mentioned, we appreciate the support of our shareholders. It's, I think, a good time to be in the mining industry, and it's a good time to be an AuMEGA shareholder. Also a pleasure to be here in Port aux Basques with the entire Board as well as our staff. This is an incredible team, incredible Board. We're doing a lot of great things as we are looking to get the field season started. We are a little bit delayed here as winter has been quite stubborn, as we've seen just from our trip -- this recent trip and the continuation, I guess, the tail end here of winter and beginning of spring, but we're hopeful that the field season will be starting imminently. And we are excited for this upcoming field season. We were very successful with the capital raise that we undertook earlier this year, which brought in a number of new institutional shareholders to further strengthen our shareholder base. I've often said that we have one of the best shareholder registers in the industry. I very much stick by that. The institutional and strategic ownership of the business accounts for almost 3/4 of our shareholders [Technical Difficulty]. Typically, for junior companies, it's somewhere between 5% and 10% at the max. Then and again, we have 3/4 of our ownership is through institutional and strategic holding. And the institutions are, as Justin mentioned, mainly resource [Technical Difficulty]. I think we have a couple of generalist investors, which is, again, very rare for generalist investors to be invested this early in an early-stage opportunity like ours. But we're all -- they're all seeing what we are seeing, what we believe in, the conviction that we have is very strong. I've been here now for just over 4 years. And after 4 years, I'm more confident that there are multiple big deposits sitting on our land package than before I started. If you look at any major gold belts on the planet, there's usually more than one big deposit sitting on it. And right now, there's a 5 million-ounce deposit on the belt that's gone into production in the fall of last year. They continue to make new discoveries, which is great for their project. This is Equinox and the Valentine mine. It's great for them, but it's also great for us. The more they discover, the more it increases our chances of discovery of big deposits on our belt. And we had a chance yesterday to visit our property. It's a large property. It's 110 kilometers on the Cape Ray Shear Zone, plus we've got Hermitage, which we didn't get out to, but that's 27 kilometers in strike. And I often tell shareholders to just give some thought in terms of where they are today and how far away 110 kilometers is from that point. So it is far, and we're trying to figure out where the next big deposits are sitting. But our strategy is clear. We are looking for the next big discovery on the island, the next mega discovery on the island, the next multimillion ounce discovery. So it's not just Valentine. It's what we can identify on this property. We have the strong treasury. We've got an incredible Board. We've got an incredible team. Many of them are in this room right now. I've got complete confidence in this team. They're one of the best teams that I've ever worked with, and I appreciate all their hard work and their expertise. And there's no doubt if there's something to be found on our property, we will certainly find it. We've got the methodology as well, too, something that I'm very proud of, something that we've stuck to our guns is exploring the way exploration should happen. We've got the funding and the support from these investors to -- from the investors to be able to do that. It's systematic. It's the only way to properly explore the belt that we have. Again, it's a big belt, much of which has never been explored. We're the sixth or seventh company to own the property in which our resources [Technical Difficulty] to us have the same strategy of drilling the same thing, just to please a market, get the ability to go raise money and then just keep going until the lights turn off and the money you had to run out. And every single one of those companies don't exist today. So we have been exploring systematically. We've been growing our pipeline of drill targets. We'll continue to grow that pipeline, and we'll continue to -- we'll hopefully start the drill season very soon. So we do have a drill program this year along with the other exploration work that we're looking to do. And so where the backdrop is positive, and when I joined this company 4 years ago, my belief was that this would be the next mining district in Canada. It seems like the one that's been forgot. Canada is a very mature mining jurisdiction. Newfoundland is still in the early stages here, I'd say, almost in the infancy stages in terms of large-scale mining with Valentine gone into production last year. It's a demonstration that you can have scale and it can be permitted and it can go into production. And again, as I mentioned, we're looking to be the next one in what I believe is the next mining district. Don't take my word for it. The large shareholders also believe that and have that same view. And then when you look at corporations, I mean, there has been quite a bit of activity in M&A, especially in the rising gold price or commodity prices, there is quite a bit of activity that's taken place. And there's been quite a bit of activity taking place here in Newfoundland. And you can see that just with the Valentine mine. It was discovered in advance by Marathon Gold, who was acquired by Calibre in 2024 and then acquired by Equinox in 2025, and Equinox has continued to grow, announcing a more recent transaction for their business. And then when you look at other transactions on the island, the major corporations have really been looking at where we are. It's the Cape Ray Valentine like Shear. B2Gold has been invested in us for the last 3 years. They had a choice of many other junior companies to invest in Newfoundland. This is a smart team. It's one of the best geological teams in the mining industry. They've made a number of discoveries within their own business, and they've been in business for the last 30-plus years. And they had the pick of the litter, and they did their due diligence, and they [Technical Difficulty] for the last few years and very supportive of what we have, who we are and what we do in mining. And then the other major that's really invested in the island is El Dorado through a joint venture with the junior that occupies the ground right adjacent to us, so on the same belt. So with all the activity that's taken place in Newfoundland, both Canadian and Australian companies that are operating here in Newfoundland, the major companies, the multibillion-dollar companies that have a ton of cash, a ton of resources to do proper due diligence, have looked at the Valentine Cape Ray Shear and have invested on it and believe that this is the next mining district. And we're fortunate to have B2Gold recognize the potential of what we have along with our shareholders, which we appreciate. So yes, we're excited for this year. As I mentioned, we've got a strong treasury. We've got a growing pipeline of drill targets. We're looking to start the field season very soon and get on with our objective here, which is to make the next big, I should say, mega discovery in Newfoundland. So with that, I'll turn it back to Justin, our Chair.

Thank you very much, Sam. Ryan, do we have any questions online?

No questions.

No questions. And there's no questions in the room. Given that, I'll take this opportunity -- I just firstly note that the results of the poll will be announced to the ASX later today. I'll take this opportunity to again thank everybody for your attendance and continued support and call the meeting closed. Thank you.