AuMEGA upsizes financing to C$30.1m to fund expanded Newfoundland drilling and exploration
AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has amended and upsized its institutional financing to about C$30.1 million, with the company flagging the funds will extend its runway and underpin a larger exploration push in Newfoundland, Canada. The raise is anchored by...
AuMEGA Metals Ltd(ASX:AAMTSX:AUMOTCQB:AUMMF) View Price & Profile AuMEGA upsizes financing to C$30.1m to fund expanded Newfoundland drilling and exploration
Published: 00:09 18 Feb 2026 EST
AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has amended and upsized its institutional financing to about C$30.1 million, with the company flagging the funds will extend its runway and underpin a larger exploration push in Newfoundland, Canada.
The raise is anchored by Condire Investors, LLC, a US-based resources investor that is expected to emerge with around 19.9% of AuMEGA on a non-diluted basis once the placement completes. AuMEGA said the warrants issued to Condire include a “blocker” that prevents exercise if it would take the investor to 20% or more.
Strategic shareholder B2Gold has also committed to participate to maintain its 9.9% holding, with additional institutional investors expected to join from the US and Canada.
What’s being raised — and at what price
The offering is structured across three security types for gross proceeds of about C$30.1 million:
Hard Dollar Units: up to C$16.35 million at C$0.04 per unit Premium Flow-Through Units: up to C$12.71 million at C$0.0544 per unit Flow-Through Shares: up to C$1.0 million at C$0.047 per share
Each hard dollar unit and premium flow-through unit includes 1 share plus 1 warrant, with each warrant exercisable at C$0.055 for 30 months from the closing date of the first tranche.
AuMEGA noted the premium flow-through component was priced at a 36% premium to the hard dollar unit price, reflecting demand for qualifying Canadian exploration expenditure exposure.
Where the money is going
AuMEGA said net proceeds are expected to be used primarily to:
advance exploration programs in Newfoundland fund expanded drilling across Cape Ray, Cape Ray West (including Isle aux Morts Granite) and Bunker Hill support ongoing target generation and early-stage exploration provide working capital and general corporate purposes
Managing director and CEO Sam Pazuki said the financing “meaningfully strengthens” AuMEGA’s balance sheet and positions the company to advance exploration across the Cape Ray district and at Bunker Hill.
“This financing meaningfully strengthens AuMEGA’s balance sheet and reflects strong support from both existing and new institutional investors. We are particularly pleased to see continued participation from B2Gold, our strategic shareholder over the past three years, alongside the addition of several leading resource and generalist funds to our register.
"We welcome Condire Investors, LLC, as a significant new shareholder. Condire has an established track record of investing in resource companies at critical stages of growth, and their investment represents an important endorsement of the scale of our Newfoundland land position, the quality of our technical work, and the disciplined exploration strategy we have executed to date. With this capital in place, we are well positioned to advance our programs in Newfoundland and specifically across the Cape Ray District inclusive of Cape Ray West and Isle aux Morts Granite and at Bunker Hill.”
Two-tranche structure and timing
The placement is split into two tranches, with Tranche Two subject to shareholder approval at an EGM expected in the first week of April 2026. AuMEGA expects Tranche One to close on or about 5 March 2026, with Tranche Two to follow within about five days of shareholder approval.
Cape Ray undervalued?
AuMEGA says the market is undervaluing its Cape Ray Project in southwestern Newfoundland, pointing to an established gold resource and a growing pipeline of drill-ready targets close to an operating gold mine.
Speaking with Proactive last week, CEO Sam Pazuki said the company has already outlined what he described as “meaningful” gold ounces that may not be fully reflected in the current valuation.
AuMEGA has about 450,000 ounces of gold in the indicated category and a further 160,000 ounces inferred, at an average grade of around 2 g/t. Pazuki added that about 95% of the mineralisation sits within 150 metres of surface.