Corporate Update

Montreal, July 14, 2016 – Geomega Resources Inc. (“GéoMégA” or the “Company”) (TSX.V: GMA) would like to notify the market regarding an investigation being conducted by Autorité des marchés financiers (“AMF”), the securities regulatory authority in the Province of Quebec. The Company, its officers and employees are fully cooperating with the AMF. To the Company’s knowledge this does not involve any allegations of wrongdoing by the Company. GéoMégA will continue to cooperate, if and when requested, consistent with our practice to always cooperate with regulatory authorities. The investigation has had no impact on GéoMégA’s business operations, employees or companies.

The AMF investigation, in regards to trading activity in GéoMégA securities while in possession of information and for providing that information to others, does not involve any members of the Company’s board of directors.

In light of these allegations, the Company has put in place operational safeguards to protect its interests and those of its shareholders.

The Company will continue to monitor the investigation if and as it proceeds.

About GéoMégA (www.geomega.ca)

GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits.

77,433,712 common shares of GéoMégA are currently issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Cautions Regarding Forward-Looking Statements

This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company’s filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.