Aston Bay Holdings Ltd. provided an interim summary of the spring and summer 2023 exploration programs at the Storm Copper Project on Somerset Island, Nunavut, Canada with the field component now concluded. The program was conducted by American West, who is the operator of the Project. Aston Bay is also pleased to report that American West has successfully completed the minimum exploration expenditure required to earn an 80% undivided interest in the Project.

As previously disclosed, Aston Bay entered into an Option Agreement dated March 9, 2021 (the "Option Agreement") with American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. pursuant to which American West was granted an option (the "Option") to earn an 80% undivided interest in the Project by spending a minimum of CAD 10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023 to facilitate American West potentially financing the Expenditures through flow-through shares but did not change the commercial agreement between the parties. The Expenditures were completed during the 2023 drilling program and American West is expected to exercise the Option in accordance with the terms of the Option Agreement, as amended.

Upon exercise of the Option, American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a joint venture agreement. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.