Aston Bay Holdings Ltd. reported the latest assay results from the Storm Copper Project on Somerset Island, Nunavut. The program was conducted by American West Metals Limited ("American West"), who is the operator of the Project. Drilling results continue to expand the large-scale sediment-hosted copper system at Storm - a system that outcrops at the surface and has also been confirmed at a depth of 300m by diamond drilling in 2023.

The extensive near-surface, high-grade copper and deeper copper occurrences are interpreted to have been formed by the same fluids and mineralization processes. The confirmation to date of high-grade copper over an area of more than 15km2, together with more than 80km of underexplored prospective stratigraphy including high-priority gravity targets, underscores the regional, multi-km scale potential of this copper system. Resource and exploration drilling in 2023 has been successful in confirming the continuity of the near-surface deposits over a significant lateral extent.

The near-surface deposits are being assessed for their potential to support a potential low-cost, fast-tracked open pit mining operation with very low capital expenditure and low operating costs. Preliminary test work on mineralization from the near-surface copper zones has already produced a potential direct shipping product with grades up to 53% Cu. Studies for a potential mining operation at Storm are underway, including resource modeling and estimation, beneficiation test work, environmental assessment, and operation logistics.

LIGHTNING RIDGE COPPER PROSPECT: Exploration drilling of high-priority electromagnetic (EM) anomalies and key geological features during 2023 has further expanded the footprint of the near-surface, high-grade copper mineralization at Storm. The recent Lightning Ridge and Thunder discoveries (see September 26, 2023, Aston Bay press release) continue to highlight the effectiveness of EM as a targeting tool and the correlation of EM anomalies with semi-massive and massive copper sulfides. DRILL HOLE SR23-52 DETAILS Exploration Reverse Circulation (RC) drill hole SR23-52 was drilled to a depth of 119m and completed in a largely untested area of significant outcropping chalcocite.

The drill hole was designed to test an airborne VTEM target in an area with a single, shallow historical drill hole (ST97-06 2.6m* @ 6.83% Cu from 35.4m), midway between the high-grade 2750N and 2200N Zones. The VTEM target was successfully tested and resulted in the intersection of two main zones of high-grade copper mineralization for a combined interval thickness of 30.4m (true width is expected to be 60% of stated length). The copper sulfide mineralization consists of dense breccia and vein-hosted chalcocite.

The Lightning Ridge area is located to the south of the 2750N Zone and across a large E-W gully. Outcropping massive chalcocite is visible on the steep slope near the gully ridge line and in boulders at the base of the scree slope (Figure 3). Its proximity to the gully and the style of mineralization is strongly suggestive that the mineralization is fault-related and steeply dipping, as is seen at the high-grade 2750N and 2200N Zones.

Five significant, fault-related copper prospects have now been identified in the southern graben area. All of these discoveries are located at, or close to surface and have only been tested to a depth of approximately 100 vertical metres. Further exploration will look to explore deeper and along strike of the vast fault network in the area.

Approximately 10km of prospective structures have been identified in the southern graben area alone. 2200N ZONE - EXPANDING THE NEAR-SURFACE COPPER FOOTPRINT The 2200N Zone is located in the Southern Storm Graben area and is located approximately 600m to the south of the 2750N Zone. The area is characterised by extensive outcropping copper gossans over several hundred metres of strike.

The high-grade 2200N zone is interpreted to have a similar genesis to the 2750N, 3500N, Thunder and Lightning Ridge copper zones. All of these copper mineralized areas are structurally controlled and located along the major faults of the large graben system, which is an important metal and fluid source for the mineralization. DRILL HOLE DETAILS Drill holes SR23-24, SR23-25, SR23-26, SR23-27, SR23-49, SR23-50 and SR23-51 have been successfully completed within the 2200N Zone during 2023.

These drill holes were the first to be drilled into the 2200N Zone by American West and were planned to infill key areas and examine the copper zone to test the orientation of the mineralization and major faults in the area. All drill holes have intersected copper sulfides. Drilling has defined a series of discrete, fault-related, high-grade copper sulfide zones within a broad matrix of minor veining and brecciation.

The mineralized package is interpreted to be subvertical in nature and offset in places by faulting. The copper mineralization is chalcocite dominant with extensive exposure at surface. The mineralization is open at depth and east-west along strike.

Historical drill holes at the 2200N Zone includes 6.4m* @ 7.38% Cu from surface and 22.35m* @ 1.56% Cu from 22.9m downhole (ST97-03), and 5.1m* @ 11.8% Cu from surface (ST97- 02). Most of the drill holes completed at the 2200N Zone during 2023 were designed to develop a better understanding of the geometry and controls of the copper mineralization. This strategy led to a range of different drill hole orientations and with multiple drill holes using the same drill collar locations.

Drill holes SR23-24 and SR23-36 were completed to the north of the main 2200N Zone and were planned to test the potential for parallel lenses to the north of the E-W orientated fault system. The drill holes intersected minor veinlets of fracture-controlled copper sulfides and require follow-up drilling. Drilling at the 2200N Zone has now defined near-surface, high-grade copper mineralization over an east-west strike of 450m.

Follow-up drilling will be designed to infill and explore for mineralization along strike and at depth.