Aton Resources Inc. update investors on further exploration results from Abu Marawat Concession ("Abu Marawat" or the "Concession"), in the Eastern Desert of Egypt, including channel sampling results from the new Semna drill discovery and the final reverse circulation percussion ("RC") drilling results from the Zeno prospect. The Semna prospect is located approximately 27 km east-northeast of the Hamama West deposit and 13 km north-northeast of the Rodruin deposit, and is accessed via desert tracks from either Hamama, Rodruin or the Abu Marawat deposit to the north. The Semna area has a long history of gold mining, during both ancient and modern times.

Archaeological evidence suggests that mining dates back as far as the Old Kingdom period, over 4,500 years ago. In modern times, Semna was exploited between 1904 and 1906 by two British companies, which worked the Main Vein on two underground levels. There was also some further development work carried out at Semna in the 1950's by an Egyptian company.

7 channel profiles, SMC-065 to SMC-071, were cut and sampled at the Semna prospect, for a total sampled length of 331.1m during late 2023. Profiles were marked up along exposed faces and drill roads where appropriate, in areas of potential surface mineralisation. After the faces and road cuttings had been exposed and cleaned up by an excavator, they were prepared for channel sampling.

The channels were created by cutting 2 parallel cuts, approximately 50mm apart with a large generator-powered angle grinder. The channel was subsequently sampled using a hammer and chisel with the sampled material excavated from between the 2 saw cuts, at nominal 2m sample intervals. All channel profiles were mapped and photographed, and the start and end positions of each sample were surveyed using a differential GPS survey system.

Several well mineralised zones were identified with intersections including 2.80 g/t Au over a 39.3m interval (profile SMC-065), 2.60 g/t Au over a 39.3m interval (profile SMC-066), and 3.02 g/t Au over a 21.6m interval (profile SMC-069). The mineralisation in profile SMC-065 was associated with a stockwork zone consisting of narrow, primarily shallow SE-dipping quartz veins, and included several discrete high grade zones. These high grade zones returned individual sample assays including 19.3, 17.0, 11.95 and 8.59 g/t Au, the last of which was associated with a shallow ancient working approximately 1.5m in width.

The mineralisation is interpreted as being associated with a shallow cross-structure, which was not intersected in the RC drilling. This is highly encouraging as it is suggestive of a significant structural system at Semna with a broader array of mineralised veins and zones, rather than just a few discrete mineralised structures such as the Main Vein zone ("MVZ"), which was targeted by the RC drilling. The mineralised intersection in profile SMC-066 was sampled at the foot of the mountainside on the margin of wadi sediments, and is located approximately 40-50m up-dip of the high grade mineralisation intersected in RC hole SMP-018 (11.98 g/t Au over a 16m interval, see news release dated December 18, 2023).

The results from SMC-066 indicate probable near-vertical continuity of this mineralisation to the base of the over-lying wadi alluvium, and to surface, where its exposed margin was sampled in SMC-066. The wider zone of mineralisation in profile SMC-069 was associated with a narrow quartz vein located in the footwall of the MVZ, and returned an assay of 41.9 g/t Au from a 1m wide individual sample, again indicating the presence of multiple high grade structures at Semna. Lower grade mineralisation was also intersected at the end of this profile, and is possibly indicative of further blind mineralisation concealed under wadi sediments immediately to the south of this channel profile.

The Zeno prospect area is located approximately 4 km west of the Semna gold mine and 12 km north of the Rodruin mineral deposit. Artisanal miners have been very active in the general Zeno area since about 2020, and have excavated numerous open pit and underground workings over a wide area on what Aton believe to be potentially high grade gold mineralised veins and structures. Surface sampling by Aton of visible gold and iron oxide bearing quartz veins has returned assays including 117.5 g/t Au and 100.5 g/t Au, and more recently 104.5 g/t Au and 67.1 g/t Au.

The quartz veins and mineralised structures are almost universally hosted in granodioritic intrusive rocks at Zeno, belonging to the basement "Older Granites" suite.21 drill holes, ZEP-001 to ZEP-020, were drilled at the Zeno prospect, for a total of 3,216m during the 2023 regional RC drill programme. ineralised intersections from the drilling are presented in Table 2. The majority of the holes intersected narrow zones of mineralisation, returning intersections including 9.77 g/t Au over a 3m interval (hole ZEP-005), 4.16 g/t Au over a 6m interval (hole ZEP-020), and 2.60 g/t Au over a 5m interval and 8.63 g/t Au over a 1m interval (both from hole ZEP-018a). The results from the first pass of drilling are encouraging with many of the holes intersecting depth extensions of the mineralisation identified at surface.

There are numerous mineralised veins and structures covering a wide area at Zeno, and intersection of the narrow-high grade vein style mineralisation at depth, notably in hole ZEP-005 (9.77 g/t Au over a 3m interval) is encouraging from a first-pass programme with only a single hole drilled into most of the tested structures. It is noted that many of the veins and structures can be mapped on the ground at Zeno over strike lengths of hundreds of metres, and while the first pass programme has identified good grades of gold in several of the structures, this first-pass drill programme was very preliminary in nature. contract was signed with Geodrill For Leasing and Specialized Services Freezone LLC (the local Egyptian subsidiary of Geodrill) on January 30, 2024 to undertake the a second phase programme of diamond drilling at Semna, consisting of an initial 5,000m.

Geodrill completed the 2023 regional RC drilling programme at Abu Marawat, and are a leading exploration drilling company with operations currently on two continents and seven countries, and operate a fleet of 82 surface and underground drill rigs. Geodrill will supply a crawler mounted UDR200 diamond drill rig and service unit to undertake the programme, which is expected to start within the next 7 days. A second batch of lower grade samples from Semna has been submitted for metallic screen fire assay analysis, to assess the relative abundance of coarse gold in the Semna mineralisation.

The results of both batches of samples will be released when they become available.