Mr. Tonno Vahk reports

ATON REPORTS NEW SURFACE SAMPLING RESULTS FROM THE ZENO AND SEMNA REGIONAL TARGET AREAS

Aton Resources Inc. has released the latest results from surface sampling programs at its Zeno and Semna regional target areas on the company's 100-per-cent-owned Abu Marawat concession in the Eastern Desert of Egypt.

Highlights:

• A total of 106 selective grab samples were collected from Zeno and the Semna regional prospect areas.
• The Semna regional samples were taken in a wide and previously unsampled area to the southeast of the historical Semna gold mine, which has been heavily exploited by artisanal miners in recent times, and the Zeno samples were taken from new artisanal workings where newly and/or more deeply exposed mineralized structures had previously been sampled at or near surface.
• Thirty-four samples were collected from the Zeno prospect area and returned assays including 36.2 grams per tonne gold, 15.30 g/t Au and 14.15 g/t Au. Three more samples also returned assays greater than 10 g/t Au, and a further three samples also returned assays greater than five g/t Au.
• Seventy-two samples were collected from the Semna regional prospect area and returned assays including 25.70 g/t Au, 16.55 g/t Au and 15.20 g/t Au. Four more samples returned assays greater than 10 g/t Au, and a further six samples returned assays greater than five g/t Au.
• The structural orientations and style of mineralization at both prospects bear similarities to those observed at the nearby Semna gold mine.
• This sampling program significantly expands the area of mineralized veins and structures in the broader Semna-Zeno area.

"We are very pleased with another set of impressive sampling results from the Semna and Zeno areas, which significantly expands the area of known mineralization, as well as helping us to better understand the distribution of the mineralization and its structural controls. The entire Semna-Zeno regional area is a very-high-priority target for us, and we have now started RC [reverse circulation] drilling at Semna, and expect to start drilling at Zeno in the middle of August," said Tonno Vahk, interim chief executive officer. "We continue to push ahead, and remain firmly on track to submit our application for the mining licence at Abu Marawat in the coming weeks. We were also pleased to have recently attended the very successful Egypt Mining Forum in Cairo, and would like to congratulate our partners at the Ministry of Petroleum and the Egyptian Mineral Resources Authority for organizing and hosting such a great event, which will surely aid in the development of the mineral exploration and mining sectors in Egypt. We are already looking forward to next year's event."

Abu Marawat regional sampling program

The company has recently undertaken several surface sampling programs, as part of its preparation and planning activities for the continuing regional RC exploration drilling program started in May, 2023 (see news release dated May 19, 2023), and also to guide future exploration activities. Samples from the surface sampling program have returned assays up to and including 67.5 g/t Au from Abu Gaharish, 54.9 g/t Au from Bohlog and 27.6 g/t Au from Semna (see news release dated May 29, 2023), and 104.5 g/t Au from Zeno (see news release dated June 26, 2023).

Discussion of results

Zeno

Sampling was undertaken at the Zeno prospect area, located approximately 12 kilometres north of the Rodruin mineral deposit and four km west of the old Semna gold mine. Artisanal miners have been very active in the general Zeno area in the previous three years, and have excavated numerous open-pit and underground workings on, what Aton believes to be, potentially very-high-grade, gold-mineralized veins and structures. Previous surface sampling by Aton of visible-gold- and iron-oxide-bearing quartz veins returned assays including 117.5 g/t Au, 100.5 g/t Au, 72.3 g/t Au, 56.5 g/t Au and 48.3 g/t Au (see news release dated May 30, 2018), and more recently 104.5 g/t Au, 67.1 g/t Au and 43.0 g/t Au (see news release dated June 26, 2023).

Aton recently completed a follow-up program of selective grab sampling at Zeno, in areas previously sampled in 2018, but which have recently been exploited by artisanal miners. A total of 34 samples were collected from recently mined veins and structures, or from excavations that were previously sampled at a higher level or along strike. Selected results from the recent sampling program are shown in an attached table.

The mineralization has been worked extensively in both ancient and recent times in the Zeno area and appears to consist predominantly of narrow (typically fewer than two m) quartz veins and quartz-veined shear zones, typically hosted within grey-to-pinkish, coarse-grained granodiorites. Some of the individual veins and workings can be traced for 300 m or more. Previous sampling has indicated that the mineralization is hosted within both the quartz veins and their altered and sheared wallrock. In certain places, the veins appear to pinch and swell, with some of the underground workings reaching up to five m width (see news release dated May 30, 2018).

Of the 34 samples taken during the current program, six (18 per cent of the samples) returned assays greater than 10 g/t Au (see an attached table), nine (26 per cent) returned assays greater than five g/t Au, and 28 (82 per cent) returned assays greater than one g/t Au.

The current sampling program has confirmed that gold is hosted in both quartz veins and their surrounding altered and sheared wallrocks in typically narrow zones, which sometimes pinch and swell. In some locations, multiple veins were observed to coalesce together and anastomose, returning higher grades of gold mineralization where the shearing is more intense.

The veins are typically steep, and occur in multiple orientations; however, there appears to be a dominant orientation striking approximately east-southeast to east-northeast throughout the area, with the veins and shear zones generally dipping between about 60 degrees to subvertically to the south. There are also a number of approximately north-to-north-northeast-striking structures and veins that generally dip to the east, one of which previously returned a gold grade of 104.5 g/t Au (see news release dated June 26, 2023). A different north-striking structure returned a grade of 36.20 g/t Au during this phase of sampling, and Aton plans to drill these potentially high-grade structures during the upcoming RC drill program.

The current sampling program has considerably expanded the mineralized area and understanding of the mineralization at the Zeno prospect. It has also confirmed the presence of multiple high-grade, gold-bearing veins and structures, up to several hundreds of metres long, throughout the general area. The style and structural setting of the Zeno mineralization bear distinct similarities to that at the Semna gold mine, approximately four km to the east.

Semna (regional)

An additional program of selective grab sampling and mapping was completed in the regional Semna area, where extensive exploitation of mineralized veins and structures has again been carried out by artisanal miners in recent years. The area sampled in the current program is located between 1.5 km and four km southeast of the old British-era Semna gold mine, and had been largely been previously unsampled by Aton.

A total of 72 samples were collected in the current program. In addition, two quality assurance/quality control samples, one blank and one duplicate sample were inserted into the sample run sent for assaying. Selected results from the sampling program are shown in an attached table.

The mineralization worked in recent times in the Semna regional prospect area appears to consist predominantly of narrow (typically fewer than one m) quartz veins and quartz-veined, carbonate-altered shear zones, typically hosted within dark-green, fine-grained diorites. The veins and shear zones mapped and sampled are predominantly moderate to steeply dipping to the southwest, and returned assays up to 25.70 g/t Au (AHA-45601). Other north-south-striking structures, reminiscent of the Zeno and main Semna gold mine areas, returned assays of up to 16.55 g/t Au (AHA-45586). Some of the individual veins and workings can be traced for 200 m or more with minor apparent strike-slip offsets. This sampling program has indicated that mineralization is hosted within both the quartz veins and their altered and sheared wallrocks.

Of the 72 samples taken in the current program, seven (10 per cent of the samples) returned assays greater than 10 g/t Au (see an attached table), 13 (18 per cent) returned assays greater than five g/t Au, and 42 (58 per cent) returned assays greater than one g/t Au.

The current sampling program has considerably expanded the area of known mineralization away from the historical Semna gold mine, and has confirmed the presence of multiple previously unidentified, high-grade, gold-bearing veins and structures, up to several hundreds of metres long, throughout the regional Semna area.

Sample processing and analytical procedures

Samples were collected in the field by Aton's exploration teams. The selective grab samples were collected manually and were mostly, but not entirely, collected in situ, with some samples collected from the artisanal miners' residual rock dumps and ore piles, for example.

The samples were weighed and crushed to minus-four millimetres on site at the Rodruin sample preparation facility, and split to a nominal 250 g to 500 g sample size. The coarse-crushed reject samples are retained on site.

The dried, crushed and split samples were shipped to ALS Minerals' sample preparation laboratory in Marsa Alam, Egypt, where they were pulverized to a size fraction of better than 85 per cent passing 75 micrometres. From this pulverized material, a further subsample was split off with a nominal 50 g size, which was shipped on to ALS Minerals in Rosia Montana, Romania, for analysis. The reject pulps were returned from ALS, and are also retained on site.

Samples were analyzed for gold by fire assay with an atomic absorption spectroscopy (AAS) finish (analytical code Au-AA23), and for silver, copper, lead and zinc using an aqua regia digest followed by an AAS finish (analytical code AA45). Any high-grade gold samples (greater than 10 g/t Au) were reanalyzed using analytical code Au-GRA21 (also fire assay, but with a gravimetric finish).

About Aton Resources Inc.

Aton Resources is focused on its 100-per-cent-owned Abu Marawat concession, located in Egypt's Arabian-Nubian Shield, approximately 200 kilometres north of Centamin's world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast and the advanced Rodruin exploration prospect in the south of the concession. Two historical British gold mines are also located on the concession at Sir Bakis and Semna. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of a variety of styles of precious metal and base metal mineralization. Abu Marawat is 447.7 square kilometres in size and is located in an area of excellent infrastructure -- a four-lane highway, a 220-kilovolt power line and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor.

Qualified person

The technical information contained in this news release was prepared by Paul Angus, BSc (honours), PgD, MIMMM, FGS, senior exploration geologist of Aton Resources. Mr. Angus is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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