Mr. Tonno Vahk reports

ATON ANNOUNCES CLOSING OF $3 MILLION PRIVATE PLACEMENT

Aton Resources Inc., further to its news release of Sept. 26, 2023, has closed its non-brokered private placement for proceeds of $3-million. The net proceeds from the private placement will be used to finance continued exploration and development activities at Aton's Rodruin and Hamama concessions, located in Egypt, and for general working capital. All currency amounts in this news release are in Canadian dollars.

Private placement highlights:

• Pursuant to the private placement, the corporation issued 13,636,364 common shares at a price of 22 cents per share for total proceeds of $3-million.
• All shares issued in the private placement are subject to a hold period of four months plus one day from the closing date, expiring Feb. 27, 2024.

Participation of insiders in the private placement:

• Insiders, OU Moonrider, a significant shareholder of the corporation, and Assem Soliman, a director of the corporation, subscribed for a total of 12,996,364 shares of the private placement. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101. The corporation is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation by insiders in the private placement does not exceed 25 per cent of the market capitalization of the corporation, as determined in accordance with MI 61-101.

Early warning:

• On Oct. 26, 2023, Moonrider purchased 12,921,364 shares in the private placement. The 12,921,364 shares were purchased at a price of 22 cents per share for total consideration of $2,842,700.08.
• Prior to the private placement, Moonrider beneficially owned, controlled or directed an aggregate of 28,064,962 shares and 20 million share purchase warrants, representing approximately 43.10 per cent of the outstanding shares of Aton on a non-diluted basis and approximately 56.47 per cent on a partially diluted basis, assuming Moonrider's exercise of its warrants.
• Following the private placement, Moonrider beneficially owns, controls or directs an aggregate of 40,986,326 shares and 20 million share purchase warrants, representing approximately 52.04 per cent of the outstanding shares of Aton on a non-diluted basis and approximately 61.76 per cent on a partially diluted basis, assuming Moonrider's exercise of its warrants.
• Moonrider may, depending on market or other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, shares through market transactions, private agreements or otherwise.
• Moonrider's head office is located at Toompuiestee 37, 10133, Tallinn, Estonia. Aton's head office is located at 1700, 666 Burrard St., Vancouver, B.C., V6C 2X8.
• This press release is being disseminated as required by National Instrument 62-103 -- The Early Warning System and Related Take Over Bids and Insider Reporting Issuers in connection with the filing of an early warning report.
• An early warning report will be electronically filed by Moonrider with the applicable securities commission in each jurisdiction where Aton is reporting and will be available on SEDAR+.

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 historic 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 and base metal mineralization. Abu Marawat is 447.7 square km 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.

We seek Safe Harbor.