Mr. Tonno Vahk reports

ATON REPORTS UP TO 97.9% GOLD RECOVERY FROM INITIAL SCOPING LEVEL METALLURGICAL TESTWORK AT THE SEMNA PROSPECT

Aton Resources Inc. has provided an update to investors on the results of initial scoping-level metallurgical test work from its recent Semna drill discovery. Semna is located within the company's 100-per-cent-owned Abu Marawat concession, in the Eastern Desert of Egypt.

Highlights:

• Two composite metallurgical samples (SMMET-01 and SMMET-02), representative of mineralization from the Main vein zone at Semna, underwent scoping test work. The two samples were selected and composited by Aton geologists from reverse circulation percussion (RC) drill hole samples, and dispatched to Wardell Armstrong International Ltd. (WAI) in the United Kingdom for testing.
• The two composite samples were subjected to whole ore cyanide leach tests at a grind size of 80 per cent passing 75 micrometres. The leach test results showed final gold recoveries of 97.4 per cent (SMMET-01) and 97.9 per cent (SMMET-02), after 48 hours of leaching. Silver recoveries were 85.2 per cent (SMMET-01) and 87.9 per cent (SMMET-02).
• The two composite samples were also subjected to two-stage bulk gravity separation tests at grind sizes of 80 per cent passing 212 micrometres and 75 micrometres. Gold and silver recoveries to the gravity concentrates were 56.4 per cent and 38 per cent, respectively, from sample SMMET-01, and 62.2 per cent and 39 per cent, respectively, from SMMET-02.
• Intensive cyanide leaching of the SMMET-01 gravity concentrate achieved gold and silver recoveries of 98.3 per cent and 96.5 per cent, respectively, after 48 hours. Leaching of the SMMET-02 gravity concentrate achieved gold and silver recoveries of 98.6 per cent and 97.3 per cent, respectively, after 48 hours.
• Separate cyanide leaching of the gravity tailings achieved gold and silver recoveries of 93 per cent and 78.1 per cent from the SMMET-01 sample after 48 hours, whilst gold and silver recoveries from the SMMET-02 sample were 93.6 per cent and 87.5 per cent after 48 hours.
• The combined gravity concentration plus leach test results showed final gold recoveries of 96 per cent (SMMET-01) and 96.7 per cent (SMMET-02), after 48 hours of leaching. Silver recoveries were 85.1 per cent (SMMET-01) and 91.3 per cent (SMMET-02).
• Initial scoping tests indicates that the Semna Main vein zone mineralization is amenable to treatment by both conventional carbon in leach (CIL), and gravity concentration-leach processing options.

"These initial scoping-level metallurgical test work results from Semna are exceedingly encouraging. The very high recoveries of both gold and silver indicate that the mineralization that we have drilled to date in the Main vein zone at Semna is readily amenable to treatment using both conventional CIL and gravity-leach process routes," said Tonno Vahk, interim chief executive officer. "This is very positive for us to be able to report these excellent metallurgical test work results at such an early stage, and the new Semna discovery continues to look highly promising. Preparations for the phase 2 diamond drilling program at Semna continue to advance rapidly, and we remain on track to start drilling later this month. We envisage the next phase of metallurgical test work will be undertaken once we have drill core available for testing. We are also very close now to finalizing the mining licence at Abu Marawat with the Egyptian Mineral Resources Authority and the Ministry of Petroleum and Mineral Resources, and we look forwards to being able to provide further updates on this very soon."

Metallurgical test work program

Two samples were prepared from RC drill samples for metallurgical testing, and were composited to represent the Main vein zone (MVZ) mineralization at the Semna mineral deposit, as drilled to date. Samples were collected on site from the bagged reject portion of the one-metre sample splits from the phase 1 Semna RC drilling program (see news release dated Dec. 18, 2023). Both composite metallurgical samples weighed slightly less than 40 kilograms. The two composite samples were dispatched from Egypt to WAI's Truro laboratory in the United Kingdom, for a scoping-level metallurgical test work program consisting of head assays, whole ore cyanide leach testing, gravity separation tests and cyanidation leaching of the gravity products.

The two metallurgical samples were composited from bulk reject material from the one subsample splits from the RC drilling program, which were retained on site at the Rodruin sample preparation facility (see news release dated Dec. 18, 2023).

The SMMET-01 sample was composited from 26 separate one m intervals from seven different holes which intersected the western portion of the MVZ, each weighing approximately 1.5 kg. The individual grades of the one m subsamples varied between 0.40 gram per tonne Au and 94.8 g/t Au, with the weighted average estimated grade of the composite sample being 9.75 g/t Au and 5.5 g/t Ag. The individual one m samples were taken from downhole depths of between 50 and 189 m, and were composed of fresh sulphide mineralization, displaying only occasional minor localized oxidation.

The SMMET-02 sample was composited from 39 separate one intervals from five different holes which intersected the eastern portion or extension of the MVZ, each weighing approximately one kg. The individual grades of the one m subsamples varied between 0.34 g/t Au and 51.8 g/t Au, with the weighted average estimated grade of the composite sample being 8.81 g/t Au and 3.8 g/t Ag. The individual one m samples were taken from downhole depths of between 56 and 141 m, and were composed of fresh sulphide mineralization, displaying only minor localized oxidation.

Head assays

Head assays for gold, silver, copper, lead, zinc, arsenic, sulphur (total and sulphide) and carbon (total) were undertaken in-house by WAI using an aqua regia digest with an atomic absorption spectroscopy (AAS) finish.

Separate subsamples of the SMMET-01 and SMMET-02 composite samples were sent by WAI for additional head assay analyses by ALS Minerals. Gold and silver were analyzed by metallic screen fire assay (ALS analytical code ME-SCR21). The samples were also analyzed for a full multielement suite of elements, and mercury, using a four-acid digest followed by an inductively coupled plasma mass spectrometry finish (ALS analytical codes ME-MS61 and Hg-MS42).

The results of the head assays are provided herein. The screen fire assay analyses showed the SMMET-01 composite to grade 9.64 g/t Au and eight g/t Ag, whilst the SMMET-02 composite was shown to grade 8.51 g/t Au and six g/t Ag.

The screen fire gold assay results show good correlation with the original RC drill results, and indicate that the approximately 40 kg bulk samples submitted for metallurgical test work are representative of mineralized intervals sampled in the RC drill holes.

Separate to the assay results, the screen fire assay data also indicated that less than 10 per cent of the gold and silver in both samples was distributed within the coarse (100-plus-micrometre) fraction.

Base metal analyses showed both samples to be low in copper with 0.20 per cent in the SMMET-01 composite and 0.086 per cent in the SMMET-02 composite, whilst zinc grades were 0.007 per cent and 0.006 per cent, respectively. Lead and arsenic were below the detection limit of 0.001 per cent. The multielement ICP mass spectrometry analyses also indicated that the levels of deleterious elements, including bismuth, cadmium, mercury and antimony, were all very low, to a maximum of 2.54 parts per million Bi in sample SMMET-02.

Sulphur levels within the samples were 2.46 per cent S(TOT) for the SMMET-01 composite and 1.50 per cent S(TOT) for the SMMET-02 composite, with the data showing that 96 to 97 per cent of the sulphur was present in the sulphide phase. These data confirm the relatively low concentrations of sulphide minerals present in the MVZ mineralization at Semna, and that the mineralization is predominantly fresh, with only minor oxidation of the drilled mineralization, as evidenced by the limited amount of iron and copper oxide minerals logged during the drilling.

Whole ore cyanide leach tests

A single whole ore cyanidation leach test was conducted on each of the composite samples at a grind size of 80 per cent passing 75 micrometres. The purpose of these tests was to investigate the amount of gold and silver that can be recovered from each sample by means of cyanide leaching.

The test results showed that 93.5 per cent of the gold in the SMMET-01 composite was recovered after 24 hours of leaching, increasing to 97.4 per cent when the leach residence time was increased to 48 hours. Gold recovery from the SMMET-02 composite was 100 per cent after 24 hours, reducing slightly to 97.9 per cent after 48 hours.

Of the silver in the SMMET-01 composite, 75.2 per cent was recovered after 24 hours of leaching, increasing to 85.2 per cent when the leach residence time was increased to 48 hours. Silver recovery from the SMMET-02 composite was 85.9 per cent after 24 hours, increasing slightly to 87.9 per cent after 48 hours.

Gravity plus leach tests

Bulk gravity tests

Each composite was subjected to a program of bulk gravity separation followed by cyanide leaching of the gravity products.

A 20 kg sample of each composite was subjected to two stages of gravity processing using a Knelson KC-MD3 centrifugal gravity concentrator, with the first stage being conducted at a target grind size of 80 per cent passing 212 micrometres, and the second stage being conducted at a target grind size of 80 per cent passing 75 micrometres.

The results showed that, after two stages of gravity separation, 56.4 per cent of the gold and 38 per cent of the silver had been recovered to the gravity concentrate for the SMMET-01 composite.

Gold and silver recoveries to the gravity concentrate for the SMMET-02 composite were 62.2 per cent and 39 per cent, respectively.

In both cases approximately 1 per cent of the total mass of the tested sample was recovered to the respective gravity concentrates.

Cyanide leaching of gravity concentrates

The gravity concentrates generated during the gravity separation stage were subjected to leach testing to evaluate the amount of gold and silver that could be recovered via intensive cyanidation leaching.

The intensive cyanidation leach tests were carried out for 48 hours with 20 grams/litre sodium cyanide and five g/L LeachWell GC.

Results for the SMMET-01 composite showed an overall gold recovery of 98.3 per cent after 48 hours of leaching, with total extraction of the gold achieved after the first two hours of leaching. Results for the SMMET-02 composite showed an overall gold recovery of 98.6 per cent after 48 hours of leaching, with 94.6 per cent of the gold extracted within the first two hours of leaching.

Silver recoveries from the gravity concentrates after the 48 hours of leaching were 96.5 per cent for the SMMET-01 composite and 97.3 per cent for the SMMET-02 composite.

Cyanide leaching of gravity tailings

Separate to the leaching of the gravity concentrates, a representative subsample of the gravity tailings from each composite was subjected to cyanide leaching.

Results showed overall gold recoveries after 48 hours of leaching of 93 per cent for the SMMET-01 composite and 93.6 per cent for the SMMET-02 composite, with silver recoveries of 78.1 per cent and 87.5 per cent, respectively.

Combined gravity plus leach tests

Based on the results of the gravity and subsequent gravity product cyanide leach tests, cumulative metal recoveries for the gold, silver and copper have been calculated.

Whole ore leach versus gravity plus leach tests

A summary of the comparative gold, silver and copper recoveries between the whole ore leach and gravity plus leach test process routes is shown herein.

Results herein show that the gold recoveries from both composite samples were marginally higher after 48 hours of leaching from the whole ore cyanidation leach test compared with the gravity plus leach option. The silver recoveries from sample SMMET-01 were virtually identical from both the test routes, whereas from SMMET-02 silver recovery was lower after 48 hours of leaching from the whole ore cyanidation leach test compared with the gravity plus leach option.

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.

Qualified person

The technical information contained in this news release was prepared by Gary Patrick, BSc, MAusIMM, CP (Met), principal consultant of Metallurg Pty. Ltd. Mr. Patrick is a qualified person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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