Mr. Thomas Ullrich reports

ASTON BAY AND PARTNER AMERICAN WEST METALS ANNOUNCE ADDITIONAL OUTSTANDING COPPER INTERSECTIONS AT THE STORM COPPER PROJECT, NUNAVUT

Aston Bay Holdings Ltd. has released additional assay results confirm thick intervals of copper mineralization from its continuing delineation drilling program at the Storm copper project on Somerset Island, Nunavut, Canada. This is the second drilling program for American West Metals Ltd., which is the project operator, since entering an option agreement with Aston Bay in March, 2021.

Assay results have been received for an additional five drill holes from the current program at the 4100N zone, and all have intersected thick intervals of near-surface copper sulphides with grades up to 7 per cent Cu. The assays continue to match or exceed visual estimations as previously reported.

The near-surface setting, thick intersections and high grades of the copper mineralization support the potential for a low-cost, open-pit mining operation. The company continues to assess this outstanding opportunity, with resource modelling, beneficiation testwork and environmental studies in progress.

"Once again, the impressive results continue to come in from the ongoing exploration conducted by our partner, American West Metals, at Storm," stated Thomas Ullrich, chief executive officer of Aston Bay.

Mr. Ullrich added: "We believe these high-grade copper intercepts will support the development of a significant resource. We look forward to further results from our spring program and anticipate an exciting second program coming up this summer at Storm."

Increasing resource confidence and size potential

Assay results from drill holes SR23-02, SR23-03, SR23-04, SR23-05 and SR23-06 have been received and confirm thick intervals of near-surface copper sulphides within the 4100N zone.

The drilling results received to date demonstrate consistent copper grades and excellent lateral continuity of the high-grade mineralization. Additionally, drilling results show significant thicknesses of coherent copper mineralization (less than 1 per cent Cu) are present outside of the stronger zones of mineralization.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulphides. Portable XRF (X-ray fluorescence) is used as an aid in the determination of mineral type and abundance during the geological logging process.

Drill hole SR23-02

SR23-02 was drilled to a down-hole depth of 140.2 m and is located on the same drill section as previously reported drill hole SR23-01 (see May 23, 2023, Aston Bay press release).

The drill hole is located on Section 465000E and was testing the continuation of the mineralization south of historical drill hole ST99-47.

SR23-02 intersected a single, but wide, zone of strong vein-style and fracture-style copper sulphide mineralization hosted within fractured dolomite.

Attached tables summarize the significant intersections in drilling for this batch of results. Intersections are expressed as down-hole widths and are interpreted to be approximately 90 per cent to 100 per cent of true width. A cut-off grade of 0.5 per cent copper is used to define a significant intersection and is based on ore mineralogy, mineralization habit and expected beneficiation performance.

Drill holes SR23-03 and SR23-04

SR23-03 and SR23-04 were drilled on Section 465050E, which lies to the east of drill holes SR23-01 and SR23-02. The holes were drilled to a down-hole depth of 151 m and 152.4 m, respectively, and were designed to test the continuity of the mineralization within an area of no previous drilling.

Both drill holes intersected multiple zones of vein-style and fracture-style copper sulphide mineralization hosted within fractured dolomite. Drill hole SR23-03 displays distinct zoning of the copper sulphide minerals, with a dense chalcocite core, grading outward vertically to bornite, and then to chalcopyrite on the margins of the mineralized horizon.

Drill holes SR23-05 and SR23-06

SR23-05 and SR23-06 were drilled along Section 464900E. The holes were drilled to a down-hole depth of 131.1 m and 166.1 m, respectively, and were designed to test the continuity of the mineralization within the central-west 4100N zone, and either side of a single historical drill hole (ST00-60).

Both drill holes intersected multiple wide zones of vein-style and fracture-style copper sulphide mineralization hosted within fractured dolomite. The higher-grade zones of mineralization (greater than 2 per cent Cu) are contained within much-wider intervals of consistent, lower-grade copper mineralization (greater than 0.5 per cent Cu).

Planned program:

• Drilling at the 4100N zone will continue in the summer program, with a focus on expansion of the mineralized footprint. This will be followed by resource definition drilling at the 2200N and 2750N zones, where drilling in 2022 intersected high-grade copper sulphides close to surface, including 41 m (core length) at 4.18 per cent Cu from 38 m (ST22-05) down hole.
• Processing and interpretation of the moving-loop electromagnetic and gravity survey data are almost complete. Diamond drilling will be used to test new high-priority exploration targets identified from these surveys.
• Ore sorting and beneficiation testwork for a potential direct shipping product operation are continuing, with results to follow shortly.
• An environmental baseline survey will begin in the Storm area during the third quarter of 2023.

Qualified person

Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Aston Bay Holdings Ltd.

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, United States, and Nunavut, Canada. The company is led by chief executive officer Thomas Ullrich, with exploration in Virginia directed by the company's adviser, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor lead-zinc-silver deposit in Arizona. The company is currently exploring the high-grade Buckingham gold vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.

The company is the 100-per-cent owner of the Storm property, which hosts the Storm copper project and the Seal zinc deposit and has been optioned to American West Metals.

We seek Safe Harbor.