Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS ANNOUNCES EXTENSION OF PRIVATE PLACEMENT

Aston Bay Holdings Ltd. has been granted an extension by the TSX Venture Exchange to complete the previously announced (see news release dated May 17, 2023) non-brokered private placement of aggregate gross proceeds of up to $2-million, by no later than Aug. 15, 2023. In addition, the Aston Bay plans to consolidate the Company's common shares ("Common Shares") on the basis of one (1) new post-consolidation Common Share for every four (4) pre-consolidation Common Shares (the "Consolidation") in connection with the closing of the Offering.

The Offering consists, on a post-Consolidation basis, of units (the "Units") at a price of $0.15 per Unit. Each Unit will consist of one Common Share and one-half warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder thereof to acquire an additional Common Share (the "Warrant Share") at an exercise price of $0.32 per Warrant Share for a period of 18 months from the date of issuance. The net proceeds of the offering will be used for exploration on the Company's gold and base metals projects in Virginia, and other potential projects in the USA and for general working capital purposes.

The Company anticipates that current insiders of the Company may participate in the Offering. Subject to Exchange approval, finder's fees may be paid to persons who introduce the Company to investors. The Offering may be closed in one or more tranches as subscriptions are received.

All securities issued pursuant to the Offering will be subject to statutory hold periods in accordance with applicable United States and Canadian securities laws.

There can be no assurances that the Company will be able to complete the Offering. The Offering is subject to the final approval of the TSX-V and all regulatory approvals.

See the May 17, 2023 news release for details of the planned consolidation of Common Shares.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag 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 100% owner of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.

We seek Safe Harbor.