Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS LTD. ANNOUNCES C$5.0M BROKERED FINANCING

Aston Bay Holdings Ltd. has entered into an agreement with Cantor Fitzgerald Canada Corp. (the agent), which has agreed to sell, on a commercially reasonable best efforts private placement basis, up to 26,315,789 units of the company at a price of 19 cents per unit, for aggregate gross proceeds of up to $5-million (the LIFE offering). Each unit will comprise one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of 29 cents for 24 months following the completion of the LIFE offering.

The units to be issued under the LIFE offering will be offered to purchasers pursuant to the listed issuer financing exemption (the LIFE exemption) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, in all the provinces and territories of Canada, except Quebec. The company and the agent may increase the size of the offering, up to 48 hours prior to the closing date (defined below), by issuing up to an additional 10,526,316 units for additional gross proceeds of $2-million. Any additional units will be sold pursuant to the exemptions from the prospectus requirements in Canada other than the LIFE exemption in each of the jurisdictions of Canada and in offshore jurisdictions. Such additional units may be subject to a hold period under Canadian securities laws.

There is an offering document related to the LIFE offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors of the units should read the offering document before making an investment decision.

The company plans to use the net proceeds from the LIFE offering, and sale of any additional units, for exploration and development purposes of the company's projects in Virginia, and for working capital and general corporate purposes. The LIFE offering, and sale of additional units, are scheduled to close on or about Sept. 21, 2023, or such other date as the company and agent may agree, and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The company also confirms, as previously disclosed in the press release dated Aug. 9, 2023, the company is no longer considering consolidation of its common shares.

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 100-per-cent 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 Ltd.

We seek Safe Harbor.