Mr. Thomas Ullrich reports

ASTON BAY AND AMERICAN WEST METALS ANNOUNCE FIELD SEASON SUMMARY FOR STORM COPPER PROJECT, CANADA

Aston Bay Holdings Ltd. has provided an interim summary of the spring and summer 2023 exploration programs at the Storm copper project on Somerset Island, Nunavut, Canada, with the field component now concluded. The program was conducted by American West Metals Ltd. (as defined below), which is the operator of the project. American West has successfully completed the minimum exploration expenditure required to earn an 80-per-cent undivided interest in the project.

As previously disclosed, Aston Bay entered into an option agreement dated March 9, 2021, with American West and its wholly owned subsidiary, Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80-per-cent undivided interest in the project by spending a minimum of $10-million on qualifying exploration expenditures. The parties amended and restated the option agreement as of Feb. 27, 2023, to facilitate American West potentially financing the expenditures through flow-through shares but did not change the commercial agreement between the parties.

The expenditures were completed during the 2023 drilling program and American West is expected to exercise the option in accordance with the terms of the option agreement, as amended. Upon exercise of the option, American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a joint venture agreement. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for financing the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the project will be converted into a 2-per-cent net smelter return royalty if its interest is diluted to below 10 per cent.

"The highlights outlined above speak to the quality of the work completed by American West and to their commitment to the partnership," stated Thomas Ullrich, chief executive officer of Aston Bay.

"In addition to the discoveries made this season, two developments are critical: we have both a confirmed predictive geological model, as well as geophysical methods that produce anomalies that can only be explained by sulphide mineralization. This combination is very powerful in exploration, already providing discoveries and, we anticipate, more to come.

"We believe we have tapped into a significant stratiform sediment-hosted copper system at depth at Storm but have so far only grazed the edge. The deep holes drilled this season have intersected chalcocite and other copper sulphides, confirming the model, but we believe this may be just a hint of what is to come. The combination of the predictive geological model, known mineralogical zonation and proven geophysical methods will allow refinement of our drill targeting to get to the cores of these mineralized zones in future programs.

"We are very pleased that American West has so successfully advanced Storm in such a short time. It is no surprise, given the calibre of their leadership. We look forward to further advancement and additional discovery with our ongoing partnership. With no expenditures required by Aston Bay until a positive production decision, Storm offers excellent optionality with potentially significant upside for Aston Bay's shareholders."

Storm project -- an emerging copper opportunity with global significance

The Storm project is located in a Tier 1 mining district with nearby past-producing mines including the Polaris zinc-lead mine (22 million tonnes at 14.1 per cent Zn, 4 per cent Pb) and the Nanisivik zinc-lead-silver mine (18 Mt at 9 per cent Zn, 0.7 per cent Pb, 35 grams per tonne Ag).

Storm is located approximately 20 kilometres from the coast with access to a deepwater bay and a designated shipping route, providing robust logistics. The land package at Storm comprises 219,257 hectares and hosts over 110 km strike length of prospective stratigraphy, representing a rare, district-scale opportunity.

Exploration at Storm has focused on two clear strategies: exploring the sediment-hosted copper potential predicted by the geological model, as well as defining a maiden resource and expanding the footprint of the high-grade, near-surface copper mineralization.

A broad range of geophysics has been deployed -- including high-resolution electromagnetics (EM), ground gravity and ground magnetics surveys -- to establish targets for both resource expansion and exploration drilling. Approximately 11,290 metres of reverse circulation and diamond drilling have been completed by American West for a total of 73 drill holes.

Geophysics has proven to be a very effective targeting tool with the discovery of the regional-scale sediment-hosted copper system as well as with expansion of the footprint of the near-surface mineralization, including the discovery of the Thunder and Lightning Ridge deposits. The positive gravity and EM anomalies extend for tens of kilometres within the Storm tenure and highlight the potential size of the Storm copper system and the significant exploration potential.

Under the new joint venture agreement, Aston Bay and American West plan to increase both the exploration and resource development programs at Storm with a ramp-up of activities during 2024.

Emerging regional-scale sediment-hosted copper system

The exploration completed by American West Metals during the earn-in period has delivered the significant discovery of stratiform sediment-hosted-style copper sulphide mineralization as predicted by the geological model. The discovery has built on the assumptions that the near-surface, more structurally controlled copper mineralization may be associated with a deeper, and potentially much larger, stratiform and/or structurally controlled copper system.

Five deep diamond exploration drill holes have tested the deeper system to date, one completed in 2022 and four drilled during the 2023 season, all to test the deeper stratiform sediment-hosted copper system, with each of the holes designed to test different geophysical and structural targets. The drill holes were widely spaced between 600 m and two km apart over approximately two square kilometres. Significantly, all drill holes have intersected visual copper sulphide mineralization, including chalcocite (assays are still pending for the 2023 drill holes). The copper mineralization and geology within the drill holes are highly similar and suggest that the stratigraphy of the deeper mineralized system is laterally very extensive and potentially represents a stratiform system.

The Storm area shows clear geological similarities to many of the world's major stratiform sediment-hosted copper systems, including the deposits of the Kalahari copper belt (Botswana) and central African copper belt (Democratic Republic of the Congo, Zambia). These copper deposits typically have metre-scale thicknesses and kilometre-scale strikes of the mineralized zones.

Building on the encouraging results to date, surface geophysics will be extended into the Tornado and Blizzard areas -- which extend for 10 km from the known Storm discoveries -- to follow up and capture higher-resolution data over existing gravity and EM anomalies. Further drilling will be designed to scope out the extent of the large, stratiform sediment-hosted copper system.

Tempest copper-zinc prospect

The Tempest prospect is located approximately 40 kilometres south of the known discoveries at Storm. The area hosts widespread surface gossans with assays up to 32 per cent copper. The copper gossans were historically defined over 250 m within an area of Storm-style stratigraphy proximal to Proterozoic basement.

Reconnaissance sampling, EM surveys and field mapping during the 2023 field season were aimed at expanding the understanding of the area. The work has now extended the strike of Tempest to over four km, with sampling identifying numerous copper and zinc gossans along this prospective trend (assays are pending).

The nature and style of base metal mineralization at Tempest remain under investigation. An extensive geophysical and proposed drilling program is planned to test this prospective area during 2024.

Near-surface copper mineralization and open-pit mining potential

The near-surface, high-grade copper mineralization at Storm has been defined over an area of approximately 50 hectares and within six main copper zones.

Infill drilling has initially been focused on the 2750N, 2200N and 4100N zones, where high-grade copper mineralization had been previously discovered. The drilling successfully confirmed the continuity of the copper mineralization within these zones, and significantly expanded the footprint to include at least two new discoveries this season -- Thunder and Lightning Ridge (see Aston Bay Aug. 8 and Sept. 5, 2023, press releases).

Assays have confirmed the quality of the near-surface mineralization, including 41 m at 4.18 per cent Cu from 38 m down hole, including five m at 24.28 per cent Cu from 48 m down hole (ST22-05) and 46 m at 2.2 per cent Cu from 64 m down hole, including 15.6 m at 4.2 per cent Cu from 65 m down hole (SM23-02).

The work completed to date highlights the potential of the known near-surface mineralization to underpin a potential low-cost, open-pit copper mining opportunity. Processing and metallurgical test work has shown that the high-grade copper mineralization is amenable to simple beneficiation techniques -- with test work producing a direct shipping product grading more than 50 per cent Cu. Further test work is currently under way to optimize the processes and to determine a definitive flow sheet.

Drilling proposed for 2024 will aim to further expand the footprint of the copper mineralization, particularly around the significant new discoveries at Thunder and Lightning Ridge, and along strike into the Tornado and Blizzard areas.

Seal zinc-silver deposit

The Seal zinc-silver deposit is located approximately 25 km to the west and within a different stratigraphic horizon than the Storm copper deposits. Seal contains an inferred, high-grade zinc and silver resource of one Mt at 10.24 per cent Zn, 46.5 g/t Ag for 103,000 tonnes Zn and 1.5 million ounces Ag (National Instrument 43-101 resource, see Jan. 17, 2018, Aston Bay news release).

The quality of the mineralization is highlighted by drilling intersections, including 14.4 m at 10.58 per cent Zn, 28.7 g/t Ag from 51.8 m and 22.3 m at 23 per cent Zn, 5.1 g/t Ag from 101.5 m. The deposit remains open at depth and potentially along strike.

Isotopic analyses of the zinc-silver mineralization at Seal have confirmed that the mineralization is potentially related to the Polaris deposit (22 Mt at 14.1 per cent Zn, 4 per cent Pb) in terms of time and style of mineralization and that it forms part of a regional-scale mineralization system. Zinc geochemical anomalies have been delineated along the belt and prospective stratigraphy up to 100 km south of the Seal deposit.

About the Storm copper and Seal zinc-silver projects, Nunavut

The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm project comprises both the Storm copper project, a high-grade sediment-hosted copper discovery (intersections including 110 m* at 2.45 per cent Cu from surface and 56.3 m* at 3.07 per cent Cu from 12.2 m) as well as the Seal zinc deposit (intersections including 14.4 m* at 10.58 per cent Zn, 28.7 g/t Ag from 51.8 m and 22.3 m* at 23 per cent Zn, 5.1 g/t Ag from 101.5 m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded greater than 1 per cent Cu up to 32 per cent Cu in gossans.

Storm discovery and historical work

High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around its then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N zone, a large area of copper mineralization with no surface exposure.

Following the merger of Cominco with Teck in 2001 and the closure of the Polaris mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM (versatile time-domain elctromagnetic) survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100-per-cent ownership in 2015. Commander retains a 0.875-per-cent gross overriding royalty in the area of the original Storm claims.

In 2016 Aston Bay entered into an earn-in agreement with BHP, which conducted a 2,000-station soil sampling program and drilled 1,951 m of core in 12 diamond drill holes, yielding up to 16 m* at 3.1 per cent Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913 m in nine core holes in the Storm area in 2018, yielding a best intercept of 1.5 m* at 4.39 per cent Cu and 20.5 m* at 0.56 per cent Cu.

Agreement with American West Metals

An earn-in agreement for the Storm and Seal properties was signed with American West Metals in March, 2021. Under the terms of the agreement, an expenditure of $10-million will earn 80-per-cent ownership of the property for American West. As noted in this release, the expenditures were completed during the 2023 drilling program, and American West is expected to exercise the option in accordance with the terms of the option agreement. Aston Bay is carried for all expenditures to the completion of a feasibility study and positive production decision. If Aston Bay chooses not to participate and is diluted below 10-per-cent ownership, the ownership converts to a 2-per-cent net smelter royalty, half of which is purchasable by American West for $5-million at first production. Aston Bay received a cash payment of $500,000 on signing.

Recent work

American West completed a fixed-loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534 m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41 m* at 4.1 per cent Cu as well as 68 m of sulphide mineralization associated with a deeper conductive anomaly.

In April, 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4 per cent Cu from the 4100N area could be upgraded to a 54 per cent Cu direct ship product using standard sorting technology. Further beneficiation studies are continuing.

In April, 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving-loop electromagnetic (MLEM) ground geophysical programs. Results from the programs are in process and are released as they come available.

The summer 2023 program planned further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates by late 2023 or early 2024. Diamond drilling is planned to test new high-priority gravity targets and environmental baseline studies will be initiated.

*Stated drill hole intersections are all core length, and true width is expected to be 60 per cent to 100 per cent of core length.

Quality assurance/quality control protocols

The analytical work reported on herein was performed by ALS Global, Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay, American West Metals and the qualified person. Drill core samples were subject to crushing at a minimum of 70 per cent passing two millimetres, followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. Samples were subject to 33-element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc and other elements (ALS method ME-ICP61a). Overlimit values for copper (greater than 10 per cent) and were analyzed via four-acid digestion and ICP-AES (ALS method Cu-OG62).

Aston Bay and American West Metals followed industry-standard procedures for the work carried out on the Storm project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Aston Bay and American West Metals are not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Qualified person

Michael Dufresne, MSc, PGeol, PGeo, is a qualified person as defined by National Instrument 43-101 and 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 CEO Mr. 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 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-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.

About American West Metals Ltd.

American West Metals is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. Its strategy is focused on developing mines that have a low footprint and support the global energy transformation. The company's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to the company's approach is its commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.

We seek Safe Harbor.