Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS LTD. ANNOUNCES UPDATE TO BROKERED FINANCING

Aston Bay Holdings Ltd. has revised the terms of its previously announced brokered private placement.

The company will be offering up to 47.5 million units of the company at a price of eight cents per unit for aggregate gross proceeds of up to $3.8-million. Each unit will be composed of 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 12 cents for 24 months following 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 under Part 5A of National Instrument 45-106 (Prospectus Exemptions) in all the provinces and territories of Canada, except Quebec. The company and Cantor Fitzgerald Canada Corp. have also agreed that, concurrently with the life offering, the company may issue up to 12.5 million units at the offering price on a non-brokered basis for additional gross proceeds of up to $1.0-million. Any additional units will be sold pursuant to 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.

The updated offering document related to the life offering can be viewed under the company's profile on SEDAR+ and on the company's website. Prospective investors of units under the life offering should read the offering document before making an investment decision.

The company plans to use the net proceeds from the offering for exploration and development of the company's projects in Virginia, and for working capital and general corporate purposes. The offering is scheduled to close on or about Oct. 5, 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.

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, its joint venture partner American West Metals Ltd. and its wholly owned subsidiary Tornado Metals Ltd. have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm project property, which hosts the Storm copper project and the Seal zinc deposit. 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 Storm project property will be converted into a 2-per-cent net smelter return royalty if its interest is diluted to below 10 per cent.

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