Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS LTD. CLOSES PRIVATE PLACEMENT

Aston Bay Holdings Ltd. has closed its previously announced brokered private placement (the Life offering) and concurrent non-brokered private placement and, together with the Life offering, has received aggregate gross proceeds of approximately $2.5-million.

Under the terms of the Life offering, the company issued 28,847,375 units, at a price of eight cents per unit, for aggregate gross proceeds of approximately $2.31 million. Cantor Fitzgerald Canada Corp. acted as sole agent and bookrunner in connection with the Life offering. The concurrent offering was completed on a non-brokered private placement basis in which 2.45 million units were issued for aggregate gross proceeds of $196,000 on the same terms as the Life offering.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 12 cents at any time on or before Oct. 5, 2025.

The company intends to use the net proceeds of the offering for exploration and development of the company's projects in Virginia, and for working capital and general corporate purposes.

In connection with the Life offering and as consideration for their services, the company paid to the agent a cash commission of $120,227.40 and issued to the agent 1,502,843 non-transferable warrants of the company. Each broker warrant entitles the holder thereof to acquire one common share at a price of eight cents, subject to adjustment in certain events, at any time on or before Oct. 5, 2025.

A total 28,847,375 units were offered pursuant to the listed issuer financing exemption as outlined in Part 5A of National Instrument 45-106 -- Prospectus Exemptions (the "listed issuer financing exemption"). An offering document related to the portion of the offering conducted under the listed issuer financing exemption has been filed on the company's profile on SEDAR+. The balance of units, sold as part of the concurrent offering, were issued on a private placement basis pursuant to exemptions from the prospectus requirements in Canada other than the listed issuer financing exemption and in offshore jurisdictions.

The common shares issuable from the sale of units under the listed issuer financing exemption are not subject to a hold period in accordance with Canadian securities laws and are immediately freely tradeable, while the common shares and warrants issuable from the sale of units under other prospectus exemptions in Canada are subject to a four month hold period.

About Aston Bay Holdings Ltd.

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 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 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.

We seek Safe Harbor.