Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Aston Bay Holdings Ltd. will conduct a non-brokered private placement, subject to acceptance by the TSX Venture Exchange, for aggregate gross proceeds of up to $5-million. The offering will consist of non-flow-through units at a price of 12 cents per unit (the LIFE offering), and flow-through shares at a price of 15 cents per FT share.

Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to acquire an additional common share at an exercise price of 18 cents per warrant share for a period of 24 months from the date of issuance.

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 FT shares 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. The FT shares will be subject to statutory hold periods in accordance with applicable Canadian Securities Laws.

There is an offering document related to the LIFE offering that can be accessed under the company's profile on SEDAR+ at 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 of the offering for exploration and development purposes of its projects in Nunavut, Canada, and Virginia, United States, and for working capital and general corporate purposes. The offering is scheduled to close on or about May 16, 2024, or such other date as the company may determine, and is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

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.

About Aston Bay Holdings Ltd.

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, U.S., 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 Storm project property and Epworth property in Nunavut, as well as the high-grade Buckingham gold vein and critical metals prospects in central Virginia, and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.

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