Mr. Thomas Ullrich reports

ASTON BAY RECEIVES C$1.38 MILLION INITIAL ROYALTY PAYMENT FOR THE STORM COPPER PROJECT, CANADA

Aston Bay Holdings Ltd. has received the initial $1-million (U.S.) ($1.38-million (Canadian)) in financing as part of an agreement with the company's joint venture partner, American West Metals Ltd., and TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund LP, whereby Taurus will provide financing of up to $12.5-million (U.S.) ($17.3-million (Canadian)) under a royalty package for the Storm copper project.

Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm project property, with Aston Bay maintaining a free-carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20 per cent of the financing from the royalty package ($3.46-million (Canadian)) with no use of proceeds restriction.

Highlights:

• The first payment of $5-million (U.S.) ($6.9-million (Canadian)) under the royalty package has been advanced to American West and Aston Bay.
• Further payments to the royalty package are:
  • $3.5-million (U.S.) ($4.9-million (Canadian)) upon delivery of a prefeasibility study (PFS) for Storm and submission of permitting documents for development at Storm;
  • $4-million (U.S.) ($5.5-million (Canadian)) upon announcement of an increase in the JORC-compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00 per cent copper (Cu).
• Financing under the royalty package will be allocated to American West and Aston Bay in accordance with their respective interests under the unincorporated joint venture for Storm, being 80 per cent for American West and 20 per cent for Aston Bay.
• There is no use of funds restriction for Aston Bay, providing a non-dilutive source of funds to advance the company's other projects and contribute to Aston Bay's robust balance sheet.
• The financing has enabled an expansion of the exploration and development activities conducted by American West at Storm, including:
  • Expansion of the 2024 drill program, which will underpin a maiden resource currently being constructed to Canadian Institute of Mining standards, as well as a significant anticipated upgrade to the American West's JORC-compliant estimate;
  • An investment in the 2025 field activities with bulk supplies being delivered to site by ship charter -- saving approximately $4-million (Canaidan) on the potential logistics costs for the 2025 program;
  • Completion of environmental, mining and development studies -- including detailed testwork that supports the potential for a direct shipping operation -- which will support the delivery of a PFS anticipated in early 2025.

Thomas Ullrich, chief executive officer of Aston Bay, commented:

"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm project by such a well-respected international mining royalty company is a strong endorsement of the potential of the project.

"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm copper project. American West continues to actively advance the project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to 12 months.

"This could bring an additional $2-million to Aston Bay for a potential total of $3.46-million non-dilutive funds to advance our other critical minerals and gold exploration projects."

For further details on the royalty package under the Taurus arrangement, see Aston Bay's June 24, 2024, news release.

About Aston Bay Holdings Ltd.

Aston Bay is a publicly traded mineral exploration company exploring high-grade critical and precious metal deposits in Nunavut, Canada, and Virginia, United States.

We seek Safe Harbor.