Aston Bay and American West Metals Intersect Copper Mineralization Outside of Proposed Pit Designs at the Storm Project, Nunavut, Canada

The news release from October 20, 2025, reports final assay results from the 2025 exploration program at the Storm Copper Project in Nunavut, Canada. The drilling, conducted by joint venture partner and operator American West Metals, intersected high-grade copper mineralization outside of the current Mineral Resource Estimate (MRE) pit designs, indicating strong potential for resource expansion.

Key intercepts include: * PFS-002: 12.1 metres (m) grading 5.6% copper (Cu) and 21 grams per tonne (g/t) silver (Ag) from 70m downhole. * PFS-001: 18.2m grading 1.1% Cu and 11 g/t Ag from 30m downhole. * SR25-020 (RC): 1.5m grading 2.7% Cu and 3 g/t Ag from 53.3m downhole.

The CEO, Thomas Ullrich, highlighted that geotechnical drilling for the Pre-Feasibility Study (PFS) intercepted grades "up to 27.3% copper" within the proposed pit walls, extending beyond the current resource limits. The company also confirmed that PFS work and permitting activities are advancing, with a resource update and PFS targeted for early 2026.

This news is materially positive. The primary goal of the 2025 drill program was to expand the maiden Mineral Resource Estimate (MRE) announced in March 2025, and these results confirm success on that front. Intersecting high-grade mineralization, such as 12.1m of 5.6% Cu, outside of the defined resource shells is exactly what is needed to increase the project's tonnage and overall value.

Progression and Context: * Maiden Resource (March 2025): The company established a solid starting point with an Indicated Resource of 8.2Mt @ 1.47% Cu and an Inferred Resource of 3.3Mt @ 1.30% Cu. * De-Risking (April 2025): The project was significantly de-risked through a strategic partnership with Ocean Partners, which secured 100% offtake rights and a debt facility for up to 80% of the initial capital expenditure, contingent on a bankable feasibility study. * 2025 Exploration Program: The subsequent drilling has consistently delivered positive results. News in July, August, and September 2025 reported thick intervals of visual mineralization and strong initial assay results (e.g., 12.2m @ 1.9% Cu). This latest release provides the final, and arguably some of the strongest, assays from the program.

While these results are excellent and confirm resource growth, they are not as spectacular as the September 2024 results (22.9m @ 8.5% Cu), which were instrumental in defining the high-grade potential leading into the maiden resource. The current results are a logical and successful continuation of that work.

Critical View: The CEO's mention of "up to 27.3% copper" is a promotional highlight. This specific high-grade value is not presented in the detailed assay tables, which typically indicates it may be from a very narrow interval or a select sample. As critical analysts, we focus on the reported weighted average intercepts (e.g., 12.1m @ 5.6% Cu), which are strong enough on their own merits without needing such promotional emphasis. The timeline for the PFS has also shifted slightly from a previously mentioned PEA in Q3 2025 to a PFS in early 2026, a minor delay worth noting.

Overall, the news confirms the operator is executing the exploration plan successfully, and the Storm project continues to grow. This should be viewed positively by the market as it builds the foundation for an updated and larger resource estimate.

Aston Bay Holdings Ltd. is a Canadian mineral exploration company focused on base and precious metal properties. Its flagship asset is the Storm Copper Project on Somerset Island, Nunavut. The project is being advanced under an 80/20 joint venture with American West Metals (AWN), where AWN is the operator and has fully funded the project to earn its 80% interest. Aston Bay holds a 20% interest, free-carried through to a decision to mine upon completion of a bankable feasibility study.

The Storm Project hosts both high-grade, near-surface, chalcocite-dominant copper mineralization with potential for a low-cost Direct Shipping Product (DSP) operation, and a deeper, large-scale sediment-hosted copper system with analogues to the Central African Copperbelt. The project also includes the separate Seal Zinc Deposit. The company also holds an option to earn 80% of the Epworth Copper Project in Nunavut.