Aston Bay Provides Update on the Storm Copper Project - Advancing Towards Development

13:00 Uhr  |  ACCESS Newswire

Potential for Storm to be one of Canada's next copper producers continues to strengthen with feasibility study work nearing completion and permitting activities progressing

TORONTO, June 24, 2026 - Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on the Pre-Feasibility Study ("PFS") and other activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the study. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.

Highlights

• Pre-feasibility Study (PFS) aims to deliver a compelling development project: Study work is being finalized in conjunction with highly regarded external engineering and project delivery consultants - Sacre Davey, Ausenco, and the Nuna Group - with a focus on:

  • Process plant and flow sheet optimization, including assessment of new process innovations

  • Revised mine plans to provide a high-grade feed to maximize metal recovery and optimize copper-silver product grades

  • Updated capital and operational cost estimates based on the final process design and mining schedules

• Mine permitting continues: The Storm Project mine permit application is currently with the Nunavut Planning Commission (NPC) and is preparing the submission to the Nunavut Impact Review Board (NIRB).

• Exploration for +110km copper belt: A project-wide structural and geochemical analysis is set to commence with a focus on enhancing the sediment-hosted copper targeting model and extending the pipeline of copper targets for drill testing.

• Environmental field work: Environmental baseline gap activities are planned for late 2026 and early 2027 in support of the Environmental Assessment (EA).

• Community Engagement Support Program (CESP) funding approved: The Nunavut Government will provide up to CA$100k toward American West's community liaison activities in the coming months, highlighting the importance of the Storm Copper Project to the Government's regional development plans.

• Strategic Importance of the Storm Copper Project: Storm presents as the only near-term copper development in Northern Canada with important strategic and geopolitical implications for Canada's critical metals supply chain.

• Development Funding: The strategic partnership between the joint venture and Ocean Partners underpins the development of Storm with project finance and offtake commitments from OP, reinforcing our strategic growth plan.

"We're very encouraged by the pace and quality of work of our joint venture partner, American West Metals, with the Pre-Feasibility Study for Storm on track for completion next quarter," said Thomas Ullrich, CEO of Aston Bay. "This milestone is expected to further demonstrate Storm's potential as a high-margin copper project, underpinned by a simple, low-impact flowsheet and modest capital requirements-positioning it to deliver robust, long-term value.

"We continue to advance permitting activities and are encouraged by the constructive progress with regulators. Support through the Community Engagement Support Program underscores the growing recognition of Storm as a strategically important development opportunity for Northern Canada. As one of the few near-term copper projects with the potential to contribute meaningfully to Canada's critical minerals supply chain, Storm is well-positioned to benefit from increasing government focus on domestic resource development.

"All of this work is focused on just a small portion of a more than 110-kilometre highly prospective copper belt with significant discovery upside. The upcoming comprehensive exploration assessment will sharpen our targeting, and we remain confident that additional discoveries can meaningfully expand the copper endowment and extend the life of the development project.

In parallel with advancing Storm alongside our partner, we are making strong progress at our Epworth project. Remote sensing and spectral analysis are underway to identify prospective outcrops and guide a mapping and sampling program planned for later this summer. At the same time, we are reinterpreting our MobileMT dataset-integrating multiple geological inputs with AI-assisted analysis-with early results highlighting large, promising stratigraphic anomalies in the southern portion of the claim block. Follow-up ground geophysics is planned to refine drill targets, and we look forward to providing updates from Epworth in the coming weeks."

PRE-FEASIBILITY STUDY TIMELINE

The PFS work continues at full pace, with work streams for key components of the PFS being finalized. Additional time has been used to refine and derisk the processing flow sheet and revise mine plans to optimize returns for the Project. Storm is a truly unique copper development opportunity and a leading example of processing copper mineralization through simple ore sorting and beneficiation, providing a ground-breaking opportunity for our development strategy.

Aston Bay and American West are working in conjunction with its highly regarded external engineering consultants, who have industry-leading credentials in delivering mining projects in Northern Canada. Sacre Davey is advising on process design and plant construction, while Ausenco is advising on ESG management and permitting. The majority Inuit-owned Nuna Group, Northern Canada's leading mining and construction contractor, is advising on mining and infrastructure construction.

Processing options are being reviewed, with innovative processing solutions being evaluated to potentially enhance copper recoveries and output.

Mine planning and scheduling have also been reviewed in light of the processing alternatives to ensure the most efficient mine plan.

We expect the PFS to be finalized during Q3 2026.

PERMITTING CONTINUES WITH KEY MILESTONE COMPLETED

The Storm Project mine permit application is currently in the final stages of review with the Nunavut Planning Commission (NPC), and the Company is preparing the additional materials required for submission to the Nunavut Investment Review Board (NIRB). The application will be updated with the latest information from the PFS. This document highlights the scale and boundaries of the development and serves as the basis for any future mining license approval.

The Company does not expect any changes to the regulatory approval timeline already advanced, which currently targets 2028.

ESG ACTIVITIES PLANNED

In addition to the permitting activities, a number of environmental baseline field activities have been planned to meet the requirements to complete the Environmental Assessment (EA).

Activities in the next phase of studies will include extensions of the current flora and fauna surveys for continuing baseline adequacy, along with critical input from Indigenous communities and other key project stakeholders. These activities will form the basis of the Environmental Assessment (EA), a key document in support of the NIRB application and regulatory requirement for the mine permit approval.

DEVELOPMENT FUNDING SECURED

The American West/Aston Bay joint venture is well placed to fund development of Storm through its strategic partnership with Ocean Partners Holdings Ltd (OP) - a global metal trading, technical advisory and financing company.

Under the strategic partnership:

• OP will provide up to 80% of initial capital for the development of the Project via a senior secured loan facility, subject to a bankable feasibility study and formal documentation.

• OP will purchase 100% of the offtake of copper and silver products at prevailing market rates from the Project material that was part of the mineral resources that were contemplated for mining and cash flow in the preliminary economic assessment (PEA) in 2025..

The joint venture continues to work closely with OP regarding project development and offtake specifications.

EXPLORATION TARGETING

Exploration activities are continuing and will aim to add to the already robust copper target pipeline. The largely untested 110km prospective copper horizon provides outstanding potential for the discovery and definition of further resources. Large-scale targets already identified include:

• Chevron, a 4.1km long by 0.7km wide copper anomaly that shares similar geochemical and structural signatures to the known high-grade deposits at Storm, shows strong potential for additional near-surface mineralization.

• Midway-Storm-Tornado corridor, widespread copper occurrences and geophysical anomalies have been defined within the prospective Allen Bay Formation over a strike of more than 20km.

• Tempest, 40 kilometres south of Storm and defined by a 4km long zone of surface gossans, with grab samples returning base metal grades up to 38.2% Cu and 30.8% Zn.

The project's metal endowment potential is highlighted by multiple occurrences of copper and zinc identified through drilling and surface sampling across the extensive prospective horizons. High-grade copper mineralization has been discovered within eight major prospects along this feature (Figure 1), indicating that the project has the potential to host many Storm-style mining camps, thereby positioning it as a truly unique, untested, and belt-scale sediment-hosted copper opportunity.

A project-wide structural assessment will commence in Q3 2026 to enhance the broad-scale sediment-hosted copper targeting model and define potential new areas for exploration. This will build on the successful work to date and provide a robust targeting pipeline for further drilling, which we believe will unlock the world-class resource potential at the Storm Copper Project.

Change of Transfer Agent

The Company announces that Endeavor Trust Corporation has replaced Computershare Trust Company as the transfer agent effective November 3, 2025. Shareholders do not need to take any action in respect to the change in transfer agent.

All inquiries and correspondence relating to shareholders' records, transfer of shares, lost certificates, changes of addresses, or other inquiries related to shares should now be directed to Endeavor Trust Corporation as follows:

As well, Aston Bay announces that director Gary O'Connor has resigned from the Aston Bay Board of Directors to pursue other opportunities. Aston Bay thanks Mr. O'Connor for his service over the last 27 months.

Qualified Person

Michael Dufresne, M.Sc., P.Geol., P.Geo., is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information in this press release.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in North America.

The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade precious and critical metals potential in North America

The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, 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 funding 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% net smelter returns royalty if its interest is diluted to below 10%.

FORWARD-LOOKING STATEMENTS

Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337

SOURCE: Aston Bay Holdings Ltd.