Aston Bay Reports High-Grade Copper Intercepts at Nunavut Project

Aston Bay Holdings Ltd. together with project operator American West Metals reported new high-grade copper intercepts from ongoing exploration at the Storm Copper Project on Somerset Island, Nunavut. The companies operate the project under a 20/80 joint venture, with Aston Bay holding a free carried interest until a decision to mine. CEO Thomas Ullrich said drilling within and beyond the current resource envelope returned thick, high-grade intervals up to 27.3% copper, supporting significant expansion potential.

The discovery of such high-grade copper intercepts comes at a critical time for global copper supply chains. Copper represents one of the most essential metals for the global transition to clean energy technologies, with demand projected to double by 2035 according to industry analysts. The Storm Project's location in Canada provides strategic advantages for North American supply chain security, particularly as nations seek to reduce reliance on foreign mineral sources.

Additional assays and permitting activities are underway as the project advances toward a resource update and pre-feasibility study in early 2026. The timing aligns with projected copper supply deficits that could emerge as early as 2025, making new high-grade discoveries increasingly valuable. The project's advancement through the exploration and development pipeline demonstrates the ongoing potential for significant mineral discoveries in established mining jurisdictions like Nunavut.

Under the joint venture structure, American West will be solely responsible for funding the joint venture until a decision to mine upon completion of a bankable feasibility study. This arrangement provides Aston Bay with exposure to project advancement without additional capital requirements during the critical development phase. After such a decision, 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%.

The latest news and updates relating to ATBHF are available in the company's newsroom at https://ibn.fm/ATBHF. The high-grade nature of these copper intercepts, particularly the 27.3% copper reading, exceeds typical grades for many operating copper mines globally. Such high concentrations could potentially lower operating costs and improve project economics should the project advance to production. The ongoing exploration success at Storm highlights the continued potential for major mineral discoveries in Canada's northern territories, which host significant geological potential but remain underexplored compared to more southern mining districts.