Aton Resources Inc. update investors on the final assay results from the recent diamond drilling programme at Hamama, located in the Company's 100% owned Abu Marawat Concession (Abu Marawat or the Concession), in the Eastern Desert of Egypt. Diamond drilling re-commenced at Hamama in mid-January 2023, and was completed on March 11, 2023, with a total of 1,612.7 metres drilled. The mineralisation at Hamama is hosted in a stratiform silica-carbonate horizon (‘SCMH') that outcrops over an approximately 3.2km strike length, and is variable in thickness.

At Hamama West the SCMH is greater than 60m in thickness in places, and is typically iron oxide-rich and gossanous at surface and throughout the oxide zone. The mineralisation at the CNZ appears to be located in a faulted offset of the main mineralised zone at Hamama West (Figures 2 and 3). The SCMH appears to have been sinistrally offset approximately 150m to the south along a shallow west-dipping fault, which terminates the outcropping mineralisation to the west.

At the CNZ this fault represents the underlying footwall of the mineralised block, while at Hamama West the mineralisation continues along strike to the west beneath this structure, and has recently returned intersections including 1.57 g/t Au, 29.99 g/t Ag and 1.92 AuEq over a 47m interval, from 26m depth. The CNZ mineralisation was not included in the maiden Hamama West mineral resource estimate. SCMH-hosted mineralisation at the CNZ outcrops at surface on both the northern and western flanks of the Cretaceous Nubian Sandstone (‘NS') outlier, which unconformably overlies the Neoproterozoic rocks hosting the mineralisation at Hamama.

Surface trenching of the unconformity has clearly shown that the mineralisation continues under and immediately beneath the NS outlier. Previous diamond drilling at the CNZ has returned intersections including 2.46 g/t Au, 157.3 g/t Ag, and 4.73 g/t AuEq, over a 19m interval from 12m depth, 2.05 g/t Au, 168.9 g/t Ag and 4.48 g/t AuEq, over a 12m interval from 27m depth (hole AHA-045, see also news release dated June 9, 2015), and 1.65 g/t Au, 82.7 g/t Ag and 1.92 g/t AuEq over a 28m interval, from 7m depth (hole HAD-007, see news release dated May 18, 2017). Previous surface trenching at the CNZ also returned intersections of mineralisation outcropping at surface including 3.47 g/t Au, 118.2 g/t Ag, and 5.35 g/t AuEq over a 26m width (trench AHA-T-113, see news release dated July 9, 2014).

The recent drilling has confirmed the presence of outcropping gold-silver mineralisation at the CNZ, with all holes intersecting mineralisation, as expected. Details of all mineralised intersections are provided in table 2, and selected intersections are shown below: HAD-054: 1.57 g/t Au, 230.6 g/t Ag, and 4.28 g/t AuEq, over a 20.78m interval, from 12.66m depth; HAD-052: 1.84 g/t Au, 62.2 g/t Ag, and 2.57 g/t AuEq, over a 24.55m interval, from 6.45m depth; HAD-042: 1.37 g/t Au, 52.81 g/t Ag, and 1.99 g/t AuEq, over a 34.80m interval, from 2.00m depth; HAD-049: 1.63 g/t Au, 7.01 g/t Ag, and 1.71 g/t AuEq, over a 16.30m interval, from surface; HAD-045: 1.23 g/t Au, 41.01 g/t Ag, and 1.72 g/t AuEq, over an 18.90m interval, from 0.80m.depth Mineralisation at the CNZ is apparently associated with the SCMH, but is quite variable in nature. The mineralisation is hosted in a variety of rock types from hard, dense haematite gossan, to kaolinitic apparently altered felsic rocks and typically pink to yellowish jarositic clays.

In places it is very rubbly and heavily fractured, resulting in significant core loss from several holes. Poor core recovery was typically associated with zones of higher grade mineralisation. Where core loss has been recorded, these zones of core loss were allocated zero grade, so it is likely that the reported intersection grades actually underestimate the true grade of the mineralised intervals.

The mineralisation is typically base metal poor, but in places carries significantly promoted Pb values, and to a lesser extent Zn and Cu. Silver grades vary from being very low (eg. hole HAD-049) to very high, in the order of hundreds of ppm.

Zones of high grade silver are frequently associated with the jarositic clays, and are spatially discrete within the overall SCMH unit. As at the main zone of Hamama West, the SCMH dips to the north in an overturned sequence, with its immediate stratigraphic footwall (ie. the structural or mining hangingwall to the mineralisation) consisting of totally oxidised, kaolin-rich, brecciated and heavily altered apparently felsic rocks.

The mineralisation appears to be cut off at depth by the west-dipping strike-slip fault which has displaced it from the main zone at Hamama West. There appears to be a north-south trending fault which displaces the mineralisation at the CNZ, although this is not clear, as its interpreted location lies beneath the NS outlier. The CNZ mineralisation appears to be pinching out to the west.

Drill core was logged by Aton geologists, and marked up for cutting and sampling at the Hamama core farm. Hamama sample prep facility. QAQC samples are inserted at a rate of approximately 1 certified reference material (or ‘standard' sample) every 30 samples, 1 blank sample every 15 samples, and 1 duplicate split sample every 15 samples.

The c. 250-500g dried, crushed and split samples were shipped to ALS Minerals sample preparation laboratory at Marsa Alam, Egypt where they were pulverised to a size fraction of better than 85% passing 75 microns. From this pulverised material a further sub-sample was split off with a nominal c. 50g size, which was shipped on to ALS Minerals at Rosia Montana, Romania for analysis. Samples were analysed for gold by fire assay with an atomic absorption spectroscopy (‘AAS') finish (analytical code Au-AA23), and for silver, copper, lead and zinc using an aqua regia digest followed by an AAS finish (analytical code AA45).

Any high grade gold samples (>10 g/t Au) were re-analysed using analytical code Au- GRA21 (also fire assay, but with a gravimetric finish). Any high grade Ag and base metal samples (Ag >100 g/t, and Cu, Pb and Zn >10,000ppm or >1%) were re-analysed using the ore grade technique AA46 (also an aqua regia digest followed by an AAS finish).