Aton announces further results from the resource infill RC drilling programme at Hamama West

FOR IMMEDIATE RELEASE

Aton announces further results from the resource infill

RC drilling programme at Hamama West

Vancouver, British Columbia September 27, 202 2: Aton Resources Inc. (AAN: TSX -V) (“Aton” or the

“Company") is pleased to update investors on the latest assay results from its Hamama West gold- silver

project, located in the Company’s 100% owned Abu Marawat Concession (“Abu Marawat” or the

“Concession”), in the Eastern Desert of Egypt.

Highlights:

• Assay results have now been received for a further 27 RC drill holes, HAP-136 to HAP-162;

• Significant intersections include the following:

• 3.71 g/t Au, 258.4 g/t Ag and 6.75 g/t AuEq over a 12m interval, from surface (drill hole HAP-137);

• 0.92 g/t Au, 26.50 g/t Ag and 1.23 g/t AuEq over a 66m interval, from 2m depth (hole HAP-148);

• 0.85 g/t Au, 26.71 g/t Ag and 1.17g/t AuEq over a 66m interval, from 14m depth (hole HAP-155);

• 0.81 g/t Au, 22.14 g/t Ag and 1.07 g/t AuEq over a 68m interval, from 23m depth (hole HAP-156).

“These latest results from Hamama West continue to meet with our expectations, and are more than

respectable” said Tonno Vahk, Interim CEO. “The RC drilling is again demonstrating the presence of the wide

and continuous body of gold-silver mineralisation at Hamama West. Aton is continuing to push ahead with the

strategy agreed with our partners at the Egyptian Mineral Resources Authority, which will lead to the initial

development of the starter open pit heap leach operation at Hamama West, followed by the Rodruin mine. ”

Hamama West RC drilling programme

The Hamama West project has an indicated resource of 137,000 ounces of gold equivalent (“AuEq”, gold and

silver combined), and an inferred resource of 341,000 ounces AuEq. The uppermost oxide and transitional

component of the Hamama West deposit (the “gold oxide cap”) comprises an inferred resource of 106,000

ounces AuEq (see news release dated January 24, 2017). Metallurgical testwork has indicated average gold

recoveries of 75.6% and 72.7% from oxide and transitional mineralisation types respectively (see news release

dated February 22, 2018), using standard heap leach processing technology. Aton plans to initially mine the

outcropping oxide gold cap of the deposit, which is mineralised directly from surface, as a low capex/opex

starter open pit mining operation, with a heap leach processing facility. The Hamama West oxides will provide

early cash flow, and will represent the first stage of phased mine development at the Abu Marawat Concession.

The reverse circulation percussion (“RC”) resource infill drilling programme at the Hamama West gold-silver

project (Figure 1) was completed on August 24, 2022. The programme was designed by Aton, in conjunction

with our mineral resource consultants, Cube Consulting (Perth, Western Australia), to primarily test the oxide

and transitional portion of the Hamama West mineral resource estimate (“MRE”), with the specific objective of

upgrading the confidence of the existing inferred resource.

A total of 6,620m was drilled for the programme, predominantly at the Hamama West zone. 3 holes were

completed, for 297m, at the Western Carbonate zone, and 5 holes, for 390m, at the West Garida prospect

approximately 3km east of Hamama West (see news release dated September 1, 2022), with the remaining

5,933m drilled at Hamama West.

Figure 1: Geology plan of the Abu Marawat Concession, showing the location of the Hamama West project

Drill holes were laid out using handheld GPS, with all collars surveyed on the completion of the programme by

total station. Drill holes were down hole surveyed at appropriate intervals using a Champ GyroTM north-seeking

gyroscopic survey tool. The location of the drill holes is shown in Figure 2, and collar details of holes HAP-136

to HAP-162 are provided in Appendix A.

Results

Selected significant intersections from the holes HAP -136 to HAP -162 are shown below in Table 1, and full

results from all holes are provided in Appendix B. All drill holes intersected mineralisation, as expected.

The southernmost holes typically intersected narrower oxide zones closer to the structural footwall of the north-

dipping Hamama West mineralisation, which typically carry the higher grades, for example hole HAP -137

which intersected 12m grading 3.71 g/t Au, 258.4 g/t Ag and 6.75 g/t AuEq (at a Au:Ag ratio of 85:1), from

surface. Other holes which returned near -surface oxide zone intersections included HAP-138 (25m grading

1.24 g/t Au, 54.1 g/t Ag and 1.84 g/t AuEq from 1m down hole depth), HAP-142 (34m grading 0.76 g/t Au,

28.12 g/t Ag and 1. 09 g/t AuEq from 1m depth) , and HAP-151 (35m grading 0.90 g/t Au, 14.14 g/t Ag and

1.07 g/t AuEq from surface). Several of the holes ended in oxide mineralisation indicating the mineralised zone

to be wider than expected, for example holes HAP-141, HAP-142, HAP-150 and HAP-151.

Figure 2: Hamama West RC drilling programme – drill hole collar plan (red: 2022 RC holes reporting;

white: pre-2022 diamond drill holes)

Hole ID

Intersection (m) 1 Au

(g/t)

Ag

(g/t)

AuEq 2

(g/t) Comments

From To Interval

HAP-137 0 12 12 3.71 258.4 6.75 Oxide mineralisation

HAP-138 1 26 25 1.24 51.41 1.84 Oxide mineralisation

HAP-141 11 40 29 0.50 34.24 0.91 EOH in mineralisation (oxide)

HAP-142 1 35 34 0.76 28.12 1.09 EOH in mineralisation (oxide)

HAP-143 0 60 60 0.61 22.37 0.88 Oxide/sulphide mineralisation

HAP-146 6 97 91 0.53 15.58 0.72 Oxide/sulphide mineralisation

HAP-147 34 89 55 0.79 22.07 1.05 Oxide/sulphide mineralisation

HAP-148 2 68 66 0.92 26.50 1.23 Oxide/sulphide mineralisation

HAP-150 0 25 25 0.91 11.62 1.04 EOH in mineralisation (oxide)

HAP-151 0 35 35 0.90 14.14 1.07 EOH in mineralisation (oxide)

HAP-153 1 53 52 0.85 17.23 1.05 Oxide/sulphide mineralisation

HAP-155 14 80 66 0.85 26.71 1.17 EOH in mineralisation (sulphide)

HAP-156 23 91 68 0.81 22.14 1.07 Oxide/sulphide mineralisation

HAP-157 16 85 69 0.58 13.99 0.74 Oxide/sulphide mineralisation

Notes:

1) Intersections calculated at a nominal cutoff grade of 0.5 g/t AuEq in runs of continuous mineralisation

2) Gold equivalent, AuEq, is calculated at a ratio of 85:1 Au:Ag (ie. 1 g/t Au = 85 g/t Ag)

Table 1: Selected mineralised intersections from RC percussion holes HAP-136 to HAP-162

The deeper holes drilled from more northerly collar positions targeted the structural footwall at greater depth,

and intersected a combination of both oxide/transitional and sulphide mineralisation types. Some of these

holes intersected wide zones of mineralisation comprising both oxide/transitional and sulphide types.

Intersections included 66m grading 0.92 g/t Au, 26.50 g/t Ag and 1.23 g/t AuEq from 2m down hole depth

(hole HAP-148), 66m grading 0. 85 g/t Au, 26.71 g/t Ag and 1.17 g/t AuEq from 14m depth (hole HAP -155),

and 91m grading 0.53 g/t Au, 15.58 g/t Ag and 0.72 g/t AuEq from 6m depth (hole HAP-148).

These latest holes continue to show good continuity of the mineralisation at Hamama West.

Sampling and analytical procedures

The RC holes were drilled at 140mm diameter, and the bulk percussion chip samples were collected directly

into pre-written large plastic bags from the cyclone every metre, numbered with the hole number and hole

depths, and laid out sequentially at the drill site. Between each metre of drilling the cyclone and top box w ere

cleaned out with compressed air. The bags were then moved to a logging and storage area where the chips

were logged by Aton geologist s. The bulk 1m samples were weighed, and subsequently riffle split through a

3-tier splitter onsite by Aton field staff to produce an approximately 1/8 split, which was collected in cloth bags,

numbered and tagged with the hole number and depth. The splitter was cleaned with compressed air between

each sample. The r eject material from this initial bulk split was re -bagged, labelled and tagged, and the bulk

reject samples will be stored and retained on site at Hamama. A representative sample of each metre was

washed, stored in marked plastic chip trays, each containing 20m of samples, photographed, and retained

onsite as a permanent record of the drill hole.

All the 1m split samples were weighed again, and the samples were riffle split onsite at the Hamama sample

preparation facility, typically a further 3- 4 times using a smaller lab splitter, to produce a nominal c. 250-500g

sample split for dispatch to the assay laboratory. Again the splitter was cleaned with compressed air between

each sample. The laboratory splits were allocated new sample numbers.

QAQC samples are inserted into the sample stream at a rate of approximately 1 certified reference material

(or “standard” sample) every 30 samples, 1 blank sample every 15 samples, and 1 field duplicate split sample

every 15 samples.

The c. 250-500g split samples were s hipped 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 using an aqua regia digest followed by an AAS finish (analytical code Ag-AA45).

Any high grade gold samples (Au >10 g/t) were re-analysed using analytical code Au-GRA21 (also fire assay,

with a gravimetric finish). High grade Ag samples (Ag >100 g/t) were re-analysed using the ore grade technique

Ag-AA46 (also an aqua regia digest followed by an AAS finish).

About Aton Resources Inc.

Aton Resources Inc. (AAN: TSX-V) is focused on its 100%

owned Abu Marawat Concession (“Abu Marawat”),

located in Egypt’s Arabian -Nubian Shield, approximately

200 km north of Centamin’s world-class Sukari gold mine.

Aton has identified num erous gold and base metal

exploration targets at Abu Marawat, including the

Hamama deposit in the west, the Abu Marawat deposit in

the northeast, and the advanced Rodruin exploration

prospect in the south of the Concession. Two historic

British gold mines are also located on the Concession at

Sir Bakis and Semna. Aton has identified several distinct

geological trends within Abu Marawat, which display

potential for the development of a variety of styles of

precious and base metal mineralisation. Abu Marawat is

447.7 km2 in size and is located in an area of excellent

infrastructure; a four -lane highway, a 220kV power line,

and a water pipeline are in close proximity, as are the

international airports at Hurghada and Luxor.

Qualified person

The technical information contained in this News Release

was prepared by Javier Orduña BSc (hons), MSc, MCSM,

DIC, MAIG, SEG(M), Exploration Manager of Aton

Resources Inc. Mr. Orduña is a qualified person (QP) under

National Instrument 43-101 Standards of Disclosure for

Mineral Projects.

For further information regarding Aton Resources Inc.,

please visit us at www.atonresources.com or contact:

TONNO VAHK

Interim CEO

Tel: +1 604 318 0390

Email: [email protected]

Note Regarding Forward-Looking Statements

Some of the statements contained in this release are forward-looking statements. Since forward-looking statements

address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results

in each case could differ materially from those currently anticipated in such statements.

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 release.

Appendix A – RC drill hole collar details

Hole ID

Collar co-ordinates 1

Dip 2 Grid

azimuth 2

EOH

depth (m) Comments

X Y Z

HAP-136 534250.6 2913770.3 529.3 -55 180 35

HAP-137 534249.9 2913743.4 526.7 -90 0 25 Not surveyed 3

HAP-138 534203.0 2913760.6 526.3 -90 0 35 Not surveyed 3

HAP-139 534201.6 2913745.1 524.0 -90 0 25 Not surveyed 3

HAP-140 534201.6 2913799.7 526.1 -65 180 59

HAP-141 534163.0 2913766.4 529.0 -50 180 40

HAP-142 534161.9 2913750.2 523.6 -90 0 35

HAP-143 534116.7 2913795.8 526.0 -55 180 70

HAP-144 534114.3 2913819.0 527.9 -55 180 7 Collar collapsing - abandoned

HAP-144a 534114.3 2913819.0 527.9 -55 180 85 Re-drill of HAP-144

HAP-145 534050.8 2913837.0 517.0 -55 170 4 Collar collapsing - abandoned

HAP-145a 534051.7 2913833.8 516.9 -55 170 4 Collar collapsing - abandoned

HAP-145b 534051.7 2913833.8 516.9 -55 170 80 Re-drill of HAP-144/144a

HAP-146 534086.4 2913839.0 522.2 -60 175 110

HAP-147 534121.2 2913838.7 522.3 -55 180 95

HAP-148 534161.0 2913809.8 525.6 -60 180 75

HAP-149 534120.4 2913758.0 510.6 -90 0 30

HAP-150 534094.2 2913767.2 509.7 -55 180 25

HAP-151 534094.3 2913768.4 509.7 -90 0 35

HAP-152 534086.8 2913785.5 508.8 -90 0 90

HAP-153 534060.3 2913796.4 507.5 -90 0 60

HAP-154 534020.9 2913822.4 505.7 -55 180 70

HAP-155 534011.3 2913845.2 504.7 -50 180 80

HAP-156 534022.1 2913849.8 508.1 -55 180 100

HAP-157 533969.3 2913836.0 509.0 -57 180 100

HAP-158 533938.0 2913821.6 506.9 -55 180 90

HAP-159 533900.5 2913792.9 508.4 -65 150 45

HAP-160 533927.3 2913798.4 508.8 -55 165 65

HAP-161 533936.6 2913773.0 510.5 -55 180 40

HAP-162 533940.8 2913749.7 513.3 -55 180 15

Notes:

1) Collar co-ordinates surveyed by Leica TCRA1203+ R1000 Robotic total station

2) Collar surveys of drill holes undertaken at c. 3-6m depth, using a Champ Gyro north-seeking gyroscopic survey tool

3) Short vertical holes HAP-137 to HAP-139 were not downhole surveyed

4) All co-ordinates are UTM (WGS84) Zone 36R

Appendix B – Significant intersections

Hole ID

Intersection (m) 1 Au

(g/t)

Ag

(g/t)

AuEq 2

(g/t) Comments

From To Interval

HAP-136 1 13 12 0.72 23.58 1.00

and 22 26 4 0.42 72.95 1.28

HAP-137 0 12 12 3.71 258.4 6.75

HAP-138 1 26 25 1.24 51.41 1.84

HAP-139 0 8 8 2.86 48.73 3.44

HAP-140 13 55 42 0.60 19.39 0.82

HAP-141 11 40 29 0.50 34.24 0.91 Intersection to EOH

HAP-142 1 35 34 0.76 28.12 1.09 Intersection to EOH

HAP-143 0 60 60 0.61 22.37 0.88

HAP-144 - - - - - - Hole abandoned at 7m, collapsing

HAP-144a 30 68 38 0.28 9.08 0.39 Re-drill of HAP-144, sub-grade

mineralisation from 30-68m incl. 43 47 4 0.47 15.55 0.65

incl. 53 61 8 0.48 10.24 0.60

and 68 79 11 2.02 20.03 2.26

HAP-145 - - - - - - Hole abandoned at 4m, collapsing

HAP-145a - - - - - - Re-drill abandoned, collapsing

HAP-145b 0 71 71 0.55 13.96 0.71 Re-drill of HAP-145/145a

incl. 0 26 26 0.61 17.97 0.82

incl. 40 71 31 0.64 12.93 0.79

HAP-146 6 97 91 0.53 15.58 0.72

incl. 6 9 3 0.54 32.83 0.92

incl. 15 17 2 0.75 17.05 0.95

incl. 29 31 2 0.41 16.60 0.60

also incl. 46 97 51 0.75 17.70 0.95 76-82m: andesite dyke

incl. 46 76 30 0.63 19.03 0.85

incl. 82 97 15 1.23 21.69 1.48

HAP-147 13 15 2 0.31 32.60 0.69

and 19 22 3 0.59 31.63 0.96

and 34 89 55 0.79 22.07 1.05 41-48m: andesite dyke

incl. 34 41 7 0.66 20.73 0.90

incl. 48 89 41 0.94 25.65 1.24

HAP-148 2 68 66 0.92 26.50 1.23

incl. 2 54 52 0.50 20.52 0.74

incl. 54 68 14 2.49 48.71 3.07

HAP-149 3 27 24 0.71 17.31 0.92 0-3m: NSR

HAP-150 0 25 25 0.91 11.62 1.04 12-16m: andesite dyke

incl. 0 12 12 1.15 16.01 1.34

incl. 16 25 9 0.98 10.32 1.10 Hole still in mineralisation at EOH

HAP-151 0 35 35 0.90 14.14 1.07 19-24m: andesite dyke

incl. 0 19 19 1.26 17.32 1.46

incl. 24 35 11 0.70 15.05 0.88 Hole still in mineralisation at EOH

HAP-152 0 59 59 0.62 13.91 0.78 41-49m: andesite dyke

incl. 0 41 41 0.58 15.13 0.76

incl. 49 59 10 1.17 19.60 1.40

Hole ID

Intersection (m) 1 Au

(g/t)

Ag

(g/t)

AuEq 2

(g/t) Comments

From To Interval

HAP-153 1 53 52 0.85 17.23 1.05

HAP-154 0 43 43 0.80 21.56 1.06

incl. 0 17 17 0.31 13.51 0.47

incl. 17 43 26 1.13 26.82 1.44

HAP-155 14 80 66 0.85 26.71 1.17 EOH in mineralisation

incl. 14 36 22 0.55 18.83 0.78

incl. 36 80 44 1.00 30.65 1.36

HAP-156 23 91 68 0.81 22.14 1.07

incl. 23 47 24 0.57 24.07 0.86

incl. 47 91 44 0.93 21.09 1.18

HAP-157 16 85 69 0.58 13.99 0.74

incl. 16 68 52 0.43 12.95 0.58

incl. 74 85 11 1.52 23.85 1.80

HAP-158 1 29 28 0.39 16.48 0.59

HAP-159 0 29 29 0.49 31.26 0.86

HAP-160 14 28 14 0.52 11.12 0.65

HAP-161 1 9 8 1.78 42.95 2.28 0-1m: NSR

HAP-162 0 10 10 1.13 21.21 1.38

Notes:

1) Intersections calculated at a nominal cutoff grade of 0.5 g/t AuEq in runs of continuous mineralisation

2) Gold equivalent, AuEq, is calculated at a ratio of 85:1 Au:Ag (ie. 1 g/t Au = 85 g/t Ag)