Aton Closes First Tranche of Private Placement

FOR IMMEDIATE RELEASE

ATON CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Not for distribution to United States newswire services or for dissemination in the United States

Vancouver, British Columbia - October 30, 2020: Aton Resources Inc. (TSX -V: AAN) (“Aton” or the

“Company”) is pleased to announce that it has closed the first tranche of its previously announced non -

brokered private placement (see news release dated October 22, 2020) (the “Offering”). In the first tranche, a

total of 400,000 units (each a “Unit”) were issued at $0.40 per Unit , for proceeds of $160,000. Each Unit

consists of one common share (a “Share”) and one half of a share purchase warrant (each whol e warrant a

“Warrant”). Each Warrant will entitle the holder to purchase an additional common share at $0.80 for a period

of three years from closing.

The net proceeds of the Offering will be used to fund further exploration activities at the Company’s 100%

owned Abu Marawat Concession, located in Egypt. In addition, part of the funds will be used to fund Aton’s

working capital requirements.

All securities to be issued pursuant to the Offering will be subject to a four month hold period from the closing

date under applicable securities laws in Canada, expiring March 1, 2021.

Aton anticipates that the second tranche closing of the Offering will take place in mid to late November.

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 numerous gold and bas e 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 o n the Concession at

Sir Bakis and Semna. Aton has identified several distinct

For further information regarding Aton Resources Inc.,

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

MARK CAMPBELL

President and Chief Executive Officer

Tel: +202-27356548

Email: [email protected]

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.

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.