AAN.V · 2026-01-05 12:00:00

Aton reports new results from metallurgical testing on Abu Marawat oxide, transition and sulphide mineralisation

Metallurgy & Processing

FOR IMMEDIATE RELEASE

Aton reports new results from metallurgical testing on

Abu Marawat oxide, transition and sulphide

mineralisation

Vancouver, British Columbia, January 5, 2026: Aton Mining Inc. (AAN: TSX-V) (“Aton” or the “Company") is

pleased to update investors on the results of metallurgical testwork from its Abu Marawat deposit (“Abu

Marawat”). Abu Marawat is located within the Company’s 100% owned Abu Marawat Concession ( “the

Concession”), in the Eastern Desert of Egypt.

Highlights:

• Nine composite samples representing the main mineralisation types at Abu Marawat underwent

preliminary metallurgical testwork investigating several different process options. The composite

samples were prepared from selected diamond drill core intervals and RC chips;

• The samples exhibit medium to hard grinding characteristics, with Bond Rod and Ball Mill Work Indices

ranging from 12.8–17.1 kWh/t. Abrasion Indices indicate slightly to moderately abrasive behaviour.

Sulphide composite AM-MET03 exhibits hard crushing characteristics, while oxide samples are

classified as medium;

• Whole ore cyanide leaching resulted in gold extractions ranging from 69.8% to 90.7%, and silver

extractions between 48.3% and 88.4%. Cyanide consumption (3.2–9.2 kg/t) and lime consumption

(0.6–12.0 kg/t) varied by ore type. Sulphide and transitional samples generally achieved the highest

extraction efficiencies. Overall, the testwork demonstrated that gold is largely amenable to cyanide

leaching, with silver recovery being more variable;

• Copper rougher flotation achieved 67–92% copper recovery with concentrate grades of 4–19% Cu,

depending on mineralisation type. Gold recovery in copper concentrates ranged from 40–75%, and

silver from 56–80%. Several samples (e.g. Fin Vein transitional and CVZ oxide) produced high grade

copper concentrates with significant precious metal enrichment;

• Cleaner stages produced high grade copper concentrates (up to 45% Cu), but at the cost of significant

recovery losses (often 10–40% Cu recovery in the cleaners). While copper and gold recoveries

decreased in cleaner circuits, silver grades remained notably high. Silver consistently reported strongly

to copper concentrates, frequently achieving 2–6 kg/t Ag in the cleaner products;

• Zinc depression proved challenging when testing the transitional ore types, especially for the CVZ

transitional composite, with zinc misreporting to copper concentrates even at elevated dosages of zinc

depressants. In contrast, the Fin Vein transitional composite responded better, with improved zinc

depression;

• Saleable copper and zinc concentrates were achieved during testing of the CVZ sulphide composite

sample. The copper circuit achieved a concentrate grade of 23.7% Cu at 48.3% recovery, whilst the

zinc circuit achieved a concentrate grade of 60.4% Zn at 72.3% recovery;

• Leaching of flotation tailings provided substantial incremental recovery, adding a further 60–86% gold

extraction and 37–64% silver extraction from the final cleaner tailings;

• SART testing exhibited a high degree of sulphide precipitation for dissolved copper, zinc, and silver

(typically >97% precipitated from solution in 15 minutes), enabling significant cyanide regeneration.

Gold extraction was limited (~62%) due to reduction to elemental gold and, possibly co-precipitation

and entrainment.

• Overall, metallurgical testing of the Abu Marawat composite samples demonstrated that:

• The mineralisation responds strongly to conventional cyanide leaching, especially for gold;

• High value copper concentrates containing significant silver credits are achievable, albeit with

some recovery losses;

• Zinc depression proved a challenge, especially in CVZ and Fin Vein transitional mineralisation

types;

• Zinc cleaner flotation can produce marketable high-grade concentrates with moderate recovery;

• A flotation + leach flowsheet offers improved overall metal extraction; and

• SART can be highly effective for cyanide recovery and base metal removal at Abu Marawat.

“These preliminary metallurgical testwork results from the Abu Marawat polymetallic mineralisation are most

encouraging, and indicate that the oxide mineralisation types can be processed economically using a fairly

conventional process route for copper ores with high cyanide soluble copper content, that is by producing a

saleable copper concentrate with precious metal credits, a saleable sulphide concentrate from SART, and doré

from a Merrill-Crowe circuit” said Tonno Vahk, CEO. “Transitional ores from the CVZ and Fin Vein can be

processed by conventional flotation to produce a saleable zinc concentrate with copper, gold and silver credits,

which also could potentially be sold as a precious metals concentrate. The CVZ and Fin Vein sulphide

mineralisation can be processed by sequential flotation to produce saleable copper and zinc concentrates,

containing very respectable gold and silver metal credits. The latest phase of drilling has also been completed

at Abu Marawat and our consultants are about to commence work on updating the Abu Marawat mineral

resource estimate. This preliminary metallurgical testwork programme has identified potential processing

routes for the production of gold, silver, copper and zinc from Abu Marawat, allowing the Company to push

ahead towards its goal of incorporating both the Abu Marawat and Semna deposits, where drilling is ongoing,

into the Abu Marawat exploitation lease.”

Abu Marawat gold-silver-copper-zinc project

The Abu Marawat gold-silver-copper-zinc deposit is located approximately 35km northeast of the Hamama

West deposit and 10km north-northeast of the Semna gold mine project, and is accessed via a well maintained

desert track from the Qena-Safaga highway, approximately 25km to the north (Figure 1). On March 1, 2012

Aton Resources, when formerly named Alexander Nubia International Inc, announced a maiden Inferred

Mineral Resource at Abu Marawat, prepared by Roscoe Postle Associates Inc., in compliance with the

requirements set out in Canada’s National Instrument 43-101. The resource was subsequently restated in an

updated Technical Report without amendment (see news release dated January 24, 2017), and which is

available online at Aton’s website at https://atonresources.com/investors/reports-and-presentations. This

Inferred Mineral Resource was based on 98 diamond drill holes totalling 19,573 metres. 19 of these holes were

drilled by a former property owner, Minex Minerals Egypt, a wholly owned subsidiary of Greenwich Resources

Plc during the late 1980’s, and the remainder were drilled by Aton in 2011. The Inferred Mineral Resource

comprises 2.9 million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77% Cu and 1.15% Zn,

containing 162 thousand ounces of gold, 2.7 million ounces of silver, 49 million lbs of copper, and 73 million

lbs of zinc, and was based on net smelter return (“NSR”) cut-off grades.

During 2025 Aton completed a 113 hole diamond drilling programme (holes AMD-101 to AMD-213), for a total

of 9,643 metres drilled (see news release dated October 2, 2025), focused primarily on the more gold and

silver-rich parts of the CVZ and the Fin Vein, of which several holes were designed specifically for the collection

of metallurgical testwork samples. In November 2025, Aton also completed a 71 hole reverse circulation

percussion (”RC”) drilling programme (holes AMP-214 to AMP-284), for a total of 6,647 metres drilled. The

final results are not yet available for this RC programme, but are expected to be reported shortly.

The polymetallic mineralisation at Abu Marawat is interpreted as being mesothermal in origin, and occurs in a

series of discrete and roughly parallel N-S to NNW-SSE trending veins and structures, of which the Fin Vein

and the Central Vein zone (“CVZ”) are the most significant, hosted within a sequence of intensely

hydrothermally altered, felsic metavolcanic rocks. The Fin Vein and the CVZ are about 50-100m apart and

have been traced for at least 800m in surface outcrop and drill holes. The bulk of the Inferred Mineral Resource

at the Abu Marawat deposit encompasses parts of the CVZ and the Fin Vein, but there are also other

subparallel mineralised veins to the east and to the west of these structures, such as the J Vein, the JVZ

structure.

Figure 1: Geology plan of the Abu Marawat Concession, showing the location of the Abu Marawat deposit

Metallurgical testwork programme

Nine composite samples were prepared from the Abu Marawat deposit for metallurgical testing (AM-MET01 to

AM-MET09), representing the oxide, transitional and sulphide mineralisation types associated with the CVZ,

the Fin Vein and the JVZ structure.

The preliminary testwork programme was designed to evaluate several different options for processing copper

ores with high cyanide soluble copper content, and surface mineral oxidation. Typically, when copper oxide-

bearing gold mineralisation with high cyanide soluble copper content is processed via conventional CIL, this

results in high cyanide consumption. The programme specifically focused on evaluating conventional cyanide

leaching versus flotation-CIL for the oxide mineralisation. A limited programme of sulphidisation, acidification,

re-cycling and thickening (“SART”) testing was undertaken to determine the potential for recovering metals

including copper, gold, silver and zinc from a gold cyanidation leach solution generated from a blend of oxide

mineralisation from the CVZ.

The transitional and sulphide ores were also tested by conventional flotation to determine whether separate

saleable copper and zinc concentrates could be produced.

Nine composite samples for metallurgical testwork were prepared, representing the main mineralisation types

present at Abu Marawat. The samples were selected from diamond drill core (both HQ and PQ size, samples

AM-MET01 to AM-MET08), and RC drill chips (sample AM-MET09). Details of the samples are provided in

Table 1.

Sample ID Sample type Testwork planned Material type

Aton estimated grades

(g/t)

(%)

AM-MET01 Fin Vein oxide comminution PQ whole core - - - -

AM-MET02 CVZ oxide comminution PQ whole core - - - -

AM-MET03 CVZ transitional comminution / flotation PQ whole core - - - -

AM-MET04 Fin Vein transitional leach test / flotation PQ/HQ half core 5.00 176 0.31 3.91

AM-MET05 Fin Vein oxide leach test PQ/HQ half core 4.78 103 0.44 3.80

AM-MET06 CVZ oxide leach test HQ half core 3.05 35.6 1.21 0.39

AM-MET07 CVZ oxide leach test HQ half core 2.64 34.3 0.79 1.23

AM-MET08 JVZ oxide leach test PQ/HQ half core 3.31 36.3 0.25 0.62

AM-MET09 CVZ sulphide leach test / flotation RC chips 4.37 99 0.38 4.36

Table 1: Abu Marawat metallurgical sample details

Aton dispatched the nine composite samples from Egypt, totalling 350 kg in weight, to SLR Consulting (“SLR”),

for metallurgical testing at their laboratory, located in Cornwall, UK. The samples were delivered in two batches,

with the initial set of eight diamond drill core samples weighing 330 kg dispatched to SLR during July 2025

(samples AM-MET01 to AM-MET08). Sample AM-MET09, weighing 19.5 kg, was dispatched from Egypt and

received by SLR in October 2025. The testwork was conducted between July and November 2025.

A summary of the samples received and the testwork carried out on each sample is shown in Table 2 below.

Date received Sample ID Testwork completed Mass (kg)

15/7/2025

AM-MET01 comminution / whole ore leach 68.3

AM-MET02 comminution / whole ore leach 70.1

AM-MET03 comminution / whole ore leach / flotation 90.2

AM-MET04 whole ore leach / flotation 16.4

AM-MET05 whole ore leach / flotation / leach 22.2

AM-MET06 whole ore leach / flotation / leach 20.7

AM-MET07 whole ore leach / flotation / leach 21.1

AM-MET08 whole ore leach / flotation / leach 21.5

7/10/2025 AM-MET09 whole ore leach / flotation 19.5

Total 350.0

Table 2: Sample receipt summary

Head assays

A representative sub-sample of composite samples AM-MET01 to AM-MET08, and latterly AM-MET09, were

extracted, pulverised to <75µm and submitted for chemical analysis for the following elements; Au, Ag, total

Cu (“Cu (TOT)”), soluble Cu (“Cu (CN SOL)”), Pb, Zn, As, total S (“S(TOT)”), Hg and Te. The results of the head

assays are provided in Table 3.

The Au head assays measured by screen fire assay (Table 3) show reasonably good correlation with the

estimated grade of the composited drill core samples (Table 1). Ag, Cu, Pb and Zn head assays also showed

reasonable correlation with the estimated grades of the composite samples. The reasonably good correlation

in assay results indicates that the composite samples prepared for metallurgical testwork are representative

of the drill core intervals sampled. Samples AM-MET01 to AM-MET03 consisted of whole core and were

selected on the basis of the visual identification of mineralisation, however, no grades could be estimated for

these samples prior to their selection, collection and dispatch from site.

Sample ID Au

(g/t)

CuTOT

(%)

CuCN-SOL

(%)

STOT

(%)

AM-MET011 Fin Vein oxide 11.5 184 0.63 - - 5.80 -

AM-MET012 Fin Vein oxide 11.7 212 0.63 0.40 - 5.71 0.04

AM-MET021 CVZ oxide 15.1 104 1.82 - - 0.83 -

AM-MET022 CVZ oxide 15.1 122 1.79 1.53 - 0.92 0.07

AM-MET03 CVZ transitional 1.6 42.0 0.38 0.13 0.00 1.56 2.51

AM-MET04 Fin Vein transitional 3.9 152 0.35 0.07 0.11 3.99 3.05

AM-MET05 Fin Vein oxide 5.6 96.9 0.46 0.29 0.18 4.20 0.04

AM-MET06 CVZ oxide 2.0 34.7 1.08 0.76 0.01 0.46 0.06

AM-MET07 CVZ oxide 2.8 36.6 0.52 0.28 0.04 1.81 0.05

AM-MET08 JVZ oxide 3.2 50.5 0.20 0.11 0.08 0.54 0.08

AM-MET09 CVZ sulphide 4.2 102 0.41 0.04 0.16 4.63 4.05

Average 7.0 103 0.75 0.40 0.08 2.77 1.41

Notes:

1) Head assays during comminution sample preparation

2) Head assays during whole ore leach sample preparation

Table 3: Head assay results

Comminution testwork

Bond low energy impact tests

Bond low energy impact testing was conducted to determine the typical energy required during crushing of the

sample material, known as the Crusher Work Index. Testing was conducted on three of the composite samples

AM-MET01, AM-MET02 and AM-MET03. The results of the Bond low energy impact tests are summarised in

Table 4.

Sample ID Specific

gravity

Bond Crusher Work Index

(kWh/t)

AM-MET01 Fin Vein oxide 2.91 13.52

AM-MET02 CVZ oxide 2.89 12.97

AM-MET03 CVZ transitional 2.82 27.94

Table 4: Bond low energy impact test results

Based on the standard classification criteria, oxide samples AM-MET01 and AM-MET02 are classified as

“medium”, and the transitional sample AM-MET03 as “very difficult”, with respect to crushability.

Bond abrasion index tests

Bond Abrasion Index testing was performed to provide an indication of the likely mill liner and grinding media

wear rates experienced when processing material from the deposits. The results of the Bond Abrasion Index

tests are summarised in Table 5 below. Based on the standard classification criteria, AM-MET01 and AM-

MET03 are classified as being “moderately abrasive” and AM-MET02 as “slightly abrasive”.

Sample ID

Bond Abrasion Index

Value Classification

AM-MET01 Fin Vein oxide 0.5616 Moderately abrasive

AM-MET02 CVZ oxide 0.297 Slightly abrasive

AM-MET03 CVZ transitional 0.4438 Moderately abrasive

Table 5: Bond Abrasion Index test results

Bond Rod Mill Work Index tests

Bond Rod Mill Work Index (BRMWi) testing was conducted on the designated AM-MET samples, to determine

the energy required to grind a sample from a feed size distribution (F100) of 100% passing 12.5mm to a product

size distribution (P100) of 1.18mm using a standard Laarmann LMRM41 laboratory Bond rod mill. Table 6 shows

the result of the Bond Rod Mill Work Index tests.

Sample ID

AM-MET01 AM-MET02 AM-MET03

Fin Vein oxide CVZ oxide CVZ transitional

Closing screen (µm) 1180 1180 1180

Feed, F80 (µm) 9,674 10,198 10,161

Product, P80 (µm) 916 905 901

Grams per revolution 9.26 9.26 11.03

Work Index (kWhr/t) 14.62 12.84 16.89

Relative Hardness Classification Hard Medium Hard

Table 6: Bond Rod Mill Work Index test results

Bond Rod Mill Work index testing indicated that AM-MET01 and AM-MET03 samples are classified as “hard”

and AM-MET02 is classified as being of “medium” hardness.

Bond Ball Mill Work Index tests

Bond Ball Mill Work Index (BBMWi) testing was used to determine the work index of the AM-MET samples

composites, which is a measure of the resistance of the material to grinding. It can be used to determine the

grinding power requirements for a given throughput of material under ball milling conditions. Table 7 shows

the result of the Bond Ball Mill Work Index tests.

Sample ID

AM-MET01 AM-MET02 AM-MET03

Fin Vein oxide CVZ oxide CVZ transitional

Closing screen (µm) 106 106 106

Feed, F80 (µm) 2,509 2,359 2,724

Product, P80 (µm) 77 80 78

Grams per revolution 1.22 1.22 1.33

Work Index (kWhr/t) 15.20 14.57 17.10

Relative Hardness Classification Hard Hard Hard

Table 7: Bond Ball Mill Work Index test results

Based on the Bond Work Index classification criteria all 3 tested samples can be classified as “hard”.

Whole ore cyanidation leach testwork

A single kinetic cyanide leach test was conducted on each composite sample to investigate metal recoveries

achieved under conventional cyanide leaching conditions.

Results of the whole ore leach tests conducted on each of the 9 AM-MET samples are summarised in Table 8

below:

Sample /

Test ID

Mineralisation

type

Extraction (%) Reagent consumption

(kg/t)

Au Ag Cu Zn NaCN Lime

AM-MET01-LT1 Fin Vein oxide 85.5 48.3 19.5 1.5 4.4 3.2

AM-MET02-LT1 CVZ oxide 69.8 62.2 22.0 0.0 9.2 2.4

AM-MET03-LT1 CVZ transitional 79.2 66.7 26.0 0.8 4.6 0.9

AM-MET04-LT1 Fin Vein transitional 82.3 64.4 15.0 0.2 3.6 0.6

AM-MET05-LT1 Fin Vein oxide 82.5 42.0 18.0 0.5 4.6 1.8

AM-MET06-LT1 CVZ oxide 83.5 61.2 12.2 1.5 8.1 12.0

AM-MET07-LT1 CVZ oxide 75.5 51.6 30.8 0.1 6.2 2.0

AM-MET08-LT1 JVZ oxide 89.2 62.6 45.3 4.2 4.1 1.2

AM-MET09-LT1 CVZ sulphide 90.7 88.4 3.4 0.4 3.2 1.3

Table 8: Whole ore cyanidation leach test results

The results show gold extractions ranging from 69.8% in AM-MET02 to 90.7% in AM-MET09, and silver

extractions ranging from 48.3% in AM-MET01 to 88.4% in AM-MET09.

The results show sodium cyanide (“NaCN”) consumptions ranging from 3.2 kg/t in AM-MET09 to 9.2 kg/t in

AM-MET02, and lime consumptions ranging from 0.6 kg/t in AM-MET04 to 12.0 kg/t in AM-MET06.

Flotation testwork programme – oxide mineralisation

Rougher kinetic tests

Rougher kinetic flotation tests were conducted on the Fin Vein, CVZ and JVZ structure oxide mineralisation

composite samples. Results from the rougher stage obtained from the corresponding optimal open cycle

cleaner (“OCC”) tests are summarised in Table 9 below.

Sample

OCC

test ID

Product

Mass

pull

(%)

Grade Recovery (%)

(%)

(g/t)

(%)

STOT

(%) Cu Au Ag Zn STOT

AM-

MET05 FCT 3

Rougher

Conc

6.13 4.9 52.0 1,038 11.3 0.8 65.8 59.7 66.5 17.7 52.8

AM-

MET06 FCT 4 9.17 8.0 9.3 188.8 1.1 0.4 69.9 43.1 53.4 22.6 31.5

AM-

MET07 FCT 4 4.77 5.9 38.1 519.7 3.0 0.8 56.1 59.4 59.8 8.2 38.8

AM-

MET08 FCT 2 3.92 2.4 32.8 716.9 1.6 1.3 48.4 39.3 62.5 12.0 44.4

Table 9: Rougher kinetic float test results – oxide mineralisation

The results show that reasonable metal recoveries were obtained to the copper rougher concentrate ranging

from 48.4% to 65.8%, at concentrate grades ranging from 2.4% Cu to 8.0% Cu.

Open cycle cleaner tests

A follow-up series of OCC flotation tests were subsequently conducted based upon the optimum rougher

flotation conditions. A summary of the optimum OCC test results is provided in Table 10 below.

Sample

OCC

test ID

Product

Mass

pull

(%)

Grade Recovery (%)

(%)

(g/t)

(%)

STOT

(%) Cu Au Ag Zn STOT

AM-

MET05 FCT 3 Cl 2 Conc 0.99 17.6 159 3,647 15.7 2.0 37.8 29.5 37.7 3.9 20.3

AM-

MET06 FCT 4 Cl1+Sc

Conc 2.69 24.4 23.2 534.6 1.4 0.9 62.6 31.5 44.3 8.6 17.9

AM-

MET07 FCT 4 Cl 2 Conc 0.78 22.8 139 1,868 5.6 1.9 35.7 35.5 35.3 2.5 14.7

AM-

MET08 FCT 2 Cl 3 Conc 0.43 13.9 101 3,410 3.4 7.6 30.9 13.1 32.3 2.8 27.8

Table 10: Open cycle cleaner test results – oxide mineralisation

Results show that reasonable copper recoveries were obtained to the cleaner concentrate ranging from 30.9%

to 62.6%, at cleaner concentrate grades ranging from 13.9% Cu to 24.4% Cu. The target was to achieve a

saleable concentrate grade of 18-22% Cu, which was obtained for the Fin Vein and CVZ oxide mineralisation

(samples AM-MET05 to AM-MET07), but not for the JVZ oxide mineralisation (sample AM-MET08). Even with

3-stage cleaning a cleaner concentrate grade of only 13.9% Cu was achieved for the JVZ oxide sample, AM-

MET08.

The gold and silver metal grades reporting to the saleable copper concentrate are also reasonable and will

result in significant precious metal credits.

The zinc grade in the Fin Vein oxide composite sample (AM-MET05) at 15.7% Zn is higher than the maximum

acceptable zinc grade for a saleable copper concentrate and thus will attract smelter penalties. Net Smelter

Return (“NSR”) will be calculated for different concentrate options in order to determine which will have the

highest economic return.

Flotation testwork programme – transitional mineralisation

Rougher kinetic tests

Rougher kinetic flotation tests were conducted on the CVZ and Fin Vein transitional mineralisation types

(samples AM-MET03 and AM-MET04, respectively).

Sequential float tests failed to produce separate copper and zinc rougher concentrates. The zinc grades in the

combined rougher concentrate were too high to take forward to the cleaning stage.

The AM-MET03 and AM-MET04 samples are interpreted as being representative of the transitional

mineralisation zone. Detailed geological examination and logging of drill core from the transitional zone shows

that there are visible copper oxide coatings on the zinc carbonate and oxide minerals. The presence of copper

oxide mineral coatings results in self-activation of the zinc carbonate and oxide minerals in the copper rougher

flotation stage.

Open cycle cleaner tests

Open cycle cleaner tests were conducted on the CVZ and Fin Vein transitional mineralisation types. Results

of the optimal OCC tests are summarised in Table 11 below.

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