FOR IMMEDIAT E RELEASE Aton reports the continu ation of strong mineralisation at depth at the Semna project , including 3.65 g/t of gold over an interval of 25 metres
FOR IMMEDIAT E RELEASE
Aton reports the continu ation of strong mineralisation
at depth at the Semna project , including 3.65 g/t of
gold over an interval of 25 metres
Vancouver, British Columbia, December 23, 202 5: Aton Resources Inc. (AAN: TSX -V) (“Aton” or the
“Company") updates investors on the final results from its phase 3a reverse circulation percussion (“RC”)
drilling programme at the Semna gold mine project, located within the retained exploration areas of the
Company’s Abu Marawat Concession (“Abu Marawat” or the “Concession”) in the Eastern Desert of Egypt.
Highlights:
• 44 RC drill holes (SMP-049 to SMP-092) were completed in the phase 3a programme at Semna, for
a total of 5,257 metres drilled. Full assay results, including conventional fire assay and metallic screen
fire assay results, are now available for the final 19 holes of the programme (SMP-074 to SMP-092);
• Significant high grade mineralised intersections (based on metallic screen fire assay analyses) include
the following:
• 3.65g/t Au over a 25m interval , from 157m downhole depth , from hole SMP-085, including
intervals of 11.92 g/t Au over 3m and 6.11 g/t Au over 9m;
• 4.20 g/t Au over a 17m interval, from 111m downhole depth , including an interval of 15.84 g/t
Au over 4m (hole SMP-088);
• 10.62 g/t Au over a 5m interval, from 128m downhole depth (hole SMP-082);
• 7.33 g/t Au over a 6m interval, from 126m downhole depth (hole SMP-090);
• 9.58 g/t Au over a 3m interval, from 137m downhole depth (hole SMP-078); and
• 3.83 g/t Au over a 12m interval, from 19m downhole depth (hole SMP-091).
• Wide zones of quartz vein associated mineralisation were intersected in deep RC holes SMP -085,
SMP-086 and SMP -088, showing the mineralisation continues at depth beneath the Main Vein and
Offset Vein zones, as well as strong down-dip persistence of these mineralised structures;
• High grade mineralisation was also intersected approximately 270m east-northeast and along strike
of the old Main Vein underground workings (holes SMP-078 and SMP-082). Furthermore, near-surface
mineralisation was also drilled on the Adit Vein West structure, approximately 130m south of the
underground workings (hole SMP-091), as well as previously untested mineralisation on the Central
Vein zone (holes SMP-089 and SMP-090);
• The latest drilling results, expanding the mineralisation at depth, along strike, and to new structures
away from the Main Vein zone, continue to indicate the potential for a significant orogenic gold system
at Semna, with multiple high grade mineralised structures and orientations.
“2025 has been another busy year in Egypt for Aton, and we are pleased to close it out with another very
promising set of drill results from our emerging Semna project ” said Tonno Vahk, CEO. “We are particularly
encouraged by the persistence of multiple and wide quartz vein structures at depth, as we chase them down-
dip, as well as the presence of wide zones of gold mineralisation at very respectable grades. We are also
increasing the strike length of the high grade mineralisation on the Main Vein, and continue to intersect near-
surface and outcropping mineralisation on new structures that have not yet been drill tested . As we continue
to expand the surface footprint of the high grade mineralisation, as well as drilling wide zones of mineralisation
at depth, Semna is certainly shaping up as a potentially very significant high grade gold deposit. We continue
to move ahead on other projects, and expect to be able to release encouraging new drill and metallurgical
testwork results from the A bu Marawat deposit early in 2026, also in our retained exploration areas. At
Hamama work on the PFS is continuing, and we are looking to rapidly accelerate the development of the
Hamama West mine, and are planning to commence gold production there in 2027. This year has certainly
been a busy one for Aton, and we are looking forward to an even more exciting and productive year in 2026
as we push ahead to becoming only the second international gold miner in Egypt. Finally , I would like to wish
all our shareholders and stakeholders a happy holiday season, and a successful and prosperous New Year! ”
Semna gold mine project
The Semna prospect is located approximately 27km east -northeast of the Hamama West deposit and 13km
north-northeast of the Rodruin deposit, and is accessed via desert tracks from either Hamama, Rodruin or the
Abu Marawat deposit to the north (Figure 1). The Semna area has a long history of gold mining , dating back
thousands of years to the Old Kingdom, and it was more recently exploited between 1904 and 1906 by two
British companies, which worked the Main Vein on two underground levels. It is anecdotally su ggested that
the Semna mine had the widest vein exploited during the early 20 th Century phase of gold mining in Egypt,
reaching up to 6m width in places, with the British companies reporting mining grades of over 2 ounces per
ton. Reports from the British Mining Journal from 1905 indicated that some remnant pillars within the ancient
Pharaonic-era stopes assayed up to 5.5 ounces per ton of gold. More recently the area has been extensively
worked by illegal artisanal miners, who have now been removed from the site.
Figure 1: Geology plan of the Abu Marawat Concession, showing the location of the Semna prospect
During 2023 Aton completed a first phase of RC drilling at Semna, drilling 21 holes for a total of 3,662 metres.
This initial programme yielded excellent results with mineralised intersections including 50.07 g/t Au over a
6m interval (hole SMP -016), 28.36 g/t Au over a 4m interval (hole SMP -003), 10.61 g/t Au over a 9m
interval (hole SMP-019), and 5.73 g/t Au over a 14m interval (hole SMP-017). The RC drilling confirmed the
presence of significant coarse gold in the Semna mineralisation (see news release dated December 18, 2023).
Subsequent metallurgical testwork undertaken by Aton returned very positive results with gold recoveries in
excess of 97% from 2 representative bulk samples of the Semna mineralisation . Gold was also recovered to
2 gravity concentrates at rates of 56.4% and 62.2%, again indicating a significant component of coarse gold
in the Semna mineralisation . The testwork indicated that the Semna mineralisation is amenable to treatment
by both conventional CIL, and gravity concentration-leach processing options (see news release dated January
4, 2024).
In 2024 the Company completed a 27 hole follow up diamond drilling programme for a total of 4,701 metres
drilled (see news release dated July 4, 2024). This programme also returned significant high grade
intersections including 11.69 g/t Au over a 5.19m interval, from 126.35m downhole depth, and 21.53 g/t Au
over a 1.50m interval , from 147.20m (both from hole SMD -048), 15.05 g/t Au over a 2.55m interval , from
100.45m (hole SMD -025), 27.90 g/t Au over a 1.37m interval , from 68.94m (hole SMD -043), 8.10 g/t Au
over a 3.13m interval, from 135.83m (hole SMD-027), and 16.77 g/t Au over a 1.55m interval, from 64.30m
(hole SMD-044).
The mineralisation at Semna is interpreted as being orogenic in style, and is associated with an array of
structures, presumed to have formed in dilational zones, accompanied by shearing and phyllic wall rock
alteration. The mineralised structures appear to be localised between and offset by a series of regional north-
northeast striking fault s. The se structures are frequently manifested as milky white quartz veins, which
apparently anastomose and pinch and swell, and are associated with locally strong phyllic wall rock alteration.
The quartz veins are variably sulphidic, and the highest grades of gold mineralisation are typically associated
with lenses and selvages of sulphide minerals, sub-parallel to the veins, as well as occurring at the margins of
the veins, and in the immediately adjacent altered wall rocks. The mineralisation at Semna predominantly
consists primarily of gold, which is often coarse and nuggety. The sheared veins locally contain abundant
chalcopyrite, and can carry significantly elevated grades of silver and copper.
Semna phase 3a RC drilling programme
A total of 44 drill holes (SMP-049 to SMP-092) have been drilled in the Semna phase 3a RC drill programme,
for a total of 5,257 metres. The final metallic screen fire assay results are now available for holes SMP-074 to
SMP-092, and are reported herein (Figure 2). Previously reported mineralised intersections from the phase 3a
RC drill programme include 14.33 g/t Au over a 9m interval, from 72m downhole depth (hole SMP-050) and
10.74 g/t Au over a 6m interval , from 138m downhole depth (hole SMP -073), see news release dated July
2, 2025.
After the completion of the phase 3a drilling, the RC rig was mobilised to Hamama for other priority work on
the Hamama Pre-Feasibility Study, and then completed 6,647 metres of RC drilling at the Abu Marawat project,
before returning to Semna. RC drilling re -commenced at Semna during November 2025 on the continued
phase 3b programme. A short phase 4 programme of diamond drilling was also undertaken at Semna during
November-December 2025, with 8 holes (SMD-201 to SMD-208) being completed for a to tal of 406.8 metres
drilled.
The phase 3 a and 3b RC drill programmes have been undertaken on a reasonably tight spacing as the
Company looks to a ccelerate the estimation of a maiden resource at Semna in 2026, while considering the
grade variability and the irregular distribution of the nuggety coarse gold in the pinching and swelling veins.
Full collar details of all holes are provided in Appendix A.
Samples were initially composited over 4m intervals, with the entire length of all the drill holes being submitted
to the laboratory for gold fire assay analysis. Selected 1m split samples collected directly during the drill ing
were subsequently submitted for additional gold fire assay ing, as well as for silver and copper analysis, after
the receipt of the 4m composite assay results. After receipt of the 1m split sample assay results, further
selected 1m split samples were re-submitted for additional metallic screen fire assay analysis, comprising the
majority of the samples from within the mineralised intervals.
Figure 2: Geology and drill hole collar plan of the Semna prospect, holes SMP-074 to SMP-092
(note holes SMP-079 to SMP-081 not shown)
Discussion of results
Selected mineralised intersections from holes SMP -074 to SMP -092 are shown below in Table 1 (based on
screen fire assay analyses). Full mineralised intersection details from these holes are provided in Appendices
B, C, and D ( metallic screen fire assay analys is, conventional fire assay analys is from the 1m split samples,
and conventional fire assay analysis from the 4m composite samples, respectively).
Hole ID
Intersection (m) Au 1
(g/t)
Ag
(g/t)
Cu
(ppm) Comments 2
From To Interval
SMP-078 85 88 3 6.22 1.3 0.09 Fire assay result: 3m @ 2.87 g/t Au
and 112 117 5 1.09 0.5 0.01
and 137 140 3 9.58 17.2 0.85 Fire assay result: 1m @ 16.63 g/t Au
SMP-082 128 133 5 10.62 3.8 0.09 Fire assay result: 5m @ 10.47 g/t Au
SMP-085 157 182 25 3.65 1.6 0.04 Fire assay result: 26m @ 3.39 g/t Au
incl. 157 160 3 11.92 6.5 0.20 Fire assay result: 4m @ 8.07 g/t Au
and incl. 173 182 9 6.11 2.1 0.03 Fire assay result: 9m @ 6.15 g/t Au
SMP-086 176 197 21 1.33 0.3 0.00 Fire assay result: 21m @ 1.27 g/t Au
SMP-088 111 128 17 4.20 1.1 0.03 Fire assay result: 17m @ 4.78 g/t Au
incl. 111 113 2 3.28 0.8 0.02
and incl. 124 128 4 15.84 3.4 0.09 Fire assay result: 4m @ 17.40 g/t Au
and 178 181 3 2.06 1.5 0.02
SMP-089 31 33 2 9.27 1.2 0.01 Fire assay result: 2m @ 11.46 g/t Au
SMP-090 44 46 2 4.06 0.5 0.01
and 126 132 6 7.33 6.7 0.25 Fire assay result: 6m @ 7.01 g/t Au
SMP-091 19 31 12 3.83 0.8 0.02 Fire assay result: 12m @ 3.43 g/t Au
Notes:
1) Screen fire gold assays (ALS analytical code Au-SCR-24) are used in the calculation of intersections
2) Conventional fire assays from 1m splits (ALS analytical code Au-AA23) are used in the calculation of intersections
Table 1: Selected final intersections from the Semna phase 3 RC drilling, SMP-074 to SMP-092
Holes SMP-084 to SMP-088 targeted the deeper extensions of the Main Vein and Offset Vein zones , with
holes SMP-085 and SMP-086 intersecting wide zones of mineralisation, associated with wide and multiple
zones of milky white quartz veining, and associated phyllic wallrock alteration (see Figures 3 and 4). The
results are encouraging with the thickness of the quartz veins indicating that the mineralised structures are not
diminishing at these depths, and are suggestive of strong depth potential for the Semna mineralised system.
Figure 3: RC percussion chips from hole SMP-085, 140-200m depth, showing the mineralised interval
between 157-182m, associated with multiple zones of quartz veining and phyllic wallrock alteration
Figure 4: RC percussion chips from hole SMP-086, 160-200m depth, showing the mineralised interval
between 176-197m, associated with wide zones of quartz veining
Hole SMP-088 also intersected a wide zone of mineralisation, again associated with multiple quartz veins and
structures, some of which are interpreted as being “flat -lying” cross or ladder structures (4.20 g/t Au over a
17m interval, from 111m downhole depth).
6 holes targeted the far east-northeastern extension of the Main Vein zone (“MVZ”), and the NE Shear structure
(SMP-076, SMP -077 SMP-078, SMP -082, SMP -083 and SMP -092, Figure 2 ). All these holes intersected
mineralisation, indicating continuity of the mineralisation over a strike length of at least 550m from the western
end of the old underground workings. Holes SMP-078 (9.58 g/t Au over a 3m interval, from 137m downhole
depth), SMP-082 (10.62 g/t Au over a 5m interval , from 128m downhole depth ) and SMP-083 (5.36 g/t Au
over a 6m interval , from 188m downhole depth) all intersected mineralisation grading >5 g/t Au, indicating
strike and depth extent of high grade mineralisation in this area.
3 holes targeted the western end of the MVZ beneath the old underground workings (SMP-079 to SMP-081).
Holes SMP-079 and SMP -081 returned narrow intersections on the MVZ, and these holes suggest that the
mineralisation is diminishing at the western end of the underground workings. Hole SMP -081 also returned a
narrow intersection from the Central Vein zone (“CVZ”, see news release dated October 13, 2023, Figure 2).
Holes SMP-089 and SMP-090 tested the eastern extension of the CVZ, with both returning narrow mineralised
intersections (9.27 g/t Au over a 2m interval, from 31m downhole depth, and 4.06 g/t Au over a 2m interval,
from 44m downhole depth, respectively) close to surface. SMP-090 also returned a high grade intersection of
7.33 g/t Au over a 6m interval, from 126m downhole depth, from the down-dip extension of the MVZ.
Hole SMP-091 targeted a narrow zone of ancient workings, the Adit Vein West zone, approximately 130m
south of the MVZ and returned a very encouraging near -surface mineralised intersection of 3.83 g/t Au over
a 12m interval, from 19m downhole depth (see Table 2).
The latest tranche of RC drill results continues to clearly show that the gold mineralisation is associated with
the milky white quartz veins, occurring both within the quartz veins themselves at typically lower grades, and
also at higher grades in their sulphide-bearing (or oxidised near to the surface) margins and adjacent wall rock
(see news release dated July 2, 2025) . There appears to be a clear correlation between the gold grades and
the quantity of sulphide present in or adjacent to the veins themselves, and on their margins.
The current phase of drilling continues to expand the surface footprint of the known mineralisation at Semna,
including to previously untested structures such as the Adit Vein West (hole SMP -091). The deeper drilling
has confirmed strong persistence of the mineralised structures (SMP -085, SMP-086 and SMP-083), as well
as the presence and continuation of multiple quartz veins, at depth. Furthermore, drilling along the northeastern
strike extent of the old underground workings has indicated the continuation o f mineralisation both close to
surface (holes SMP-077, SMP-078 and SMP-092), as well as at depth (holes SMP-078, SMP-082 and SMP-
083), again associated with multiple structures.
Along with the previous identification of a series of well mineralised “flat” easterly-dipping structures (see news
releases dated February 1, 2024 and July 2, 2025), the latest RC drill results continue to indicate the presence
of multiple steeply south-dipping structures and veins at Semna, in multiple zones and at various orientations,
associated with high grade gold mineralisation. Evidence is emerging that rather than a series of simple tabular
pinching and swelling quartz veins the mineralisation may be host ed in a series of more discontinuous ,
plunging, and possibly en echelon type structures. The persistence of wide zones of mineralisation and quartz
veining at depth, the increased strike extent of the MVZ, and the expanding surface footprint of the mineralised
structures at Semna all suggest that the Semna deposit has the potential to be a significant sized high grade
orogenic gold system.
Sampling methodology and analysis
Please also refer to the “Sampling and analytical procedures” section below for ful l details of the sampling
procedures, and also the news release dated July 2, 2025, for further information on sampling methodologies.
All drill holes were sampled at the rig, with individual 1m length samples being captured into bulk plastic bags.
Sampling of each and every hole was undertaken in their entirety at 1 metre intervals. Aton field crews then
combined 4m intervals into composite samples, thoroughly mixing and homogenising the samples. These 4m
composite samples were then split down to c. 500 -1,000g samples which were dispatched from sit e for gold
fire assay analysis. Upon receipt of the initial 4m composite assay results, sele cted 1m mineralised intervals
were then sent to the laboratory for additional gold fire assay ing, as well as for analysis of silver and copper.
After the results of these 1m split samples were received, additional samples were selected and dispatched
for metallic screen fire assay analysis.
Hole SMP-091
Depth (m) 4m composites 1m splits Screen fire assays
From To Au (g/t) 1 Au (g/t) 2 Ag (g/t) Cu (ppm) Au (g/t) 3
16 17
1.26
0.02 0.2 54 -
17 18 0.04 0.2 64 -
18 19 0.22 <0.2 193 0.13
19 20 6.71 1.3 849 7.77
20 21
4.18
23.90 3.2 264 29.10
21 22 0.35 0.6 266 0.38
22 23 0.07 0.3 89 0.06
23 24 0.05 0.4 36 0.03
24 25
1.26
2.21 1.0 190 2.11
25 26 1.01 0.4 33 1.07
26 27 0.69 0.4 22 0.66
27 28 0.68 0.4 203 0.56
28 29
0.80
2.13 0.3 28 0.76
29 30 0.36 0.4 53 0.31
30 31 2.98 0.5 69 3.11
31 32 0.06 <0.2 37 -
Notes:
1) Gold analysis by ALS code Au-AA23 (conventional fire assay, 30g charge, with an AA finish)
2) Gold analysis by ALS code Au-AA23 (conventional fire assay, 30g charge, with an AA finish)
3) Gold analysis by ALS code Au-SCR24 (metallic screen fire assay, 1kg sample)
Table 2: Compiled assay results, SMP-091, 16-32m
An example of the assays received from the 3 different sampling phases/assaying methods is presented in
Table 2 above, showing the mineralised intersection from hole SMP-091 on the Adit Vein West, between 16-
32m. It is noted that in the bulk 4m composite assays indicate a broad zone of relatively low -grade gold
mineralisation between 16-32m. Both the 1m conventional fire assay s and screen fire assays demonstrate a
core of higher grade mineralisation between 19 -21m associated with an oxidised quartz vein, within a halo of
lower grade mineralisation associated with weathered rock and subsidiary quartz veins (Figure 5):
Figure 5: RC percussion chips from hole SMP-092, showing the mineralised interval between 19-31m,
associated with zones of quartz veining and oxidation. Note the higher grade vein between 19-21m
Figure 6: Comparison between mineralised intervals from the 4m composite samples
and the 1m split samples, holes SMP-049 to SMP-092