Key Highlights

• Independent Updated Mineral Resource Estimate completed in accordance with JORC 2012 Edition guidelines defined across Boomerang Nickel-Cobalt Sulphide System (Boomerang Resource) at 0.265% NiEq¹ Cut-Off Grade:

  • Indicated Mineral Resource of 231 Mt at 0.27% Ni, 0.011% Co (0.30% NiEq¹), a significant 44% increase in Indicated tonnes compared to the February 2023 maiden Indicated resource. All indicated resources are at Bardwell containing 629 kt nickel and 25 kt cobalt.

  • Inferred Mineral Resource of 1,039 Mt at 0.27% Ni, 0.011% Co (0.30% NiEq¹), a 17% increase in Inferred tonnes compared to the February 2023 maiden Inferred resource. Inferred resources contain 2.8 Mt nickel and 110 kt cobalt, in both the B2 and Bardwell deposits. All material in B2 is now classified as Inferred.

  • An increase in the Global Mineral Resource Estimate of 22% with 1,270 Mt at 0.27% Ni, 0.011% Co (0.30% NiEq¹), compared to the maiden resource estimate reported on 21 February 2023. A total of 3.43 Mt contained nickel and 135 kt cobalt in both the B2 and Bardwell deposits, representing a 21.6% increase in nickel metal tonnes. Both deposits are still open at depth and along strike

• Resource update is based on 5,640 m of additional drilling, totalling 32,898 m drilled to date.

¹Nickel Equivalent (NiEq) - the recovered value of additional metals on a nickel content basis added to the nickel content: NiEq (%) = Ni (%) + Co (ppm) * 0.000251

Subiaco, Western Australia--(Newsfile Corp. - April 15, 2024) - Aston Minerals Limited (ASX: ASO) ('Aston Minerals' or the 'Company') is pleased to announce the update of the nickel-cobalt sulphide Mineral Resource Estimate across the Boomerang Nickel-Cobalt Sulphide System, Edleston Project, Ontario, Canada.

Figure 1: Boomerang Nickel-Cobalt Sulphide System highlighting the Global Mineral Resource on the modelled dunite (ultramafic) host unit.

Managing Director, Russell Bradford, commented: "The maiden resource declared in February 2023 gave Aston a strong foundation to continue to build on its technical knowledge about the Boomerang nickel-cobalt sulphide deposit. The drilling program put together in 2023 had two objectives and these have both been successfully met."

"The first was to understand the extension of the resource in the B2 Zone. The B2 resource was extended by an additional 500 metres on strike and depths of 450 metres with significant nickel and sulphur intersections. The 2023 drilling program at B2 contributed additional inferred resource. This will allow us to target areas and convert material to Indicated resources during our next drilling campaign."

"The second objective was to convert Inferred resources at the Bardwell Zone to Indicated. The short-hole and in-fill drilling program did this with an improvement of 44 % in the Indicated category compared to the maiden resource reported in February 2023. The entire Indicated resource is situated at the Bardwell Zone which allows focus to be placed at Bardwell for future economic studies and mining schedules."

"I am pleased to say that as a Company, we are at a point where strong technical project indicators are becoming identified through the required work which has been conducted over the year. The information being generated gives potential strategic partners and government agencies in the critical minerals space an understanding of what potential such a significant large-scale mineral deposit can become. I'm very pleased with the outcomes to date and would like to thank everyone involved with Aston Minerals. I look forward to continuing growing the knowledge base as we move into our next phase of feasibility development."

The recent metallurgical flotation work being conducted at Corem Laboratory Quebec, Canada has shown strong metallurgical performance as a function of both the nickel and the sulphur grade. This latest update of the resource gives Aston significant information on the nickel and sulphur domains within the Boomerang Nickel-Cobalt Sulphide System and its two deposits. Metallurgical locked cycle tests are currently being conducted which will feed back into the Geo-metallurgical model. Now that the mineral resource estimate has been updated, drill core from Bardwell will be composited and used in metallurgical flowsheet variability testing which will start in the 2nd quarter 2024. These results will form the basis of the mine schedule.

In addition, regional exploration targets are being evaluated and will form part of a larger drilling program to be designed and implemented in 2025.

Introduction

The Edleston Nickel Project (Project) is located approximately 60 km via road to the south of the City of Timmins, Ontario, Canada. The cities of Timmins and Kirkland Lake are located close by and host significant former and current producers, with required services and skilled labour available to support exploration and development of the Project. The region is globally recognised in terms of long-lived, large-scale open pit and underground mining operations with a strong mining heritage.

The Project is located within the Abitibi Greenstone Belt of Archean metavolcanic and metasedimentary units that have been steeply folded with axes trending in general east-west orientation.

The Boomerang resources are situated within a Dunite/Peridotite unit, covering >6.5 km of strike which has undergone extensive serpentinization. This serpentinization (alteration) process is characterised by the breakdown of olivine and the production of magnetite and brucite, resulting in a strongly reducing environment whereby nickel is released from the decomposition of olivine. The nickel which has been released is typically partitioned into low sulphur nickel sulphide minerals (e.g., Heazlewoodite). Due to the magnetite association with mineralisation, a 3D inversion model of magnetics was generated and has been utilised to assist with targeting.

Figure 2: Plan Map - Boomerang Nickel-Cobalt Sulphide System Global Mineral Resource (Bardwell and B2 zones).

Exploration Completed by Aston

Nickel-cobalt sulphide mineralisation was discovered by Aston in September 2021 at the Bardwell Prospect, and ongoing diamond drilling of the entire Boomerang Nickel-Cobalt Sulphide System was conducted through to November 2023. A total of 79 diamond drill holes for 32,898 m of drilling has been completed.

Mineral Resource Statement

The Boomerang Nickel-Cobalt Sulphide System April 2024 Global Mineral Resource has been estimated at 1,270 million tonnes (Indicated + Inferred) grading 0.27% Ni and 109 ppm Co (0.30% NiEq¹) at a cut-off grade of 0.265% NiEq¹ (Table 1; Figures 1, 2, and 3).

Table 1. Summary of Global Resources in the Boomerang Nickel-Cobalt Sulphide System (0.265% NiEq cut-off).

This Mineral Resource Estimate (MRE) is an update to the maiden resource for the Project originally released 21 February 2023. The current MRE has been reported in accordance with the 2012 Edition of the JORC Code and has an effective date of 14 April 2024 (Effective Date).

Aston engaged Caracle Creek International Consulting Inc. (Caracle) and its sub-consultant, Atticus Geoscience S.A.C. (Atticus), to prepare a Mineral Resource Estimate for the Boomerang Nickel-Cobalt Sulphide System (Boomerang Resource).

Figure 3: Boomerang Nickel-Cobalt Sulphide Grade-Tonnage Curve (Global Resources; see Tables 1 and 2)

Table 2: Details of Global Mineral Resources at Various % NiEq Cut-Offs.

Note: Some numerical differences may occur due to rounding; Indicated Resources are reported as 3 significant figures and Inferred Resources as 2 significant figures.

Bardwell Zone

The drilling campaign in 2023 at the Bardwell Zone was designed to in-fill resources and to bring the resources to surface through a 10 short-hole, 200-metre deep drilling program. All the Indicated resource is now associated with the Bardwell Zone (Table 3; Figure 4). High-grade zones were identified and reported in February 2024 including DDED23-138 which intersected 173.6 m @ 0.3% Ni, 0.011% Co, and 0.42% S from 28.9 m, including 54.85 m @ 0.4% Ni, 0.013% Co, and 0.6% S.

Table 3: Summary of the Mineral Resources in the Bardwell Zone (0.265% NiEq cut-off).

Figure 4: Mineral Resources in the Bardwell Zone (looking northwest).

A total of 22,876 metres has now been drilled at the Bardwell Zone which continues to be the main zone of focus for an open pit design (Figure 4 and Figure 5).

Figure 5: Long-Section Short-Hole Drilling at the Bardwell Zone.

B2 Zone

The drilling campaign in 2023 at the B2 Zone was designed to determine the extension potential along strike and at depth. The drilling program confirmed an extension of 500 metres and to a depth of 450 metres; both strike and depth remain open. Holes were drilled to a depth of 500 metres (Table 4; Figure 6). All reported resource in the B2 is now in the inferred category. High-grade zones were identified and reported in February 2024 including DDED23-133 which intersected 161 m at 0.3% Ni and 0.011% Co starting at 306 m, including 23 m at 0.41% Ni and 0.015% Co, with the hole ending in mineralisation.

A total of 3,057 metres have now been drilled at the B2 Zone.

Table 4: Summary of the Mineral Resource in the B2 Zone (0.265% NiEq cut-off).

Figure 6: Mineral Resources in the B2 Zone (looking northwest).

Caracle and Atticus consider that the data collection techniques are consistent with good industry practice and are suitable for use in the preparation of a MRE to be reported in accordance with the JORC Code. Available quality assurance and quality control (QA/QC) data supports the use of the input data provided by Aston.

Next Steps: Project Development

The Company will continue to progress the Boomerang and its nickel-cobalt sulphide deposits. A number of key technical domains of work will now be focused for the remaining part of the year. These include:

• Metallurgical flow-sheet development using core from the Bardwell 2023 drilling program;
• Domaining the mineralisation into nickel and sulphur domains;
• Design a drilling program which will be executed in 2025;
• Work on a scope of work which will be the basis of a scoping study to be completed by year-end; and
• Continue to engage with potential partners in the development of the gold asset to the north of the Boomerang.

About Aston Minerals

Aston minerals is an ASX listed nickel and gold developer currently focused on feasibility development work on the 100% owned Edleston Boomerang Nickel-Cobalt Sulphide System and its Edleston Gold deposit both located about 60 km south of the City of Timmins, Ontario, Canada. As one of the largest nickel sulphide deposits globally, Aston Minerals is focused on supplying the high demand electric vehicle market globally.

For more information, please contact:

Tania Barreto
Investor Relations
tania@astonminerals.com

Russell Bradford
Managing Director
russell@astonminerals.com

This announcement has been authorized for release by the Board of Aston Minerals Limited.

Competent Person's Statement

The information in this announcement that relates to the Exploration Results for the Boomerang Nickel-Cobalt Sulphide System is based on information compiled and fairly represented by Mr Robert Jewson, who is a Member of the Australian Institute of Geoscientists and Non-Executive Director of Aston Minerals Limited. Mr Jewson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Jewson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to estimation and reporting of Mineral Resources Is based on information compiled by Mr. Simon Mortimer, a member of the Australasian Institute of Mining and Metallurgy (#300947) and the Australian Institute of Geoscientists (FAIG #7795) with sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Mortimer is a principal with Atticus Geoscience S.A.C., which specialises in mineral resource estimation, evaluation, and exploration. Mr Mortimer holds no interest in Aston, its related parties, or in any of the mineral properties that are the subject of this announcement. Mr. Mortimer consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which it appears.