Aston Bay Announces Strategic Partnership for the Storm Copper Project, Nunavut, Canada

9 April 2025

Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or the "Company”) is pleased to announce that its Storm Copper Project (“Storm” or the “Project”) joint venture partners American West Metals Ltd (“American West”) has entered into a strategic partnership and funding agreement with Ocean Partners Holdings Ltd (“Ocean Partners” or “OP”) for the development of Storm including financing of up to 80% of the initial capital for development of the Project.

In addition, Taurus Mining Royalty has agreed to advance the second tranche of the Royalty payment (see June 24, 2024, Aston Bay news release).

The Storm Copper Project is a 20/80 unincorporated joint venture between Aston Bay and American West, the Project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.

Highlights:

  • Strategic Partnership with Ocean Partners. Aston Bay’s joint venture partner, American West Metals, has entered into a partnership and funding agreement with Ocean Partners Holdings Ltd – a global metal trading, technical advisory, and financing company – for the development of the Storm Copper Project. Terms of the binding heads of agreement include:
    • Project Financing – OP will provide up to 80% of initial capital for the development of the Project via a senior secured loan facility, subject to a bankable feasibility study and formal documentation
    • Offtake – OP will enter into a binding offtake agreement (“Offtake Agreement”) which secures OP 100% of the offtake of copper and silver products from the Project for the near-surface copper mineralization at Storm; subject to this agreement, OP will subscribe to a US$2m financing in American West
    • Technical and copper market advisory. The American West/OP strategic alliance will work together to optimise and advance the development activities to define the best outcomes for the Project
       
  • US$3.5m Royalty funding brought forward. Taurus Mining Royalty has agreed to advance the US$3.5m second tranche of the Royalty payment, with payments to be made this month. Aston Bay will be allocated 20% of the funding from the royalty payment (C$0.996 million) with no restriction on the use of proceeds.  The remainder of the royalty payment is allocated to American West to advance the Storm Project.
  • New funds to be used to advance the Storm Copper Project, including:
    • An expansion of exploration activities, including drilling at near-mine and regional exploration targets
    • Pre-Feasibility Study (“PFS”) and permitting activities to advance the development of the Storm Project
    • Securing of key, long-lead processing and mining equipment


Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:

“We are thrilled to announce this strategic partnership and funding package for the Storm Copper Project. Ocean Partners is an experienced global leader in ore-sorting and direct shipping ore (“DSO”) copper project development; they bring both funding and the technical know-how to advance the project. The partnership speaks to the quality of the project and the American West/Aston Bay joint venture team, validation of the Project, and highlights a low-risk pathway to potential development.

“Taurus’ release of the second tranche of the royalty payment also speaks to their strong belief in the development and growth potential at Storm. The funding from both Ocean Partners and Taurus will be used by American West in a dual strategy of aggressive exploration coupled with project development during 2025. This is a significant milestone for the Project and Aston Bay.”


About Ocean Partners

Ocean Partners offers a complete range of trading services for miners, smelters, refiners, and metal consumers around the world. Working closely with global partners, Ocean Partners offer customized risk management solutions while linking clients to unique market opportunities.

Ocean Partners operates worldwide via strategic offices, agencies, and partnerships. The Ocean Partners team has extensive backgrounds in mining, geology, metallurgy, and finance which includes significant experience within the DSO markets.

 

 

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