Aston Minerals : Investor Presentation

Defining the

Potential of a

Substantial Nickel

and Gold System

November 2022	ASX:ASO

Disclaimer & forward looking statements

This presentation has been prepared by Aston Minerals Ltd "ASO" and has been authorised for release by the Board of Aston Minerals Ltd. This document contains background information about ASO current at the date of this presentation, 23 November 2022. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares in any jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, ASO, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise are accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of ASO. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law, ASO does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

Relevant announcements referenced

8th April 2021	0.5m at 4,060 g/t Au intersected at Edleston Gold Project
23rd December 2021	Significant Discovery at Bardwell of 53.5m at 0.49% Ni
19th January 2022	163.5m at 0.52% Ni and 0.016% Co from 186.5m at Boomerang
7th February 2022	93% Liberation of Nickel Demonstrated by Initial Analysis
14th February 2022	Nickel Sulphide Mineralisation Confirmed to End of Hole
10th March 2022	Petrology Confirms That Nickel is Associated With Sulphides
11th March 2022	Edleston Gold Exploration Update
18th March 2022	Drilling Extends Ni-Co Sulphide Mineralisation at Bardwell
30th March 2022	Aston Raises $29.25 Million at Average of 15% Premium
23rd May 2022	Excellent Recoveries From Initial Met Testing From Bardwell
1st August 2022	Met Tests Confirm Beneficiation of Lower Grades at Bardwell
28th September 2022	Bardwell Drilling Continues to Expand Ni-Co Mineralisation
22nd November 2022	Bardwell Continues to Deliver Extensive Ni-Co

Competent persons statement

The information in this announcement that relates to the Exploration Results for Edleston Project is based on information compiled and fairly represented by Mr Robert Jewson, who is a Member of the Australian Institute of Geoscientists, Executive Director of Aston Minerals Ltd and holds securities in Aston Minerals Limited Ltd. 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 and confirms there are no material changes from when the information was first released.

2 / Investor Presentation | November 2022

Edleston key investment highlights

Excellent Location

• Canada is a first world jurisdiction, and Ontario has extensive mining history and skilled workforce
• Hydroelectric power runs through Project
• Direct access to road

3 / Investor Presentation | November 2022

Mineralisation

• Boomerang nickel sulphide target extends for more than 6,500m strike, 500 -1,500m wide, and to depths of over 500m
• Extensive nickel mineralisation intersected, e.g.: 163m at 0.52% Ni
• Stratigraphy prospective for gold extends for 10km strike - IP chargeability anomalies represent highly effective direct targeting method. Current drilling taking place over a 4km length

Exploration

• Resource definition drilling completed at Bardwell

• Extensive metallurgical testing program ongoing

• Resource estimation for nickel and gold underway

Corporate overview

Corporate structure

ASX Code

ASO

Shares on Issue

1,113 M

Unquoted Options

147 M

Share Price (22 November 2022)

$0.074

Market Capitalisation

$82M

Top 20 Shareholders

50%

4 / Investor Presentation | November 2022

Dale Ginn

Managing Director

Mr Ginn is an experienced mining executive and geologist of over 30 years based in central Canada. Mr Ginn has led or was part of the discovery teams for the Gladiator, Hinge, 007, 777, Trout Lake, Photo, Edleston and Tartan Lake deposits and received the Quebec Discovery of the Year Golden Hammer award in 2018 for the Gladiator high grade gold deposit.

His contributions have led to approximately 10 million ounces in resource generation as well as over $500 million in capital raised for exploration and development projects.

Tolga Kumova

Executive Chairman

Mr Kumova is a resource industry entrepreneur and corporate finance specialist with over 15 years' experience in stockbroking, IPOs and corporate restructuring.

Throughout his career, Mr Kumova has raised in excess of $500 million for ASX listed mining ventures associated with a variety of projects from early stage exploration through to construction and operations.

Rob Jewson

Executive Corporate Director

Mr Jewson is a geologist with over 15 years of experience from junior to major mining and exploration companies throughout a variety of jurisdictions and commodities.

He has conducted both corporate and technical roles within the mining and exploration sectors inclusive of business development, exploration

management, acquisitions/

divestment and corporate structuring.

Edleston project highlights

Nickel

• New nickel-cobalt discovery at Bardwell, resource definition drilling completed
• Bardwell has been drill tested to extend for ~2,000m strike
• Hole 76 drilled 164m of 0.52% Ni
• Discovery hole 59 drilled 53.5m of 0.49% Ni
• Boomerang target is over 6 km in length, drill tested in 13 sections so far with significant Ni-Co results
• Initial metallurgical testing from Bardwell has produced a saleable nickel- cobalt concentrate with excellent recoveries
• • 71.7% Ni recovered to rougher flotation concentrate
  • Concentrate graded 11.29% Ni, 0.37% Co, 24% S, 38.2% Fe and 8.2% MgO
  • 60% overall nickel recovery on open circuit basis through rougher floatation and three stage cleaning circuit
  • Recent discovery of B2 prospect, located 3km along strike from Bardwell to the north and intersected 181m at 0.28% Ni &

0.012% Co from 67.5m including 35.06m at 0.49% Ni & 0.015% Co

5 / Investor Presentation | November 2022

6.5 km

Gold

• Edleston deposit discovered in 2011 - 200 drill holes in verified historical and new hole database
• Initial resource estimation underway
• New high grade discoveries along strike include Edleston East and Sirola
• Host fault zone open along strike to east and south