ASO - Media, page-395

Good to see other Canadian large scalelow grade Nickel deposits releasing PFS over the couple of weeks with positiveeconomics. (Canada Nickel is due to release theirs any day now)

This gives investors some numbers to analyse.

Main point for Aston investors is that these PFSprove that even in other companies with lower grade, remote locations, lack forexisting infrastructure and by products that require additional Capex andprocessing costs. These other projects arestill economical. Which leaves no doubt that Aston will beeven more economical and have plenty of upside for investors Aston wheneconomics are released to market.

A couple of very good points have come from thePFS announcements.

Firstly, they are all economically feasible - Tick

Secondly having a simple flowsheet (Which Aston does have) will significantly decrease Capex andOpex due to simple floatation circuit and no need for magnetic extraction asseen with FPX and CNC (soon to be realised PFS). This is massive advantage toAston as they need to build minimal infrastructure (Less capex) and will be alow cost ( less opex ) sustainable miner using proven technology and processes(Simple floatation circuit ) with high grade recoveries - Tick

Third - Location - Aston is located 60km from Timmins,this includes workforce, expertise and infrastructure. No need to build workerscamps, labs, or hydro power lines. Hydro power already runs through Astons tenementunlike with both FPX and Gigametals that need to pay for 160km of power linesfrom the nearest hydro power facility which significantly increases capex. - Tick

Forth - Jurisdiction - Government support forcritical mining in Canada is significant, Giga metals post tax IRR is actuallyhigher than their pre tax IRR due to the support of the Canadian refundableClean Technology Manufacturing Investment Tax Credit (CTMITC). Consistent withthe 2023 federal budget, the CTMITC is a refundable investment tax credit of upto 30% of the capital cost - Aston will also qualify for this - Tick

Fifth - Grade - Giga metals grade 0.205% LOM andFPX 0.21% LOM - Aston will be 0.30 % plus. This is significant when it comes tobulk tonnage, that's ~ 40% less ore that needs to be processed by Aston forsame output. - Tick

Sixth - Low cost operations, benefit of runninglarge scale long life operations is that costs can be reduced due to largetonnage outputs. Gigametals - C1 cost = US$4.65/lb Ni and FPX = C1 $3.70 /lb ni- Aston will be again be less due to the following factors - higher grade +less capex + less opex. I estimate Aston C1 will be in the high $2 to very low$3 / lb Ni. - Tick

There is plenty more to discuss but this is just asimple highlight that Aston project has positive advantages over thesurrounding operations and doesn’t share the negatives that these otheroperations have.

Happy to discuss.