Vancouver, Canada – August 2, 2016 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that all conditions precedent have been completed in the Option Agreement (the “Option Agreement”), signed by the Company with a Canadian Subsidiary of BHP Billiton Ltd. (“BHP Billiton”) on May 27, 2016, to cooperatively advance the Storm Copper Project (“Storm”) in Nunavut. BHP Billiton has made a cash payment of CAD$325,000 to Aston Bay in accordance with its terms and the Option Agreement is closed.

“We are very pleased with our progress on the Storm Copper Project and with the completion of our Option Agreement with BHP Billiton,” commented Benjamin Cox, President and Chief Executive Officer of Aston Bay.

The Summer 2016 exploration program including drilling is currently underway. See the Company’s news releases of June 28, 2016 and May 31, 2016 for additional information about the exploration program and the Option Agreement.

Qualified Person

The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43-101 and a Director of and Consultant to Aston Bay.

About Aston Bay Holdings

Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 976,066-acre (395,000 hectares) Aston Bay Property located on northwest Somerset Island, Nunavut. The Aston Bay Property hosts the Storm Copper project and has been optioned by BHP Billiton. Historical drilling has confirmed the presence of sediment-hosted copper and zinc mineralization on the property.

On behalf of the Board of Directors,

Benjamin Cox, Chief Executive Officer

Telephone: (360) 262-6969

For further information about Aston Bay Holdings Ltd or this news release, please visit our website at www.astonbayholdings.com.

About BHP Billiton Ltd.

Further information on BHP Billiton can be found at: bhpbilliton.com.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. In the event that management’s beliefs, estimates or opinions, or other factors, should change, the Company undertakes no obligation to update these forward-looking statements, except as required by law.

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