Aton Resouces Inc.

mcampbell@atonresources.com,
+201275911225
https://www.atonresources.com/
Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu
Marawat concession is located in Egypt’s Arabian-Nubian Shield. Abu
Marawat is over 738 sq. km in size and is located in an area of excellent
infrastructure, a four-lane highway, railway line, a 220kV power line and
a water pipeline are in close proximity.

RODRUIN DISCOVERY -- TABLE OF CONTENTS

Q4-2017 Introducing Rodruin with Aton Resources $AAN Geologists .............. 1

Q4-2017 Q&A on Rodruin with Aton Resources $AAN Geologists ................... 13

Q1-2018 Update on Rodruin with Javier Orduna $AAN Aton Resources ......... 26

Peter Bell’s
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Q4-2017 Introducing Rodruin with Aton Resources $AAN Geologists

Did you catch the news of the Rodruin from Aton Resources (TSXV:AAN)? It is an
exciting new prospect that CEO Mark Campbell described as follows: “Rodruin has
the potential to be the biggest discovery to date in exploring the Abu Marawat
Concession.” The news release is full of detailed information on the discovery, but
there is always more to the story and it is my pleasure to share a transcript of an
interview with Aton geologists Mr. Javier Orduña and Mr. Tim Neall about the
discovery.

Javier Orduña: The story of Rodruin really starts at East Eradiya for us. We had identified a
spectral anomaly at what we know now to be Rodruin, and we have also been
working recently at East Eradiya. When we started looking at the imagery, we
could see a pretty clear path that we've marked with the dotted line in these
pictures. That path connects underground workings that we have have
successfully identified in the northern zone, a number of houses, and the
processing site at the southern zone. We thought that there had to be some
kind of connection between all this, but the whole picture didn’t seem to be
clear.

Tim Neall: When we first looked over the northern site at East Eradiya, the thing that
struck us was the extent of the ancient buildings and the underground mine
workings which we have recently been unearthing in the trenches, but a
complete lack of grinding stones. There's no evidence of any processing at the
northern site, which we thought was a bit curious.

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Tim Neall: Our initial interpretation was that they took the ore over the hill from the north
site to the main processing site, but that didn’t hold up to scrutiny when we
started digging the trenches. The material that came out of the northern site
looked very pale and didn't have the nice rosy pink colour that we'd expected.
The ancient tailings at the processing site have a very distinctive pink colour.
All that raised doubt in our minds that maybe some of those tailings didn't
actually come from Eradiya, but in fact from somewhere else.

So, we looked at the imagery and started seeing a lot of ancient tracks and
paths. We found a lot of abandoned villages with processing sites – grinding
stones, washing tables, and anvils. We went further east from the Eradiya
processing site towards the spectral anomaly over a couple days until we
arrived at what we now call Rodruin.

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Javier Orduña: And the more that Tim and Paul investigated on the ground, the more it became
clear that these are fairly major paths, apparently connecting significant mining
areas. For example, there is one spot in the northwest where the path clearly
took a shortcut instead of following the wadi. It is marked a dotted line on that
slide 8 there and it helped tell us that something was happening here. We
certainly got excited when we saw these large paths coming out of the spectral
anomaly off to the east.

We looked more closely at the area of the anomaly on Google Earth and saw
features that may or may not have been old workings. It looked like there was
a pile of purplish scree nearby, too, which did not look quite natural. All of this
evidence added up and it was clear that this was a place that we had to go take
a look at.

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Tim Neall: We actually walked in from an area slightly south of Eradiya along one of the
bigger wadis. It looked like it might be an easier walk, but I'm not sure that it
was in the end. In fact, it certainly wasn’t the easiest way in, and ended up being
a fairly tough 12-kilometer hike.

Tim Neall: We found quite a lot on that first reconnaissance trip. The image shows the path
we took, starting at the lower right-hand side at a processing site with
gossanous spoil. Very quickly, we found some really good looking fragments of
rock brought here for processing, some of which had visible gold in.

There were lots of old grinding mills, which are huge stones like corn grinding
mills used elsewhere in the world. There is no corn around here to grind, but
these mills were just lying around all over the place – dozens of them. It was an

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unusually high number. Particularly given that there was no obvious source for
the material.

So we started up the hill to the target area, following a very steep gully, in which
we started to find boulders of this gossanous red material that looked like the
material we had seen at the first processing site and could have been ground
down to produce our familiar pink tailings at the East Eradiya site. We found it
in abundance and followed it up the wadi to the north. We followed it up to a
scree at the top, where it died out.

We cut back across the scree heading south, to locate the source of the material
and arrived at this huge slot on top of the ridge. As we climbed up we became
aware of this enormous working. Our initial response when we found it was
“Eureka!”

It is difficult to estimate the original size of the slot because it was slightly
inclined and the hangingwall side was collapsed, but it's still a good 10 to 12
meters deep in places, but was obviously much deeper in the past. The whole
hillside below it was covered with the purplish spoil that we had identified from
the imagery. We climbed up the scree onto the top of the hill which is full of
amazing workings. They are probably the most complex and extensive
workings we've found to date on the site, apart from the British mines.

We walked along the ridge and it turns out that the mine workings are
associated with a carbonate unit. Many of the workings are not deep – they are
just scratchings – but they are everywhere. Almost every outcrop of rock has
been attacked by someone in the past.

It was fairly clear that what they were mining in most of these areas was the
soft brown oxidized gossan, which is pretty encouraging because we know that
gossans tend to concentrate gold. The only other metal they might have been

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looking for is copper. Since there is no copper staining, it would be reasonable

to assume that copper is rare at this site. Through the process of deduction, it
is clear they were mining gold.

Javier Orduña: And that allows for an important comparison to Hamama, Tim. We see very
similar workings at the Hamama Central and Hamama East areas, but we
actually believe that they were actually mining copper there. There is some
gold in the mineralization there, but it's fairly low grade and there is quite a lot
of green copper staining associated with weathering of primary sulphide
copper mineralization. We're pretty sure the end result is that they were mining
copper at Hamama, and that they probably weren’t even aware of the gold at
Hamama. Also at the Hamama West deposit itself there are almost no ancient
workings at all, in comparison to the huge workings at Rodruin, which again
suggests there is a lot of gold up there.

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Tim Neall: Here are some photos of the workings on South Ridge. The top photograph is
a panorama showing the western end of the ridge as seen from the central part
of the ridge – looking back towards the west where we first walked up. You can
see that it's just a honeycomb of workings.

The one to the left on the bottom is Paul sat in the “Gruffalo’s Cave”, which is a
huge underground cave working in gossan. The whole hillside there is gossan
and they have taken large parts of it out. The cave goes back and rises up a
little – you can see daylight through the back of the hole. It's a good 12-15
meters long and probably 7 or 8 meters deep. The middle photo shows me in
front of another working in gossan. You might be able to just about make out
some sheared metavolcanics to the right of me.

The last little photo is actually a view looking back to the central part of the
south ridge from the north ridge. Again, you can see a lot of substantial holes
in the outcrop of the carbonate rock and a lot of them are workings. Most of the
little holes and crags you can see are workings.

Javier Orduña: The aim of this slide is to give you an idea of what the workings look like and
some perspective on how extensive they are. Most of the photos are from the
first day that Tim and Paul visited there, but they have been back subsequently
and walked over most of the North Ridge and South Ridge.

The other thing we should mention, Peter, is that a lot of the South Ridge is
covered in scree, and does not have many workings but when you actually crack
into the carbonate, you can see that it's full of gossan. The gossans contain a
mineral called hemimorphite, which is a supergene zinc mineral. That indicates
that there is primary sulphide zinc mineralization in the carbonates, which is
also what we see at Hamama, that was weathered to produce supergene
hemimorphite. We are seeing it in very large quantities at Rodruin and that is
very encouraging.

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Tim Neall: Basically, the whole area is made up of two rock types. One is altered
carbonates, which are more or less gossanous because of oxidation. And the
other are felsic to intermediate volcanics. On our regional geological map,
these things were interpreted as schist and that's not a bad description. They've
been tectonically deformed and are now highly fissile, slate-like rocks. You can
still see on the fracture surface that they were once volcaniclastic sediments.
Those two rock types are pretty much all that's there at Rodruin.

The mineralization also more or less divides into two types. One is
disseminated sulfides in carbonate horizons that have now oxidized to these
gossans – they're pretty well ubiquitous on the South Ridge. The other are a
series of shear-hosted veins and mineralized shear bands associated with
silicification, which are scattered along the southern side of the South Ridge
and also all over the North Ridge. These veins are where the visible gold tends
to appear. These appear to be much higher grade. It was these structures that
the old miners targeted and sank pits on that were 20 meters deep in places.

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Javier Orduña: What we think we're looking at here is two distinct broad types of
mineralization here. We have what we're calling the Hamama style
mineralization, which is similar to what we see at Hamama West. Basically, that
is a silica-carbonate rock, which has anything between 10-30% sulphides
within it. It's historically been called called a VMS unit. The Hamama type
mineralization at Hamama West grades about about 1.2 grams gold equivalent
within a large slab of mineralization in the carbonate rock that carries
anomalous zinc, gold, and silver. Most of the carbonate we are seeing at
Rodruin almost certainly carries a lot of primary sulphide in it where it’s
weathered, judging by the fact that it weathers to gossan. The fact that we're
seeing hemimorphite tells us that there was zinc there to start with. That's the
first type of bulk mineralization, if you like.

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The second style is more restricted, which is seen along the structures and the
shears where the rock is gone pretty much entirely to gossan or silicified quartz
veins. This is the high-grade zone, as Tim says, where the ancients were
chasing the gold. This is where we get our visible gold and the native silver in
hand specimens.

We don't have any assays yet – we only went there for the first time just over a
week ago – but we've seen enough evidence of mineralization to know that it
looks pretty significant.

Javier Orduña: To give you an idea of the scale for Rodruin versus Hamama West, the maps
shown here both have grid squares of 1 kilometer by 1 kilometer.

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We have workings over about 400-500 meters along strike at Rodruin. From
the top of the ridge to the central valley is approximately 100 meters elevation.
I'm not going to speculate on how deep the mineralization persists at Rodruin,
but we see mineralization that goes 250 meters below ground level at Hamama
West.

Javier Orduña: We have completed the systematic grab sampling program and they will go off
for analysis. We would expect for results back in January. Those would be the
first actual assay numbers to back up what we're talking about at Rodruin.

What we would like to do beyond that shouldn’t be too difficult. There is a wadi
that drains out of the “Central Valley” towards the east and it wouldn't be too
hard to push a road 1-2 kilometers in from the main access wadi. That would
let us get vehicles in to the bottom, although we would then have to push the

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road up over a major step where the carbonate outcrops, to get right in and do
some more work.

We've had a good look at what's there already and will probably do a bit more
after the first set of assays come back. We'd also like to look at some of these
other altered areas nearby. Assuming we get some good numbers back from
this program, we would like to move to drill fairly quickly and drill it fairly
deeply. We would like to set up in the Central Valley - we know there are
oxidized workings exposed close to the floor of the Central Valley. It wouldn't
take a huge amount of work to drill under the South Ridge to start with from
the valley floor and I think we would hopefully expect to get some wide
intersections pretty early in the program. Within a fairly short period of time,
we could potentially drill test some big, thick zones of mineralization.

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Q4-2017 Q&A on Rodruin with Aton Resources $AAN Geologists

It is my pleasure to share a transcript of an interview with Aton Resources

(TSXV:AAN) geologists Mr. Javier Orduña and Mr. Tim Neall about Rodruin, which is
an exciting new prospect for the company. This interview builds on another
transcript that presents a discussion with Javier and Tim about the merits of the
prospect, available here: https://ceo.ca/@Newton/introducing-the-rodruin-
prospect-with-aton-resources-aan-geologists The exploration process continues
for Aton at the Abu Marawat Concession. Read on to see how they are putting things
together more and more over time.

Peter Bell: You first found Rodruin as a spectral anomaly, right?

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Tim Neall: Yes. We have over 150 spectral anomalies from our satellite surveys of the
entire Concession and we've looked at a lot of them. Only a minority of them
will turn into something because it is a technique for narrowing the odds. It
takes an awful lot of walking to cover our entire concession, which is 738
square kilometers. We need some way to filter out some of the barren ground
and give us good targets. This spectral survey is one way of doing it.

At Rodruin, we saw a clay-iron anomaly and these may be indicative of gossans,

which are an important type of weathered rock that we look for in exploration.

Peter Bell: Great, thanks. I appreciated our prior discussion on gossans in the context of
Waayrah, particularly the bit about how rainwater can cause sulphide
mineralization to release sulphuric acid that decomposes the host rock. Can
you tell me a bit about Rodruin?

Tim Neall: Well, first of all, the ridges up there up pretty steep! The ridgeline on the
northern side is made of slate the cleavage of which is almost vertical, Peter.
The cleavages of slate stand up like knives - if you fell off, then you'd be in
trouble…

Javier Orduña: Most of the workings we've looked at to date are on the South Ridge, but there
are some mountain buttresses on the northern side of the North Ridge that
have been worked. The workings in these buttresses are unbelievable – just
ancient slots where they mined out the veins. Some of these workings drop off
into thin air now. It's quite phenomenal.

Peter Bell: Wow. How about accessibility?

Tim Neall: The South Ridge is not only more accessible, it has the lion's share of the
ancient workings. They're very widespread, over probably about 600 meters

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strike length. On the North Ridge, they're restricted to a relatively small area
that actually straddles the ridge itself and that makes them a bit inaccessible.

Peter Bell: The photos seem to show some neat geological features on the southern side
of the North Ridge. Do you think things have been upturned or twisted around
here at all?

Javier Orduña: Well, yes, the immediate Rodruin area is clearly structurally complex. The
whole of the Arabian-Nubian Shield has been heavily tectonized so this is not
really a surprise.

Peter Bell: And was it a surprise to find this based on the rock types shown in the map in
the surrounding area?

Javier Orduña: It’s an interesting question, Peter. To start with, it’s important to note that the
rocks are reasonable similar to what we see around Hamama. Given that it’s in
a similar rock package to what we're seeing at Hamama and probably also up
at Abu Marawat, then it's probably not a great surprise to find similar
mineralization. However, we only found that after getting out there!

From the geological photo-interpretation the mapping suggested that the main
rock types at Rodruin were carbonates and “slates”. However, we have looked
at a lot of these carbonate units and apart from Hamama they had proved to be
barren and so we had rather lost interest in them. We know that these
carbonates occur throughout the Egyptian Eastern Desert and are associated
with dewatering of slabs of ultramafic ophiolitic rocks. The surprise here was
that the mineralization is associated with the carbonates and it appears to be
better than at Hamama given the greater abundance of old workings.

Tim Neall: Up to this point, Peter, we are basing our interpretations of Rodruin on visual
inspection of samples. Even with that, we’ve had some big surprises. The

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biggest is the visible gold: we've done a lot of work at Hamama in the past but
have never seen visible gold. We have seen visible gold at Rodruin and that is
very exciting.

The size of the workings at Rodruin is a surprise, too. Some of these workings
go down at least 20 meters vertically, which is incredible. Whoever mined this,
whether it was early Arabs or people from the time of the pharaohs, it was
worth their while to scale these ridges and mine this hard rock.

Javier Orduña: I will mention that we do see workings in the Hamama area, just not in the
Hamama West deposit where we have the mineral resource. There are very few
workings at Hamama West, but there are more workings further to the east at
the Hamama Central and Hamama East zones. Those workings look similar to
what we are seeing at Rodruin, but the ones we are seeing at Rodruin are an
order of a magnitude larger.

Peter Bell: And what were they mining?

Tim Neall: At the south ridge of Rodruin, it appears that they were mining the gossans that
developed in the carbonate horizon. The main target on the north ridge appears
to have been vein deposits. There are many different orientations of veins on
that side of the hill. And they are exposed over some of the most incredible
terrain you could imagine.

Peter Bell: And a nagging question for me is, “Where do you think the carbonate is coming
from?”

Tim Neall: We've discussed that every night since the discovery, Peter.

Javier Orduña: The mineralization at Hamama is clearly spatially related to the carbonate, but
we've had various theories about what is going on there. It appears to broadly
be a VMS system, but we are not so sure about that now. I think it looks like we

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have big hydrothermal systems at Hamama and Rodruin. It's hard to know
exactly, but it appears that carbonate is replacing the original package of
volcanic rocks in a way that is associated with the hydrothermal system that is
producing the mineralization. The exact mechanics of all that are unclear, but
there are a few interesting potential analogues for that style of mineralization
around the world.

Tim Neall: One of the problems, Peter, is that the carbonate mineralization is so oxidized
that there is almost no original primary structure left and that makes it difficult
to interpret. Where there are primary structural features left, it's not so well
mineralized! It’s a bit of a catch-22.

Anyway, the carbonate that is not so oxidized looks a lot like the material we
see in parts of Hamama and that leads us to believe that whatever happened at
Hamama probably happened here on a bigger scale.

We say that it happened on a bigger scale because the carbonate alteration at

Rodruin occurs on an enormous scale. The extent of carbonate alteration of the
surrounding rock is unlike anything we’ve seen before.

Javier Orduña: The carbonate in Hamama is basically restricted to the VMS horizon, which is a
very specific position within the stratigraphic package, and that's where you get
almost all of the mineralization. It's a classic VMS model in that regard: you find
the mineralization in the stratigraphic horizon with the carbonate. Away from
that particular horizon at Hamama, you don't see any more carbonate. At
Rodruin, the carbonate is not restricted to any specific horizon. It covers a fairly
wide area and you can see that it grades in and out of the precursor volcanic
package.

Peter Bell: Thanks – I wondered about the carbonate, so I'm glad to hear you guys wonder
about it too.

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Javier Orduña: We do. We don't have any definite answers, but there are a few interesting VMS
type deposits in Canada that look similar and have big carbonate alteration
systems.

Tim Neall: I wonder if we are getting something that is almost a class on its own.

In this part of the world, we think there may be leakage from the ophiolites
during the formation of this terrain when a series of island arcs were basically
swept up by plate tectonics onto the edge of a continent. As that happens, little
bits of the oceanic crust, which are these ophiolite blocks, can be swept up at
the same time into the volcanic terrains. As these island arcs are swept up by
the continental margin, you get little bits of ophiolitic sequences squeezed up
into the suture zone.

It looks like that might have happened much earlier here and we might have
ended up with active volcanism coming up through ophiolitic material, which
could have created this abundance of carbonate. Then, the hydrothermal fluids
from the volcanic activity would probably have also introduced the metals as
well. That would be a slightly unusual situation.

Javier Orduña: We have not yet come up with a style of mineralization for Rodruin. We've been
saying it's similar to Hamama, but it fits within the broad range of volcanic-
associated deposits like VMS to epithermal styles of mineralization. All that
means is big hydrothermal systems and extensive alteration halos. It probably
fits somewhere in that broad category. We haven't seen enough to say whether
it's a VMS, epithermal or something else yet, Peter.

Peter Bell: And the two granites?

Javier Orduña: Yes, it's about half way between two granites. You've got the Eradiya granite to
the west and the Kab Amira one to the east. We don’t think that the

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mineralization at Rodruin is related to these granites. We think it is related to

processes that occurred more or less contemporaneously with the volcanism,
whereas granite-related mineralization occurred during the post-tectonic
phase. The older, orogenic, granites formed more or less simultaneously with
the volcanic activity but at considerable depth beneath it and there doesn’t
appear to be much mineralization directly associated with the older granites.
The younger granites are approximately 20-30 million years later, probably
more like 50-70 million years later in some cases. They're almost certainly
totally separate mineralizing events.

Peter Bell: And how about Waayrah – are there any relevant comparisons there?

Tim Neall: That’s another thing we have discussed a lot, Peter. There are a lot of
similarities between Waayrah, Hamama, and Rodruin. Waayrah is less confined
by structure than the other two, but they are all associated with acid volcanics
and carbonate zones. We don't quite understand the true nature of these
deposits, but they appear to be related to epithermal fluids rising through
volcanic piles. Although it’s unclear quite where the carbonate comes from.

Javier Orduña: Peter, we're basically coming a viewpoint where we can split the types of gold
mineralization within our Concession into two broad types. The first one is one
we could say is associated with volcanic activity, like Hamama, Waayrah, and
Rodruin. You can probably also include others like Abu Marawat where you have
hydrothermal systems related to the felsic volcanism going on at these times.
This is a relatively early phase of gold mineralization, which is essentially VMS-
epithermal or IOCG type style of mineralization.

Then, we have a second broad group of mineralization, which is later and is

more strongly associated with structural controls and granite emplacement.
We see mineralization within the volcanic packages or granitic packages that
looks like orogenic lode gold or Reduced Intrusion Related styles of

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mineralization at places like Sir Bakis, Abu Gaharish, Bohlog, and Semna. We
don't know for sure, but we're speculating that this intrusion-related style was
probably related, on a broad scale, to the intrusion of the Younger Granites that
are estimated to have occurred 50-70 million years after the volcanism.

Peter Bell: Great to hear about two broad groups of deposit types there, Javier. A related
question for me is whether this gives you any new sense for the regional
geology or tectonic history of the area, aside from what you said about the
island arc earlier?

Javier Orduña: No, not really. It does confirm what we know - that we don't have a good handle
on how all the bits of geology in our license area fit together. But it is useful for
encouraging us to step back a bit rather than focusing too specifically on certain
areas. The Rodruin discovery certainly indicates that we can't focus in too
closely on a specific idea. There may be other areas in the license area that we
haven't even been to yet that potentially host mineralization.

The other thing that it's opened our eyes to are the carbonates again. We know
they are very widespread, we know most we have looked at are barren, and had
originally considered them to be related to the ophiolites, and had not focused
on them because of that. Now that we see a clear association of mineralization
with these carbonates at both Hamama and Rodruin, things change again. We
need to go back and look at these carbonates again from a more regional
perspective. This discovery certainly reawakens our interest in the carbonates.

Peter Bell: Great. And a quote from Mr. Mark Campbell, the CEO, from the news release
here: “Rodruin now becomes the number one focus of our exploration efforts”.

Javier Orduña: Yes, I think it does too. The potential win here is substantially bigger than
anything we've been chasing the last 10 years. It certainly is the number one
focus.

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Tim Neall: Rodruin also has a lot of things going for it in terms of mineability, Peter. The
large vertical range of exposed mineralization means that you have a very low
stripping ratio. That’s always nice in an open pit.

Rodruin is a bit isolated at the moment but, once you get a road in, I don’t think
it'd be overly difficult to get around that. It's that high tonnage, easily
accessible, low stripping ratio means that we can get away with a low grade.

Peter Bell: Any sense of pyrite in the rock or if it could be refractory at this point?

Tim Neall: That’s asking a bit much as we don’t have assays back yet, Peter. We’ve been
there, seen it, hammered it, it’s all oxidized at surface but it looks fabulous.

Peter Bell: Interesting to see the ancient desert track that goes from East Eradiya to the
Rodruin area too. It looks like there are quite a few historical pathways in the
area.

Javier Orduña: Yes, they actually pass the workings at Rodruin. We can see them fairly clearly
in satellite images. We were debating what they were, but now that we’ve
actually been up there we are confident that they are the old miners tracks.

Tim Neall: Yes, they go right up the western hill at the South Ridge. That track is still easily
walkable today.

Javier Orduña: And just to the west of East Eradiya is a fairly major road through the desert,
Peter. There’s actually a quartz quarry about 10-20 kilometers south of our
license area along that road and it is relatively well-used, maintained and
graded.

I believe it follows the line of an old Roman road. The old Roman roads either
run east-west from the Nile River to the sea, or north-south through the

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mountains. Given the terrain here, the routes are fairly limited and I’m pretty
sure that this one follows the route of an old Roman road.

Peter Bell: In the presentation, there were quite a few housing sites along the path from
this road to Rodruin. Is it typical to see so many ruins of old villages?

Tim Neall: No. In this area, the old houses are almost always closely associated with old
mines. There is nothing else there that would attract people to actually build
houses out there in the desert – not now and not in the past. These houses are
almost always associated very closely with old mine workings and processing
sites.

What’s slightly curious about the south part of the East Eradiya site is that there
were a lot of tailings but no mines. That was curious. Then, to see these
settlements strung out along well-made paths really caught our attention.
That’s what attracted us to these paths in the first place. The fact that we had
the paths, the ancient processing equipment, and piles of waste rock, but no
mine workings.

There are thousands of tons of waste rock at the northern site in East Eradiya.
We estimate that there are about 8,000 tons of rock waste in the main pile,
which is an awful lot of waste when mining by hand. Keep in mind that they also
dug out the ore in addition to that! That’s an enormous amount of work when
you’re mining by hand.

A feature as well was the color of the tailings. The material that came out of the
trenches at East Eradiya was very pale in color and would have produced
tailings that were creamy white. The Eradiya tailings, however, were
distinctively greyish pink and seem to come from somewhere else. We now
think that these are the iron-rich shear zones, particularly on the Western Hill
and North Ridge at Rodruin.

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It appears that there were two phases of mining in the area.

In some of these processing sites, you have these beautiful inclined washing
tables and circular stone mills. We know from research on them that they are
early Arab – probably the 6th-8th century AD. In contrast, they used stone
hammers at some other workings on the north and south ridges of Rodruin. The
use of stone hammers indicates that those mine sites are probably much older.
There also look like there are older workings, where the ore was processed on
site. They were mining the gossans, which produce dark brown tailings,
whereas the shear zones produce pink tailings.

Peter Bell: Washing tables, really? They had access to water?

Tim Neall: Yes. Where they got it from is a bit of a mystery, but they had beautiful inclined
tables.

Javier Orduña: There are actually some steep gullies in some of the side valleys going down
into the main wadis and you can actually see old dams in them. A lot of them
are washed out now, but they would actually catch water in these fairly
sophisticated dam systems when it rained, which they used for processing.
They made some fairly sophisticated engineering attempts to catch and store
rainwater.

Tim Neall: And that may be the reason they did their processing at the valley in East
Eradiya. The valley has steep sides, but the bottom is broad and flat, and gently
inclined. It would be a much easier to build dams there than in some of the steep
gullies around the mine site itself. At Rodruin, for example, the carbonate
weathers like limestone and that causes cave systems to develop. Any rainfall
just disappears underground quickly up there, which would make it difficult to
catch and to use these washing tables. It may well be that the availability of
water was their determining logistical feature.

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Peter Bell: Fascinating. And I wonder about these caves you just mentioned.

Javier Orduña: Tim thinks that some of the holes we are seeing are actually caused by rain
water.

Tim Neall: It’s an interesting thing when you look at them. Most of the structures that they
have mined on the carbonate ridge, look like karst weathering features. You get
two types of gossan. You get the hard, red gossan, which is in situ. Then you get
cave-like systems filled with the soft brown gossan. The ancient miners seem
to have preferentially mined the soft brown gossan.

It’s hard to say without any assays yet, but I suspect that they did this because
it was just easier to process. This brown stuff is soft – it’s just like flour – and
that would have been much easier to mine and process.

There are places where landslides have exposed more of the brown gossan.
This stuff was generally distributed evenly through the mineralized carbonates
but it accumulates in some of the fissure and caves caused by the karst
weathering. There is one very large gully that has flowstones, which are like
stalagmites and stalactites in caves. These flowstones have accumulated in
these weathered cave systems. The history and the development of this site
and the oxide zone is very complex.

Peter Bell: Wow. How’s accessibility for drilling?

Tim Neall: That’s going to require a road. Getting to the site isn’t too difficult – that road
could be built with a front end loader – but getting up onto the site for drilling
would require a bit more work. The topography is similar to the eastern
carbonate ridge at Hamama, it’s pretty steep but doable.

Javier Orduña: We would have to have a think about how we approach it, Peter. As Tim says, it
wouldn’t take too much to get a drill onto site or even into the Central Valley,

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where we could drill under the southern ridge to test the mineralization at
depth. It would take more effort to drill enough to establish a resource
estimate here, but it wouldn’t be a big problem to organise the initial drilling. If
we drilled from the bottom of the Central Valley and were getting significant
intersections of mineralization, then we would have to go further up the hill and
test vertical continuity. That could get exciting, but we will have to look at a
bunch of things before we do that.

Peter Bell: And the systematic grab sampling – is that surface or underground?

Tim Neall: It’s a combination. Most of it is surface sampling. In some of the better workings
with reasonably stable ground conditions, we’ve gone down and taken samples
from underground. In one of the workings, we got down about 15 meters or 50
feet. We haven’t sampled the workings on the North Ridge as well yet, but some
of those are pretty impressive. They go down about 20 meters or more.

Peter Bell: Wonderful. Thank you very much for all the information, Tim and Javier!

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Q1-2018 Update on Rodruin with Javier Orduna $AAN Aton Resources

Following the release of first assays from the new Rodruin discovery, Mr.
Javier Orduña, Exploration Manager of Aton Resources (TSXV:AAN) shared
some wisdom with me on this exciting new target. The company is
mobilizing equipment to build a road to Rodruin and is still on track to
complete an economic study for an open pit, heap leach mine at Hamama.
These 2 clear priorities for 2018 reflect the success of the company in 2017.

Peter Bell: Hello Javier, thank you for joining me.

Javier Orduña: You’re welcome, Peter. It’s very exciting to be talking with you about Rodruin.
We are very pleased with the results so far. You can see that there is a
widespread distribution of good mineralization.

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The results largely confirmed what we saw when we first went out there, which
we discussed with you in December. These samples are not designed to be
representative of mineralization, as a whole. We specifically collected samples
of what we thought looked like mineralized material with expectations that we
would get assay grades back. It's not representative of everything, but it
confirms that what we thought was mineralization is indeed mineralization.
With quite a lot of very good grades, too.

Peter Bell: Right. That conversation in December was a treat for me. To see you have that
discovery following a long year of hard work at many sites across the property
– that was a win. I think last year was all about going out to look at new areas
and it was successful. It’s really one of the first times that I’ve followed an
exploration company so closely for so long that I can really understand how
these things happen. Great to see high-grade in these assays. One sample from
the North Ridge with 321 g/t gold and over 61 of 74 samples coming back with
over 0.5 g/t gold? Something for everyone in there.

Javier Orduña: And it wasn’t unexpected. When we talked in December, we had some clear
ideas about what we were looking at. We were pretty confident that these
things would test well, but we were pleasantly surprised by some of the grades
that did come back. Some were even better than we were expecting.

Peter Bell: How about the significance of that 0.5 g/t number?

Javier Orduña: Well, it's the cut-off grade we use at Hamama. Anything above 0.5 g/t gold is a
potentially economic grade. The simple line here is that more than 80% of what
we sampled is potentially economic mineralization.

Peter Bell: Great success on a first pass.

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Javier Orduña: Yes, it’s important to remember that it is a first pass. We selectively sampled
stuff that we thought we would provide good results, which is a reasonable
thing to do on a first pass. Excellent results – no question about that.

Peter Bell: Thanks for providing a bunch of good technical information in the news release,
too. It helped to see the individual sample descriptions and co-ordinates. And
there was some discussion of the geology of Rodruin, particularly that it is a
lower-temperature epithermal system. I’ve recently learned that carbonate
rocks can be created by volcanic systems exhaling large amounts of carbon
dioxide into host rocks rather than forming as sedimentary units, which makes
me wonder which scenario could be at play in Rodruin.

Javier Orduña: The carbonates are interesting, Peter.

There are some VMS around the world, Metabi-style, that are associated with
carbonate alteration and we talked for a long time, internally, about what the
carbonate at Hamama really is. It's clearly related to mineralization but, until
we found this thing, it appeared to be a one-off.

The fact that we've now found very similar mineralization at Rodruin tells us
that Hamama was not just a one-off. We have some ideas on the genesis of the
mineralization, but we are still bouncing them around internally. In short, we
believe it's related to the ultramafics.

Peter Bell: Those are rocks that come from the Earth's mantle, right? With that and the
carbonate, I’m thinking heavy volcanic activity.

Javier Orduña: Yes and no, Peter.

We think the hydrothermal fluids that formed the mineral deposits at Hamama
and Rodruin are associated with contemporaneous volcanism. The fulids are
associated with andesitic and felsic packages of volcanic rocks in the area, but

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we don't think the carbonate is related to that. We think the fluids interacted
with slabs of ultramafic rocks that were somehow accreted into the volcanic
packages at a fairly early stage. We see lots of barren carbonates all over the
Eastern Desert that are related to dewatering of ophiolitic units but, somehow,
we think that slabs of ultramafics got into the hydrothermal system here and
caused the carbonates to become mineralized. It is unusual.

Things like Sir Bakis and other types of mineralization at the Abu Marawat are
completely unconnected to these volcanic-hosted styles. This is probably 50
million years previous to the volcanism we're seeing at Sir Bakis, for example.

Peter Bell: Interesting. I recall that the ophiolites are quite important across the Abu
Marawat concession area and they are pieces of oceanic plate that were thrust
up onto the edge of continental plates. The fact that you have evidence of that
kind of tectonic activity on the concession continues to fascinate me. I think you
mentioned there was a back-arc basin here at one time, too. The geology of this
place is just amazing but let’s save that for another day. For now, please let me
ask about the gold in the high-grade shears at Rodruin – do you seeing anything
like that at Hamama?

Javier Orduña: No, Hamama essentially is just the VMS-epithermal package. We're seeing 2
phases at Rodruin. One is the background Hamama-style mineralization and
the other is some remobilization of metals into later tectonic mineralization,
which is the high-grade shears and veins.

I did some work on the metal association from Rodruin and there are strong
correlations between gold and silver in the shear-hosted mineralization but
none whatsoever in the background Hamama-style mineralization.

As noted in the news release, the bismuth is highly elevated at Rodruin. That is
interesting since you tend to get things like bismuth, antimony, arsenic in

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acidic, magmatic-associated hydrothermal systems. Although the bismuth is

elevated, the correlation analysis showed no clear relationship between
bismuth and other metals. There were clear associations between other
metals, though. For example, the copper and zinc were clearly correlated in the
background zones. The gold and silver were clearly correlated in the shear
zone. The arsenic strongly correlates with zinc and lead, but that just reflects
how arsenic forms certain minerals with these things. The bismuth wasn’t
really associated with any metals because it hadn’t really replaced anything
else in those minerals.

Peter Bell: Well, I hope that proves helpful as you better understand the geochemistry of
all this stuff. It occurs to me that when you get Hamama into production, you
will probably learn much more about this in ways that will be helpful for
Rodruin. But that’s years away from now. In the next few months, you’re going
to build a road to Rodruin. Some people had commented had asked if you could
go quicker, but April sounded to me like a good timeline to me. Can you go
quicker?

Javier Orduña: No, we can't. Even if we wanted to start drilling tomorrow, we can't.

That's the reality of a place like this. It's fairly rocky and mountainous – it will
take 2 months to build a road if everything goes well. It may take longer since
we have to find the best routes and some of these rocks are pretty hard. We
don't have access to explosives to build the roads, either, so we're basically up
there with excavators and bulldozers. It takes time.

Peter Bell: The exploration team covered a lot of ground last year with the “Regional
Exploration Program”. Will it pivot this year to focus on Rodruin?

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Javier Orduña: I do not intend to stop looking everywhere else, Peter, but we believe this is a
very significant discovery. We believe it's potentially an order of magnitude
bigger than Hamama or anything else.

We will not just forget about everything else, but Rodruin will become our #1
focus. We will go in, drill some holes, and then take a pause. We can't just drill
10,000 meters off the bat. We need to do some work, get the results, and see
what they are telling us. Once we start drilling, we will do a first phase
campaign and then will, ideally, be able to take the rigs to drill other targets
while we are waiting for results to come back and guide the next phase of
drilling. We will try to do other things as we go along, but there's no question
that Rodruin is our absolute #1 focus. We will go at it as hard as we can.

Peter Bell: I loved those 3 samples from the North Ridge – you went all that way just for
those 3 samples and they all came back with +5g/t grades. What an adventure.

Javier Orduña: We talked about some of this in our first interview, Peter. There are several
deep slots on the North Ridge that were created by ancient miners. They are
vertical slots that go down 20 meters from the top of the ridge and there is only
about 1 meter of rock between you and fresh air going down a few hundred feet
along the steep edge of the mountain.

These workings were located up on the top of the hill and there was a reason
why they were mining these things, right? Well, the reason is clear from the
assays. They were mining some exceptionally good material up there on the
North Ridge.

There were many more workings on the South Ridge, but the fact that there
were any up on the top of the North Ridge told us that we had to take samples
from up there. It really is a ridge of death. It’s much harder to get up there than

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it is to get up the South Ridge, which has much more evidence of ancient
workings.

We’ve found more workings on the North Ridge that appear to go down 40
meters or so. I imagine that they were mining similar grade material from those
ancient workings as the samples we've had there already.

Peter Bell: Wow.

Javier Orduña: We had a short time period between discovery and shutting down for
Christmas, but we are back at it now. Our intention is to go and cover as much
as we could. The first pass sampling covered three main areas on the South
Ridge with good results and now we are covering it in more detail. We want to
get broad coverage of the Southern Ridge to start with.

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Javier Orduña: We even have a map showing the locations of the next round of samples as
white circles. We believe this is not commercially sensitive material, since it is
not actual results, but we feel it is important to share this since it is important
for understanding our plan of attack at the project.

As you can see, we started at the far western end and are working back along
these ridges where it's not concealed under cover. Ultimately, we want to get a
fairly comprehensive sampling plan at surface of where we are seeing
mineralization at surface. We have been working hard and we think those white
circles will provide a good a coverage of purple, red, and orange when the next
round of assays come back.

Peter Bell: One spot that seemed really important to me is the exposed area on the top of
the South Ridge. All that exposed rock on the top of the ridge is great.

Javier Orduña: Certainly, Peter. That’s where you see butresses where the mines were located.
A lot of the area below the South Ridge is just a steep hillside covered by scree.
We know that the ancients didn't mine ther because of the overburden, but
there's probably a lot of mineralization underneath it that hasn't been exposed.
The ancient miners didn't get to it because there was better stuff exposed at
surface, so our plan over the next couple months is to get full coverage over
the surface to guide development of the drill plans.

Peter Bell: Was this scree area eroded material from the top of the ridge?

Javier Orduña: Yes. When we walk there and break open rocks at surface then you get
gossanous material in the carbonate. These are fairly typical mountainsides.

It is important to note that the scree rolled down the side of the mountain, so it
is not in situ. It may be mineralized, but it doesn't reflect what the bedrock is
underneath. We don’t yet know if there is mineralization underneath or not.

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Wherever our geologists have managed to see through the scree into exposed
bedrock material, they have sampled it. There were no such samples in the first
program, but there were some in the second and I look forward to what comes
back from those particular samples.

Peter Bell: Did you have a sense for the angle of dip from this unit that was exposed at the
top of the Ridge?

Javier Orduña: It's a bit hard to tell, Peter.

Some of the rocks in the pictures look green and those are unaltered volcanics.
They have clear foliation and appear to be fairly vertical. In contrast, the
carbonate on the South Ridge appears to be dipping roughly parallel to the side
of the mountain, which is towards the northeast. That is all we can say until we
actually drill it.

It's not clear yet to be honest and the area is very tectonically and structurally
complex. We need to put some holes into it to get a handle on the 3D picture.

Peter Bell: I can just imagine a slab of it sitting on the hillside waiting for you.

Javier Orduña: Wouldn’t that be nice?

What we are seeing on the South Ridge may be, in simple terms, a 50-100 meter
thick slab of mineralized carbonate that is roughly parallel to the dip of the
mountainside. It dips to the northeast down to the Central Valley. It may even
continue under the North Ridge. It may be comparable to what you have at
Hamama, where you have a thick slab of mineralization although it's very early
days.

Peter Bell: Hamama is vertical though, right?

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Javier Orduña: Yes, and the South Ridge at Rodruin appears to be inclined to the northeast at
about 45-degrees.

Peter Bell: And close to surface!

Javier Orduña: It's right at surface, Peter. If we can establish that is the geology, then it would
be favourable with a minimal strip ratio as you taking off the side of a mountain.

Peter Bell: We can imagine, can’t we? How about the valley – there were some samples
taken down there, right?

Javier Orduña: Yes, there were a few. It was just a quick program done over a few days to get
some samples and confirm what we thought we were seeing. It is confirmed it
-- plus!

Peter Bell: Any indications of those old dams they were using to wash around here or was
that somewhere else?

Javier Orduña: No, that was in the wadis. I think there was some limited evidence of processing
in one area, but most of the ore appears to have been taken down from the top
of the mountain and processed in the wadis around East Eradiya where there is
water available.

Peter Bell: Well, thanks for putting the co-ordinates on the maps too. I found the area on
google maps and it’s stunning to see it online.

Javier Orduña: Thanks, Peter. And I will briefly mention that we plan to dispatch our second set
of samples from site next week and we hope to have another set of results to
report a month hence. We think it is very important to keep the momentum
going at Rodruin.

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Peter Bell: Thanks, Javier. If anyone reading this is interested, then they can see a Google
Map I made showing the approximate locations of Rodruin, East Eradiya, and
Hamama here.

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Disclaimers

This document contains statements that are forward looking statements and are subject to
various risks and uncertainties concerning the specific factors disclosed under the heading “Risk
Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators.
Such information contained herein represents management’s best judgment as of the date
hereof based on information currently available. The Company does not assume the obligation
to update any forward-looking statement.

The technical information contained in this document was prepared by Roderick Cavaney BSc,
MSc (hons), MSc (Mining & Exploration Geology), FAusIMM, GSA, SME, Vice President, Exploration,
of Aton Resources Inc. Mr. Cavaney is a qualified person (QP) under National Instrument 43-101
Standards of Disclosure for Mineral Projects.

Peter Bell has been compensated to prepare and distribute this promotional material.

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