November 2017 Forward looking statements Reference to Aton - - PowerPoint PPT Presentation

November 2017

2 Reference to “Aton Resources", "AAN", or "the Company" refers to Aton Resources Inc., the Company listed on the TSX Venture Exchange under the symbol AAN, or any of its subsidiaries: Aton Resources Inc., Aton Mining Inc., or Canex Enterprises Inc. Other than statements

• f historical data and interpretations based on data, all statements that address activities, events or developments that Aton Resources

believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are commonly, but not universally identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend", and statements that an event or result "may,“ "can," "should," "could," or "might" occur or be achieved, and other similar

• expressions. Forward-looking statements reflect the current expectations or beliefs of AAN based on currently available information.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of AAN to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on AAN. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete intended financings, capital and other costs varying significantly from operational and other estimates, changes in the political climate that may materially impact AAN activities, ability to secure permits that maybe required, changes in world precious or industrial metal markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance

• f facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government

authorities, and other development and operating risks. A forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, AAN disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although AAN believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. This property requires considerable further evaluation, which AAN’s management and consultants intend to carry out in due course. Rick Cavaney, MSc., V.P. Exploration of Aton, is a qualified person for the purposes of NI 43-101 and has reviewed the technical disclosure in this presentation.

Forward looking statements

Focused on making Africa’s next major gold discovery

• Location: Arabian-Nubian Shield, 200km north of Centamin’s Sukari gold mine, in

an area of excellent infrastructure

• History: mining activity dates back to the Bronze Age, very little modern

exploration

• District scale potential: Abu Marawat Concession (“AMC”) is over 738km2 in size

and contains a 40km long gold trend with several known deposits, historic mines and a number of exploration targets and different mineralization styles

• Exploration underway: regional exploration during 2017 has advanced a number
• f the regional exploration targets to drill readiness

In-country expertise

• Operating in Egypt since 2007, CEO is Cairo-based and VP Exploration is former

Exploration Manager of Centamin’s Sukari gold mine Strong Board of Directors and Advisors

• Have raised billions for junior/mid-tier resource companies and put several mines

into production

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Why Aton?

Management team

Mark Campbell, President, CEO and Director Based in Cairo, Mark has more than 35 years of experience, including 15 years in Egypt, in the petroleum, investment banking and mining industries. Former consultant to Pharaoh Gold Mines, a subsidiary of Centamin Egypt Ltd. Justin Blanchett, C.A., C.P.A., CFO More than 10 years of experience in the mining industry as a CFO, consultant and controller. Christina Boddy, Corporate Secretary Has acted as a corporate secretary for a number mineral exploration companies, including Levon Resources Ltd. and Nevada Sunrise Gold Corporation.

Exploration team

Rick Cavaney, MSc, P. Geo, V.P. Exploration More than 45 years of experience in exploration geology. One of the original Exploration Managers at Centamin’s Sukari gold mine. Javier Orduña, MSc, MCSM, Exploration Manager Javier has more than 20 years of experience as an exploration and mine/development geologist, and prior to Aton, has worked in Saudi Arabia, Somaliland, Central Asia, Cuba, and West Africa amongst other locations, and started his career in gold exploration with Western Mining Corporation in Australia. Tim Neall, BSc, C. Eng, MIMMM, Senior Exploration Geologist Tim has over 35 years experience as an exploration geologist and mining engineer. Tim recently worked on a gold project in Colombia with Canada-based Red Eagle Mining, where he was the senior geologist, and worked on the project from grassroots exploration through to the first gold pour.

Egyptian team

Magdi Buckla, Financial Controller More than 30 years of accounting experience with oil and gas and oilfield services companies, including Key Energy Services, Conoco and Repsol. Magdy Sayed, Deputy Financial Controller Over 35 years of experience in Oil and Gas sector. Prior to joining Aton, Magdy worked for the Egyptian General Petroleum Corporation (E.G.P.C) as an assistant to the deputy executive officer overseeing IOC’s and Joint Venture Companies. Mohamed Abdel Rahman, Government Relations Manager Mohamed is a 37-year veteran of the Egyptian Geological Survey and Mining Authority (EGSMA) and its successor the Egyptian Mineral Resources Authority (EMRA). In that time he has headed the Concession Agreements, Foreign JV’s and Technical Services Departments.

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Aton’s Team

Board of Directors

Mark Campbell, President, CEO and Director Based in Cairo, Mark has more than 35 years of experience, including 15 years in Egypt, in the petroleum, investment banking and mining industries. Former consultant to Pharaoh Gold Mines, a subsidiary of Centamin Egypt Ltd. Bill Koutsouras, C.A., CFA, Chairman Former Chief Financial Officer of Endeavour Financial. Involved in more than $4 billion of financing for exploration and development companies. Giles Baynham, ARSM, Director Current CEO of Du Solo Fertilizer. Held positions with Rio Tinto, Industrial Bank of Japan/ Mizuho, NM Rothschild & Sons, and Endeavour Financial. David Laing, ARSM, Director Current COO of Luna Gold. Previously the COO of True Gold Mining Inc., sold to Endeavour Mining for $300 million. Also ex-Endeavour Financial. Anthony Clements, Director Anthony Clements is a former investment banker with Fox Davies Capital Limited, a London-based firm specializing in mining and oil & gas corporations. Tonno Vahk, Director Tonno Vahk is a former derivatives and financial engineering specialist with over 20 years of experience in the financial markets. Since 2012 Mr. Vahk has been managing private equity investments in Eastern Europe, the Middle East and Africa, with a focus on mining and real estate.

Advisors

• R. Stuart “Tookie” Angus, LLB, Advisor

Former Chairman of Nevsun Resources and K92. Former Director of First Quantum, Canico Resources, Bema Gold and Ventana Gold. Ian Stalker, Advisor Former CEO of K92 Mining. Previous positions include CEO of UraMin Inc, and Vice President of Goldfields. Tom Maher, MBA, Advisor President and COO of Apex International. Previously, the Region Vice President and General Manager, Apache Egypt Companies. James Leahy, Advisor A Director of Bacanora Minerals, London-based Mr. Leahy has over 30 years experience in the mining industry as a specialist broker.

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Board of Directors and Advisors

Natural resources are an important part of Egypt’s economy:

• Petroleum and gas extraction account for 11%
• f Egypt’s GDP
• Mining only accounts for 1.2%
• Both operate under the Ministry of Petroleum

and share the same legal protection Economic reform in Egypt:

August, 2016: Introduced a 13% VAT

November, 2016: Allowed currency to float –

was pegged at £8.80 to US$1.00, now approx. £18 to US$1.00

November, 2016: Reduced fuel subsidies November, 2016: US$12 billion IMF loan

? Mining law reform

Mineral exploration and mining Oil & gas

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Egyptian Natural Resources

Declaration of Commerciality at Hamama

• 20 November 2017 - AAN notified EMRA of its intention to make a declaration of

commerciality at the Hamama Project. Only the second company to ever do so

• Declaration of commerciality to be supported by a study into the feasibility of developing

a mining operation at Hamama, to be delivered to EMRA by 20 May 2018

• Intention is to commence mining operations on the gold oxide cap at Hamama, with a

heap leach processing route, by end of 2019

• EMRA will grant AAN a 2 year exploration extension on the exploration licence over the

balance of the Abu Marawat Concession, valid until July 2020

Excellent infrastructure:

• Hamama camp is located 32km south-east of the

four lane Qena-Safaga Highway

• Abu Marawat camp is located 25km south of the

Qena-Safaga Highway

• Power line (220kV) and water pipeline run

parallel to the Qena-Safaga Highway

• The port of Safaga is 45km north-east of Abu

Marawat

• Hurghada International Airport is 100km north of

Abu Marawat

• Luxor International Airport is 150km south-west
• f Hamama
• Water for camp and drilling is trucked in from the

Nile, 70km to the west

• Modern 50 person exploration camp
• No permanent settlements in Concession area

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Infrastructure

Arabian-Nubian Shield (“ANS”):

• One of the world’s last gold mining

frontiers Major mines/deposits in the ANS:

• Centamin’s Sukari gold mine, Egypt
• 555,036 ounces Au in 20161
• 13 million ounces Au M&I1
• Orca Gold’s Block 14 project, Sudan
• 1.79 million ounces Au Indicated2,

536,000 ounces Au Inferred2

• Ariab’s Hassai gold mine, Sudan
• More than 2.3 million ounces gold

produced from 18 pits since 19923

• Nevsun’s Bisha, Eritrea
• Produced 135.9 million pounds of

copper in 2015 at a cash of $1.31 per payable pound sold4

• Mahd adh Dahab gold mine, KSA

1 Centamin’s web site 2 Orca’s web site 3 www.miningweekly.com 4 Nevsun’s website

The Arabian–Nubian Shield

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Multiple districts within concession:

• Located at the northern end of ANS
• Over 738 km2 in size
• 40 km long gold trend: potential VMS,
• rogenic/reduced intrusive related

gold, and epithermal-IOCG belts

• Hamama deposit at western end:
• 8.2 Mt @ 1.29 g/t AuEq (for

341,000 ounces) Inferred1

• 3.8 Mt @ 1.12 g/t AuEq (for

137,000 ounces) Indicated1

• Abu Marawat deposit at eastern end:
• 2.9 Mt grading 1.75 g/t Au, 29.3

g/t Ag, 0.77% Cu and 1.15% Zn2

• Numerous gold targets, including two

British-era gold mines

• Very little modern exploration

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Abu Marawat Concession

(Concession or Project), Egypt” dated April, 2012 by Wayne W. Valliant, P.Geo., and Bernard Salmon, ing. of Roscoe Postle Associates Inc.,

Looking north-east at Hamama West gold-oxide cap

Hybrid epithermal-VMS deposit:

• Shares broad similarities with
• ther VMS deposits in the ANS:

Bisha, Hassai and Jabal Sayid

• Main horizon at Hamama has a

strike length of 3,000m, remains

• pen to the east, possibly to the

west, and at depth

• Three zones: Hamama West,

Hamama Central and Hamama East

• Aton has drilled a total of 109

diamond drill holes in 11,827.5m at Hamama

• Hamama West mineral resource

estimate based on 74 drill holes

• Further drilling to increase the

maiden resource during 2017

Hamama Deposit

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Channel sampling a trench at Hamama West

Hamama West resource estimate:

• Represents only 750m of 3,000m

long mineralized horizon at Hamama and remains open at depth

• Broad zones of mineralization

starting at surface with oxide and transitional inferred resource grading 1.29 g/t AuEq

• Gold oxide cap is approximately

750m long, up to 110m wide and has an average vertical depth of 35m

• Preliminary metallurgical (bottle-roll)

test results on the gold oxide cap returned up to 92.2% Au and 65% Ag1

• Further metallurgical testwork

completed during 2017, with Phase 2 ongoing

Hamama West

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1 See news release dated January 13, 2015

Hamama drill hole collar plan

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Hamama West cross sections

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• Oxide mineralization: Wide zones of consistent Au-Ag mineralization from surface in the

gold oxide cap, highest grades at surface

• Sulphide mineralization: Consistent zones of mineralization to 300m RL, open at depth
• Stratigraphy is overturned

dated April, 2012 by Wayne W. Valliant, P.Geo., and Bernard Salmon, ing. of Roscoe Postle Associates Inc.,

Established resource with potential to grow:

• At the north-eastern end of

40km long gold mineralized trend

• System of sub-parallel

steeply dipping epithermal Au-Ag-Cu-Zn quartz veins

• Combined strike length of

1,500m, drilled to a depth of 200m

• 18,000m of diamond drilling
• 2.9 Mt grading 1.75 g/t Au,

29.3 g/t Ag, 0.77% Cu and 1.15% Zn1

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Abu Marawat Deposit

The “Roman Adit” at Hamama East

Over 5,000 years of gold mining in Egypt:

• Abu Marawat Concession area has a long history of mining
• Many workings dating back 5,000 years to pre-historic,

possibly Old Kingdom, through New Kingdom, Ptolemaic, Roman and Early Arab times

• More than 14 gold targets, including two historic gold

mines operated by British miners, Sir Bakis and Semna, in the 1900s

• Very little modern exploration work conducted prior to

Aton acquiring the Concession in 2007

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Mining History at Abu Marawat Concession

Mineralization styles:

• Hamama VMS trend
• Abu Marawat – Miranda South

epithermal-IOCG corridor

• Waayrah-Miranda (-Abu

Marawat?) VMS corridor

• IR trend – potential RIR style

mineralization: gold mineralization in intrusive and basement rocks, spatially associated with late evolved W(-Sn-Mo?)-bearing pink granites

• Orogenic/structurally

controlled gold mineralization, possibly associated with RIR systems

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Regional Exploration Potential

Known exploration targets:

• Abu Gaharish: Orogenic Au-qtz veins
• Abu Garida: Historic British W mine
• Bohlog: RIR gold veins
• East Eradiya: Au-qtz veins (possible

RIR)

• Massaghat: RIR gold veins
• Miranda South: Broad zone of

alteration, possible IOCG veins

• Miranda SE: VMS gossans
• Semna: Historic British Au mine,
• rogenic Au-qtz veins
• Sir Bakis: Historic British Au mine,

RIR gold veins and sheeted veins

• Waayrah : VMS gossans
• Zeno: Orogenic/RIR Au-qtz veins 18

Regional Exploration Targets

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• Q1: Drilling to expand resources at Hamama

West completed

• Q1: WorldView-3 remote sensing survey

completed over the Abu Marawat Concession area, identifying numerous potential targets

• Q2: Regional exploration program started at

Sir Bakis and Semna mines, and extending to newly identified targets in the RIR trend

• Q2: Regional exploration team make new

VMS discovery at Waayrah, and recognition

• f VMS style mineralization at Miranda SE
• Q2: Ground and downhole EM geophysical

surveys completed at Hamama by Crone Geophysics

• Q3: Phase 1 metallurgical testwork completed

by ALS Kamloops. Bulk oxide and transitional composite samples selected and sent to WAI (Cornwall) for Phase 2 met testwork

Work completed in 2017

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• 3km NNE of Hamama West,

along strike

• Gold mineralization occurs in

shallow dipping quartz veins, up to 6 identified

• Ancient vein and colluvial

workings, with mineralization hosted in intermediate tuffs and rhyolitic quartz porphyries

• Initial sampling has returned

grades of up to 99.6 g/t Au from quartz veins

• Potential for stacked and/or

multiple vein systems

• Shallow, high grade target
• Drill testing planned for early

2018

West Garida Prospect

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Semna Gold Mine

• Ancient and British-era

u/g mine workings

• High grade Au-quartz

vein, up to 6m wide, assayed up to 5.5 oz/t Au

• Gold mineralization is

hosted in quartz veins in sheared diorites

• Recent surface sampling

has shown presence of widespread surface mineralization

• Channel intersections up

to 9.7m @ 5.17 g/t Au,

• n the South Vein
• Individual samples up to

18.05 g/t Au

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• Underground British mine, operated

between 1904-06, remains of processing plant, mine buildings, shafts and adits

• High grade Au-quartz vein, up to 1.5m

wide, mined underground

• Many ancient narrow quartz veins, with

workings dating back to New Kingdom and Ptolemaic times

• Mineralization is RIR type, associated with

intrusion of late “pink” granites into basement granodiorites and sedimentary rocks, individual and sheeted veins

• Trench SBT-001 intersected 109m @ 0.21

g/t Au over sheeted vein swarm

• Grab and channel surface samples from

the Sir Bakis/Massaghat area returned assays up to 150 g/t Au

Sir Bakis Gold Mine

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Sir Bakis Gold Mine

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• Ancient workings dating back to New Kingdom

period over 3,000 years ago, remains of large settlement, mine workings and tailings

• Mineralization is RIR style, with shallow dipping

structurally controlled zones of veins and stockwork/stringer style mineralization close to margin of late (Younger?) granite intrusion

• Visible gold identified in several samples
• Surface channel, chip and grab samples

returned assays of up to 21.1 g/t Au, with more than a third of samples returning assays >1 g/t Au

• A continuous channel sample profile returned

an intersection of 16.7m @ 3.03 g/t Au

• Recent exploration has identified several new

zones of mineralization and ancient workings to the south of the main Bohlog target

Bohlog Prospect

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Bohlog Prospect

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• Ancient workings identified from remote

sensing studies on the crest of a ridge in remote, rugged terrain. Modern pigment quarry below ancient workings

• Mineralization is VMS style, with limited

exposure of high grade gossans, but is structurally complex, with significant fault offset

• f the mineralized horizons
• 3 separate mineralized zones identified
• Surface channel and grab samples returned

assays up to 16.4 g/t Au, 24.6% Zn, 62.7 g/t Ag and 1.93% Cu

• Recognition of VMS style mineralization at

Miranda SE indicates possibility that a belt of VMS mineralization may extend between Miranda SE, Waayrah and further north to Abu

• Marawat. Possible gossans identified from

remote sensing at Hossan Hadidi

Waayrah Prospect

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Waayrah Prospect

Hallmarks of VMS Districts:

• VMS’s typically occur clustered

at both the mine and district scale

• Examples include Noranda,

Hokuroku, Flin Flon, Snow Lake and Matagami

• Au-rich VMS’s may occur

alongside Cu-Zn-Pb deposits in the same camp, as well as epithermal Au and other mineralization styles

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District Scale Potential at Abu Marawat

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• Ancient workings dating back to New

Kingdom period over 3,000 years ago. Evidence of modern prospecting for W

• Orogenic style structurally controlled Au

mineralization, which is traceable for over 2km strike length, carries significant accessory W, and may have RIR affinities

• Main zone is located on margin of a late

granite and basement meta-volcanics and

• serpentinites. Other mineralized zones

identified to the north, south and east of the main zone

• Visible gold identified in many samples
• Two-thirds of surface samples returned

assays greater than 1 g/t Au, with channel and grab samples returning assays up to 22.6 g/t Au and 26.6 g/t Au respectively

Abu Gaharish Prospect

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Goal: Convert exploration permit to an exploitation permit in 2018

• Q4: Deep penetrating GPR geophysical

surveys at Waayrah and Miranda SE VMS targets, and IR/orogenic gold targets

• Q4 to 2018: Phase 2 metallurgical testwork
• n oxide material from Hamama West
• Q4 to 2018: revision of maiden MRE and

completion of study at Hamama West to support declaration of commercial discovery

• Q4 to 2018: Ongoing field evaluation of

existing targets, eg. Sir Bakis, Semna, Bohlog, Abu Gaharish, and less advanced prospects,

• eg. Semna, Zeno, Miranda - boots on ground
• 2018: Regional exploration drilling planned

at West Garida, Sir Bakis, Semna, Bohlog, Abu Gaharish, Waayrah and Miranda targets

Next Steps at Abu Marawat

Team

Location Infrastructure Low-cost jurisdiction Resource growth Multiple districts at AM

Focused on making Africa’s next major gold discovery

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Why Aton?

Appendix

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Ticker Symbol AAN: TSX-V 52-week Range $0.035 - $0.16 Shares Outstanding 183,637,743 Warrants 99,825,001 Broker warrants 1,540,000 Options 7,270,000 Fully Diluted 292,272,744

• OU Hektik
• 19.97%
• OU Moonrider
• 19.72%
• Exploration Capital Partners - 8.0%
• New Pacific
• 8.0%
• Insiders
• 6.0%
• Total - 61.69%

Key Shareholders:

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Capital Structure

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Resources at Abu Marawat

INFERRED MINERAL RESOURCES Deposit Class Tonnes Grade Contained Metal Au (g/t) Ag (g/t) Cu (%) Zn (%) Au (koz) Ag (koz) AuEq (koz) Cu (m lbs) Zn (m lbs) Abu Marawat Inferred --

• pen pit & u/g

2,879,000 1.75 29.3 0.77 1.15 162 2,713

• 49

73 Hamama West Inferred --

• xide & trans.

2,580,000 0.87 28.1

• 72

2,334 106

• Inferred --

sulphide 5,630,000 0.87 30.4

• 157

5,503 235

• TOTAL

Inferred 11,089,000 1.10 29.6

• 391

10,550 341 49 73 INDICATED MINERAL RESOURCES Deposit Class Tonnes Grade Contained Metal Au (g/t) Ag (g/t) Zn (%) Au (koz) Ag (koz) AuEq (koz) Cu (m lbs) Zn (m lbs) Hamama West Indicated -- sulphide 3,805,000 0.72 27.6

• 88

3,376 137

• TOTAL

Indicated 3,805,000 0.72 27.6

• 88

3,376 137

• 1)

Hamama West mineral resource estimate is estimated using a 0.5 g/t AuEq cut-off grade 2) Hamama AuEq is based on an Au price of US$1250/oz (average Au price since May 2013), and a Au/Ag price ratio of 70:1 (indicating an Ag price of US$17.86/oz) 3) Abu Marawat mineral resource estimate is based upon NSR cut-offs of US$20 per tonne and US$50 per tonne for open-pit and underground, respectively. 4) No AuEq value is presented for Abu Marawat as it was not included in the Abu Marawat NI 43-101 technical report. See the independent technical report titled “Technical Report on the Abu Marawat Concession, Egypt” dated April, 2012 by Wayne W. Valliant, P.Geo., and Bernard Salmon, ing. of Roscoe Postle Associates Inc., available under the Company’s profile on SEDAR at www.sedar.com

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• A republic, 762 member legislature
• Elections held every four years, last one

in 2014

• Africa’s second largest economy
• Nominal GDP: US$330.8 billion
• Real GDP growth: 3.1%
• GDP by sector
• Agriculture: 13.6%
• Wholesale and retail trade: 13.3%
• Manufacturing: 12.3%
• Petroleum and gas extraction: 11%
• Mining: 1.2%
• Population: 90.1 million
• Young age dependency ratio: 48.5%
• Inflation: 11.0%
• Unemployment: 12.8%

About Egypt

Egypt 14 Shagaret El Dor St. 7th Floor, Suite 33, Zamalek Cairo, Egypt, Tel: +20-22735-6548 Mark W. Campbell, CEO mcampbell@atonresources.com Canada 1020 – 800 West Pender St. Vancouver, B.C. Canada V6C 2V6 Tel: 604-787-8875 Justin Blanchet, CFO ir@atonresources.com

www.atonresources.com

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Contact us