Aston Bay Holdings Ltd. (TSXV: BAY) is advancing the Storm Copper Project in Nunavut with a focus on near-term development. In a PDAC 2026 interview, CEO Thomas Ullrich discussed recent progress, including resource growth, new geophysical work, and project financing.
The Storm Copper Project stands out for its high-grade mineralization near surface. However, management continues to emphasize deeper potential across a large land package. The company also benefits from a carried interest through its joint venture with American West Metals (ASX: AW1).
Storm Copper Project Development Plans
The Storm Copper Project has transitioned toward development planning. Notably, a prefeasibility study (PFS) is expected in April 2026, which will outline capex, economics, and timelines. Management is targeting initial production by 2028.
The proposed mining approach uses ore sorting instead of conventional milling. This reduces water use and avoids tailings, which is important in Arctic conditions. As a result, the estimated initial capex is about US$50 million.
In addition, Aston Bay has secured support from Ocean Partners Holdings Ltd. The agreement provides up to 80% of development capital in exchange for product offtake. This structure limits equity dilution while supporting construction.
Exploration Upside at Storm and Epworth
Exploration remains a key part of the story. At Storm, the company is using magnetotelluric surveys to identify deeper targets. These methods help overcome limitations of traditional geophysics in resistive rocks.
Only a small portion of the 2,000 square kilometre land package has been tested. Therefore, management sees potential for additional discoveries beyond the current resource.
Meanwhile, the Epworth project continues to advance. The company has identified multiple high-grade surface showings across a large trend. Early work suggests a similar mineral system to Storm.
Drilling at Epworth is planned following further geophysics and mapping. As a result, the project is moving toward its first subsurface tests.
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