Mr. Derek White reports

ASCOT COMMENCES FIRST DEVELOPMENT ADVANCE AT PREMIER NORTHERN LIGHTS

Ascot Resources Ltd. has completed its first development round for recommencement of the underground development of the Premier Northern Lights mine (PNL). Following the remobilization of the company's mining contractor, Procon Mining & Tunneling Ltd., to the site, the company has:

• Mobilized the underground mining equipment to site;
• Established the underground ventilation;
• Completed the initial rehabilitation with shotcrete to establish a heading for advancement of development and second egress for the PNL mine.

Currently, development is approximately 115 metres away from the initial ore zone geological contact. The company has progressed the initial development of PNL slightly ahead of its restart plans. The previous development rate had been ramping up to about 6.4 metres per day on single heading and the company expects that the rate will be similar or better. We anticipate to be up to four headings at the end of January, 2025. The initial long-hole stopes at PNL will be prepped for mining by the end of April, 2025. At the Big Missouri mine (BM), mining is anticipated to resume in early May of 2025 when the development of PNL is completed, and BM infrastructure has been reinstalled.

Derek White, president and chief executive officer, commented: "We are pleased to commence development activities ahead of schedule to progress the main decline to the Prew zone and begin the development of the second egress. Over the coming months, we hope to build on the development activities and advance first ore from the PNL ahead of schedule."

Qualified person

John Kiernan, PEng, chief operating officer of the company, is the company's qualified person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

About Ascot Resources Ltd.

Ascot is a Canadian mining company headquartered in Vancouver, B.C., and its shares trade on the Toronto Stock Exchange (TSX) under the ticker AOT and on the OTCQX under the ticker AOTVF. Ascot is the 100-per-cent owner of the Premier gold mine, which poured first gold in April, 2024, and is located on Nisga'a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia.

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