Mr. Rick Zimmer reports

ASCOT ANNOUNCES LEADERSHIP TRANSITION AND APPOINTMENT OF NEW DIRECTOR

Ascot Resources Ltd. has made a leadership transition, effective Jan. 14, 2025. After collaborative planning with the board, Derek White will step down as president and chief executive officer. The board extends its gratitude to Mr. White for his dedicated leadership and contributions to the company.

During his tenure, Mr. White led the company through key milestones, including capital raising, development and construction of the Premier project. In support of a smooth transition, Mr. White will remain as an adviser as required.

The board is pleased to announce the appointment of James (Jim) A. Currie as CEO and director, effective on the same date. The board welcomes Mr. Currie as he guides the company through the next phase of development and into commercial production. He will also serve as chief operating officer (COO) on an interim basis until a full time replacement is appointed.

Over Mr. Currie's more than 40-year career in the mining industry, he has been a director on various boards and held senior management, engineering and operational roles for numerous mines and projects. Mr. Currie has served as COO for a number of Toronto Stock Exchange- and New York Stock Exchange-listed companies including Equinox Gold Corp., Pretium Resources Inc. and New Gold Inc. During his tenure at Equinox Gold Corp., Mr. Currie led the construction effort of the Arizona and Castle Mountain mines. At Pretium Resources Inc., Mr. Currie led development of the Brucejack gold asset and at New Gold Inc. Mr. Currie led the construction and development of the New Afton gold mine, which went into production in 2012. Mr. Currie holds a bachelor of applied science degree with honours in mining engineering from Queen's University and is a registered professional engineer. Mr. Currie was the 2014 co-winner of AME BC's prestigious EA Scholtz Award for Excellence in Mine Development for his work on New Afton.

Mr. Currie states: "I am excited to join the Ascot team and lead the next phase of the Premier project. This is a pivotal moment for the company, and I look forward to leveraging my experience to drive the transition of the project to commercial production, and create value for the shareholders."

In addition, the company is pleased to announce the appointment of Coille Van Alphen to the board of directors, effective Jan. 14, 2025. Ms. Van Alphen is a portfolio manager for Equinox Partners, a major shareholder of the company. Ms. Van Alphen brings extensive expertise in metals and mining portfolio management, capital allocation, and project financing. The board welcomes Ms. Van Alphen and looks forward to sharing her strategic insights as Ascot advances its mine development.

The company also advises that John Kiernan, chief operating officer, has decided to retire to pursue consulting opportunities. Bryant Schwengler, vice-president and general manager, has elected to step down to pursue other opportunities and be closer to family. The board extends its gratitude to Mr. White, Mr. Kiernan and Mr. Schwengler for their years of hard work and dedication to the project. The company wishes them well in their future endeavours.

The company advises that Diana Mark, Greystone Corporate Services Inc., has been hired as corporate secretary, and KIN communications has been retained to handle the company's investor relations and communications. A conference call for all interested parties is scheduled for Jan. 29, 2025, at 2 p.m. PT, after Mr. Currie has had a chance to visit the site.

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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