Mr. James Currie reports

ASCOT RESOURCES PROVIDES FURTHER UPDATE ON CEO REVIEW

Ascot Resources Ltd. has provided an update on the progress of the Premier gold project following an initial review conducted by president and chief executive officer Jim Currie and his management team.

Due to the limited availability of trained labour, underground development has commenced later than expected, with slower advancement than anticipated. As a result, the previously outlined timeline for the restart of mill operations is no longer achievable. The company now projects ore throughput to commence in July, 2025. A revised schedule and budget are currently being finalized to reflect this updated timeline.

Mr. Currie commented: "Following my initial review, the mill and deposit are both expected to perform in line with prior guidance. However, the delay in development will result in a working capital shortfall. As such, we are actively engaged in discussions with our major shareholders, debt providers and bankers to address the funding gap. We sincerely appreciate the continued patience and support of our stakeholders as we navigate through this challenging time."

Ascot remains committed to transparent and timely communication with its shareholders, stakeholders and the broader investment community. While the company is in discussions regarding potential financing solutions, there is no certainty that sufficient capital will be raised. The company thanks all stakeholders for their continuing support as the company works toward the successful advancement of the Premier gold project.

About Ascot Resources Ltd.

Ascot is a Canadian mining company headquartered in Vancouver, B.C., and its shares trade on the Toronto Stock Exchange 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 its 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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