Mr. James Currie reports

ASCOT PROVIDES AN UPDATE ON MINE DEVELOPMENT & RESTART OF OPERATIONS

Ascot Resources Ltd. has provided an update of its activities related to the restart of operations at the Premier gold project (PGP), located on Nisga'a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

As announced on April 10, 2025, the company closed the second and final tranche of its private placement financing, raising a total of $61.1-million in gross proceeds.

Mine and infrastructure development

Power availability increased to allow expanded equipment operations:

• With the closing of the financing, Ascot is addressing the critical issue of expanding power capacity by ordering a 4160-volt transformer for the Premier Northern Lights (PNL) workings and additional camp space.
• The new transformer is expected to allow several pieces of equipment to operate simultaneously, improving the current situation where power capacity limits the number of pieces of equipment operated at a time.
• The transformer is on site and installation is under way, with the additional power expected to be available within several days.

Camp capacity increased to support restart:

• In addition, Ascot is adding additional camp space following the closing of the financing.
• Ascot has ordered a 76-bed expansion for the camp (a 100-per-cent increase) to accommodate additional personnel as the company proceeds toward a restart of operations.
• The first 38 beds have already been installed, with the remainder expected to be installed in June, 2025.

With the additional power capacity and camp space, Ascot anticipates that its mining contractor, Procon Mining and Tunnelling, will be positioned to increase productive operation.

Mine development advancing:

• Through April 13, 2025, Procon has completed more than 800 metres of mine development since remobilization in late December, 2024.
• Mining areas are currently being developed on the 310 and 330, and levels of the high-grade Prew zone in the PNL workings.
• In conjunction with the above, the company has commenced the reopening of the Big Missouri workings, where work was paused when PGP was placed on care and maintenance last fall. The road to Big Missouri has been plowed and infrastructure is being reinstalled to begin pumping the accumulated water in the heading. Procon is in the process of remobilizing equipment for Big Missouri with development expected to start there in May, 2025.
• With contributions from both PNL and Big Missouri, Ascot targets the stockpiling of 40,000 tonnes of material for processing prior to mill start-up.

Processing and site operations

Mill preparation for processing:

• In the mill, work continues on a list of remedial issues identified while the mill was in operation last fall. The company does not expect any of these items to cause a material delay to the restart plan.

Restart plan and timing:

• The company intends to restart the Premier mill in early August, 2025, at an initial rate of 1,250 tonnes per day (tpd) with feed sourced from both PNL and Big Missouri. This throughput would be achieved by running the 2,500 tpd mill on a two-week-on, two-week-off campaign basis.
• Once the Silver Coin deposit is developed in H1 (first half) 2026, the company believes the mill can operate at its design rate of 2,500 tpd, seven days per week.

Personnel recruitment under way:

• The company has been actively recruiting in the past weeks to fill a number of positions, with a new mill manager being hired among other personnel across the operation.
• Interested applicants are encourages to send their resumes to resumes@ascotgold.com.

Environmental and regulatory compliance

Sustainability program progressing:

• The water treatment plant is continuing to advance toward design discharge levels.
• The company is also working on a number of reclamation obligations related to previous mining ventures at the site.

Exploration

Resumption of exploration to extend known mineralization:

• In early June, as field conditions permit, the company plans to undertake an exploration drilling program to test a number of prospective sites close to the Premier mill, followed by testing of other targets at higher elevations.
• The initial sites selected represent extensions of known mineralization with the potential to provide early feed to the mill.

Conference call

The company plans to issue regular updates to the market during the ramp up period, with follow-up conference calls scheduled as appropriate.

The next update will be issued on May 15, 2025, followed by a conference call on May 20, 2025. Conference call details will be provided in due course.

Qualified person

James A. (Jim) Currie, PEng, chief executive 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 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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