Mr. James Currie reports

ASCOT ANNOUNCES STRATEGIC REVIEW PROCESS

Ascot Resources Ltd. has provided a further update 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 discussed in the company's May 12, 2025, news release, Ascot has been in protracted negotiations with its mining contractor, Procon Mining, related to proposed price increases for mining services at the Premier mine.

The company reports that negotiations have not been successful in providing a mining cost structure that is satisfactory to the company. Furthermore, the lengthy negotiations and an investigation into alternative mining contractors have resulted in delays in mobilizing a mining fleet to the Big Missouri deposit, which is a critical part of the restart plan. As a result, the company announces the mill will not be in operation by early August as previously planned.

In order to preserve capital, the company has determined that the best path forward is to place PGP on care and maintenance. The pause is expected to provide the management team with the time and flexibility to assess strategic alternatives to advance the project toward sustainable production.

Ascot chief executive officer Jim Currie states: "In the five months since the new management team took over, we have made significant progress. However, like many mine construction projects, operational challenges continue to surface, which in turn take time and capital to address. Over the next couple of months, we will be assessing our options to help us access the capital needed to successfully bring the project into sustainable production."

The company has appointed a special committee to lead a strategic review process and the special committee has retained financial advisers to assist it in considering various strategic alternatives. There can be no assurance that the strategic review process will result in any transaction.

Qualified person

James A. 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.

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