Mr. Derek White reports

ASCOT INTERCEPTS 32.9 G/T GOLD OVER 4.9 METRES IN STOPE EXTENSION DRILLING AT THE PREMIER DEPOSIT

Ascot Resources Ltd. has released the first batch of assay results from the 2023 exploration drill program at the company's Premier gold project (PGP), located on Nisga'a Nation treaty lands in the prolific Golden Triangle of northwestern British Columbia. These results are from surface drilling for infill and exploration purposes at the Prew zone in the Premier deposit, southeast of the Premier mill.

Highlights from the drill results include:

• 32.85 grams per tonne gold and 216.18 g/t silver over 4.90 metres from a depth of 273.1 m in hole P23-2468, including 165 g/t Au and 940 g/t Ag over 0.90 m;
• 23.37 g/t Au and 54.28 g/t Ag over 6.52 m from a depth of 253.48 m in hole P23-2465, including 148.50 g/t Au and 315 g/t Ag over 0.95 m;
• Both high-grade intercepts from holes P23-2468 and P23-2465 occurred outside existing stope shapes and therefore imply stope extensions.

Note: True widths are estimated to be between 75 per cent and 90 per cent of reported interval widths.

For the 2023 exploration season, drilling started on the Prew zone, where mining is planned to begin at the Premier deposit. After completing 16 holes at Prew, drilling shifted to Big Missouri, and later will shift to the Day zone. Pending weather conditions in the fall, drilling may shift back south to Premier and Sebakwe. This release summarizes results from the first four holes totalling 1,309 metres drilled from one pad targeting the Prew zone.

Derek White, president and chief executive officer of Ascot, commented: "The 2023 exploration program is off to a great start, with two drill holes intercepting high-grade gold mineralization outside of existing stope shapes. This indicates strong potential for additional mineralization to be converted into near-term mine plans. The Prew zone was initially delineated in 2017 and is where we plan to start production mining at the Premier deposit in early 2024. With additional assays pending from the Prew zone, including from holes that intercepted visible gold, we are eager to release additional results as we receive them in the coming weeks."

The exploration program at the Prew zone consisted of 16 drill holes for a total of 5,355 metres from two pads located between the Premier mill and the old Premier pit. The drill holes targeted stope shapes for additional pierce points, gaps between stopes due to previous drill patterns, and extensions along strike and up dip.

The first four drill holes from this year's program targeted the eastern part of the Prew zone, and mineralization was generally encountered at expected depths with two outstanding zones of mineralization in the direct projection of existing stope designs up dip (hole P23-2465) and along strike (hole P23-2468), respectively. One new pierce point inside a stope shape encountered a younger dike and one projected pierce point intercepted a base metal zone with anomalous gold. Assays are pending for the remaining 12 holes drilled at the Prew zone, including hole P23-2480, which intercepted visible gold from a depth of 292 metres.

Qualified person

Lawrence Tsang, PGeo, the company's exploration manager, provides the field management for the PGP exploration program. 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.

Quality assurance/quality control

Analytical work is being carried out by ALS Canada Ltd. Ascot's quality assurance and quality control program includes the use of analytical blanks to monitor for cross-contamination, certified reference material standards to assess analytical accuracy and duplicate samples to quantify sampling precision. This is in addition to the internal quality assurance program employed by ALS.

Samples are dried and weighed by ALS. They are then crushed to 75 per cent passing two millimetres, with 250 grams split and pulverized to 85 per cent passing 75 micrometres. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are dissolved using four-acid digestion with an inductively coupled plasma atomic emission spectroscopy finish and fire assay with atomic absorption finish for gold. Samples over 100 parts per million silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500 ppm). Samples over 1,500 ppm silver are fire assayed with a gravimetric finish. Samples over 10 ppm gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to metallics assays. Sampling and storage are located at the company's secure facility in Stewart, B.C.

About Ascot Resources Ltd.

Ascot is a Canadian junior exploration and development company focused on restarting the past-producing Premier gold mine, located on Nisga'a Nation treaty lands, in British Columbia's prolific Golden Triangle. Ascot shares trade on the Toronto Stock Exchange under the ticker AOT. Concurrent with progressing the development of Premier, the company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nisga'a Nation as outlined in the benefits agreement.

We seek Safe Harbor.