Mr. Derek White reports

ASCOT DRILLS ITS HIGHEST-GRADE INTERCEPT SINCE 2015: 692 G/T GOLD OVER 0.9 METRES AT THE BIG MISSOURI DEPOSIT

Ascot Resources Ltd. has released the third 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. This release summarizes the initial batch of assay results from this season's surface drilling program for infill and exploration purposes at the Big Missouri deposit, approximately six kilometres north of the Premier mill. Underground mine development commenced at Big Missouri in 2022, and crews are currently mining and stockpiling mineralized material as development advances.

Highlights from the drill results include:

• 98.84 grams per tonne (g/t) gold (Au) over 6.48 metres from a depth of 51.5 m in hole P23-2490, including 691.50 g/t Au over 0.90 m. This is the all-time second-highest-grade drill intercept at Big Missouri and is the company's highest-grade drill intercept property wide since 2015.
• 22.30 g/t Au over 9.72 m from a depth of 58.3 m in hole P23-2484, including 98.10 g/t Au over 1.91 m.
• 17.72 g/t Au over 5.65 m from a depth of 21.4 m in hole P23-2494, including 31.90 g/t Au over 1.60 m.

Note: True widths are estimated to be between 70 per cent and 90 per cent of reported interval widths.

Derek White, president and chief executive officer of Ascot, commented: "With underground mine development at Big Missouri having started last year, this is an opportune time to have intercepted some of the highest-grade gold mineralization in Ascot's history. In particular, the 692 gram/tonne intercept from hole P23-2490 is located in an area currently scheduled to be mined next year, and, as such, we are eager to exploit this material early in the mine life. Our surface drill program was recently completed, and we look forward to releasing assay results over the next several months."

Drilling for the 2023 exploration season at the Big Missouri deposit was conducted from early August until this past week, during which time 72 holes were drilled from surface for a total of 6,539 metres. The initial batch of assay results in this release contains the first 17 holes, totalling 1,246 metres, drilled from pads 23-BM1 and 23-BM2, that were aimed at stopes to the north of the S-1 pit at the Big Missouri deposit. 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. A summary of assay results is shown in the table entitled "Big Missouri drill results."

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/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 (mm), with 250 grams (g) 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 ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish, and fire assay with AA (atomic absorption) finish for gold. Samples over 100 parts per million (ppm) 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.