Mr. Derek White reports

ASCOT PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED FINANCING PACKAGE

Ascot Resources Ltd. has finalized the terms of definitive documentation for a total of approximately $50-million (U.S.) in financing from Sprott Resource Streaming and Royalty Corp., and/or its affiliates, and Nebari Natural Resources Credit Fund II LP, as further described in the company's news release dated Jan. 22, 2024. Ascot, Sprott Streaming and Nebari have signed the definitive documentation into escrow with an anticipated effective date of Feb. 20, 2024.

The company is also announcing that the closing date for the previously announced bought-deal financing with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets, as further described in the company's news release dated Jan. 22, 2024, is now scheduled to occur on Feb. 20, 2024.

The company has received Toronto Stock Exchange conditional approval for the transactions described herein, however, the closing of the bought-deal financing remains subject to customary closing conditions. The release from escrow of the definitive documentation executed by Ascot, Sprott Streaming and Nebari is subject to the parties' express release upon the concurrent completion of the bought-deal financing, and the submission for registration of certain debentures in the Land Title Office of British Columbia and in the Mineral Titles Online of British Columbia.

Advisers

Auramet International LLC is acting as financial adviser to Ascot in connection with the Sprott Streaming and Nebari transactions. Blake, Cassels & Graydon LLP is acting as Ascot's legal adviser.

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 TSX under the ticker AOT. Concurrent with progressing the development PGP, the company continues to 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 benefit agreement.

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