Mr. Derek White reports

ASCOT CLOSES C$29 MILLION BOUGHT DEAL FINANCING AND US$50 MILLION IN ADDITIONAL FUNDING FOR COMPLETION AND RAMP-UP OF THE PREMIER GOLD PROJECT

Ascot Resources Ltd. has closed its financing for a total of $50-million (U.S.) 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.

Concurrently, the company closed its previously announced bought deal private placement financing with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets, and including CIBC World Markets Inc., Raymond James Ltd. and Velocity Trade Capital Ltd. Under the bought deal financing, the company issued a total of 65,343,000 common shares of the company at a price of 44 cents per common share, for gross proceeds of approximately $29-million, which included the full exercise of the Underwriters' option.

Derek White, president and chief executive officer, commented: "We commend our financing partners Sprott Streaming and Nebari for their co-operation and timely closing for this financing. We express our gratitude to our existing shareholders who participated in the bought deal financing, including our largest shareholder Ccori Apu SAC and welcome new institutional shareholders whose support is very much appreciated."

Michael Harrison, managing partner at Sprott Streaming, commented: "We are very pleased to expand our partnership and continue to support Ascot Resources as the team prepares for imminent production from the Premier gold project. Sprott Streaming continues to provide funding to advance quality projects and provide project financing to bring mines into production."

Nebari managing director Juan Alvarez stated, "We are very pleased to be providing additional funding to Ascot in the form of a cost overrun facility as support for the construction and ramp-up of the Premier gold project."

We seek Safe Harbor.