Mr. Derek White reports

ASCOT COMMENCES ORE PROCESSING AT THE PREMIER GOLD PROJECT

Ascot Resources Ltd. has commenced ore processing at the Premier gold project, located on Nisga'a Nation treaty lands in the prolific Golden Triangle of northwestern British Columbia. Rock was introduced into the grinding circuit of the mill on March 31, 2024, and the first ore was introduced into the mill on April 5, 2024.

Derek White, president and chief executive officer, commented: "The start of ore processing is a momentous achievement for the whole team at Ascot and an exciting milestone for the company. Most project construction activities are substantially completed, and commissioning activities are ongoing throughout the processing plant with the aim of pouring first gold this month."

As is customary for processing plant start-ups, waste rock was initially introduced into the grinding circuit in order to pad the semi-autogenous grinding (SAG) and ball mill liners with barren material. Once that commissioning step was completed, the grinding system was retorqued and gold-bearing ore was introduced into the mill on April 5, 2024. Commissioning activities are currently focused on the remaining components of the processing plant -- namely the gravity concentration and intensive leaching circuit, the carbon regeneration circuit, the elution circuit, cyanide destruction, and the gold room.

The tailings storage facility (TSF), new water treatment plant (WTP), tailings thickener and pipeline systems are ready for operations.

The company anticipates the pouring of first gold at the project on schedule during the month of April, 2024.

Qualified person

John Kiernan, PEng, chief operating officer of the company, is the company's qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

About Ascot Resources Ltd.

Ascot is a Canadian 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 and on the OTCQX under the ticker AOTVF. Concurrent with progressing the development of Premier, the company continues to explore its properties for additional high-grade gold mineralization. Ascot is committed to the safe and responsible development and operation of the Premier gold mine in collaboration with Nisga'a Nation.

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