Mr. James Currie reports

ASCOT PROVIDES UPDATE ON RESTRUCTURING

Ascot Resources Ltd. has provided an update that it continues to pursue the proposed transactions disclosed on Oct. 23, 2025.

The company's stock was halted on Nov. 28, 2025, in anticipation of announcing certain terms of the $150-million private placement and secured creditor restructuring that were described in the company's restructuring press release of Oct. 23, 2025; however, the company did not come to terms, including pricing, and has no additional information to announce at this time.

The structure and pricing of the private placement remain undetermined. If the private placement is not completed, the company will need to pursue other alternatives, including the possibility of initiating proceedings under the Companies' Creditors Arrangement Act. There is no certainty that any such alternatives will be available.

The company has a cash position of $1.9-million at Dec. 1, 2025, and expects to have sufficient funds to sustain current operations until mid-December.

About Ascot Resources Ltd.

Ascot is a Canadian mining company headquartered in Vancouver, B.C., and its shares trade on the NEX under the ticker AOT.H and on the OTCID under the ticker AOTVF. Ascot is the 100-per-cent owner of the Premier gold mine, which is located on Nisga'a Nation treaty lands in the prolific Golden Triangle of northwestern British Columbia.

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