Mr. James Currie reports

ASCOT ANNOUNCES SHARE CONSOLIDATION EFFECTIVE DATE

The effective date for Ascot Resources Ltd.'s previously announced share consolidation will be Dec. 16, 2025. As outlined in the company's news release dated Oct. 23, 2025, the consolidation will be conducted on the basis of 50 preconsolidation common shares for one postconsolidation common share. The consolidation is part of a larger restructuring process, including a rights offering, the consolidation, a bridge financing and a private placement.

The postconsolidation shares are scheduled to begin trading on the NEX board of the TSX Venture Exchange at the market open on Dec. 16, 2025, under the existing symbol AOT.H. Following the consolidation, the new Cusip for the common shares will be 04364G783, and the new ISIN will be CA04364G7839. There will be no name change in association with the consolidation.

No fractional shares will be issued as a result of the consolidation. Any fractional interest in shares resulting from the consolidation that is less than 0.5 of a common share will be rounded down to the nearest whole share, and any fractional interest in common shares resulting from the consolidation that is 0.5, or greater, of a common share will be rounded up to the nearest whole share. In all other respects, the postconsolidation shares will have the same attributes as the preconsolidation shares. Following the consolidation, the company's 1,487,580,162 common shares currently issued and outstanding will be approximately 29,751,603 common shares issued and outstanding, not accounting for the closing of a rights offering on a preconsolidated basis.

The exercise or conversion price and the number of common shares issuable under any of the company's outstanding warrants, stock options and convertible debentures, as applicable, will be proportionately adjusted to reflect the consolidation in accordance with their respective terms.

The consolidation was approved by the shareholders of the company in accordance with Section 7.1 of Policy 5.8 (Issuer Names, Issuer Name Changes, Share Consolidations and Splits) and by the board of directors of the company in accordance with the Business Corporations Act (British Columbia) and the articles of the company.

The company's transfer agent, Computershare Investor Services Inc., will mail a letter of transmittal to registered shareholders of the company providing instructions on exchanging preconsolidation share certificates for postconsolidation share certificates or direct registration system advices. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to Computershare, in accordance with the instructions in the letter of transmittal. Until surrendered, each share certificate (or DRS advice) representing preconsolidation shares will be deemed to represent the number of whole postconsolidation shares to which the shareholder is entitled as a result of the consolidation.

The consolidation remains subject to the final approval of the TSX Venture Exchange. Additional details regarding the consolidation can be found in the company's news release dated Oct. 23, 2025, available under the company's profile on SEDAR+.

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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