Mr. James Currie reports

ASCOT ANNOUNCES CLOSING OF RIGHTS OFFERING

Ascot Resources Ltd. has closed its rights offering, previously disclosed in the company's press release dated Nov. 7, 2025. The shareholders of Ascot exercised rights to acquire 1,487,151,720 common shares of the company. Each right consisted of one common share exercised at a subscription price of one cent per common share for aggregate gross proceeds of $14,871,517.

Of the 1,487,151,720 common shares issued, 989,914,059 common shares were issued pursuant to the basic subscription privilege and 497,237,661 common shares were issued pursuant to the additional subscription privilege. To the knowledge of the company, approximately 48.53 per cent of the total common shares were issued to persons who were insiders before closing of the rights offering. The closing of the rights offering did not result in the creation of any new insiders.

Following closing of the rights offering, the company has a total of 2,974,731,882 common shares outstanding.

The rights offering was oversubscribed through the exercise of additional subscription privileges, with shareholders subscribing for rights to purchase an aggregate of approximately 2,116,855,740 of common shares, which was approximately $6,297,040 more than the maximum subscription amount of $14,871,517. As a result, the company did not issue any common shares or pay any fees to the standby purchaser pursuant to the rights offering.

Following closing of the rights offering, the effective date of the previously announced share consolidation will be Dec. 16, 2025.

The company intends to use the net proceeds from the rights offering to settle outstanding amounts owed to the company's creditors.

About Ascot Resources Ltd.

Ascot is a Canadian mining company headquartered in Vancouver, B.C., and its shares trade on the NEX board under the ticker AOT.H and on the OTCID exchange 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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