Mr. James Currie reports

ASCOT ANNOUNCES UPDATED PRIVATE PLACEMENT TERMS

Further to Ascot Resources Ltd.'s news release of Dec. 1, 2025, the previously announced brokered private placement of up to $150-million of common shares of the company has been amended to a unit financing, at the same offering prices. Each unit will consist of one share and one-half of one warrant of the company. Each whole warrant will be exercisable to purchase one share at an exercise price of 85 cents per share for a period of 12 months from the closing date of the first tranche of the offering. The offering may close in one or more tranches with the first closing expected to occur on Dec. 30, 2025.

The terms of the offering are otherwise unchanged.

Closing of the offering is conditional on receipt of the necessary stock exchange approvals and exemptions and reactivation of the company on the TSX Venture Exchange.

The shares will be offered on a best efforts fully marketed agency basis to: (i) accredited investors resident in the provinces and territories of Canada by way of private placement in accordance with National Instrument 45-106, Prospectus Exemptions; (ii) investors resident in the United States by way of private placement pursuant to the exemptions from the registration requirements of the United States Securities Act of 1933, as amended; and (iii) investors outside of Canada and the United States by way of private placement or on an equivalent basis in accordance with applicable laws, provided that such laws permit offers and sales of the shares without any obligation on the part of the company to prepare or file any registration statement, prospectus or other disclosure document, and without triggering any disclosure obligations or submission to the jurisdiction on the part of the company.

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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