Ascot Resources Ltd. announce the receipt of the Mines Act Permit for construction and operation of the Premier Gold Project (“PGP” or “the project”) located in the Golden Triangle of northwestern British Columbia, along with an update on project development. The B.C. Ministry of Energy, Mines and Low Carbon Innovation has issued to Ascot the M-179 Mines Act Permit, enabling the restart of operations at PGP. In addition, Ascot anticipates the Ministry of Environment and Climate Change Strategy to imminently issue the Environmental Management Act Permit PE-8044, for which there are no further outstanding information requests. The Company recently received notice that a cargo ship travelling from China to Vancouver, carrying a majority of the Company’s clarifier and thickener components, lost its cargo at sea in a major storm event. The financial cost of replacement will be covered by insurance, but the additional time to fabricate and ship replacement components is expected to cause a delay in the overall project schedule. This combined with abnormally high snowfall levels associated with storm events on the west coast of B.C. has led Ascot to revise the project development plans throughout the winter season and into 2022. For these reasons and in order to prioritize the safety of workforce, the Company is now planning to scale back most outdoor construction activities and delay the commencement of underground development until snowfall levels subside. In Ascot’s currently contemplated underground development sequence, by starting in April 2022 initial ore could potentially be accessed by October, enabling process plant commissioning by the end of 2022. As a result, the target date for initial gold production has shifted by one quarter from Fourth Quarter 2022 to First Quarter 2023. Ascot is evaluating the potential impact to project costs and construction schedule and will provide an update in due course.