Ascot Resources Ltd. provided a construction update on the Company?s Premier Gold Project, located on Nisga?a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. Project construction was 86% complete as of December 31, 2023 (approximately 90% as of January 31, 2024) and is currently nearing completion, with first ore delivery to the mill anticipated by the end of March 2024, and first gold pour anticipated in April. PROJECT CONSTRUCTION: Funding for Construction and Ramp-Up: On February 20, 2024, the Company announced the closing of its financing for a total of US$50 million from Sprott Resource Streaming and Royalty Corp.

and/or its affiliates and Nebari Natural Resources Credit Fund II, LP, as further described in the Company?s news release dated January 22, 2024. Concurrently, the Company closed its previously announced bought deal private placement financing with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets (together, the ?Joint Bookrunners?), and including CIBC World Markets Inc., Raymond James Ltd. and Velocity Trade Capital Ltd. (collectively, with the Joint Bookrunners, the ?Underwriters?). Under the bought deal financing, the Company issued a total of 65,343,000 common shares of the Companyat a price of C$0.44 per Common Share, for gross proceeds of approximately C$29 million, which included the full exercise of the Underwriters?

option. Construction Progress Key Performance Indicators (?KPI?): At the end of Fourth Quarter 2023, overall construction excluding mine development was 86% complete (approximately 90% as of January 31, 2024), compared with 66% complete at the end of Third Quarter 2023. Numerous pre-commissioning activities in the mill have commenced.

The Company anticipates introducing first ore into the mill by the end of March 2024, and pouring first gold in April. Capital costs, including mining costs, incurred as of December 31, 2023 were $292 million. As of December 31, 2023, the remaining project construction capital required to complete construction and achieve the first gold pour is approximately $47 million including mine development costs but excluding certain pre-operating costs and working capital.

This implies a total project capital cost of $339 million, which is slightly higher than the most recent total project budget of $334 million as reported last quarter. The increase is mainly attributable to the increase in duration of the earthworks and project indirect costs. The Company ended December 2023 with a cash balance of C$27 million.

With the aforementioned additional financing of US$50 million from Sprott Streaming and Nebari Credit Fund II, and the equity financing with gross proceeds of C$29 million, the Company believes it is well financed to complete construction of the Project, progress through the ramp-up phase to commercial production and reach nameplate capacity at the Premier Gold Mine. Safety: The Premier Gold Project reached an important safety milestone in Fourth Quarter of 2023: one million hours without lost time incidents (?LTI?). By the end of Fourth Quarter 2023, this figure reached 1,143,029 hours LTI free.

The total recordable incident frequency has been reduced yet again from 0.69 at the end of Third Quarter 2023 to 0.52 by the end of Fourth Quarter 2023. The frequency of total incidents including property damage, first aid injuries, and near misses, was relatively similar to Third Quarter 2023. Reporting activity continues to improve, and the Company will continue to work on proactive safety training and measures to reduce overall incidents on site, especially with pending transition from construction to the operations phase.

Processing Plant: In Third Quarter 2023, mechanical and electrical work in the mill was substantially advanced. In Fourth Quarter 2023, work in the mill focused on piping, systems & controls as well as remaining electrical terminations. Piping installation included work inside the mill building and also outside connections to the carbon-in-leach (?CIL?) tanks, and cyanide destruction and tailings thickener lines.

Piping installation at the mill is over 90% complete. Electrical work progressed on completing terminations and installation of the fire detection system. Instrumentation and controls installations are advancing well.

Staged commissioning has started on the Ball and SAG mills, CIL circuit, and cyclone feed pumps. As a part of the commissioning process, both Ball and SAG mills have been energized and rotated. The Ball mill has been loaded with water and successfully rotated for an 8-hour period with no issues.

The SAG mill has been rotated for several hours and will undergo water load testing this week. Tailings Storage Facility (?TSF?) Earthworks: With the milder-than-average winter season so far, much work was progressed on the TSF earthworks in Fourth Quarter 2023 and into early 2024. The South Dam, North Dam, and Southeast Dam have been completed.

The minor remaining work is focused on the smaller East Dam and spillway which is expected to complete by mid-March. Currently the earthworks around the TSF are substantially complete, with some minor works remaining anticipated to be completed by late February. Water Treatment Plant (?WTP?): Commissioning of the WTP components started in Fourth Quarter 2023, with most areas being commissioned in isolation.

Upon the delivery and installation of two transformers and a buffer tank in December 2023, and the 138 kV power connection in January 2024, the WTP is currently undergoing final commissioning. Normal operation of the WTP is anticipated this month. As of the writing of this release, Ascot can report that the High-Density Sludge (?HDS?) plant has been successfully commissioned and is awaiting final test results on the effluent water before discharge into the environment is authorized.

The Moving Bed Bio-Reactor (?MBBR?) is mechanically and electrically complete and media is being loaded into the tanks. The plant will be brought into service mid-March in time for mill start-up. Site Infrastructure: During Third Quarter 2023, most of the new electrical substation was mechanically completed, and crews completed the 138kV power line to connect to the power grid less than 500 metres away.

In Fourth Quarter 2023, all 138kV lines were pulled and linked up with the BC Hydro grid. Site electrification was originally planned for mid-December, but three new switches were required. Once these were delivered in early January 2024, site powerup on the 138 kV line was completed on January 14, 2024.