Ascot Announces Strategic Review Process

Press Release

Vancouver, B.C., June 25, 2025 – Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) provides a further update related to the restart of operations at the Premier Gold Project (“PGP” or the “Project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

As discussed in the Company’s May 12th news release, Ascot has been in protracted negotiations with its mining contractor Procon Mining related to proposed price increases for mining services at the Premier Mine.

The Company reports that negotiations have not been successful in providing a mining cost structure that is satisfactory to the Company. Furthermore, the lengthy negotiations and an investigation into alternative mining contractors has resulted in delays in mobilizing a mining fleet to the Big Missouri deposit, which is a critical part of the restart plan. As a result, the Company announces the mill will not be in operation by early August as previously planned.

In order to preserve capital, the Company has determined that the best path forward is to place PGP on care and maintenance. The pause is expected to provide the management team with the time and flexibility to assess strategic alternatives to advance the Project toward sustainable production.

Ascot CEO Jim Currie states “In the five months since the new management team took over, we have made significant progress.  However, like many mine construction projects, operational challenges continue to surface, which in turn take time and capital to address.  Over the next couple of months, we will be assessing our options to help us access the capital needed to successfully bring the project into sustainable production.”

The Company has appointed a Special Committee to lead a strategic review process and the Special Committee has retained  financial advisors to assist it in considering various strategic alternatives.  There can be no assurance that the strategic review process will result in any transaction.

Qualified Person

James A. (Jim) Currie, P.Eng., Chief Executive Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

On behalf of the Board of Directors of Ascot Resources Ltd.

James A. (Jim) Currie
CEO and Director

For further information contact:

KIN COMMUNICATIONS INC. Email: AOT@kincommunications.com Phone: 604-684-6730

About Ascot

Ascot is a Canadian mining company headquartered in Vancouver, British Columbia, and its shares trade on the Toronto Stock Exchange (“TSX”) under the ticker AOT and on the OTCQX under the ticker AOTVF. Ascot is the 100% owner of the Premier Gold mine, which poured first gold in April 2024 and is located on Nisga’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia.

For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.ascotgold.com.

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