Ascot Restarts Mine Development at Premier Northern Lights

Press Release

Vancouver, B.C., December 4, 2024 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that the Company has started mobilizing people and equipment to begin the underground development of the Premier Northern Lights mine (“PNL”). Following the close of the recent financing on November 18th, 2024, the Company has started erecting the head cover for the PNL portal and is moving people and equipment back to the site to begin the development of PNL. Procon Mining & Tunneling Ltd, the Company’s mining contractor together with Ascot personnel have started to implement the planning and mobilization to undertake the advance of the PNL portal to the Prew ore zone. On September 6th, 2024, the Company announced it was placing the operation on temporary care and maintenance, at this point the main PNL access ramp had advanced approximately 557 metres from the portal to the current face and required another 112 meters of ramp development to reach the first development headings into the Prew ore zone. The initial activities at site are to re-establish mine ventilation, undertake minor underground rehabilitation, reinstall underground infrastructure at PNL and then start the advance towards the Prew zone. The goal of the Company is to complete enough development to have both the PNL and Big Missouri mines operating when the mill is planned to restart in early Q2 of 2025.

Derek White, President and CEO, commented: “We are excited to restart the development of PNL and progress toward mining the Prew zone so that we can have two mines as ore sources for feeding the mill. The Company has had a very difficult time since the announcement of the temporary care and maintenance, but that is behind us now and we are all focused on a successful restart and bringing Ascot back into production”.

Qualified Person

John Kiernan, P.Eng., Chief Operating 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.

“Derek C. White”
President & CEO

For further information contact:

Derek White
info@ascotgold.com
778-725-1060 extension 1010

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