Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to announce that it has closed the previously announced bought deal financing, including the full exercise of the over-allotment option, for gross proceeds of approximately C$34 million. The Offering consisted of 30,242,000 flow-through units at a price of C$0.496 per Flow-Through Unit and 44,188,000 hard dollar units at a price of C$0.43 per HD Unit for gross proceeds of approximately C$34 million. The Offering was conducted by a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets, and including Raymond James Ltd., CIBC World Markets Inc., and Velocity Trade Capital Ltd. Each Offered Security is comprised of one common share of the Company and one common share purchase warrant of the Company. Each Warrant will entitle the holder to acquire one Share at a price of C$0.52 per Warrant Share for a period of 24 months following Closing. The Shares and Warrants comprising the Flow-Through Units will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

The gross proceeds raised from the Shares and Warrants comprising Flow-Through Units will be used by the Company to incur eligible “accelerated Canadian development expenses” (within the meaning of the Income Tax Act (Canada)). The Qualifying Expenditures will be incurred or deemed to be incurred and renounced to the purchasers of the Flow-Through Units with an effective date no later than December 31, 2024. The net proceeds raised pursuant to the issuance of the HD Units will be used for the ongoing commissioning and ramp-up of the Premier Gold Mine, for additional working capital, and for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Ascot Resources Ltd.

Ascot is a Canadian mining company focused on commissioning its 100%-owned 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. Concurrent with commissioning Premier towards commercial production anticipated in the second half of 2024, the Company continues to explore its properties for additional high-grade gold mineralization. Ascot’s corporate office is in Vancouver, and its shares trade on the TSX under the ticker AOT and on the OTCQX under the ticker AOTVF. Ascot is committed to the safe and responsible operation of the Premier Gold Mine in collaboration with Nisga’a Nation and the local communities of Stewart, BC and Hyder, Alaska.