Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to announce that the Company has closed 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, and including CIBC World Markets Inc., Raymond James Ltd. and Velocity Trade Capital Ltd. Under the bought deal financing, the Company issued a total of 65,343,000 common shares of the Company at 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.

Derek White, President and CEO, commented: “We commend our financing partners Sprott Streaming and Nebari for their cooperation and timely closing for this financing. We express our gratitude to our existing shareholders who participated in the bought deal financing, including our largest shareholder Ccori Apu S.A.C., and welcome new institutional shareholders whose support is very much appreciated.”

Michael Harrison, Managing Partner at Sprott Streaming, commented: “We are very pleased to expand our partnership and continue to support Ascot Resources as the team prepares for imminent production from the Premier Gold Project. Sprott Streaming continues to provide funding to advance quality projects and provide project financing to bring mines into production.”

Nebari Managing Director, Juan Alvarez, stated: “We are very pleased to be providing additional funding to Ascot in the form of a cost overrun facility as support for the construction and ramp-up of the Premier Gold Project.”

Any 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.

ADVISORS

Auramet International LLC is acting as financial advisor to Ascot in connection with the Sprott Streaming and Nebari transactions. Blake, Cassels & Graydon LLP is acting as Ascot’s legal advisor. Fasken Martineau DuMoulin LLP is acting as Sprott Streaming’s legal advisor.

About Ascot Resources Ltd.

Ascot is a Canadian junior exploration and development company focused on re-starting the past producing Premier gold mine, located on Nisga’a Nation Treaty Lands, in British Columbia’s prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT. Concurrent with progressing the development of PGP, the Company continues to explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nisga’a Nation as outlined in the Benefits Agreement.