Ascot Resources Ltd. announced second quarter production results and provides a commissioning update at the Company?s Premier Gold Mine, located on Nisga?a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. Initial commissioning material was introduced into the grinding circuit of the mill on March 31, 2024, initial commissioning ore started to be processed on April 8, 2024, and first gold was poured on April 20, 2024. During the remainder of the quarter, the company continued commissioning the mill, water treatment plant, and established the secondary underground egress at the Big Missouri deposit to commence production in its planned stoping areas.

Many of the commissioning challenges encountered in the mill have been addressed, which is starting to demonstrate an increasing frequency and quantity of gold pours. Highlights of Second Quarter: The company established the second egress and exhaust vent raise at the Big Missouri deposit on June 18. Project to date development of 3,861 metres, of which 89% relates to Big Missouri and 11% relates to Premier Northern Lights.

Second quarter development of 1,764 metres, of which 1,381 metres related to Big Missouri and 383 metres relates to PNL. Significant progress in the second half of the quarter has been made at PNL where the development rates have increased to over 6 metres per day The operation is moving from mining lower-grade commissioning ore from the development headings to mining of the planned higher-grade stoping areas. During the quarter, the company processed 85,436 dry tonnes of mostly development ore in the commissioning of the mill, containing an estimated total of 5,713 ounces of gold Poured 839 ounces of gold and 1,288 ounces of silver, and an estimated 3,178 ounces of gold-in-process remains in the mill circuit Sold 735 ounces of gold to the offtaker at an average realized price of USD 2,357/oz (CAD 3,229/oz).

Delivered 42 ounces of gold and 562 ounces of sliver per stream and royalty arrangements.