About Ascot Resources

Ascot Resources Ltd. operates as an exploration and development company in Canada. The company’s principal property that is the subject of the feasibility study is divided into two landholdings (and its only material property for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101)), including its 100% interest in the Premier Gold Project (Premier or PGP) and the Red Mountain Project (Red Mountain or RMP) (together both projects are defined herein as, the ‘Project’). The Project, is located near the town of Stewart in northwestern British Columbia held either directly and/or indirectly through the company’s wholly owned subsidiary IDM Mining Ltd. The company’s development strategy is to develop the Red Mountain Project and the Premier Gold Project as a combined project. The company also has two other non-material properties, including the Mt. Margaret property, a copper and gold play located in Washington; and Swamp Point, and a gravel deposit on the Portland Canal in northwestern British Columbia. The Mt. Margaret property is held by the company’s wholly owned subsidiary, Ascot USA Inc. The PGP includes four claim groups, identified as the Premier, Big Missouri, Dilworth, and Silver Coin groups, and includes three mining leases, totaling 392 hectares, 175 Crown grants totaling 2,354 hectares, and 107 mineral claims totaling 8,907.1 hectares. The total area is 8,133 hectares when overlaps are accounted for. The company owns three mining leases, two of which expire on December 17, 2050, and the third, which expires on December 14, 2048. PGP is 100% owned by the company and was acquired under two separate agreements: the Dilworth option agreement and related Premier asset purchase agreements and Silver Coin acquisition agreement. The Silver Coin property is 100% owned by the company. The RMP consists of 47 contiguous mineral claims for a total of 17,125 hectares. It is located approximately 18km east–northeast of Stewart, British Columbia. All claims are in good standing until May 9, 2023. RMP is 100% owned by the company after an acquisition on March 27, 2019. Other Properties – Mt. Margaret and Swamp Point The company also holds interests in certain properties, which are not material to the company. Mt. Margaret The company owns a 50% interest in the Mt. Margaret property, subject to a 1.5% net smelter royalty held by General Moly Inc. The remaining 50% interest in the Mt. Margaret property is held by the federal government of the United States, which the company has the right to earn subject to a 1.5% net smelter royalty and a negotiated federal royalty (on terms to be negotiated once the property goes into production). The Mt. Margaret property covers a major portion of the undeveloped resource known as the Mt. Margaret deposit. This is one of the major of the Cu-Mo-Au-Ag calc-alkaline porphyries of Miocene age in Washington State. Swamp Point The Swamp Point project is located on the Portland Canal in north western British Columbia, Canada. The company’s legal title to the project is through its ownership of Lots 7360 (upland) and 7359 (foreshore deep water docks) in Cassiar Mining District. History The company was incorporated in 1986.