Vancouver, B.C. – July 19th, 2021 – Ascot Resources Ltd. (TSX.V:AOT, OTCQX:AOTVF) (“Ascot or the Company“) and Nisga’a Nation are pleased to announce that they have entered into an updated Benefits Agreement (the “Agreement“) which now encompasses both the Premier Gold Project (“PGP“) and the Red Mountain Project (“RMP“) (together, the “Projects“). The updated Agreement replaces the former which only pertained to RMP (see News Release dated April 10, 2019). The comprehensive Agreement sets the basis for the long-term success of the Projects and how they will benefit Nisga’a Nation, its citizens, and businesses as well as the shareholders and stakeholders of Ascot. Nisga’a Nation have rights and interests as defined by the Nisga’a Final Agreement with Canada and British Columbia, encompassing the entirety of the Projects.

Under the terms of the Agreement, Nisga’a Nation will provide ongoing support and continued consultation for the development and future operations of underground gold mines at the Projects, emphasizing respect for the land, protection of the environment, and understanding of cultural use and knowledge as well as health and safety, on and off the worksite. Nisga’a Nation will participate in the economic benefits of the Projects, particularly through training, employment, business opportunities and cash payments during development and operations.

Eva Clayton, President of Nisga’a Lisims Government, commented: “I am very delighted to represent the Nisga’a Nation in our partnership with Ascot. Since the beginning, our relationship has been one based on the principle of mutual respect and a commitment to improving the quality of life of Nisg̱a’a citizens. The Nisga’a Nation is confident that this updated Benefits Agreement will better equip Nisga’a citizens and Nisg̱a’a businesses seeking a career, contracts and sub-contracts in mining through training, employment and business development initiatives with Ascot.”

Derek White, President & CEO of Ascot, commented: “As I look back at how far we have come in just a few short years, our partnership and relationship with Nisga’a Nation has been instrumental in the advancement of the Projects. I am thrilled to have the updated Agreement signed as it sets the framework for the responsible development and operation of the Projects and ensures prosperity for all stakeholders. Ascot is eager to work through the implementation of the Agreement, especially this year as we advance towards construction. I would like to acknowledge the efforts of the members and representatives of the Nisga’a Lisims Governments and Ascot, for their collaborative efforts in forming the amendments to this updated Agreement.”

Highlights of the Agreement include:

• Cash payments tied to permitting, project development, and production milestones, as well as annual payments during production
• Training, employment and business development implementation activities and related committee oversight
• Business Opportunities Committee to identify and plan for requirements, build capacity, facilitate subcontracting, and manage direct-award contracts
• Working collaboratively to implement environmental management plans and requirements under the Projects’ Mines Act and Environmental Management Act Permits, with special emphasis on tailings, waste rock and water discharge
• Establish a management-level Committee to monitor implementation and ongoing developments

On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO

For further information contact:
David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024

About Ascot Resources Ltd.

Ascot is a Canadian-based junior exploration and development company focused on re-starting the past-producing Premier gold mine, located in British Columbia’s prolific Golden Triangle. Concurrent with progressing the development of Premier, the Company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in partnership with Nisga’a Nation as outlined in the Agreement.

About Nisga’a Nation

The Nisga’a Nation is represented by Nisga’a Lisims Government (NLG) – a modern, forward thinking administration based on traditional culture and values. The Nisga’a Final Agreement is the first modern treaty in British Columbia to provide constitutional certainty in respect of an Aboriginal people’s section 35 right to self-government. The Treaty recognizes Nisga’a Lands (2000 square kilometers) and opens the door for joint economic initiatives in the development of the Nisg̱a’a Nation’s natural resources.

Nisga’a Government is comprised of NLG, the four Nisga’a Village Governments of GItlax̱t’aamiks, Gitwinksihlkw, Lax̱g̱alts’ap and Ging̱olx, and the three Nisg̱a’a Urban Local areas of Terrace, Prince Rupert/Port Edward and Vancouver. For more information visit: www.nisgaanation.ca