Ascot Announces C$20,640,000 Private Placement By Yamana Gold

Vancouver, B.C. April 12, 2021 – Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that it has entered into an agreement with Stifel GMP in connection with a private placement financing whereby Stifel GMP has agreed to buy on a bought deal basis 24,000,000 common shares of the Company (the “Shares”) at an issue price of $0.86 per Share (the “Offering Price”). Under the underwriting arrangement, Yamana Gold Inc. (“Yamana”) has agreed to be the substitute purchaser the result of which is that it will purchase all of the Shares under the Offering. Yamana is purchasing the Shares for investment purposes and will hold on closing of the Offering approximately 6.4% of the Company’s basic shares outstanding.

Derek White, President and CEO, commented, “The bought deal private placement and investment by Yamana arose subsequent to the bought deal financing which closed last Friday. This additional funding will facilitate the    Company’s ability to accelerate its surface and underground exploration during construction. We are delighted with having Yamana as a shareholder.”

The net proceeds from the Offering will be used to fund construction of the Company’s Premier Gold Project in British Columbia and working capital and general corporate purposes. The Offering will be conducted on a “bought deal” private placement basis subject to a formal underwriting agreement, including standard industry “material change”, “disaster” and “breach” out clauses. Application will be made to list the Shares on the facilities of the Toronto Stock Exchange.

The Offering is expected to close on or about April 20, 2021 or such other date as the Company and Stifel GMP may agree.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The Shares offered have not and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements.

For further information contact:

Kristina Howe
VP, Investor Relations
778-725-1060 / khowe@ascotgold.com

About Ascot Resources Ltd.
Ascot is a Canadian-based exploration and development company focused on re-starting the past producing historic Premier gold mine, located in British Columbia’s Golden Triangle. The Company continues to define high-grade resources for underground mining with the near-term goal of converting the underground resources into reserves, while continuing to explore nearby targets on its

Premier/Dilworth and Silver Coin properties (collectively referred to as the Premier Gold Project). Ascot’s acquisition of IDM Mining added the high-grade gold and silver Red Mountain Project to its portfolio and positions the Company as a leading consolidator of high-quality assets in the Golden Triangle.

For more information about the Company, please refer to the Company’s profile on SEDAR at www.sedar.com or visit the Company’s web site at www.ascotgold.com, or for a virtual tour visit www.vrify.com under Ascot Resources.

NT4