Ascot Resources Announces Key Elements of 2026 Vision, Proposes Name Change to Cambria Gold Mines Inc. and Updates Restructuring

VANCOUVER, British Columbia, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSXV: AOT.H; OTCID: AOTVF) (“Ascot” or the “Company”) is pleased to announce that, subject to regulatory approval, the Company will be changing its name to Cambria Gold Mines Inc. (“Cambria”) and is currently planning and budgeting for key strategic elements to advance the Premier and Red Mountain Projects during 2026. This follows the successful closing of the final tranche of the private placement on January 27, 2026, whereby Ascot raised aggregate gross proceeds of C$175 million. The Company has completed the last stages of its refinancing, settlement of secured and unsecured creditors and restructuring of existing debt (the “Restructuring”). Additionally, through amendment of the Agreement with Sprott Private Resource Streaming and Royalty (B) Corp. (“Sprott”), the 50% buydown window has been extended by two years from December 2026 to December 2028.

The key to the successful re-start and sustained gold production at the recently commissioned 2,500 tonne per day mill at the Premier Gold Project (“PGP”) is the rapid development of the Red Mountain Project (“Red Mountain”), located east of Stewart, B.C. Red Mountain hosts Measured and Indicated Resources of 3,191,000 tonnes averaging 7.63 g/t Au for 783,000 ounces¹, is a wide deposit amenable to longhole stoping, has existing production size underground workings and would provide the majority of mill feed for the PGP mill. It is proposed that Red Mountain ore would be blended with high-grade mineralization from the Premier-Northern Lights deposit (“PNL”) and/or the potentially bulk-mineable mineralization from the Big Missouri Deposit, both located at PGP. Work to advance permitting of the Red Mountain access road was initiated in the fall of 2025, led by the incoming management team, including thorough consultation with the Nisga’a Nation. The objective is for mineralized material to be trucked to PGP from the Red Mountain deposit.

More details of the 2026 program will be announced in the near future. Key elements of this work program will include the following:

• Commence construction of the Red Mountain access road this spring, subject to regulatory approval;
• Infill drilling at the PNL deposit with the objective of upgrading Indicated Resources to Measured, starting in March 2026, which is necessary to develop the mine further;
• Advance exploration and Mines Act permits for Red Mountain and amend any required permits for PNL;
• Upgrade the water treatment plant at PNL to bring water discharge fully into compliance;
• Continue the PNL mill and infrastructure under care and maintenance with an objective of reducing current costs;
• Update the Red Mountain and Premier National Instrument 43-101 Feasibility Study in H2 2026; and
• Order long-lead time items for the PGP mill upgrades.