BUILDING CANADA'S NEXT GOLD PRODUCER - INVESTOR PRESENTATION OTCQX: AOTVF - Ascot ...
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BUILDING
CANADA’S NEXT
GOLD PRODUCER
INVESTOR PRESENTATION
TSX:AOT
September 2021
OTCQX: AOTVF
CAUTIONARY STATEMENT
All statements, trend analysis and other information contained in this presentation about anticipated future events or results constitute forward-looking statements. Forward-
looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements
that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact,
included herein are forward-looking statements, including statements in respect of the closing of the Private Placement and the use of proceeds. Although Ascot believes that
the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the
Ascot can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the
Ascot’s periodic filings with Canadian securities regulators, and assumptions made with regard to: the estimated costs associated with construction of the Project; the timing of
the anticipated start of production at the Projects; the ability to maintain throughput and production levels at the Premier Mill; the tax rate applicable to the Company; future
commodity prices; the grade of Resources and Reserves; the ability of the Company to convert inferred resources to other categories; the ability of the Company to reduce
mining dilution; the ability to reduce capital costs. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially
from Ascot’s expectations include risks associated with the business of Ascot; risks related to exploration and potential development of Ascot’s projects; business and economic
conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of properties
and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the
possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and
other governmental approvals; risks associated with COVID-19 including adverse impacts on the world economy, construction timing and the availability of personnel; and other
risk factors as detailed from time to time and additional risks identified in Ascot’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com).
The timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of
Project as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021, in the section entitled "Risk Factors", under Ascot’s SEDAR
profile at www.sedar.com. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Ascot does not undertake
any obligation to update forward-looking statements.
Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss
and dilution. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration; however,
there is no certainty that these inferred mineral resources will be converted into mineral reserves, once economic considerations are applied. The mineral resource estimates
referenced in this release use the terms "Indicated Mineral Resources" and "Inferred Mineral Resources". While these terms are defined in and required by Canadian regulations
(under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into reserves. Ascot is not an SEC registered company.
2
ASCOT AT A GLANCE
Right Address Right Project
Only non-fly-in-fly-out out project in northwestern B.C., 22km Brownfield low capital cost advantage with existing
by road from Stewart, B.C. – Canada’s northernmost ice-free infrastructure including process plant, tailings facility, hydro-
deep-water port electric power plant, road access, u/g workings, and low
carbon footprint
Located on lands of Nisg̱a’a Nation, which signed the first
modern-day First Nations treaty in B.C. At ~8 g/t AuEq, the highest-grade undeveloped underground
project with reserves in Canada not owned by a producer
Right Time Right Team
Only fully-financed gold developer in Canada with construction Led by President & CEO Derek White, Ascot’s management
starting this year team is comprised of former Quadra FNX / KGHM International
executives, and have built and operated many mines
Relatively short ~12-month construction schedule given
existing infrastructure Project execution team in place; JDS appointed construction
manager (same team built PGM’s Madsen)
3
MANAGEMENT & BOARD
DEREK WHITE Traxys Capital Partners, KGHM International, Quadra FNX RICK ZIMMER
President & CEO Mining, BHP-Billiton, Billiton International Metals, Impala Chairman
Platinum
JOHN KIERNAN Magellan Minerals, Kapuskasing Gold, Quadra FNX / KGHM BILL BENNETT
COO International, PI Financial Corp, Roca Mines, Strathcona Director
Mineral Services, Inco, Wardrop, AMEC
CAROL LI StrikePoint Gold, Quadra Mining / Quadra FNX Mining, KEN CARTER
CFO KGHM International, Cartier Partners Securities, FPC Director
Investment
LARS BEGGEROW BHP, Far West Mining, Capstone Mining ANDREE
VP Geoscience & Exploration ST-GERMAIN
Director
DAVID STEWART Desjardins Securities, GMP Securities, Barrick Gold, DON
VP Corporate Development & Redpath Mining NJEGOVAN
Shareholder Communications Director
MATTHEW KEBE AMEC, Barrick Gold, Cliffs Natural Resources, KGHM INDI
VP Project Development International, Ausenco Engineering GOPINATHAN
Director
DIANNA STOOPNIKOFF Fortune Minerals, Abacus Mining / KGHM International, Nova JAMES
VP Environmental & Gold, New Gold STYPULA
Regulatory Affairs Director
4
BRITISH COLUMBIA’S GOLDEN TRIANGLE
Premier location in a prolific region
25,000 hectares in BC’s prolific Golden Triangle next to Port
of Stewart, BC
Two operating mines
Tatogga
• Red Chris (Newcrest) and Brucejack (Pretium)
Red Chris
Partnership with Nisga’a Nation
• First modern-day treaty in BC, and one of the very few First Galore Creek
Nations in BC with signed treaty agreement Copper Canyon
Pace of M&A picking up in the area
• Newmont’s acquisition of GT Gold for US$311M in Mar 2021 Snip
Eskay Creek
• Newcrest’s acquisition of 70% of Imperial Metals’ Red Chris
mine for US$804M in Aug 2019 Brucejack
• Seabridge’s acquisition of Pretium’s Snowfield property for KSM
US$100M in Dec 2020 Premier Legend
• Hochschild’s purchase of a 60% earn-in option for Skeena’s Snip Highway
Project for C$6.8M in Sept 2018 Port of Stewart
Red Mtn Transmission Line
• Scottie Resources’ merger with AUX Resources in Apr 2021 Run of River Hydro
• Yamana Gold’s C$21M private placement into Ascot Resources Port
in Apr 2021 Operating Mine
Development Project 5
BROWNFIELD ADVANTAGE
Fast-paced project advancement
Significant existing infrastructure including ~2,500tpd process plant, tailings facility, road access, extensive
underground workings
Extensive historical drill database including over 1,000,000m across the Premier (875,000m) and Red
Mountain (180,000m) properties
Streamlined permitting simply requires an amendment to existing Mines & Environmental Act permits
C$61M
bought-
Increased Signed BA Increased deal and
Ascot u/g with total C$25M US$105M C$21M
acquires resource Nisga’a resource bought- project private
Premier Maiden u/g ounces by Nation for to over deal finance placement
project resource ~250% RMP 3Moz gold financing package by Yamana
Jul Oct May Aug Dec Jan Apr Oct Jan Apr Jun Oct Dec Feb Apr Jul
2017 2017 2018 2018 2018 2019 2019 2019 2020 2020 2020 2020 2020 2021 2021 2021
Updated Acquired Acquired Increased Reports Ordered Submitted Updated
Mgmt and Silver Coin IDM Mining Red robust ball and Premier BA with
Board property (Red Mountain feasibility SAG mills permit Nisga’a
Mountain resource study with amendment Nation
Project) after-tax application for both
IRR of 51% PGP
Maiden resource to feasibility study in just under 2yrs and
(takes most greenfield projects 5–10yrs) RMP 6
RESOURCE GROWTH TRACK RECORD
Through focused exploration and consolidation
Maiden underground resource declared 2018-2020 Resource Estimates
May 2018 for Premier and Northern Lights
4,000 9.0
areas
Consolidated regional resources by 3,500 8.5
acquiring Silver Coin in 2018 and Red 3,000 8.0
Resource ounces (koz AuEq)
Resource grade (g/t AuEq)
Mountain (through IDM Mining) in 2019 2,500 7.5
Continued growing resource grade and 2,000 7.0
ounces through disciplined expansion and 1,500 6.5
in-fill drilling, with 60% of gold in M&I
1,000 6.0
categories
500 5.5
Not included in 2020 resource: all 2020
0 5.0
drilling including Premier West expansion, May 2018 Dec 2018 Jan 2019 Oct 2019 Jan 2020
Day Zone discovery, Woodbine intercepts, Inferred Indicated Measured Grade
and all 2021 YTD exploration
7
SUMMARY OF THE 2020 FEASIBILITY STUDY
Economically Robust Project
Life of mine parameters Units Value
M&I resource tonnage (inclusive of reserves) kt 7,332 ✓ Low Capex, High IRR ✓ Short payback
M&I resource grade (Au/Ag) g/t 7.84 / 29 ✓ ~1-yr construction ✓ Diversified Risk
M&I resource ounces (Au/Ag) koz 1,849 / 6,824
✓ Lowest quartile AISC ✓ Ability to Grow
P&P reserve tonnage kt 6,177
P&P reserve grade (Au/Ag) g/t 5.89 / 20
P&P reserve ounces (Au/Ag) koz 1,170 / 3,916
Mine life years 8
Mill throughput tpd 2,500
Average annual production1 (Au/AuEq) koz/yr 146 / 151
LOM gold production (Au/AuEq) koz 1,070 / 1,217
LOM silver production koz 2,994
Total operating cost C$/t processed 139
Total cash cost US$/oz Au 642
AISC2 US$/oz Au 769
Initial capital3 C$M 176
Average annual EBITDA (base case4 / spot case5) C$M 144 / 200
Average annual FCF (base case4 / spot case5) C$M 88 / 123
After-tax NPV5% (base case4 / spot case5) C$M 323 / 520
After-tax IRR (base case4 / spot case5) % 46% / 66%
1. Avg pro-rates partial year 8 4. Base Case: US$1,400/oz Au, US$17/oz Ag,
2. All-in Sustaining Cost (non-GAAP) USD/CAD $0.76
8
3. Formerly C$147M but increased during Basic 5. Spot Case: US$1,800/oz Au, US$24/oz Ag,
Engineering to C$176 M on March 18, 2021 USD/CAD $0.80
FINANCING IN PLACE
US$105 Million Construction Finance Package
Ascot drew US$30 million at close with remainder available on receipt of permits
Project Loan Facility
Amount US$80 million
Term 5 years
Interest rate
Greater of 3mo LIBOR and 1.5% + 7.00%
(before completion)
Interest rate
Greater of 3mo LIBOR and 1.5% + 5.75%
(after completion)
Production payment US$13/oz on first 450kozAu produced
Convertible Debenture
Amount US$25 million
Term 3 years (+1 year on receipt of permits)
Interest rate 8%
Conversion at the greater of a 20% premium to the
Conversion option
30-day VWAP or preceding market price 9
BALANCE SHEET AND CAPITAL STRUCTURE
Fully financed to production at Premier
Capital Structure OWNERSHIP
Shares Outstanding 375,675,547 Franklin Advisers 8.1%
Market Capitalization (C$1.21 – September 1, 2021) C$455M Yamana Gold 6.4%
Institutional
Options (avg. C$1.26) 20,388,399 26%
Eric Sprott 5.5%
Share Units 1,052,871
Ruffer 4.4%
Fully Diluted 397,116,817 Retail/Other
60% Fidelity 2.7%
Strategic
Current Cash (as at 2Q21) C$109 million 14%
RBC 1.6%
Drawn Debt US$30 million
Invesco 1.3%
2Q21 cash of ~C$109M plus additional debt drawdowns of US$75M (C$94M) brings Insiders
0.5%
total available liquidity to ~C$203M. Purchased US$25M USD put option, C$1.20 strike
March 2021 – revised project capital estimate of C$176M
Institution Analyst
$1.80 2,800
Agentis Capital Michael Gray, MSc
$1.60 2,400
$1.40 2,000 BMO Capital Markets Brian Quast, P.Eng., JD
AOT price (C$)
1-month avg volume
$1.20 1,600 Desjardins Securities John Sclodnick, MBA
$1.00 1,200 Raymond James Craig Stanley, M.Sc.
$0.80 800
Roth Capital Partners Joseph Reagor
$0.60 400
Sprott Capital Partners Justin Chan
$0.40 0
Stifel GMP Ian Parkinson
10
CA vol 1-mo avg US vol 1-mo avg AOTDEVELOPMENT & PERMITTING
EARLY WORKS PROGRESSING WELL
Preparing for ball and SAG mill deliveries and start of mining
Clean up of old scrap Installed temporary 25kV power line to the mill
Interior and exterior lighting restored
Rebuilt, tested, and certified overhead crane Removal of pump boxes
12EARLY WORKS PROGRESSING WELL
Preparing for Ball and SAG mill deliveries and start of mining
Concrete works on ball and SAG mill foundations Anchor bolts for ball mill
First shipment of ball & SAG mill parts Office area refurbishment Satellite dish installation
13EARLY WORKS PROGRESSING WELL
Preparing for Ball and SAG mill deliveries and start of mining
Ball mill shell being lowered into pedestal Ball and SAG mill shells in position
14EARLY WORKS PROGRESSING WELL
Preparing for Ball and SAG mill deliveries and start of mining
Construction camp installed
Installed new 75,000L diesel tank and received first load
Construction offices and communications established Road berming, grading, and preparation Mill at night, lights on
15OPTIMIZING MINEABLE RESOURCES
Feasibility study was just a snapshot
Reserve stopes
Conversion of additional resources Inferred within 100m
into the Mine Plan:
▪ Total Resources 12.8 Mt, ~48%
in the mine plan
▪ Converted 85% M&I to
reserves with additional 2.2
Mt of inferred within 100m of
u/g development Opportunity to infill drill to convert resources into the mine
Infill drilling of potential resources
just west of existing underground
infrastructure:
▪ Day Zone
▪ Premier West
16
Premier West Day ZoneOPTIMIZING ENGINEERING
Enhancing value by engineering improvements
SAMS
Optimizing mine planning to utilize shallow angle mining system (“SAMS”) to reduce development
costs, and mine sequencing
Optimizing mill configuration for Pre-leaching, gravity circuit & substation location, and added
variable speed motor on SAG mill
17STATUS OF PERMITTING
Anticipating fully-permitted status by 3Q21
Joint Permit Amendment Application “Our government will be focused like a laser on creating those high-
paying jobs—working with you, listening to you about your
▪ Applied in Jan 2021 after years of collaboration with Nisga’a Nation challenges when it comes to permitting, your challenges when it
comes to land use planning, and of course working with you on one
▪ Past ‘MRC Screening’ in March of the most important areas that I believe we can all work on
▪ ‘MRC Round 3’ review nearing completion – no fatal flaws identified together, and that is reconciliation with Indigenous people”.
– BC Premier John Horgan, Jan 2021, in an address to
Roundup conference delegates and acknowledging Ascot’s Premier,
Artemis’ Blackwater, and Osisko Development’s Cariboo projects.
Early Works permit
▪ Permitted to perform all mill building prep work for SAG/ball mill
delivery
▪ Able to carry pipeline, new water treatment plant foundation and
haul road refurbishments
18FIRST NATIONS PARTNERSHIP
Partnering with Nisg̱a’a Nation
Nisga’a Nation signed the first modern-day treaty in BC; one of the very few First
Nations in BC with a signed treaty agreement
In July 2021 Ascot signed an updated Benefits Agreement for both Premier and
Red Mountain projects (formerly just Red Mountain)
Established several working groups with Nisga’a (including tailings and water
treatment) to support the permit amendment application
Nisga’a youth site visit, 2019
“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.”
– Eva Clayton, President of Nisga’a Lisims Government.
Updated Benefits Agreement
19
Derek White and Eva Clayton signing, 2021EXPLORATION
EXPLORATION
Focusing on discoveries and following up on 2020’s success
25,000m drill program a ~67% increase from last year
▪ Program to include both resource expansion/in-filling and
discovery drilling
▪ Drilling from both surface (first) and underground (later in 2021)
▪ Budget of approximately C$3.8M
Current allocation by area
▪ 13,000m (52%) discovery/target drilling
around Premier West, Day Zone, Woodbine,
Sebakwe, and underground
▪ 12,000m (48%) in-fill drilling around Day
Zone, Big Missouri, and underground
21PREMIER WEST / WOODBINE
Accretive Near Mine Success
Premier West Woodbine
• Extension of Premier resources to the west, • Prospect across Cascade Creek fault with gold
steeply dipping zone in surface geochemistry and historical drilling
• Additional potential towards the west • Visual mineralization of Premier style in
• Highlights from 2020: multiple drill holes
• 6m @ 41 g/t • Highlights from 2020:
• 5m @ 16 g/t • 2m @ 30g/t Au and 33g/t Ag
• 3m @ 20 g/t • 9m @ 2g/t Au and 148g/t Ag
22DAY ZONE
Accretive Near Mine Success
W E
2.00m @ 54.60 g/t Au
0.75m @ 9.03 g/t Au
2.00m @ 8.17 g/t Au
23DAY ZONE
Accretive Near Mine Success
24NEW MINERALIZATION DISCOVERIES
Plenty of high-grade close to the mill
High-grade gold in multiple locations
▪ 21.13 g/t Au, 110.61 g/t Ag, 2.76% Pb, and >17.14% Zn over 7.00m in hole P21-
2320
▪ 13.18 g/t Au and 84.50 g/t Ag over 4.00m in hole P21-2312
▪ 13.15 g/t Au and 42.60 g/t Ag over 1.00m in hole P21-2311
▪ High-grade copper discovery at ~260m depth
▪ 3.62% Cu or 5.16% CuEq over 4.00m (including 5.78% Cu or 8.05% CuEq over
1.75m)
▪ 1.98% Cu or 3.36% CuEq over 1.45m
25OUTLOOK & VALUATION
KEY MILESTONES 2021 AND BEYOND
Starting full-scale construction
2021 goals Beyond 2021
Project funding completed with C$81M in
Initial production after ~1-yr construction
equity financing
Forecasting 4Q22
April 2021
Updated Benefits Agreement signed with
Ramp-up to commercial production
Nisga’a Nation for both PGP and RMP
Forecasting 6-months (1H23)
July 2021
Early Works and mill prep for delivery of
Resource & Reserve estimate update
ball and SAG mills Once in production
Ball and SAG mill shells delivered
Permit amendment issuance, enabling Premier 5% NSR royalty buyback for
full-scale construction activities C$14.7M
Forecasting 3Q21 Planned for mid-2023
Progress 25,000m exploration program
Inaugural sustainability report
Surface done ~fall 2021, underground to
Planned for 2022
continue into winter 2022 27STOCK PERFORMANCE AND VALUATION
One of the only Canadian developers starting construction
30% 3,000
20% 2,500
10%
Stock performance
10-day avg volume
Outperforming GDXJ peer 2,000
0%
group over past year 1,500
-10%
1,000
-20%
-30% 500
-40% 0
AOT 1-mo avg vol GDXJ AOT Gold
FF
1.3x
FF Pre-PEA
1.1x 1.1x FF
1.0x
Price to Net Asset Value FS Pre-PEA FF
0.9x 0.9x 0.8x
PEA
Attractively priced compared to 0.7x
FF
0.6x
FF
PEA
0.6x PFS PEA PEA PEA Pre-PEA PFS
fully-financed developer peers 0.5x 0.5x 0.5x 0.5x 0.5x 0.4x 0.4x
FS
0.4x
FS
0.4x
PEA PFS PFS PEA
0.4x PEA
(average 1.0x P/NAV) 0.3x 0.3x 0.3x
0.2x
MAG SIL NUAG BNAU* MOZ RUP OLA SKE AOT ORE OSK ARTG FURY ODV ITR LGD GSV SBB BSX TML RIO FF BSR TLG
Source: FactSet *BNAU takeout valuation
28COMPETITIVE POSITIONING
A strategic place within the peer group
Unique combination of grade and level of advancement
Underground resource gold-equivalent grade for undeveloped deposits in Canada over 1 Moz
11.3
Reserves declared
9.0 8.7 8.5
7.9 Resource only
6.8 6.7 6.4 6.4 6.1 6.0 Owned by producer
4.7 4.6 4.3 3.9
3.2 3.2 2.9 2.9 2.6 2.5 2.0 1.9 1.8
0.9 0.9 0.7
At ~8g/t AuEq, Ascot has the highest-grade undeveloped underground project over 1 Moz
with reserves in Canada which is not already owned by a producer
29COMPETITIVE POSITIONING
A strategic place within the peer group
Developer → producer precedents overwhelmingly outperform and re-rate higher
from construction to commercial production
Relative performance vs. GDXJ Change in consensus P/NAV
250%
1.60
AGB
200% 1.40
LUG
Performance vs. GDXJ (%)
WAF 1.20
150% TXG
Consensus P/NAV
PGM TMR
TMR 1.00 GAU
100% Avg 90% Avg 0.91x
ROXG ROXG
AGB
VGCX 0.80
WAF
50% LUG PVG
TXG VGCX
GAU 0.60
Avg 0.57x PGM
PVG
0%
0.40
-50%
0.20
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
% Complete from construction to commerical production % Complete from construction to commerical production
P/NAV re-rating usually coincides with NAV growth as DCF models are rolled 30
forward and discount rates are reduced to customary ~5% in production
Source: FactSet, Desjardins Capital MarketsCOMPETITIVE POSITIONING
Graduating into a new peer group in production
EV/oz production
C$1,800
Junior producers currently trading at EV of ~C$6k/oz of WDO
production based on 2021 guidance C$1,600
KNT
C$1,400
Based on feasibility study, Ascot will have average annual
production of ~151 koz AuEq, and using average peer C$1,200 VGCX DPM
multiple would imply EV of ~C$857M in production C$1,000
EV (C$M)
WAF
Canadian producers such as WDO, VGCX, and PGM C$800 Producers avg
generally trade at higher multiples than their peer in less C$600
MUX
PGM
desirable jurisdictions such as West Africa, Brazil, and GSC
KRR CXB
Nicaragua C$400
AOT now JAG
C$200 C$377
C$0
0 50 100 150 200 250 300
2021 Production Guidance (koz)
31
Source: FactSetCOMPETITIVE POSITIONING
A strategic place within the peer group
The only fully-financed single-asset gold developer in Canada with near-term
construction
▪ At ~8g/t AuEq, Ascot has the highest-grade undeveloped underground project over 1
Moz with reserves in Canada which is not already owned by a producer
▪ Many peers’ projects likely to struggle with cost inflation and supply chain delays,
especially now having to compete with rallying base/battery metal sector projects
Poised for re-rating from short construction period to production
▪ Notwithstanding risks manifesting along the way, past single-asset developer precents
have overwhelmingly re-rated into production and outperformed peers
One of the lowest environmental and carbon footprint mines in Canada
▪ Minimal surface disturbance in production, no standalone infrastructure at Red
Mountain as previously envisioned by IDM
▪ Hydroelectric grid power, high-grade underground production, and no remote fly-in-
fly-out requirements combine for low Scope 1-2 GHG emissions per ounce
32CONTACT US
Ascot Resources Ltd.
David Stewart, P.Eng.
VP, Corporate Development &
Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024
www.ascotgold.com
TSX:AOT
OTCQX: AOTVFAPPENDIX
MANAGEMENT & LEADERSHIP
DEREK WHITE Derek White has over 30 years of experience in the mining and metals industry. He holds an undergraduate degree in Geological Engineering from the University of British
Columbia and is also a Chartered Accountant. Prior to joining Ascot Resources Ltd. Mr. White, was the Principal of Traxys Capital Partners LLP, a private equity firm specializing
President & CEO in the mining and minerals sectors. Mr. White was President and CEO of KGHM International Ltd. from 2012 to 2015, and also held the positions of Executive Vice President,
Business Development and Chief Financial Officer of Quadra FNX Mining Ltd. from 2004 to 2012. Mr. White has held executive positions with International Vision Direct Ltd.,
BHP-Billiton Plc, Billiton International Metals BV and Impala Platinum Ltd., in Vancouver, Toronto, London, The Hague, and Johannesburg. Mr. White is also an ICSA Accredited
Director.
JOHN KIERNAN John Kiernan is a Mining Engineer with over 30 years of mine operating, engineering, consulting, corporate and financial experience, including a cumulative four years as an
underground miner and operating foreman. He was most recently VP Project Development for Magellan Minerals (acquired by Anfield Gold Corp), and is also a director of
COO Kapuskasing Gold Ltd. Previously he was Manager Project Evaluation for QuadraFNX/ KGHM International, Mining Analyst for PI Financial Corp and VP Mining/Mine Manager
for Roca Mines Inc. From 1987 to 2006, Mr. Kiernan held various senior engineering positions with Strathcona Mineral Services, Inco Ltd., Wardrop and AMEC. Mr. Kiernan has
a B.Sc in Mining Engineering from Queen’s University, and an MBA from Laurentian.
CAROL LI Carol Li is a Canadian Chartered Professional Accountant (CPA) with over 20 years of financial and executive management experience. Prior to joining Ascot Resources Limited
in November 2017, Carol spent eight years at Quadra Mining Ltd./Quadra FNX Mining Ltd. as Corporate Controller and then five years at its successor KGHM International Ltd.
CFO as Vice President, Finance. She was a key member in the leadership team that transitioned the company from being a one mine junior producer to a multi-national company with
six operating mines and three development projects. Before joining Quadra Mining, Carol held various senior financial roles at Cartier Partners Securities and FPC Investment
Inc. Ascot owns 12% of StrikePoint, Ms. Li, serves as Ascot’s representative on the StrikePoint (TSXV:SKP) board of directors.
LARS Lars Beggerow is a geologist with over 20 years experience in minerals exploration and development. Mr. Beggerow started his career in BHP’s exploration group working on a
large number of base metal and precious metal projects in Europe, North- and South America, Asia and Australia in successively more senior roles. In 2005 Mr. Beggerow was
BEGGEROW appointed chief geologist by Far West Mining and guided the technical team during the development of the Santo Domingo IOCG deposit in Chile from discovery to pre-feasibility
VP Geoscience & and eventual successful sale of the company to Capstone Mining in 2011. After a short stint with Capstone, Mr. Beggerow provided consulting services to the mining and financial
Exploration industry until joining Ascot Resources in October 2017. Mr. Beggerow holds a diploma in geology and paleontology from the Freie Universität Berlin in Germany.
DAVID STEWART David Stewart, P.Eng. has over a decade of mining sector experience spanning both domestic and overseas mine development, operations and engineering, and including five
years of sell-side precious metals equity research. He was most recently VP & Analyst, Mining and Metals at Desjardins Securities, and including prior tenure at GMP Securities
VP Corporate he has cumulatively covered 23 companies ranging from small-cap explorers to large-cap gold producers. David's mining career began with Redpath Mining developing
Development & underground mine projects around the world, after which he worked at Barrick Gold's Hemlo operation where he was responsible for mine design, project execution, and
Shareholder expansion scoping study development. David is a licenced Professional Engineer in the province of Ontario and holds a Bachelor of Applied Science in Mining Engineering from
Communications Queen's University.
JODY HARRIS Jody Harris has over 20 years' experience as a Corporate Secretary in the mining industry. Prior to joining Ascot, Ms. Harris was the Corporate Secretary of MAG Silver Corp.
and was involved in raising over $300 million in equity financings during her 11-year tenure. Ms. Harris is an Accredited Director (Acc.Dir) and a Chartered Secretary, both
Corporate Secretary designations obtained from the Institute of Chartered Secretaries and Administrators (ICSA).
35BOARD OF DIRECTORS
RICK ZIMMER Mr. Zimmer is Chairman of Ascot and a corporate director and is the former President and Chief Executive Officer of Far West Mining Ltd., which was acquired by
Capstone in 2011. Prior to Far West, Mr. Zimmer worked for Teck Corporation, Teck-Cominco and Teck-Pogo Inc. from 1992 to 2007. He served in various engineering
Chairman and operating roles, including from 1998 to 2007, as Vice President and Project Manager for Teck-Pogo on the design and construction of the Pogo Mine near Fairbanks,
Alaska. Before joining Teck, Mr. Zimmer was employed with Bow Valley Industries as Senior Staff Engineer responsible for evaluation of new mining ventures and
the operation of its coal mining division. Mr. Zimmer has over 40 years of experience in the mining industry and has a B.Sc. degree, B.Eng., MBA and is a P.Eng. in the
Province of British Columbia. Mr. Zimmer is also a director of Capstone Mining Corp. and Alexco Resources Corp.
BILL BENNETT Mr. Bennett has a BA from the University of Guelph and a law degree from Queen’s University. He was elected for the first time in 2001. Mr. Bennett is known across
Canada for his knowledge of the mining industry in BC. He led the BC government’s efforts over many years to restore BC’s competitiveness for exploration investment,
Director including having improved the BC Ministry of Energy & Mines permitting process and helping to launch BC’s First Nations mine revenue sharing program. There are few
people in Canada who have such a strong combined knowledge of government processes, of the mining industry and of First Nations. Mr. Bennett also sits on the Board
of Directors of Kutcho Copper Corp. and Eagle Plains Resources Ltd.
KEN CARTER Ken graduated from UBC (1970) BSc Geology. From 1970 to 1988 he worked for Cominco Ltd in North America, Europe and the Middle East. From 1988 to 1991 he was
director of Canadian Exploration for Echo Bay Mines Ltd. Since 1991 he has been involved with a number of junior mining companies in a management / director capacity.
Director He retired in 2009 and now serves Ascot as an independent director.
ANDREE Ms. St-Germain is the Chief Financial Officer of Integra Resources Corp. (TSX-V:ITR). She is an experienced mining finance executive with an extensive background in
ST-GERMAIN banking, mining finance and financial management. She began her career in investment banking for Dundee Capital Markets Inc. As an investment banker, Ms. St-
Germain worked exclusively with mining companies on M&A advisory and financing. In 2013, Ms. St-Germain joined Golden Queen Mining Co. Ltd. (TSX:GQM) as CFO.
Director During her tenure at Golden Queen, she played an instrumental role in securing project finance and overseeing Golden Queen as it transitioned from development and
construction to commercial production. She joined Integra Gold (TSX-V:ICG) as CFO in early 2017 and helped oversee the sale to Eldorado Gold Corporation in July 2017
for C$590 million. Ms. St-Germain is a director of Barkerville Gold Mines Ltd. (TSX-V:BGM).
DON NJEGOVAN Mr. Njegovan is Chief Operating Officer of Osisko Mining Inc. and join the Company in February 2016. He was a director of St. Andrew Goldfields until it was acquired by
Director Kirkland Lake Gold in 2016 and is currently on the Board of Directors of Sable Resources. He was formerly Managing Director of Global Mining at Scotiabank from August
2010 to June 2014. Prior to that, he was an investment banker at Toll Cross Securities Inc. from June 2005 to July 2010. Mr. Njegovan, has over 20 years of experience in
the Mining Industry starting work underground in 1989 for Hudson Bay Mining & Smelting Co., Ltd. Mr. Njegovan holds a Bachelor of Science Mining Engineering from
Michigan Technological University and a Bachelor of Arts from the University of Manitoba.
INDI Ms. Gopinathan has 25 years of experience in the mining industry and capital markets. She is currently VP, Investor Relations and Corporate Communications with
IAMGOLD, and started her career with the Falconbridge/Noranda group before moving to Cantor Fitzgerald, Scotiabank, New Gold, independent consulting and teaching.
GOPINATHAN Ms. Gopinathan has a Civil Engineering degree from the University of Toronto and is registered as a P.Eng. (Ont.) with an MBA (Queen's). Ms. Gopinathan also has CPA,
Director CMA designations (Ont.)
JAMES James Stypula is a businessman with over 30 years’ experience and a former investment advisor and financier of mineral exploration and development companies in
North and South America. Jim was the former Chairman of the Board of Directors of Magellan Minerals Ltd after its merger with Chapleau Resources where he served as
STYPULA CEO and Director. He was also one of the founding directors of Far West Mining Ltd. Jim has acted on numerous board committees and has a wealth of business
Director experience related to the mining industry, especially with respect to the small cap gold sector.
36HIGH-GRADE NI 43-101 RESOURCES UPDATED JANUARY 2020
Average Grades Contained Ounces (koz)
Class Deposit Tonnes (000’s)
Au g/t Ag g/t Au Ag
Measured Red Mountain 1,920 8.81 28.3 544 1,747
Indicated Premier/Northern Lights 1,298 8.46 64.2 353 2,680
Big Missouri 1,116 8.36 16.9 300 607
Silver Coin 1,597 7.61 23.0 390 1,181
Martha Ellen 130 5.47 48.0 23 201
Indicated Ascot All Zones 4,141 8.01 35.1 1,066 4,669
Indicated Red Mountain All Zones 1271 5.85 10.0 239 409
Total Indicated All Above 5,412 7.50 29.21 1,305 5,077
Total M&I Total 7,332 7.85 29.0 1,849 6,824
Inferred Premier/Northern Lights 1,753 6.72 39.8 379 2,243
Big Missouri 1,897 8.34 14.7 508 896
Silver Coin 523 7.03 23.2 118 390
Martha Ellen 653 6.12 34.3 129 720
Dilworth 235 6.13 56.0 46 424
Inferred Ascot All Zones 5,061 7.25 28.7 1,180 4,673
Inferred Red Mountain All Zones 405 5.32 7.3 69 96
Total Inferred All Above 5,467 7.11 27.1 1,250 4,769
• Red Mountain Resources are reported at a 3.0g/t Au cut-off
• Please refer to Ascot’s press release dated October 31, 2019 on SEDAR and Ascot’s press release dated January 15, 2020 for Mineral Resource Estimate details and disclosure
• All Premier Resources are reported at a 3.5g/t AuEq cut-off
• Premier’s gold equivalence was calculated using a ratio of 65:1 Ag:Au and Ag recovery of 45.2%
• Numbers may not sum due to rounding
The Red Mountain Gold Project arise from the press release dated October 31, 2019 authored by Gilles Arsenault, P.Geo, a Qualified Person as defined by NI 43-101.
Premier Gold Project resources arise from the press release date January 15 , 2020 authored by Susan Bird , P.Eng, a Qualified Person as defined by NI 43-101.
John Kiernan, P. Eng., Chief Operating Officer of the Company, is the Company's Qualified Person (QP) as defined by National Instrument 43-101 and has approved the technical information regarding Ascot’s properties in this presentation.
37VIRTUAL SITE VISITS ON VRIFY
Premier Red Mountain
https://vrify.com/decks/10376-Virtual-Site-Visit-PGP-RMP
38MINING METHODS & RESOURCE CONVERSION
Only 85% of M&I Resources In The Mine Plan So Far
M&I Resources 2P Reserves
7.3Mt 6.2 Mt (85%)
1.85Moz Bulk Mining method drives higher cash flow
1.1 Moz (76%)
* Gold only
7.8g/t 5.9 g/t (63%)
Resource conversions factors
▪ Variable cut-off grade by mining method
Premier gravity and leach Red Mt leach
▪ Excluded material that could not justify recoveries recoveries
LOM average
development or outside the stope shape Au % Ag % Au % Ag % Au % Ag %
▪ Planned and unplanned dilution Premier 98.4 69.2
Silver coin 94.5 74.2
Big Missouri 93.5 68.6
Mining methods Marc - - 91.9 89.7
▪ Longhole (LH & IULH)...78% AV - - 80.6 75.5
▪ Room & Pillar (R&P)……12% JW - - 90.1 87.5
▪ Other………………………….10% Average 95.4 71.5 86.8 83.6 91.4 76.5
39OTHER ASSETS
Mt. Margaret Copper Project
Large Copper-Gold porphyry, located in Washington State Mineralized to surface, predetermined step outs
523 Mt grading 0.52% CuEq and containing 6,041 Mlbs CuEq* Potential to increase resources significantly
* Geological Resources for the Mt. Margaret deposit are referenced in CIM Special Volume 37 as well as several USGS and GSC databases. These historical resource estimates predate the implementation of National Instrument 43-101 (“NI 43-101”)
guidelines and are not compliant with current accepted reserve and resource classifications as set forth by Canadian Institute of Mining and Metallurgy, Aug 20, 2000 (CIM Guidelines). The Mt. Margaret resource estimates are considered relevant
as they have been calculated on the basis of 20,729 metres of diamond drilling in 105 drill holes, However, Ascot has not completed the work necessary to have the historical estimate verified by a Qualified Person as a current mineral resource or
mineral reserve estimate. The Company is not treating the estimate as a current NI 43-101 defined resource or reserve estimate and the historical estimate should not be relied upon. There is no current economic evaluation that demonstrates 40
the potential economic viability of the stated resources therefore none of the geological resources should be considered "reserves" under current CIM Guidelines.OTHER ASSETS
Mt. Margaret Copper Project 2010 drill program highlights
GRADE
Hole ID From To Interval Cu Au Ag CuEq
m m m % g/t g/t %
MM-10-01 10.10 510.00 499.90 0.34% 0.15 1.4 0.44%
incl. 10.10 247.50 237.40 0.38% 0.16 1.6 0.49%
and 337.50 414.20 76.70 0.44% 0.21 1.6 0.58%
MM-10-02 9.15 445.00 435.85 0.42% 0.14 1.6 0.52%
incl. 9.15 353.00 343.85 0.51% 0.16 1.9 0.63%
MM-10-03 11.60 496.00 484.40 0.34% 0.20 1.4 0.48%
incl. 155.10 477.60 322.50 0.41% 0.23 1.6 0.57%
MM-10-05 78.00 527.00 449.00 0.24% 0.10 1.1 0.31%
incl. 78.00 263.50 185.50 0.42% 0.16 1.7 0.53%
MM-10-06 54.80 435.00 380.20 0.50% 0.20 3 0.65%
incl. 185.20 242.40 57.20 0.76% 0.25 2.8 0.93%
and 362.30 408.80 46.50 0.70% 0.30 2.4 0.90%
MM-10-07 54.60 500.00 445.40 0.34% 0.17 1.6 0.46%
MM-10-08 57.00 461.00 404.00 0.19% 0.15 1.3 0.29%
Historic, non-43–101 compliant resource of 523 Mt* MM-10-09 20.00 401.00 381.00 0.35% 0.13 1.6 0.44%
▪ Grading 0.36% Cu, 0.24 g/t Au, 1.6 g/t Ag (~0.52% CuEq) MM-10-01 15.00 524.00 509.00 0.30% 0.15 1.3 0.40%
MM-10-11 24.00 520.00 496.00 0.46% 0.23 1.5 0.61%
▪ Containing 4,151 Mlbs Cu, 4.0 Moz Au, 27 Moz Ag (6,041 Mlbs CuEq)
Weighted average 448.48 0.35% 0.16 1.6 0.46%
▪ In-situ value approximately 69% Cu, 28% Au, 3% Ag at spot prices
* historic geological resource “non 43-101 compliant” stated by Duval, dated 1980 (Taylor) using a 0.33% CuEq cutoff, and spot prices
41OTHER ASSETS
Swamp Point Aggregate Project
Fully permitted aggregate mine with deep water port for Panamax vessel
Located on the Portland Canal near a new $55B LNG project venture
between seven natural gas firms and Nisga’a Nation
Currently on care and maintenance
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