Ascot announces their financial results for the second quarter of 2025
Ascot Resources Ltd., a British Columbia-based mining company, has announced that it has placed its Premier Gold Mine, located on Nisga'a Nation Treaty Lands, on care and maintenance. This decision comes after the suspension of mine development, a move aimed at preserving capital and exploring strategic alternatives to advance the project towards sustainable production.
The strategic review process, led by a special committee, began in June 2025 and is supported by financial advisers. The committee is actively exploring various options, although specific alternatives have not been disclosed publicly.
The suspension of mine development follows unsuccessful negotiations with the mining contractor regarding mining costs. The pause is intended to provide flexibility for management to identify the best path forward.
Despite technical defaults under some credit facilities due to the suspension, Ascot remains in regular communication with creditors. Updates will be provided as warranted, but currently, the company has not committed to any particular strategic option.
In a press release, Ascot also announced that it had closed the second tranche of a private placement, raising approximately $61.1 million. The company's CEO & COO is James A (Jim) Currie, and Mr. Christopher Park joined as Interim Chief Financial Officer on May 15, 2025. Mr. Bill Bennett was appointed as Interim Chairman.
For the second quarter of 2025, Ascot reported a net loss of $325,233, and a net loss of $321,871 for the six months ended June 30, 2025. As at June 30, 2025, the company had cash and cash equivalents of $21,633 and a working capital deficiency of $260,531.
The mill will not be in operation by early August 2025 as previously planned, and the Premier Gold Project was placed on care and maintenance. Negotiations with mining contractors were unsuccessful, leading to delays in mobilizing a mining fleet to the Big Missouri deposit.
For further information, contact KIN COMMUNICATIONS INC. at [email protected] or 604-684-6730. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Ascot Resources Ltd.'s shares trade on the Toronto Stock Exchange under the ticker AOT and on the OTCQB under the ticker AOTVF. The company's web site is www.ascotgold.com, and its profile can be found on SEDAR+ at www.sedarplus.ca. Ascot Resources is headquartered in Vancouver, British Columbia.
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