VANCOUVER, British Columbia, Aug. 12, 2025 (GLOBE NEWSWIRE) — Ascot Resources Ltd. (TSX:AOT; OTCQB: AOTVF), (TSX: AOT; OTCQB:AOTVF) (“Ascot” or the “Company”) announces the Company’s unaudited financial results for the three and six months ended June 30, 2025 (“Q2 2025”). For details of the unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis for the three and six months ended June 30, 2025, please see the Company’s filings on SEDAR+ (www.sedarplus.ca).
All amounts herein are reported in $000s of Canadian dollars unless otherwise specified.
Q2 2025 AND RECENT EVENTS
- On June 25, 2025, the Company announced that negotiations with its mining contractor have not been successful in providing a mining cost structure that was satisfactory to the Company. The lengthy negotiations, and an investigation into alternative mining contractors, had resulted in delays in mobilizing a mining fleet to the Big Missouri deposit which was a critical part of the restart plan. As a result, the Company announced the mill would not be in operation by early August 2025 as previously planned. In order to preserve capital, the Company determined the best path forward was to place the Premier Gold Project (PGP”) on care and maintenance. The pause is expected to provide the management team with the time and flexibility to assess strategic alternatives to advance the PGP and the Red Mountain Project (“RMP”, and together with PGP, the “Project”) toward sustainable production.
- During May 2025 the Company announced that Ms. Coille Van Alphen resigned, and Mr. Rick Zimmer Chairman of the Company decided to retire, from the Board. The Board appointed Mr. Bill Bennett as Interim Chairman.
- On April 22, 2025, the Company announced that Mr. Christopher Park joined the Company as Interim Chief Financial Officer, effective May 15, 2025. He succeeded Ms. Carol Li, who retired as Chief Financial Officer and transitioned into an advisor role with the Company.
- On April 10, 2025, the Company announced it had closed the second and final tranche of its previously announced private placement of charity flow-through units and hard dollar units of the Company. Gross proceeds raised from the first and second tranches totalled approximately $61.1 million, including significant participation from Ascot’s largest shareholders. The Company relied on the financial hardship exemption under Section 604(e) of the TSX Company Manual (the “Hardship Exemption”) The TSX placed the Company under delisting review, which is customary practice when a listed issuer relies on such Hardship Exemption. No assurance can be provided as to the outcome of such review and the continued qualification for listing of the Company’s shares on the TSX. The Company may delist from the TSX and pursue an alternative listing on the TSX Venture Exchange.
FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
The Company reported a net loss of $325,233 for the three …