From GlobeNewswire: 2024-11-08 16:30:00

Ascot Resources Ltd. announced unaudited financial results for Q3 2024, located in British Columbia’s Golden Triangle. They reduced the proposed senior debt financing to US$7.5 million and upsize equity financing to C$42 million. The company plans to raise funding of approximately C$40 million for mine development and mill restart. Before the suspension of operations, they delivered gold and silver, processed ore, and completed mine development.

The Company reported a net loss of $11,232 for Q3 2024, compared to $1,473 in Q3 2023. The increase in net loss is attributed to a decrease in fair value of derivatives and an increase in general and administrative costs. For the nine months ended September 30, 2024, the Company reported a net loss of $14,490 compared to $12,135 in 2023, mainly due to various factors including a decrease in fair value of derivatives.

During the nine months ended September 30, 2024, the Company issued shares, warrants, stock options, Deferred Share Units, and Restricted Share Units. As of September 30, 2024, they had cash and cash equivalents of $9,882 and a working capital deficiency of $62,389. The company obtained waivers from lenders to suspend covenant compliance requirements until November 18, 2024.

In 2024, Ascot Resources Ltd. aims to transition to gold production, accelerate mine development, restart production in Q2 2025, and operate the processing plant at 2,400 tpd. Key activities include financing, mine development at PNL, preserving the site for winter, and finalizing the water treatment plant. Management’s outlook is positive for the remainder of 2024 and beyond.



Read more at GlobeNewswire:: Ascot Reports Third Quarter 2024 Results