From GlobeNewswire: 2025-05-12 21:01:00

Ascot Resources Ltd. announced their unaudited financial results for Q1 2025, reporting a net income of $3,362 compared to a net loss of $6,208 in Q1 2024. The company also closed two tranches of a private placement, raising a total of $61.2 million. In addition, they extended waiver conditions with SRSR and Nebari until September 30, 2025. Ascot has made progress on mine development and restart of operations, with plans to stockpile material for processing by August 2025. The company has also appointed a new interim CFO, Christopher Park, effective May 15, 2025.

As a result of ongoing contract negotiations, the company is working on renegotiating mining and development contract rates, which may impact cash flows and operations. Coille Van Alphen resigned from the board, while Rick Zimmer retired as Chairman due to family health reasons. The board elected Bill Bennett as Interim Chairman. Ascot reported cash and cash equivalents of $36,151 and a working capital deficiency of $40,724 as of March 31, 2025. The company has been working on transitioning to steady state gold production and continues to explore properties for additional resources.

Moving forward, Ascot’s key priorities for the remainder of 2025 include accelerating mine development at PNL, restarting production, achieving steady state production, and ensuring environmental compliance. The company has been issuing common shares, warrants, and stock options, while also renegotiating mining and development contract rates. Additional funding may be required for the next twelve months of operations. James A (Jim) Currie, CEO & COO of the company, is the Qualified Person overseeing technical aspects.



Read more at GlobeNewswire: Ascot Reports First Quarter 2025 Results