Ascot Resources Ltd T.AOT

Alternate Symbol(s): AOTVF

Metals & Mining Gold

Ascot Resources Ltd. is a development and exploration company. The Company operates through two segments: the development of the Project and exploration and evaluation of Mt. Margaret. It is focused on re-starting the past producing Premier gold mine located in British Columbia's Golden Triangle. The Silver Coin, Big Missouri, and Premier deposits, collectively known as the Premier Gold Project (PGP) are located near the processing facility on the Premier Mine site. The PGP covers about 8,133 hectares (ha). Its Red Mountain Project (RMP) is located 23 kilometers (km), southeast in an adjacent valley. RMP consists of about 47 contiguous mineral claims for a total of approximately 17,125 ha. Its Premier and Red Mountain Gold Projects supply gold and silver ores to the process plant. It also has two other properties, including Swamp Point, an aggregate project located in British Columbia and Mt. Margaret, a porphyry copper-molybdenum-gold-silver deposit located in United States.

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Ascot Resources Ltd > TERRIBLE!!!! PART 1. 2. 3. 4. 5. 6. etc....

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Comment by ACESoveron Aug 16, 2024 2:02pm

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Post# 36183024

RE:TERRIBLE!!!! PART 1. 2. 3. 4. 5. 6. etc....

crazytimes wrote: 1. The Company has negative working capital at the end of June and was in technical non-compliance with certain covenants. The Company obtained waivers for this non-compliance through the end of July. After the bought deal financing closed on July 25, 2025, the Company was back in compliance with the covenants. If production ramp up is further delayed, the Company may be in non-compliance with such covenants. Additional waivers or fundings may be required.

2.Overall, the commission process has gone slower that expected due to a combination of challenges with process plant and lower grades from the development ore from the Big Missouri mine. The key challenge for the Company is to access higher grade stopes from Big Missouri and mine enough material to feed the mills until the PNL is brought into production which is anticipated in Q4 of 2024. In addition, the reliability of the plant in the gravity circuit, the elution circuit and the tailing thickener need to improve so the that the plant can operate continuously. The Company continues to focus on addressing these challenges.

3.the plant will be operated on a bi-weekly basis until such time that PNL is contributing to the mill feed.

4. management is working on a two-week maintenance period to address the capacity of the gravity circuit by improving the screen openings to allow more flow, optimizing CIL management and the reliability of elution circuit, and improving the flocculant system for the thickener to ensure clean water is effectively circulated through the processing plant

5.anticipation of breakthrough to the Prew ore zone in early September, but the key challenge will be to manage the operating costs effectively until this development is completed.

6. GO BACK AND SEE POINT ONE WHERE ADDITIONAL WAIVERS AND FINANCING MAY BE NEEDED!!!!!!

NOT GOOD! Didn't like the late Friday after market dump of all this bad news!!!! Just My Opinion!