Ascot Announces Closing of the First Tranche of Private Placement, Changes to Leadership and Creditor Restructuring

The most recent news release (December 30, 2025) details a massive C$80 million financing and corporate restructuring of Ascot Resources Ltd. (AOT.H). While this news technically concerns Ascot, it is highly material to Nations Royalty (NRC) because the leadership transition directly involves NRC’s core management. Robert McLeod (Director of NRC) has been appointed President and CEO of Ascot, and Alex Morrison (Director of NRC) has been appointed Lead Director. The financing includes participation from Ccori Apu (a major Peruvian gold miner) and involves a comprehensive debt restructuring with Nebari and Sprott.

Concurrently, Nations Royalty’s most recent internal news (December 17, 2025) confirmed that all management nominees were re-elected with over 99.9% support at the Annual General and Special Meeting (AGSM), including the same individuals now taking the helm at Ascot.

The impact on Nations Royalty is Material - Positive for several reasons: - District Synergies: NRC’s portfolio is centered on royalties within British Columbia’s Golden Triangle. Securing C$80M for Ascot’s Premier Gold Mine stabilizes a major asset in the district where NRC management has deep roots and potentially future royalty interests. - Management Validation: The ability of the NRC-linked team to attract significant capital (C$80M) and a strategic partner like Ccori Apu in a challenging market validates the "jockey" factor. Investors are backing the individuals. - Operational Continuity: The AGSM results for NRC show total shareholder alignment, allowing the team to focus on their stated goal of adding multiple new indigenous-owned royalties annually. - Financial Health: NRC’s own financials (Sept 30, 2025) show royalty income is scaling ($356k for the quarter vs $157k YoY), though the company still runs at a net loss due to high share-based compensation and G&A.

Nations Royalty is Canada’s first majority indigenous-owned public company. It was founded by the Nisga’a Nation to monetize their royalty interests in the Golden Triangle of BC. - Flagship Assets: Five benefit payment entitlements (royalties) acquired from the Nisga’a Nation. - Key Assets Covered: Includes the Brucejack gold mine (currently cash-flowing) and potentially other major projects like KSM (Kerr-Sulphurets-Mitchell). - Business Model: Aggregating indigenous-owned royalties to provide diversification for First Nations and a unique investment vehicle for public markets.