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

On December 30, 2025, Ascot Resources announced the closing of the first tranche of a massive C$80 million private placement at C$0.60 per unit. This follows a period of extreme financial distress that saw the company delisted from the TSX to the NEX board. Concurrent with the financing, Ascot overhauled its leadership, appointing Robert McLeod as President and CEO. Crucially, the company reached agreements with its primary secured creditors, Nebari and Sprott, to restructure debt. This includes extending maturities (3-5 years), resetting warrant exercise prices to C$0.75, and allowing interest payments to be made in shares. The TSX Venture Exchange has provided conditional approval for Ascot to be reactivated as a Tier 2 Mining Issuer, moving it off the "dead-pool" NEX board.

This news is a definitive "Game Changer" as it provides a path to survival for a company that was, by its own admission on December 1, 2025, within two weeks of running out of cash and facing CCAA (bankruptcy) proceedings. - Liquidity Injection: The C$80 million gross proceeds (first tranche) provide the necessary capital to settle lien claims and restart development at the Premier Gold Mine and Red Mountain. - Debt Relief: By extending maturities and allowing share-based interest payments, the company has traded massive future dilution for immediate survival. The "restarting" of the conversion prices and warrants at higher levels (C$0.75-C$2.00) relative to the recent C$0.01 rights offering price suggests a significant reset of the capital floor. - Management Refresh: Bringing in Robert McLeod and the Fiore Group (via the advisory agreement) provides a credible "restart" team with experience in distressed mining assets. - Dilution: The cost of survival is extreme. The 50:1 consolidation followed by a C$0.01 rights offering and then a C$0.60 placement means legacy shareholders have been almost entirely wiped out in terms of percentage ownership.

Ascot Resources is focused on re-starting the Premier Gold Mine (PGP) located in the Golden Triangle of British Columbia. The project includes a fully permitted 2,500 tpd mill and significant underground workings. The company also holds the Red Mountain Project. The PGP poured first gold in April 2024 but was placed on Care and Maintenance in June 2025 due to development delays and a lack of working capital. The current strategy involves using the centralized Premier mill to process high-grade feed from multiple deposits, including Red Mountain.