Ascot Provides Update on Restructuring

Executive Summary

• Ascot Resources reports that negotiations for the C$150 million private placement and secured‑creditor restructuring announced on October 23, 2025 have not been finalized; pricing and terms remain undetermined.
• The company’s cash balance stands at C$1.9 million as of December 1, 2025, sufficient to fund operations only until mid‑December, highlighting near‑term liquidity pressure.
• If the private placement does not close, Ascot may need to explore alternative financing options, including a possible Companies’ Creditors Arrangement Act (CCAA) proceeding.

Key Details

• Private Placement Status: No agreement reached on pricing or structure; terms remain “undetermined.”
• Cash Position: C$1.9 million at December 1, 2025.
• Liquidity Outlook: Funds expected to sustain operations only through mid‑December 2025.
• Potential Alternatives: Exploration of other financing sources; possible initiation of CCAA proceedings if the private placement fails.
• Previous Announcement Reference: The current update follows the restructuring announcement dated October 23, 2025, which outlined a proposed C$150 million private placement and secured‑creditor restructuring.
• Regulatory Notices: Release includes standard forward‑looking statements disclaimer and notes that it is not an offer or solicitation in any jurisdiction where such would be unlawful.

Notable Quotes

“The Company’s stock was halted on November 28, 2025 in anticipation of announcing certain terms… however, the Company did not come to terms, including pricing, and has no additional information to announce at this time.” – Jim Currie, CEO & Director, Ascot Resources Ltd.