Ascot Resources updates mine development and restart of operations, British Columbia

Ascot Resources Ltd. [TSX: AOT; OTCQX: AOTVF] provided an update of its activities related to the restart of operations at the Premier Gold Project located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

As announced April 10, 2025, the company closed the second and final tranche of its private placement financing, raising a total of $61.1 million in gross proceeds.

Mine development and infrastructure development – Power availability increased to allow expanded equipment operations: With the closing of the Financing, Ascot is addressing the critical issue of expanding power capacity by ordering a 4160v transformer for the Premier Northern Lights (PNL) workings and additional camp space.

The new transformer is expected to allow several pieces of equipment to operate simultaneously, improving the current situation where power capacity limits the number of pieces of equipment operated at a time.

The transformer is on site and installation is underway with the additional power expected to be available within several days.

Camp capacity increased to support restart: In addition, Ascot is adding additional camp space following the closing of the financing.

Ascot has ordered a 76-bed expansion for the camp (a 100% increase) to accommodate additional personnel as the Company proceeds toward a restart of operations.

The first 38 beds have already been installed, with the remainder expected to be installed in June 2025.

With the additional power capacity and camp space, Ascot anticipates that its mining contractor, Procon Mining and Tunnelling, will be positioned to increase productive operation.

Mine development advancing: Through April 13, 2025, Procon has completed more than 800 metres of mine development since remobilization in late December 2024.

Mining areas are currently being developed on the 310 and 330 and levels of the high-grade Prew zone in the PNL workings.

In conjunction with the above, the company has commenced the re-opening of the Big Missouri workings, where work was paused when PGP was placed on care and maintenance last fall. The road to Big Missouri has been plowed and infrastructure is being reinstalled to begin pumping the accumulated water in the heading. Procon is in the process of remobilizing equipment for Big Missouri with development expected to start there in May 2025.

With contributions from both PNL and Big Missouri, Ascot targets the stockpiling of 40,000 tonnes of material for processing prior to mill startup.

Mill preparation for processing: In the mill, work continues on a list of remedial issues identified while the mill was in operation last fall. The Company does not expect any of these items to cause a material delay to the restart plan.

Restart plan and timing: The company intends to restart the Premier mill in early-August, 2025 at an initial rate of 1,250 tonnes per day (tpd) with feed sourced from both PNL and Big Missouri. This throughput would be achieved by running the 2,500 tpd mill on a 2-week-on, 2-week-off campaign basis.

Once the Silver Coin deposit is developed in H1-2026, the company believes the mill can operate at its design rate of 2,500 tpd, 7-days-per-week.

Personnel recruitment underway: The company has been actively recruiting in the past weeks to fill a number of positions, with a new Mill Manager being hired amongst other personnel across the operation.

Sustainability program progressing: The water treatment plant is continuing to advance toward design discharge levels. The company is also working on a number of reclamation obligations related to previous mining ventures at the site.

Resumption of exploration to extend known mineralization: In early June, as field conditions permit, the company plans to undertake an exploration drilling program to test a number of prospective sites close to the Premier mill, followed by testing of other targets at higher elevations.

The initial sites selected represent extensions of known mineralization with the potential to provide early feed to the mill.

Ascot is the 100% owner of the Premier Gold mine, which poured first gold in April 2024.