Ascot Reports Second Quarter 2025 Results

Financial Results - The company reported a net loss of $325,233 for Q2 2025, compared to a net income of $2,950 for Q2 2024, and a net loss of $321,871 for the six months ended June 30, 2025, compared to a net loss of $3,258 for the same period in 2024. The increase in net loss is primarily due to an impairment charge of $324,404 recorded during these periods [4]. Liquidity and Capital Resources - As of June 30, 2025, the company had cash and cash equivalents of $21,633 (down from $27,974 on December 31, 2024) and a working capital deficiency of $260,531 (up from $47,551 on December 31, 2024). The decrease in cash was mainly due to expenditures in mine development and equipment totaling $53,312, lease liabilities of $2,249, and a reclamation deposit of $2,000, offset by net proceeds of approximately $59 million from a private placement offering in H1 2025 [5]. Project Development Status - On June 25, 2025, the company suspended mine development and placed the Premier Gold Project (PGP) on care and maintenance due to unsuccessful negotiations with its mining contractor regarding a satisfactory cost structure. This decision was made to preserve capital and allow management to assess strategic alternatives for advancing the PGP and the Red Mountain Project (RMP) toward sustainable production [6][8]. Management Changes - In May 2025, the company announced the resignation of Ms. Coille Van Alphen and the retirement of Mr. Rick Zimmer as Chairman. Mr. Bill Bennett was appointed as Interim Chairman. Additionally, Mr. Christopher Park joined as Interim Chief Financial Officer effective May 15, 2025, succeeding Ms. Carol Li [6]. Strategic Review Process - A special committee has been appointed to lead a strategic review process, which commenced in June 2025. The committee has retained financial advisers to explore various strategic alternatives. The outcome of this review process is uncertain, and further updates will be provided as warranted [9].