Ascot Reports Third Quarter 2025 Results

Core Insights - Ascot Resources Ltd. reported a net loss of $23,521 for Q3 2025, an increase from a net loss of $11,232 in Q3 2024, and a total net loss of $345,392 for the nine months ended September 30, 2025, compared to a net loss of $14,490 for the same period in 2024 [6][8] - The company is undergoing a restructuring process, which includes a non-brokered Rights Offering aimed at raising up to $14,871 and a 50:1 share consolidation, both subject to TSXV approval [4][14] - Ascot has entered into a bridge loan agreement with Nebari Group for up to US$18 million, with conditions for drawdowns and warrants tied to future equity financing [5] Financial Results - For the three months ended September 30, 2025, the company recorded a net loss of $23,521, attributed to care and maintenance expenses of $9,882 and an impairment charge of $324,404 for the nine-month period [6][8] - As of September 30, 2025, cash and cash equivalents were $5,386, down from $27,974 at the end of 2024, with a working capital deficiency of $294,178 [10] - The company has not made scheduled principal and interest payments under its credit facilities, resulting in defaults and indicating significant uncertainties regarding its ability to continue as a going concern [11][12] Restructuring and Financing - The restructuring plan includes a $14.9 million Rights Offering, a 50:1 share consolidation, and a $150 million equity offering, with assistance from Fiore Management and Advisory Corp. [14][15] - Ascot is negotiating with Nebari Group to restructure existing indebtedness and amend secured streams with Sprott Private Resource Streaming and Royalty Corp. [7] - The company has placed its Premier Gold Project on care and maintenance since June 2025, with no timeline for resuming development, pending future financing [9][13] Management Changes - Bill Bennett resigned as Interim Chair of the Board on October 6, 2025, and was replaced by Indi Gopinathan [7]