Ascot Resources Ltd. (TSX: AOT, OTCQX: AOTVF) is making significant progress on the restart of its Premier Gold Project, located on Nisga’a Nation Treaty Lands in British Columbia’s Golden Triangle. Following the recent completion of a private placement that raised $44.8 million (C$61.1 million), the company is accelerating mine development, infrastructure upgrades, and preparations for renewed gold production.
With the new financing in place, Ascot has prioritized expanding power capacity at the Premier Northern Lights (PNL) workings. A 4160v transformer has been delivered and is being installed, which will enable multiple pieces of equipment to operate simultaneously. This upgrade addresses previous limitations that restricted the number of machines running at any given time. The additional power is expected to be available within days, supporting a more efficient ramp-up of mining activities.
To accommodate a growing workforce, Ascot is also doubling its camp capacity by adding 76 beds. The first 38 beds are already in place, with the remainder scheduled for installation by June 2025. These enhancements are designed to support the company’s mining contractor, Procon Mining and Tunnelling, as it increases operational productivity.
Since remobilizing in late December 2024, Procon has completed over 800 metres of mine development. Current efforts are focused on the 310 and 330 levels of the high-grade Prew zone within the PNL workings. In parallel, Ascot has begun reopening the Big Missouri workings, where activity was paused last fall. The access road has been cleared, and infrastructure is being reinstalled to manage water accumulation. Equipment is being remobilized, with development at Big Missouri expected to commence in May 2025.
Ascot aims to stockpile 40,000 tonnes of material from both PNL and Big Missouri ahead of the mill restart, ensuring a steady feed for processing once operations resume.
Remedial work continues at the Premier mill, addressing issues identified during last fall’s operations. The company does not anticipate any of these items will materially delay the restart. Ascot plans to bring the mill back online in early August 2025, initially processing 1,250 tonnes per day by operating the 2,500 tpd mill on a two-week-on, two-week-off schedule. Once the Silver Coin deposit is developed in the first half of 2026, the mill is expected to reach its full design capacity of 2,500 tpd, operating continuously.
Recruitment is underway to fill key positions across the operation, including a new Mill Manager. The company is actively seeking additional personnel to support the ramp-up and encourages interested candidates to apply.
Ascot continues to advance its sustainability program, with the Water Treatment Plant moving toward its design discharge levels. The company is also addressing reclamation obligations from previous mining activities at the site, maintaining its commitment to environmental stewardship.
Exploration drilling is also set to resume in early June, targeting extensions of known mineralization near the Premier mill and at higher elevations. These efforts are intended to identify additional feed for the mill and extend the project’s resource base.
The Company plans to provide regular updates during the ramp-up period, with the next update scheduled for May 15, 2025, followed by a conference call on May 20, 2025.
Ascot Resources Ltd. is a Canadian mining company that owns 100% of the Premier Gold mine, which poured its first gold in April 2024 and is located in one of Canada’s most prolific gold districts.
With new capital secured and critical infrastructure upgrades underway, Ascot Resources is positioned to restart gold production at the Premier Gold Project, targeting a return to operations in August 2025.
