Results from Ascot Resources (TSX:AOT; OTCQX:AOTVF) unaudited financials for the three months of 2023 are in. The company has also provided a construction update on the Premier gold project located on Nisga’a Nation Treaty Lands in the Golden Triangle of northwest British Columbia.
The company reported a net loss of $7.6 million for the first quarter 2023 compared to $1.4 million for the same quarter a year earlier. The loss is driven by a $4.2 million loss on extinguishment of senior debt, $1.4 million change in fair value of derivatives and $1.1 million in fees and expenses associated with stream, the company says.
Upon securing the new project financing in January 2023, Ascot re-engaged contractors to restart work at the Premier mill building to complete construction. Starting from approximately 65 people working at the Premier site at the end of January, there are now approximately 130 workers on site, and this will continue to increase with the mobilization of earthworks and mining contractors in the coming months to a peak of approximately 200 workers on site.
At the end of Q1 2023, detailed engineering was at 99% completion. Major procurement was more than 95% complete. Key orders remaining in the plant relate mostly to piping, instrumentation, and bulk consumables. Mine development will progress throughout 2023 and delivery of ore is expected to begin late in 2023, enabling the start of mill commissioning and first gold pour in early 2024.
To learn more, visit www.AscotGold.com.