Ascot Reports Third Quarter 2025 Results

VANCOUVER, British Columbia, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSXV: AOT.H; OTCID: AOTVF) (“Ascot” or the “Company”) announces the Company's unaudited financial results for the three and nine months ended September 30, 2025 ("Q3 2025"). For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2025, please see the Company's filings on SEDAR+ (www.sedarplus.ca).

All amounts herein are reported in $000s of Canadian dollars unless otherwise specified.

Q3 2025 AND SIGNIFICANT EVENTS

• On November 7, 2025, the Company announced the launch of a rights offering to raise gross proceeds of up to $14,871 (the “Rights Offering”). Pursuant to the Rights Offering, the Company will be offering 1,487,151,720 rights (the “Rights”) to certain holders of commons shares in the capital of Ascot at the close of business on the record date of November 18, 2025 on the basis of one Right for each common share held. Each one Right will entitle the holder to subscribe for one common share of the Company at the subscription price of $0.01 per right share (the “Rights Shares”). In connection with the Rights Offering, the Company has entered into a standby agreement with Fiore Management and Advisory Corp. (“Fiore”) pursuant to which Fiore has agreed to acquire 100% of all outstanding Rights Shares not otherwise acquired under the Rights Offering by shareholders. The Company intends to use the net proceeds from the Rights Offering to settle outstanding amounts owed to the Company’s creditors. Closing of the Rights Offering is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (“TSXV”).
  
  
• On October 22, 2025, the Company entered into an advisory services agreement with Fiore, as amended November 7, 2025, pursuant to which Fiore has agreed to assist Ascot with restructuring, refinancing and enhancing the leadership team of Ascot (the “Restructuring”) with a focus on the Red Mountain deposit (“RMP”) and a view to eventually restarting production at Premier Gold Project (“PGP”). PGP together with RMP referred to as the “Project”. 
  
  The Restructuring will primarily consist of a non-brokered Rights Offering as described above and a 50:1 share consolidation (the “50:1 Share Consolidation”). Fiore has further agreed to use its best efforts to facilitate and assist with an equity financing of $150 million to be priced in the context of the market and taking into consideration the $0.01 per share Rights Offering. The 50:1 Share Consolidation and equity financing are also subject to TSXV approval.