11:06 AM EDT, 06/25/2025 (MT Newswires) -- Ascot Resources ( AOTVF ) shares fell by nearly a third at at look on Wednesday as the company evaluates alternatives for the Premier gold project in British Columbia.

The company said it placed the project under care and maintenance following failed negotiations with mining contractor Procon Mining over proposed price increases for mining services.

As a result of the delays linked to the negotiations, Ascot said the mill will not be in operation by early August as previously planned.

Ascot said the stoppage is expected to provide the management team with the time and flexibility to assess strategic alternatives to advance the project.

"Over the next couple of months, we will be assessing our options to help us access the capital needed to successfully bring the project into sustainable production," chief executive Jim Currie said.

A special committee will lead the strategic review process. The company said there is no assurance that the process will result in any transaction.

Ascot shares were last seen down $0.028 to $0.063 on the Toronto Stock Exchange.

Price: 0.06, Change: -0.03, Percent Change: -30.00