04:50 PM EST, 11/08/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) after trade Friday said that its third-quarter loss widened due to a combination of factors.

The company said it lost $11.23 million in the period, compared with a loss of $1.47 million a year earlier. The widened loss was mainly due to a $11.64-million drop in the fair value of derivatives, caused by adjustments to the discount rate, partially offset by higher gold and silver prices.

The company added that following the announcement of a temporary suspension of operations in early September, it has outlined key priorities for the remainder of the year including securing financing for additional funding in the fourth quarter and developing a plan to accelerate mine development at PNL, aiming for a production restart in the second quarter of 2025.

The company's shares closed down $0.005 to $0.24 on the Toronto Stock Exchange.