08:39 AM EDT, 08/12/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) , which lost 3.5% last Friday, over the weekend reported second-quarter net income of $2.95 million, compared with a net loss of $3.07 million for the same period last year.

Ascot attributed the improvement to several factors, including first gold sale with revenue, a $2.26 million decrease in the loss on extinguishment of debt, and a $3.5 million increase in fair value of derivatives mainly driven by higher gold and silver prices.

An increase in cost of sales of $2.36 million partially offset the positive inputs.