11:55 AM EST, 02/05/2025 (MT Newswires) -- Updates shares)

Ascot Resources ( AOTVF ) on Wednesday reported a delay in the restart of mill operations at the Premier gold project in British Columbia.

The company cited limited availability of trained labor, which caused underground development to commence later than expected.

Ascot said it now projects ore throughput to begin in July. It is finalizing a revised schedule and budget to reflect the updated timeline.

"Following my initial review, the mill and deposit are both expected to perform in line with prior guidance," said chief executive Jim Currie. "However, the delay in development will result in a working capital shortfall."

"As such, we are actively engaged in discussions with our major shareholders, debt providers, and bankers to address the funding gap," Currie added.

Ascot shares were last seen down $0.04 to $0.14 on the Toronto Stock Exchange.

Price: 0.14, Change: -0.05, Percent Change: -24.32