Ascot Resources Reports $7.589 Million Net Loss in Q1 2023, Provides Construction Update on Premier Gold Project.
May 27, 2023
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Ascot Resources ($TSX:AOT) recently released a report stating that they had a net loss of $7.589 million for the first quarter of 2023. This announcement also included an update on the progress of the construction of the Premier Gold Project. Ascot Resources is a company dedicated to gold and silver exploration, development, and production. It has a portfolio of projects in Canada and the United States, and its main project is the Premier Gold Project located in British Columbia, Canada. Ascot Resources is committed to environmental sustainability and is devoted to responsible mining practices.
The company recently reported a net loss of $7.589 million for the first quarter of 2023 due to higher operating costs at the Premier Gold Project. Ascot Resources stated that construction is progressing well and that they have made significant progress in the development of the underground infrastructure. They also expect to start production and pour gold at the end of 2023. With construction expected to be completed by the end of this year, Ascot Resources is looking forward to beginning production and reaping the rewards of their hard work and dedication.
Price History
The company’s stock opened at CA$0.6 and closed at CA$0.6, up by 1.8% from the previous closing price of 0.6. Ascot Resources reported that construction activities are progressing well and are on target to meet the expected timeline. The company also noted that the project has been bolstered by strong support from the local community. The Premier Gold Project is expected to generate significant economic benefits for the community, including the creation of new jobs and increased revenue for businesses.
Ascot Resources is confident that the project will become an important asset in the local economy. The company is optimistic that the project will create significant economic benefits for the community and become an important asset in the local economy. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ascot Resources. More…
| Total Revenues | Net Income | Net Margin |
| 0 | -17.03 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ascot Resources. More…
| Operations | Investing | Financing |
| -7.57 | -92.55 | 159.97 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ascot Resources. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 578.3 | 234 | 0.63 |
Key Ratios Snapshot
Some of the financial key ratios for Ascot Resources are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.0% | – | – |
| FCF Margin | ROE | ROA |
| – | -3.3% | -1.8% |
Analysis
As part of our analysis of ASCOT RESOURCES, we have come to the conclusion that it is a medium risk investment. We conducted a thorough analysis of the company’s financials, including income sheets, balance sheets, cash flow statements, and financial journal entries. Through this process, we identified four risk warnings which suggest that there may be some associated risk with investing in the company. To gain access to these risk warnings, become a registered user of GoodWhale. More…
Peers
The company has a portfolio of projects in British Columbia, Canada. The company’s primary focus is on its Premier Gold Project, which is located in the Golden Triangle region of British Columbia. The company is also advancing its Red Mountain Project, which is located in the Stewart-Cassiar district of British Columbia. The company is listed on the TSX Venture Exchange under the ticker symbol “AOT”. Ascot Resources Ltd’s main competitors are Thomson Resources Ltd, Arizona Metals Corp, and Dome Gold Mines Ltd. All three companies are engaged in the exploration and development of mineral properties. Thomson Resources Ltd is focused on its projects in the Yukon Territory, Canada. Arizona Metals Corp is focused on its projects in Arizona, United States. Dome Gold Mines Ltd is focused on its projects in Quebec, Canada.
– Thomson Resources Ltd ($ASX:TMZ)
Dome Gold Mines Ltd is a Canadian gold mining company with a market capitalization of $85.78 million as of 2022. The company has a return on equity of -3.32%. Dome Gold Mines Ltd is engaged in the exploration and development of gold properties in Quebec, Canada. The company was founded in 2006 and is headquartered in Vancouver, Canada.
Summary
Ascot Resources Ltd. reported a net loss of $7.589 million for the first quarter of 2023. This marks the second consecutive quarter of financial losses for the company, as Ascot has been impacted by delays in the construction of its Premier Gold Project. Despite these setbacks, Ascot remains optimistic that the project will ultimately be completed and result in improved financial performance for the company.
The company is continuing to evaluate various financing options and investing strategies to ensure the project’s successful completion. Investors interested in Ascot should consider doing their own research to determine if the company is a good fit for their portfolios.
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