The project is reported to be 86% complete as of 31 December 2023. Credit: Red ivory via Shutterstock.com.

Ascot Resources has announced the procurement of $50m (C$67.64m) in financing for its Premier Gold Project (PGP) in British Columbia (BC), Canada.

The funding has been secured through agreements with Sprott Resource Streaming and Royalty Corp. and its affiliates, as well as Nebari Natural Resources Credit Fund II.

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Sprott Streaming managing partner Michael Harrison said: “We are very pleased to expand our partnership and continue to support Ascot Resources as the team prepares for imminent production from the Premier Gold Project.

“Sprott Streaming continues to provide funding to advance quality projects and provide project financing to bring mines into production.”

The capital injection will be used to ramp up and complete the gold project, which is nearing its operational phase.

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PGP, situated on Nisga’a Nation Treaty Lands within the Golden Triangle of north-western BC, is reported to be 86% complete as of 31 December 2023.

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Ascot has indicated that the project is on track, with the first ore delivery to the mill expected by the end of March 2024 and the inaugural gold pour anticipated in the following month.

In addition to the financing from Sprott and Nebari, Ascot has closed a C$29m bought deal private placement financing.

This deal was facilitated by a syndicate of underwriters, co-led by BMO Capital Markets and Desjardins Capital Markets.

For this arrangement, Ascot issued 65,343,000 common shares at C$0.44 each.

Ascot Resources president and CEO Derek White said: “We commend our financing partners Sprott Streaming and Nebari for their cooperation and timely closing for this financing.

“We express our gratitude to our existing shareholders who participated in the bought deal financing, including our largest shareholder Ccori Apu S.A.C., and welcome new institutional shareholders whose support is very much appreciated.”