Ascot Resources Ltd, a prominent entity in the mining industry, has announced plans to rebrand as Cambria Gold Mines Inc. This strategic name change aims to realign the company with its future objectives in the gold mining sector. In tandem with this rebranding, Ascot is implementing significant measures to accelerate development of its Premier and Red Mountain Projects throughout 2026.
Following a successful private placement that concluded on January 27, 2026, in which Ascot raised gross proceeds of C$175 million, the company is focusing on restructuring its finances. This plan includes addressing debts owed to both secured and unsecured creditors, thereby strengthening its financial position for upcoming projects.
Strategic initiatives for project advancement
At the heart of Ascot’s revitalization plan is the enhancement of production capabilities at the newly operational 2,500 tonne per day mill at the Premier Gold Project. A critical component of this strategy is the expedited development of the Red Mountain Project, located east of Stewart, British Columbia. This project features substantial Measured and Indicated Resources totaling 3,191,000 tonnes with an average grade of 7.63 g/t Au, equating to approximately 783,000 ounces of gold. This valuable resource is expected to play a significant role in the mill operations.
Permitting and environmental considerations
Efforts are underway to secure necessary permits for constructing an access road to the Red Mountain site, a vital step that commenced in the fall of 2026. The new management team is committed to building robust relationships with the Nisga’a Nation, ensuring compliance with all regulatory and environmental obligations as they advance this crucial infrastructure project. The ultimate goal is to transport mineralized material from Red Mountain to the Premier mill for processing.
Future milestones and operational updates
Looking ahead, Ascot has established a set of ambitious milestones for 2026, which include:
- Initiating construction of the access road to Red Mountain in the upcoming spring, pending regulatory approval;
- Beginning infill drilling at the Premier-Northern Lights deposit in March to upgrade existing resources;
- Advancing exploration and regulatory permits for both Red Mountain and the Premier-Northern Lights sites;
- Enhancing water treatment facilities at the Premier site to ensure full compliance with discharge regulations;
- Maintaining the PNL mill in care while aiming to reduce operational costs;
- Updating feasibility studies for the Red Mountain and Premier projects by the second half of 2026;
- Ordering essential long-lead items for mill enhancements at the Premier site.
According to Robert McLeod, the President and CEO, “Our management team is actively working on the necessary geological, engineering, and permitting frameworks to support a high-grade mining operation. We anticipate numerous positive developments throughout 2026 that will enhance our company’s value. We sincerely appreciate the support from our stakeholders, especially the recent two-year extension on the stream buydown from Sprott Streaming and Royalty.”
Financial restructuring and market reactivation
As part of its financial restructuring, Ascot is addressing past obligations under its agreements with Sprott. Recently, the company announced plans to issue approximately 901,000 common shares and 450,500 purchase warrants to Sprott, effectively settling around US$400,000 in missed royalty payments. This strategy aims to streamline financial commitments while extending the buyback option period for Sprott until December 31.
Additionally, Ascot has received approval to reactivate its listing on the TSX Venture Exchange, transitioning from the NEX board back to active trading under the ticker symbol AOT. This reactivation represents a significant milestone for the company as it seeks to restore investor confidence and visibility in the market.
New identity and future outlook
With the planned name change to Cambria Gold Mines Inc. and the transition to the trading symbol CAMB, Ascot is establishing a clear direction for its future. This rebranding reflects the company’s commitment to the magnificent icefield located near Red Mountain, symbolizing new beginnings and ambitious aspirations.
As Ascot transitions into Cambria Gold Mines Inc, stakeholders can anticipate a renewed focus on strategic growth, responsible mining practices, and community engagement that aligns with the interests of local Indigenous nations. The upcoming months will be critical as the company embarks on this transformative journey, paving the way for a prosperous future in gold mining.