Arizona has notoriously hard water with pH over 8. The popular methods to lower pH are white vinegar and citric acid, creating cal/mag acetate and citrate respectively.
Are these new reaction products more readily available for nutrient uptake compared to the former carbonate form? Are there any clear differences/risks when comparing the two? For example, calcium acetate is known to be a phosphate bonder.
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Sugarcane bagasse, the fibrous residue left after extracting juice from sugarcane, is gaining attention as a valuable biomass resource for charcoal and biochar production. Leveraging biomass pyrolysis plants, this byproduct can be transformed into high-quality charcoal and biochar, offering environmental and economic benefits.

Understanding Sugarcane Bagasse

Sugarcane bagasse is rich in cellulose, hemicellulose, and lignin, making it an abundant source of biomass. Traditionally considered a waste product of the sugar industry, its potential for value-added applications is increasingly recognized.

Biomass Pyrolysis Plant

A biomass pyrolysis plant is a specialized facility designed to convert biomass feedstock, such as sugarcane bagasse, into charcoal, biochar, and other valuable products through the process of pyrolysis.

Pyrolysis Process

1. Feedstock Preparation: Sugarcane bagasse is first dried and shredded to enhance its suitability for pyrolysis.
2. Pyrolysis: The prepared bagasse is then subjected to high temperatures in an oxygen-limited environment within the pyrolysis reactor. This thermal decomposition process breaks down the biomass into volatile gases, bio-oil, and char.
3. Charcoal/Biochar Formation: The char produced during pyrolysis can be further processed to obtain charcoal or biochar, depending on the desired application.

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Charcoal Production from Sugarcane Bagasse

Charcoal, a solid carbonaceous residue obtained from the pyrolysis of biomass, serves as a clean-burning fuel and a versatile raw material in various industries.

Advantages of Sugarcane Bagasse Charcoal

1. Renewable Energy Source: Charcoal derived from sugarcane bagasse offers an environmentally sustainable alternative to conventional fossil fuels. Its production contributes to reducing reliance on non-renewable resources.
2. High Energy Density: The sugarcane charcoal exhibits a high energy density, making it an efficient fuel for cooking, heating, and industrial processes. Its consistent quality and calorific value ensure reliable performance.
3. Emission Reduction: Compared to traditional biomass burning methods, the combustion of sugarcane bagasse charcoal generates fewer emissions of particulate matter, carbon monoxide, and volatile organic compounds, contributing to improved air quality.

Biochar Production from Sugarcane Bagasse

Biochar, a carbon-rich material produced from the pyrolysis of biomass under controlled conditions, offers diverse applications in agriculture, environmental remediation, and carbon sequestration.

Agronomic Benefits of Sugarcane Bagasse Biochar

1. Soil Amendment: Incorporating sugarcane bagasse biochar into soil enhances its fertility, structure, and water retention capacity. The porous nature of biochar provides habitats for beneficial microorganisms and promotes nutrient cycling.
2. Carbon Sequestration: By converting sugarcane bagasse into biochar, carbon is effectively sequestered in the soil for extended periods, mitigating greenhouse gas emissions and contributing to climate change mitigation efforts.
3. Contaminant Remediation: Biochar derived from sugarcane bagasse exhibits adsorption properties that facilitate the removal of contaminants, such as heavy metals and organic pollutants, from soil and water systems.

Economic Viability and Market Potential

The production of charcoal and biochar from sugarcane bagasse presents promising economic opportunities for stakeholders across the value chain.

Market Demand

1. Energy Sector: The demand for sustainable energy sources continues to grow, driving the adoption of sugarcane bagasse charcoal as a renewable fuel in residential, commercial, and industrial applications.
2. Agricultural Industry: With increasing emphasis on soil health and sustainable agriculture practices, the demand for sugarcane bagasse biochar as a soil amendment and crop productivity enhancer is on the rise.
3. Environmental Sector: Biochar derived from sugarcane bagasse holds potential for use in environmental remediation projects, wastewater treatment, and carbon offset initiatives.

Investment Considerations

1. Technology Adoption: Investing in biomass pyrolysis plants equipped with advanced technologies and process optimization capabilities enhances production efficiency and product quality, maximizing returns on investment.
2. Market Diversification: Exploring diverse market segments and applications for sugarcane bagasse-derived charcoal and biochar diversifies revenue streams and mitigates market risks associated with fluctuations in demand.
3. Collaborative Partnerships: Establishing strategic partnerships with sugar mills, agricultural enterprises, and research institutions fosters innovation, market expansion, and sustainable supply chain management.

Conclusion

Sugarcane bagasse, once considered a byproduct of the sugar industry, emerges as a valuable resource for charcoal and biochar production through biomass pyrolysis. Harnessing the potential of sugarcane bagasse not only offers environmental benefits such as renewable energy generation and carbon sequestration but also presents lucrative economic opportunities in diverse market sectors. As stakeholders embrace sustainable biomass utilization practices, the future of sugarcane bagasse utilization as a renewable resource looks promising.

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Ulaanbaatar, Mongolia--(Newsfile Corp. - May 13, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold") is pleased to announce that it has filed with the applicable Canadian securities regulatory authorities the management information circular dated May 8, 2024 and related meeting materials of Steppe Gold (the "Meeting Materials") for use at the annual general and special meeting (the "Meeting") of Steppe Gold shareholders (the "Shareholders") to be held in connection with the proposed transaction with Boroo Gold LLC ("Boroo Gold") and Boroo Pte Ltd. ("Boroo Singapore"), or one of its affiliates, as previously announced on April 11, 2024 (the "Transaction"). Steppe Gold has also mailed copies of the Meeting Materials to Shareholders entitled to vote on the Transaction at the Meeting.
At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve the Transaction. If the Transaction is completed: (i) Steppe Gold will acquire all of the issued and outstanding shares of Boroo Gold in return for the issuance of that number of common shares in the capital of Steppe Gold ("Common Shares") that would result in Boroo Singapore, directly or indirectly, holding 55.9% of the issued and outstanding Common Shares (calculated on a fully diluted basis); and (ii) Boroo Singapore will acquire the Tres Cruces Oxide Project (the "Tres Cruces Project") by purchasing all of the issued and outstanding shares of two of Steppe Gold's indirect, wholly-owned subsidiaries for aggregate cash consideration of approximately CAD$12 million.
THE STEPPE GOLD BOARD OF DIRECTORS HAS UNANIMOUSLY DETERMINED THAT THE TRANSACTION IS IN THE BEST INTERESTS OF STEPPE GOLD AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE IN FAVOUR OF THE TRANSACTION.
Benefits of the Transaction
The Transaction is expected to provide meaningful benefits to Shareholders, including:

• Increased combined gold production to 90,000 oz per annum in 2025 and 150,000 oz gold equivalent per annum by 2026.
• Strong cash flow and increased financial strength to service ATO Gold Mine Phase 2 Expansion debt and project financing.
• Funding for exploration programs and further acquisition opportunities in Mongolia.
• Liquidity from the sale of the Tres Cruces Project.
• Creation of a multi-asset producer with a strong base and focus on Mongolia.

The Meeting and Voting
The Meeting is scheduled to be held at the Shangri-La Hotel, 19 Olympic Street, Sukhbaatar District-1, Ulaanbaatar 14241 Mongolia on June 24, 2024 at 10:00 a.m. (ULAT). Shareholders may vote in person at the Meeting or by proxy. Shareholders that are unable to attend the Meeting, or any adjourned or postponed Meeting in person, are requested to date, sign and return the form of proxy for use at the Meeting. The deadline for receipt of proxies for the Meeting is 10:00 a.m. (ULAT) on June 20, 2024.
Shareholders are advised to carefully read the Meeting Materials and then vote in person at the Meeting or by proxy. The Meeting Materials are available under the Company's profile on SEDAR+ at www.sedarplus.ca. Only Shareholders of record as at the close of business on May 6, 2024 are eligible to vote at the Meeting.
About Steppe Gold
Steppe Gold is Mongolia's premier precious metals company and 100% owner of the ATO gold mine and the Uudam Khundii project in Mongolia.
About Boroo Gold
Established in 1997, Boroo Gold is a leading gold producer in Mongolia with over 50,000 tons per day mining fleet, 5,500 tons per day mill and carbon-in-leach circuit gold processing plant, 3,000,000 tons per annum heap leach and carbon-in-columns plant and an approximate workforce of over 400 people. Boroo Gold operates the Boroo mine in Selenge province, as well as owning and operating the adjacent Ulaanbulag mine in Mongolia.
Cautionary Statement on Forward-Looking Information
This news release includes certain statements that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These include statements regarding Steppe Gold's intent, or the beliefs or current expectations for Steppe Gold's growth, production and valuation post-closing of the Transaction; future market conditions for metals; timing of the Meeting; and expected benefits to Shareholders as a result of the Transaction.
When used in this news release, words such as "expected", "scheduled" and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "will", or "would" occur or the negative connotation of such terms.
As well, forward-looking statements may relate to Steppe Gold's future outlook and anticipated events, such as the consummation and timing of the Transaction; the satisfaction of the conditions precedent to each of the Transaction; the anticipated benefits of the Transaction; the potential for value creation to Shareholders; the anticipated timing of the closing of the Transaction; the timing and anticipated receipt of required Shareholder, court and regulatory approvals for the Transaction; anticipated gold production of Boroo Gold and combined gold production of Steppe Gold; the anticipated cash flow of Steppe Gold; potential liquidity from the sale of the Tres Cruces Project; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto.
These forward-looking statements involve numerous risks and uncertainties, including those relating to: required shareholder, regulatory and stock exchange approvals; approvals from applicable Mongolian authorities; exercise of any termination rights under the share exchange agreement dated April 11, 2024 between Steppe Gold, Boroo Singapore and Centerra Netherlands BVBA (the "Share Exchange Agreement") or the separate definitive share purchase agreements (the "Share Purchase Agreements"), each between one of Steppe Gold's wholly-owned subsidiaries, on the one hand, and Boroo Singapore or one of its affiliates, on the other hand, each dated April 11, 2024; meeting other conditions precedent to each of the Share Exchange Agreement and the Share Purchase Agreements; material adverse effects on the business, properties and assets of Steppe Gold or Boroo Gold; discrepancies between actual and estimated production and test results, mineral reserves and resources and metallurgical recoveries; and such other risk factors detailed from time to time in Steppe Gold's public disclosure documents, including, without limitation, those risks identified in Steppe Gold's annual information form for the year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca.
Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by such forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Steppe Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Steppe Gold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Contact Information
Steppe Gold
Bataa Tumur-Ochir, Chairman and Chief Executive Officer Jeremy South, Senior Vice President and Chief Financial Officer
Elisa Tagarvaa, Investor Relations Manager ([elisa@steppegold.com](mailto:elisa@steppegold.com))
Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209078
​
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Introduction
Reverse osmosis (RO) systems have become increasingly popular for purifying water, promising clean and safe drinking water. However, behind the veil of purity lies a less discussed aspect - the environmental impacts of these systems. In this article, we delve into the hidden costs associated with reverse osmosis systems, shedding light on their environmental consequences.
Understanding Reverse Osmosis Systems
Before delving into the environmental impacts, let's first understand how reverse osmosis systems work. Allstar Water Systems specializes in RO systems designed to remove impurities and contaminants from water. Through a semi-permeable membrane, water is filtered, leaving behind pollutants, minerals, and salts, resulting in clean drinking water.
Visit us at https://allstarh2o.com/ or call us at (888) 777-3777.
Advantages of Reverse Osmosis Systems
Reverse osmosis systems offer several advantages, making them a popular choice for water purification:

1. Removal of Contaminants: RO systems effectively remove a wide range of contaminants, including bacteria, viruses, heavy metals, and dissolved solids, ensuring safe and clean drinking water.
2. Improved Taste and Odor: By removing impurities and chemicals that cause unpleasant taste and odor, reverse osmosis systems enhance the overall quality of drinking water, providing a refreshing taste.
3. Compact and Space-Saving: RO systems are typically compact and can be installed under the sink or in confined spaces, making them suitable for residential and commercial applications where space is limited.
4. Cost-Effective: While the initial investment may be higher compared to other water filtration methods, the long-term cost-effectiveness of RO systems lies in their low maintenance requirements and reduced need for bottled water.
5. Customizable Filtration: Allstar Water Systems offers customizable RO systems tailored to meet specific water quality requirements, allowing customers to address unique purification needs effectively.

Disadvantages of Reverse Osmosis Systems
Despite their advantages, reverse osmosis systems also have some limitations and drawbacks:

1. Wastewater Generation: As mentioned earlier, RO systems generate wastewater during the filtration process, resulting in water wastage. Allstar Water Systems acknowledges this issue and continues to explore solutions to minimize wastewater production.
2. Removal of Beneficial Minerals: While RO systems effectively remove contaminants, they also strip water of beneficial minerals such as calcium and magnesium. Allstar Water Systems offers remineralization options to address this concern and restore essential minerals to purified water.
3. Energy Consumption: The energy-intensive nature of reverse osmosis systems contributes to carbon emissions and environmental impact. Allstar Water Systems is committed to implementing energy-efficient technologies to reduce the environmental footprint of its RO systems.
4. pH Imbalance: Purified water from RO systems tends to be slightly acidic due to the removal of alkaline minerals. Allstar Water Systems offers pH balancing solutions to ensure that purified water is safe and balanced for consumption.

The Environmental Toll of RO Systems
While reverse osmosis systems provide clean water, they come with a significant environmental cost. Allstar Water Systems, like many providers, utilizes energy-intensive processes to operate these systems. The high pressure required to force water through the membrane demands substantial energy consumption, contributing to carbon emissions and environmental degradation.
Energy Consumption and Carbon Footprint
Allstar Water Systems acknowledges the energy-intensive nature of reverse osmosis systems. The constant operation of pumps and motors consumes a considerable amount of electricity, adding to the carbon footprint. As consumers strive for cleaner water, they inadvertently contribute to greenhouse gas emissions, exacerbating climate change.
Waste Water Generation
Another often overlooked aspect is the generation of wastewater during the filtration process. For every gallon of purified water produced, Allstar Water Systems generates several gallons of wastewater containing concentrated contaminants and pollutants. Proper disposal of this wastewater poses environmental challenges, especially in regions with limited water resources.
Impact on Aquatic Ecosystems
The discharge of concentrated brine into water bodies poses a threat to aquatic ecosystems. Allstar Water Systems acknowledges the importance of mitigating this impact and implements strategies to minimize harm. However, the cumulative effect of widespread RO system usage can disrupt the balance of aquatic environments, affecting marine life and biodiversity.
Resource Depletion
In addition to energy consumption, reverse osmosis systems contribute to resource depletion. The production of membranes, essential components of RO systems, requires significant amounts of raw materials, including plastics and chemicals. Allstar Water Systems recognizes the need for sustainable practices and continually explores alternatives to mitigate resource depletion.
Addressing the Environmental Concerns
Despite the environmental challenges, Allstar Water Systems remains committed to providing clean water solutions while minimizing ecological impact. By investing in energy-efficient technologies and exploring sustainable alternatives, the company aims to reduce its carbon footprint and promote environmental stewardship.
Environmental Considerations in Reverse Osmosis Systems
While reverse osmosis systems offer undeniable benefits in water purification, it's crucial to examine their environmental implications comprehensively. Allstar Water Systems acknowledges the importance of balancing water quality with environmental sustainability and actively addresses key environmental considerations associated with RO systems:

1. Energy Efficiency: Allstar Water Systems is committed to enhancing the energy efficiency of its reverse osmosis systems. By investing in energy-efficient pumps, motors, and membranes, the company aims to minimize electricity consumption and reduce its carbon footprint. Additionally, Allstar Water Systems explores renewable energy sources such as solar power to power its RO systems, further mitigating environmental impact.
2. Waste Reduction: Recognizing the challenge of wastewater generation in RO systems, Allstar Water Systems implements strategies to reduce waste and maximize water recovery. Advanced water recovery systems and brine concentration technologies are utilized to minimize wastewater discharge and optimize resource utilization. By reducing waste generation, Allstar Water Systems minimizes its environmental footprint and promotes sustainable water management practices.
3. Material Sustainability: Allstar Water Systems prioritizes material sustainability in the design and manufacturing of its reverse osmosis systems. The company sources environmentally friendly materials and components, minimizing environmental degradation throughout the product lifecycle. Additionally, Allstar Water Systems explores alternative materials and recycling initiatives to reduce resource consumption and minimize waste generation.
4. Lifecycle Assessment: Allstar Water Systems conducts comprehensive lifecycle assessments of its reverse osmosis systems to evaluate their environmental impact holistically. By analyzing the environmental footprint of each stage, from manufacturing and operation to disposal, the company identifies opportunities for improvement and innovation. Continuous refinement of product design and manufacturing processes ensures that Allstar Water Systems delivers environmentally responsible water purification solutions.
5. Environmental Stewardship: As a responsible corporate citizen, Allstar Water Systems is committed to environmental stewardship and conservation efforts. The company actively participates in community initiatives, environmental advocacy programs, and conservation projects to protect natural resources and promote environmental awareness. By engaging with stakeholders and fostering partnerships, Allstar Water Systems contributes to a sustainable future for generations to come.

Conclusion
Reverse osmosis systems offer a convenient solution for obtaining clean drinking water, but their environmental impacts cannot be ignored. Allstar Water Systems recognizes the importance of addressing these concerns and strives to balance water purification with environmental responsibility. As consumers, it's crucial to be aware of the hidden costs associated with RO systems and advocate for sustainable water management practices. For more information on Allstar Water Systems and our commitment to environmental sustainability, visit www.allstarh2o.com or contact us at (888) 777-3777.

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VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. ( TSX: AOT; OTCQX: AOTVF ) (“ Ascot ” or the “ Company ”) is pleased to announce the Company’s unaudited financial results for the three months ended March 31, 2024 (“ Q1 2024 ”), and also to provide a construction update on the Company’s Premier Gold Project (“ PGP ” or the “ project ”), located on Nis
g
a’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31, 2024, please see the Company’s filings on SEDAR+ (www.sedarplus.ca).
All amounts herein are reported in $000s of Canadian dollars (“ C$ ”) unless otherwise specified.
Q1 2024 AND RECENT HIGHLIGHTS

• On May 7, 2024, the Company announced a $5,000 non-brokered flow through private placement (the “Offering”), the proceeds of which will be used to fund the 2024 exploration program at the PGP. The Offering will consist of 6,024,096 common shares of the Company, which qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the “FT Shares”), at a price of $0.83 per FT Share. The closing of the Offering is expected to occur in one or more tranches in or around late-May to mid-June 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the Toronto Stock Exchange.
• Rock was introduced into the grinding circuit of the mill on March 31, 2024, and first gold-bearing ore was introduced to the mills on April 5, 2024. On April 20, 2024, first gold was poured as a part of the commissioning process. Commissioning of the processing plant at PGP is ongoing, with commercial production anticipated in Q3 2024. Two gold pours have been completed using gold recovered from the gravity circuit. Another pour from gold recovered from the carbon-in-leach (“CIL”) circuit is anticipated imminently.
• On February 20, 2024, the Company closed its previously announced financing package for a total of US$50 million from Sprott Resource Streaming and Royalty Corp. and its affiliates (“SRSR”) and Nebari Credit Fund II, LP (“Nebari Credit Fund II”), as described in the Company’s news release dated January 22, 2024. $13,700 of the above proceeds were used to buy back two existing 5% NSR royalties on various PGP property claims on March 15, 2024.
• On February 20, 2024, concurrently with the above-noted financing package, the Company closed its previously announced bought deal private placement financing, under which the Company issued a total of 65,343,000 common shares of the Company (the “Common Shares”) at a price of $0.44 per Common Share, for gross proceeds of $28,751.
• At the end of Q1 2024, overall construction excluding mine development was 98% complete compared with 86% complete at the end of 2023. A few remaining commissioning activities in the mill are underway. The tailing storage facility was completed and signed off by the engineer of record at the end of March 2024.
• The new water treatment plant began operations in February 2024. The high-density sludge plant has been successfully commissioned and water is being treated and discharged into the environment. The moving bed bio-reactor (“MBBR”) is complete and media have been loaded into the tanks.
• As of April 30, 2024, underground development totaled approximately 2,710 metres at Big Missouri and 150 metres at Premier.

DEVELOPMENT OF THE PROJECT
Project financing
On February 20, 2024, the Company closed a bought deal private placement for gross proceeds of $28,751 and a financing package of US$50 million for the completion and ramp-up of PGP. The financing package consisted of a royalty restructuring and a cost overrun facility.
Construction progress key performance indicators
At the end of Q1 2024, overall construction was 98% complete, compared with 86% complete at the end of Q4 2023. With first gold having been poured on April 20, 2024 via gold recovered through the gravity circuit, the project construction is 100% complete on schedule and on the most recently provided budget of approximately C$339 million. Commissioning and ramp-up activities in the processing plant and in the mine continue towards achieving commercial production in Q3 of 2024.
Safety
The Project had no lost time injuries in Q1 2024. There was an increase in recordable injuries at the end of the quarter which in part, can be attributable to seasonal changes and the transition from construction to operations. As the Project continues its transition from construction into operations, focus has been placed on the ongoing development of standard operating procedures, in field job hazard analysis and worker training. There was a small increase in property damage reported in the quarter due in part to weather conditions and the onboarding of a significant number of new workers to the site. The re-enforcement of reporting to the operating team remains a key focus to ensure that all learnings are identified and applied to prevent re-occurrence and reflect in the future training plans. In Q2 2024, significant work will be placed to support the operational teams to begin to operate the newly constructed plant through the final stages of C4 and C5 commissioning.
Processing plant and site infrastructure
Mechanical and electrical work in the mill was substantially completed in Q1 2024 with minor associated systems and punch list items to complete. Focus has shifted to commissioning the process plant and ramp up as well as completing minor deficiencies.
Stage one of the tailings storage facility (“TSF”) raise was completed and accepted by the Engineer of Record for use. Earthworks activities in 2024 will focus on raising the spillway dam by three metres, producing material for the 2025 raise and advanced work on the Cascade Creek Diversion in preparation for the 2025 works and final completion of the diversion.
The new water treatment plant was substantially mechanically and electrically completed in Q4 2023 with some minor areas remaining. The high-density sludge circuit was commissioned in Q1 2024 and is advancing towards full ramp up. The MBBR circuit was substantially complete in Q1 2024 and will begin full commissioning as the process plant continues to deposit tailings into the TSF and feed nitrogen species into the MBBR circuit.
The site power reticulation was completed in Q1 2024. Sustaining capital works in 2024 will focus on reticulation to the Premier portal as well as the Big Missouri portal.
Mine development
Procon Mining & Tunnelling (“Procon”) a mine contractor with extensive experience in BC and the Golden Triangle continued to advance mine development at two portal areas: S1 about 9 kilometres north of the mill which accesses the Big Missouri and Silver Coin deposits, and the mill adjacent Premier Northern Light (“PNL”) portal which accesses the Premier and Northern Light orebodies. As of the end of Q1 2024, Procon had about 57 people on site, 40 of whom were miners and 10 were maintenance personnel.
At Big Missouri, Procon advanced development into several ore headings in the A zone, as well as reactivating the S1 ramp heading that goes to Silver Coin deposit. In Q1 Procon developed 936 metres at Big Missouri (258 metres in ore and 678 metres in waste, and by April 29, 2024, development advanced to 905 metres in waste and 507 metres in ore total in 2024. Including the development completed in late 2022 and late 2023, the total development to date is approximately 2,710 metres in both ore and waste. Productivities at Big Missouri have continued to improve, with availability of key equipment such as Maclean bolters being made a priority.
During Q1 2024, the geological team continued to encounter high grade material occurrences in both face sampling and probe hole drilling in multiple areas of the A zone. As previously reported, these occurrences are in or very near existing wireframes or logical extensions of wireframes. At the end of March 31, 2024, a total of approximately 30,000 tonnes of ore was mined from Big Missouri and stockpiled at Diego pit.
At PNL, Procon dealt with issues related to near surface structure and weak ground. These issues seem to have abated at the end of April, and Procon has started to make better progress as they move into the better ground conditions expected at Premier given what was seen historically. In Q1 2024 approximately 85 metres were advanced at PNL, and at the end of April this increased to approximately 150 metres as ground conditions improved.
Mining development is being advanced down into the Premier deposit for initial mining in the Prew Zone, with ore development now anticipated to begin in early Q3 2024, and initial longhole stope production following later in Q3 2024. The ramp has been strategically laid out to allow for underground drilling on the Sebakwe Zone in 2024 and will eventually connect a footwall ramp over to the 602 area at the southern end of the Premier deposit. Although progress has been slow, the quality of the resultant work with ground control and shotcrete arches has been excellent, allowing for a secure and stable ramp for the life-of-mine production to come from this area approximately 350 metres from the Premier Mill.
Recruitment
At the end of Q1 2024, total site recruitment has reached approximately 90% of the planned operational team. A key achievement was the successful recruitment for some challenging roles pertaining particularly to some of the maintenance roles, health and safety (specifically, mine rescue), and technical roles for the mine and processing area. Policies and procedures development have been ongoing throughout Q1 2024 and key documents will be rolled out in Q2 2024.
Permitting and Environmental Compliance
A Joint Permit Amendment Application (“JPAA”) was required to be re-aligned with the project completion dates and was submitted in October 2023. The JPAA underwent first round comments through February 2024 and second round comments were received in late April 2024, with our responses anticipated to be submitted in May 2024.
The air permit was received on March 25, 2024. The updated environmental permit PE-8044, including the sewage treatment facility discharge permit is anticipated to be received in late May 2024.
2024 EXPLORATION PROGRAM
Planning for the 2024 exploration program is in full swing with an anticipated start date in late June. There are several areas on the properties that will be targeted by new drilling. Near the Premier mill, several drill holes have been planned around the Prew and Sebakwe zones of the Premier deposit. The new holes will complement the existing drill pattern at Prew and test induced polarization geophysical anomalies from last year’s survey.
Additional drill holes have been planned for the Big Missouri deposit where underground development is rapidly providing access to different parts of the deposit. The new holes will be designed for resource conversion and mine plan addition at this deposit. Specific new drill targets have been identified at the Day Zone on the western edge of the deposit, where geophysical anomalies seem to outline previously untested mineralization along strike of known ore zones.
Additional exploration drill holes are targeting a large geophysical anomaly to the west of the Dilworth deposit that extends surface showings to the north onto Ascot’s PGP property. This target has a large strike extent and may require drilling over more than one exploration season.
The Company anticipates a drill program of between 15,000 and 20,000 metres distributed over the areas described above. The program will require utilization of two drill rigs into late September or early October 2024.
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2024
The Company reported a net loss of $6,208 for Q1 2024 compared to $7,589 for Q1 2023. The lower net loss for the current period is primarily attributable to a $2,170 decrease in the loss on extinguishment of debt and a $1,196 decrease in financing costs, partially offset by increases in other expense categories.
LIQUIDITY AND CAPITAL RESOURCES
As at March 31, 2024, the Company had cash & cash equivalents of $47,028 and working capital deficiency of $33,030. The working capital deficiency is caused by an estimated $23,024 as the current portion of the deferred revenue only to be settled with future production from the Project and the $25,180 value of the Convertible facility, which is classified as current due to the lender’s right to exercise the conversion option at any time at a variable exercise price. Excluding these non-cash current liabilities, working capital was $15,174. In Q1 2024, the Company issued 67,807,135 common shares, 10,164,528 warrants, and granted 110,000 stock options and 28,667 Deferred Share Units. Also, 100,766 stock options expired or were forfeited, 24,427 Restricted Share Units were forfeited, and 99,039 stock options, 137,533 Deferred Share Units and 158,726 Restricted Share Units were exercised in Q1 2024.
MANAGEMENT’S OUTLOOK FOR 2024
In 2024, the Company will transition from the construction of the mine and related infrastructure to the operation of the entire site and becoming a gold producer. Despite the challenges associated with this transition, there are many opportunities for the Company to grow and create value.
The key activities and priorities for 2024 include:

• Making health and safety a priority in the commencement of operations
• Completing the commissioning of the process plant
• Completing the access ramp and starting the mine production at the Premier deposit
• Continuing to expand the mine production and development at the Big Missouri deposit
• Shipping and selling of gold doré
• Advancing the exploration and infill drilling program on the numerous opportunities to increase resources
• Compliance with the environmental requirements of the site and making sure water treatment and the tailings management facility operate as designed
• Successfully transition from a mine developer to a mine operator

Qualified Person
John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO, and Director
For further information contact:
David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian mining company focused on commissioning its 100%-owned Premier Gold Mine, which poured first gold in April 2024 and is located on Nis
g
a’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia. Concurrent with commissioning Premier towards commercial production anticipated in Q3 of 2024, the Company continues to explore its properties for additional high-grade gold mineralization. Ascot’s corporate office is in Vancouver, and its shares trade on the TSX under the ticker AOT and on the OTCQX under the ticker AOTVF. Ascot is committed to the safe and responsible operation of the Premier Gold Mine in collaboration with Nisga’a Nation and the local communities of Stewart, BC and Hyder, Alaska.
For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.ascotgold.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws (" forward-looking statements "). Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeted", "outlook", "on track" and "intend" and statements that an event or result "may", "will", "should", "could", “would” or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements in respect of the terms of the Offering, the closing of the Offering, the advancement and development of the PGP and the timing related thereto, the completion of the PGP mine, the production of gold and management’s outlook for the remainder of 2024 and beyond. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with entering into definitive agreements for the transactions described herein; fulfilling the conditions to closing of the transactions described herein, including the receipt of TSX approvals; the business of Ascot; risks related to exploration and potential development of Ascot's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of Ascot’s properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time in Ascot's filings with Canadian securities regulators, available on Ascot's profile on SEDAR+ at www.sedarplus.ca including the Annual Information Form of the Company dated March 25, 2024 in the section entitled "Risk Factors". Forward-looking statements are based on assumptions made with regard to: the estimated costs associated with construction of the Project; the timing of the anticipated start of production at the Project; the ability to maintain throughput and production levels at the PGP mill; the tax rate applicable to the Company; future commodity prices; the grade of mineral resources and mineral reserves; the ability of the Company to convert inferred mineral resources to other categories; the ability of the Company to reduce mining dilution; the ability to reduce capital costs; and exploration plans. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Ascot can give no assurance that such expectations will prove to be correct. Ascot does not undertake any obligation to update forward-looking statements, other than as required by applicable laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
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