Ascot Resources Ltd.

Berger Montague (Canada) PC is an international shareholders’ rights law firm with experienced lawyers focused on litigating investors’ rights across Canada and the United States of America with an office in Toronto, Ontario. We have been retained by investors and proposed classes (groups) of investors who acquired Ascot Resources Ltd. (“AOT”) securities between January 22, 2024 and February 5, 2025, and who held all or some of those securities until after the release of at least one of the Public Corrective Disclosures on September 6, 2024 or February 5, 2025.

This shareholder class action alleges that AOT published inaccurate material fact news about its business operations, debts owed to its mining contractors, and the amount of capital required to complete its Premier Gold Project in Northwestern British Columbia. Between January 20, 2024 and August 9, 2024, AOT reported that it had enough capital and it would achieve commercial production during Q3 2024, and specifically, “management considered the existing negative net working capital, the commitments at June 30, 2024 and the funding received on July 25, 2024 and concluded that the Company now has sufficient funding for the next twelve months of operations, including to progress from processing plant commissioning to full ramp-up, commercial production and eventually steady-state operations.” Yet, on September 6, 2024, AOT reported that it was halting the Premier Gold Project to raise more capital and investigate problems that resulted from delays occurring in 2023.  The market’s reaction was harsh and immediate, sending the share price down from $0.44 to $0.19.  Then, AOT raised more capital but omitted to disclose that it was in litigation with its mining contractors, representing that it would be back on schedule during Q2 2025.  On February 5, 2025, AOT reported that it was off-schedule again and would require additional capital.  Finally, on June 25, 2025, AOT reported to the market that it was halting the Premier Gold Project because it was in disputes with its mining contractors (one of which which had served AOT with a builder’s lien for over $20 million during April 2024).

If you have questions about this shareholder class action, please contact us at (647) 576-7840, or by email at [email protected].

Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, whistleblower cases, and mass torts in federal and state courts throughout the United States. With nearly $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.