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Ascot crashes 66% after placing Premier into care and maintenance

Ascot Resources (TSX: AOT) has officially placed its Premier Gold Mine on care and maintenance, stating that further mine development is required in order to efficiently run mill operations on site.

“The Company believes we need to focus on mine development to prioritize asset value and ensure we have the best path forward to sustainable and profitable operations,” commented Ascot CEO Derek White.

You can read more on the matter here.

What’s going on?

• Canadian Oil Industry Challenges Anti-Greenwashing Legislation (theDeepDive)

• Saudis Cut October Crude Oil Price to Asia as Demand Wanes (Bloomberg)

• Canada’s jobless rate climbs to 6.6% as labour market weakens (Globe)

• Libya’s Oil Production Faces Severe Threats as Key Fields Shut Down (theDeepDive)

• Lawmakers want US to address risks posed by Chinese agriculture drones (Reuters)

• Can Miami Still Be The Financial Hub Ken Griffin Wants It to Be? (theDeepDive)

• August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2% (CNBC)

• DOJ Targets Russian Government-Sponsored Influence Campaign in the U.S. (theDeepDive)

• China Lodges WTO Complaint Over Canada’s EV and Metal Tariffs (BNN)

• Internet Archive Faces Major Setback in Copyright Ruling (theDeepDive)

• Morgan Stanley Is Fined Over First Republic Insider Sales (WSJ)

What’s the latest?

• Unemployment: Canada's unemployment rate rose to 6.6% in August as the job market slowdown, driven by high interest rates, disproportionately impacted students and recent immigrants. While 22,000 jobs were added, this lagged behind population growth.

• China v Canada: China is challenging Canada's decision to impose tariffs of up to 100% on Chinese-made electric vehicles, steel, and aluminum at the World Trade Organization. The Ministry of Commerce labeled the tariffs as "trade protectionism" and called for Canada to withdraw them. This marks the third time China has brought EV-related tariffs to the WTO this year, following disputes with the U.S. and the EU.

• Russian Oil: The European Union faces potential challenges in sourcing gas supplies for 2025, as a transit deal with Russia through Ukraine is set to expire. This could cut off about 15 billion cubic meters of supply to countries like Austria and Slovakia. While alternatives like Azerbaijani gas are being considered, Czech energy minister Jozef Sikela warns of difficulties in verifying the origin of gas, raising concerns about inadvertent reliance on Russian sources despite efforts to reduce dependency.

• BRP Earnings: BRP Inc. reported a significant decline in second-quarter profit, earning $7.2 million, or nine cents per diluted share, compared to $338.7 million, or $4.26 per diluted share, a year ago. Revenue fell to $1.84 billion from $2.78 billion. The company also cut its full-year revenue guidance to between $7.8 billion and $8.0 billion, down from previous estimates of $8.6 billion to $8.9 billion.

• Gold Falls: Gold prices declined after a mixed U.S. jobs report heightened uncertainty over the Federal Reserve's upcoming interest rate decision. Nonfarm payrolls rose by 142,000, marking the slowest three-month average since mid-2020, while the unemployment rate fell to 4.2%. Treasury yields and the dollar fluctuated, with traders increasing bets on a half-point rate cut.

Nations Royalty explained.

The stock market and stuff

• Ascot Resources Crashes 66% After Placing Premier Gold Mine Into Care And Maintenance (theDeepDive)

• AI craze is distorting VC market, as tech giants like Microsoft and Amazon pour in billions of dollars (CNBC)

• Verizon offers to buy Frontier in multibillion bid to expand network (WP)

• Russian Fuel Exports Hit New Post-Pandemic Low — Down 13% in August (theDeepDive)

• Funds With $350 Billion Are Exposed to S&P’s New Index-Cap Rules (Bloomberg)

In the juniors

• Riverside Options Out La Union For $5.5 Million In Expenditures, 19.9% Stake In Exploration Junior (theDeepDive)

• Canada Nickel Sees Export Development Canada Express Interest For Debt Financing (theDeepDive)

• Ramp Metals: 73 g/t Gold Over 7.5m in First Hole with Jordan Black (theDeepDive)

• Hertz Energy Signs Option Agreement For Harriman Antimony Project (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.