The Globe and Mail reports in its Wednesday, April 6, edition that Raymond James analyst Craig Stanley has lowered his recommendation for Ascot Resources to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Stanley cut his share target to $1.15 from $1.65. Analysts on average target the shares at $1.60. Mr. Stanley says in a note: "Ascot has $90-million in cash and underground development remains on track for later this month. But there could be a delay to guidance of first production in 1Q23. We currently model first gold production in 3Q23. Management is focused on securing additional financing. We believe equity is not an option following the $64-million bought deal that closed last month. Ascot already has relationships with debt providers and the press release noted management will be exploring royalty and/or stream options. There are four royalties on various claims at Premier that can be repurchased for $14.7-million. After repurchasing these royalties, a 1-per-cent NSR and 5-per-cent net profit interest (NPI) royalty will remain and apply to most of the production."
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