The capex increase was C$48 million above the March 2021 estimate.

Despite the setbacks, the company remained on track to begin its first gold pour in the first quarter of 2023 and commercial production was targeted for the third quarter of 2023.

Construction was delayed due to heavy snowfall in British Columbia, the loss of cargo at sea and inflationary cost pressures, with full-scale construction and underground development now scheduled for April this year.

Ascot Resources also announced it had received the Environmental Management Act permit, which meant it had completed the JPAA requirements for the project.

Ascot president and CEO Derek White said considerable progress had been made on pre-construction and early works activities in 2021.

"Despite facing various challenges last year, including the loss of key equipment at sea due to weather events, the Ascot team stepped up in meaningful ways and adapted to stay the course towards production, positioning us to execute on the project in 2022," he said.

BMO Capital Markets analyst Brian Quast said the equity raise had already been assumed and that he still expected Ascot to be fully funded to complete construction.

"The additional dilution is modestly negative to our net asset value/share estimate, but we view this as another step in de-risking development," he said. 

The eight-year mine is expected to produce an average annual output of 151,000 ounces gold-equivalent, according to a 2020 feasibility study.

On 25 January, Ascot traded on the Toronto Stock Exchange at C$1.05/share, 3.6% down from the previous day.