The company said it will yield significantly less mineralised ore than initially expected from the Cononish mine in Argyll in February and March, and is now seeking to raise £500,000 to ensure it can continue the operations at a seam. This comes after Scotgold raised £3m in February to support the delivery of its 2023 mine plan.

The company said it is facing a “material uncertainty” that would cast a “significant doubt” over its ability to continue as a going concern in the “very immediate term”. The company also reported that the email accounts of its executive directors had been accessed by unauthorised persons.