The restart coincides with a historic surge in global gold prices, which surpassed a record $5,100 (over £3,700) per ounce this week due to geopolitical volatility and ongoing central bank buying.

The mine, located within the Loch Lomond and Trossachs National Park, was acquired by South African firm Acrux Sorting Technology in March 2025. This followed the collapse of the previous owner, Scotgold Resources, which filed for administration in November 2023 after failing to secure financing.

Overcoming Operational Challenges Since the acquisition, Acrux CEO Sean Browne stated that his team has worked “around the clock” to rectify the issues that plagued previous operations. A lack of underground power and ventilation had previously restricted mining rates, while geological unpredictability led to lower-than-expected ore grades.

Acrux has implemented a phased restart strategy involving:

• Infrastructure Upgrades: Installation of new capacity for power and ventilation networks.
• Geological Reassessment: A new drilling programme under Ben Chuirn hill to precisely map gold seams, which vary in width from 50cm to two metres.
• Technology: As specialists in sorting technology, Acrux has commissioned a new ore sorter alongside updated crushing, screening, and milling machinery.

Production and Staffing The first gold concentrate has been sold, and the company is targeting a monthly production of 2,000 ounces. Browne reports that the project is currently ahead of schedule, with the primary goal now being to establish a “boring”, reliable, and sustainable steady state.

The site currently employs 70 full-time staff and nearly a dozen contractors. Notably, the maintenance team from the Scotgold era was retained, alongside several former workers who have returned to the site.

Expansion Plans Looking beyond Cononish, Acrux Gold has formed a joint venture with Western Gold Exploration (listed on the TSX Venture exchange) to unlock further potential in the Caledonian Belt.

Operating under the new company name Glen Lyon, the venture has applied for exploration licences covering approximately 500 square kilometres. The project will explore for gold, silver, and critical minerals in areas adjacent to the Cononish mine, leveraging historical data to identify mineralised zones.

Market Timing The timing of the restart has proved fortuitous. Gold prices have risen 18% so far this year, following a 64% jump in 2025. Although Browne declined to give specific revenue forecasts, he noted that the current economic environment offers an “incredible” opportunity for a good return on investment.