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IN BRIEF: Scotgold seeks fresh funding to develop Cononish mine

19th Sep 2023 18:38

Scotgold Resources Ltd - Stirlingshire, Scotland-based gold and silver exploration company - Updates on the mining plus review of the Cononish mine plan for the next twelve months. Says while the company further stated that while the geological data and documentation suggested "no fatal flaws" in the mineral resource estimate and grade control modelling process, the draft mine plan and associated cash flow forecasts are currently being reviewed by the company, but they indicate that to deliver to the plan, a significant capital investment is required.

Says firm is actively seeking additional financing and discussions are in an advanced stage and, should they materialize, are expected to provide sufficient funding for the company to continue as a going concern. The outcome of the funding discussions is highly uncertain and if the company cannot conclude a significant fundraise, it will cast material uncertainty for the company to continue as a going concern.

Current stock price: 12.75 pence

12-month change: down 81%

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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