It comes after the firm last week announced the suspension of mining at the Hitura nickel mine in response to the low nickel price.
Releasing first quarter results, chief executive David Pym told investors: "Despite good performance at the mine in Q1, low nickel prices have subsequently forced the suspension of mining operations at Hitura.
"Management is closely monitoring the situation, and should nickel prices improve sufficiently during the lay-off period, the company intends to re-commence production.
"Meanwhile, management continues to focus on bringing forward its gold projects, and in particular the Kopsa gold project, for which the results of several key studies are expected over the coming months."
These studies will better inform a decision on the economic viability and likely capital requirements associated with exploitation of the Kopsa gold deposit, the firm said.
In terms of any restart to nickel operations, the firm said capital requirements to begin again are expected to be minimal and cash flows from any operational restart would be expected to resume late in the third quarter.
"If by the end of the lay-off period (late August 2013) nickel prices have not improved to support a full restart, the company will be forced to consider its options including a limited restart of operations to mine high grade ores and/or consider full closure," it said.
For the three months to end March, Belvedere posted revenue of €6 million (Q1, 2012: 8.8mln) and a net loss of €346,000 (2012: profit of €1.3 mln).