Metals Exploration (LON:MTL) has experienced unanticipated delays receiving the final permits to get its Runruno gold mine in the Philippines into production.
While construction of the plant has made good progress, Metal Ex said it cannot complete the commissioning until it receives a water discharge permit.
The remainder of the plant is scheduled to become progressively available for commissioning by the end of August.
The technical aspects of commissioning are proceeding well and no material defects have been identified.
Metals Ex added, however, it cannot move from commissioning into operations without a permit and is not sure when this approval will come through.
As a consequence, it needs immediate additional funding for general working capital purposes.
Management is currently in talks with its major shareholders to ensure ongoing support for the company, but no agreement had been reached at this time.