Metals Exploration Plc (LON:MTL) has said it needs another immediate injection of funds after delays in getting its Runruno gold mine in the Philippines up and running.
Just last month the group raised US$5mln but major debt restructuring discussions have yet to be resolved and revenue from a first gold sale is not expected until late September.
Currently the company is required to pay interest accruing on a US$15mln capital payment on a monthly basis
Talks have started with its major shareholders but no agreement has been reached as yet.
The shareholder register is dominated by the high profile property developing brothers Nick and Christian Candy with a 48% stake, but three other shareholders, Graham Edwards and investment groups Ruffer and Baker Steel, own a further 39%.
After a tailings problem with the mill earlier this year, production is now rising Metal Ex said, with gold pours now on a weekly basis.
The BIOX circuit has commenced its ramp-up schedule with high levels of biological activity being achieved and should start to feed product into the CIL (carbon-in-leach) circuit in around two weeks.
Discussions meanwhile continue over a restructuring of the US$75mln debt facility and US$8mln overrun that funded the construction of Runruno.
Metals Ex missed the US$15mln capital payment due on 30 June.
Shares eased 5% to 6.4p.