In the company’s final results issued this week, CEO Phil Day said that the previous mine life expectancy was 8.5 years, however, he revealed that the company believes there is potential to develop Coconish further.

Mr Day said that the firm will continue to explore its additional licence areas which run across the prospective Grampian area of Scotland, the Caledonides Mobile Belt, with the ultimate vision of building a mid-tier gold mining company in Scotland with multiple operations in the country that enhance the local environment and economy in ways that have an enduring positive impact.

Gold and silver production at the site has increased this year, with the firm employing 73 people. This is an increase from the 38 employees working at the site in April.

The company is targeting a 23,500oz a year “run rate” of gold production by the first quarter of 2023.

Scotgold Resources reported maiden revenue of around £161,400 for the year to June 30, after achieving the “first pour” of gold from Cononish at in November last year.

The report also indicated that pre-tax losses for the year came in at £2.68 million, compared with a trading deficit of £1.35m in 2019-20.

Phil Day commented: “I’m excited for 2022 and I’m confident it will be a year of continued growth for the Company. I would like to thank the team for their commitment and dedicated work, our local community, government partners and shareholders for their continued support and look forward to updating the market in the New Year with our 2022 strategy.”