Scotgold Resources is the firm which is developing a gold mine near Tyndrum and looking to expand into other sites in Scotland.

Rhodora is run by the Stonehage Fleming family office, which was founded by the Dundee-born grandfather of James Bond author Ian Fleming.

In May this year, Scotgold’s chairman Nathaniel le Roux agreed to sell options over around 1.7 million shares in the business to Rhodora which has taken up the offer at 40p a share.

Rhodora now holds a stake of 3.4% in the company.

In May, the group raised £9 million to support the development and said with existing cash reserves, it now believes it has sufficient funds to build the Cononish gold mine, execute a planned exploration programme and meet ongoing working capital needs.

In November this year, Scotgold Resources responded to reports which cast doubt on the company’s finances and ability to fund its exploration programme.

The dispute began over figures quoted for exploration and licence fees provided to the Crown Estate Scotland in December 2018 as part of an application to exchange five existing mining licences for thirteen new licences.

The total figure was around £8.4 million.

At full capacity, the Cononish mine is expected to produce on average approximately 23,500 equivalent ounces of gold per annum.