In its latest production and corporate update, the firm announced “significant improvements” in production at its mine at Coconish.

As a result, shares increased by 1.5% to 67.5p at the close of market.

Scotgold Resources said the mine near Tyndrum had produced 50 tonnes of concentrate in August, equating to more than 450oz of contained gold and 1,900oz of silver.

It added that the significant improvement in production was realised through “continued exploitation of high grade area of vein and improvement in processing plant efficiencies”.

The firm revealed that two shipments of gold concentrate were completed during August with revenues from these exceeding operating costs.
Phil Day, chief executive officer, said: “Everything is going according to our overall strategy which is to be a consistent and stable producer.

“I am delighted to report a significant improvement in our overall mining and production activities during August. Furthermore, this is indicative of an overall upturn in our production profile for the remaining months of 2021 and the Board and management are now assessing an upward adjustment to the mine and production plan reported in Q2 2021.”

He added: “The progress made at Cononish has been driven by the commitment and skill of the Scotgold operational and support teams and I am grateful to the entire workforce for their dedication and ef orts. I look forward to providing further updates in the coming weeks and months as we look to build on this momentum, drive further advances, and ramp up operations to the next stage.”