In its latest production and corporate update, the firm revealed that this was the second consecutive month where production revenues exceeded operational costs.

Mining activity at Cononish continued uninterrupted during September, and the third of four planned cuts of the cut and fill stope was completed.

Phil Day, chief executive officer, said: “The operational turnaround at Cononish continues to gain pace and we are really encouraged by the performance of the mine and the overall improvement in our production profile.”

He added that the company was now confident that it is on the correct growth trajectory to realise the full potential of the mine at Cononish.

The company added that it would not be providing “detailed operational updates” to the market except on a “frequency in line with industry standard”, as the company has achieved “operational stability”.