In a statement to the Australian Securities Exchange Gascoyne also said it intended to stay in voluntary suspension until its financial restructure program was ready, which was anticipated to occur on or before February 28.

Gascoyne shelved open pit mining and ore processing operations at Dalgaranga on November 8 and has been winding down activity at the site in Western Australia for the transition.

Its shares were suspended from quotation on the ASX at the time.

While initially expecting the financial restructuring program to be ready by December 6, Gascoyne now expects to have it ready by February 28.

Gascoyne said it was at varying stages of negotiation with a range of parties to support the restructure, however, those negotiations were not yet finalised.