Wolf Minerals Limited (LON:WLFE) said it was still working on securing long-term financing and had made good progress on its production reliability in recent months.
The producer of speciality metals also said it had deferred the publication of its annual results statement as further progress was required to finalise their audit.
The tungsten specialist now has until the end of 2018 to issue its annual report.
Wolf said work was also currently underway on longer-term funding solutions to provide the company with capital to progress its future enhancement initiatives to optimise production. It added that it would keep the market abreast of any future developments.
The company also said it had made significant advances in the reliability of its production and profile.
Shares in Wolf were 14.6% down at 1.75p in early trade.