The Devon-based tungsten miner said at the end of September it would have trouble meeting a £2.1 million payment on October 28 unless it could re-work debt arrangements.

The latest statement on the crisis showed the cash issue had become more urgent.  

"The company has been working with its key financial stakeholders to develop longer term funding solutions required to provide the company with capital prior to the expiry of the standstill period on 28 October 2018, to progress further production improvements," Wolf said.

"The company expects to conclude those discussions this week, following which a further announcement will be made. 

"However, should the company not be able to satisfactorily conclude its discussions with those stakeholders within the next two days, it will not be in a position to meet its short term working capital requirements after that point in time."

Wolf's AIM shares were down 35% in morning trading to 1.2p, before closing 11% lower, bringing the year-to-date loss to 61%.

The company's ASX shares are suspended because its auditor would not sign off on its accounts.