Scotgold Resources Limited, which owns the Cononish Gold and Silver Mine near Tyndrum, said on Tuesday it is considering the appointment of administrators over the coming days.
The company had said in recent weeks that a significant capital investment was required for the company.
Scotgold had already placed the majority of its employees on short-term unpaid leave until further notice.
The firm said in a stock exchange statement on Tuesday: “On 16 October, the company announced that it was in advanced financing discussions with a strategic investor.
“Unfortunately, these discussions have not resulted in an investment at this time.
“Therefore, the directors, having assessed the options open to them, are now considering the appointment of administrators over the coming days.
“Further announcements will be made in due course.”