(Alliance News) - Scythian Mining Group Ltd on Monday said it will press ahead with plans for a stock market float in London, but reported it endured a tricky year in 2023.

The mining firm, with its flagship gold project in Kazakhstan, said progress was "constrained" by a lack of funds last year. Expected funding from Canadian investors failed to materialise, it said.

"We were thus not able to conduct any drilling on the project during the year, as planned," it said.

Scythian Mining in March of last year announced plans for a float on the London Stock Exchange's AIM market. It had targetted a listing in "late 2023". Updates since then have been scarce.

Scythian said on Monday: "We continue to move ahead with plans for a stock market listing and remain confident of this potential opportunity. We have now formally engaged a London broker, Tavira Securities, to assist in specific plans for a pre-IPO fundraising of a staged USD10 million, to cover the drilling and exploration costs, as well as other costs before IPO.

By Eric Cunha, Alliance News news editor

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