Beaconsfield Gold Mine owner NQ Minerals might be headed for collapse.
The company board believes the London and Frankfurt-traded Hellyer tailings reprocessor's ability to continue as a going concern is "potentially in doubt".
NQ requested a share trading halt on Friday (UK time) and announced it had appointed restructuring specialists to advise the board on restructuring options.
The moves followed a string of directors quitting the board in recent months.
NQ said its main operations in Australia would continue to operate as usual.
The Hellyer reprocessing operation west of Cradle Mountain is making money, and would potentially be a saleable asset if NQ collapsed or put it on the market.
NQ Minerals started reprocessing tailings from past mining at Hellyer in 2018 - creating an estimated 55 direct jobs - and later expressed hope of a shift to actual mining in the area.
The company has been working to return the Beaconsfield Gold Mine to production
Beaconsfield would also have potential for new ownership, depending on possible buyers' assessment of its financials.
Another NQ director walked last week, with immediate effect.
Kevin Puil was the fifth director to resign this year, including chief executive Roger Jackson.
"Following the series of resignations from the board of directors this year, the current board have worked tirelessly to produce a set of accounts which correctly reflect the position of the group," the company said.
"With the information available to them at the moment, they do not believe that they can approve the accounts for the financial year ended December 31, 2020, as there are several issues within the accounts still remaining to be resolved to the board's satisfaction.
"Accordingly, the production of the accounts will be delayed, and the shares suspended."