During its results presentation for the quarter ended June, the company stated that it had held back all expansionary capital, and turned its focus on short-term, high-impact outcomes reducing exploration expenditure to A$7.5m ($6.82m).

In addition, the miner has cut down its staff force and contractor numbers to 24, alongside plans to introduce residential workforce for Randalls operation instead of a fly-in, fly-out workforce.

Silver Lake is also keen to reduce its directors’ remuneration by 10%, cut staff salaries across the board by 7.5% and imposed a salary freeze for at least the next 12 months.

The new developments are in line with the company’s announcement that it would suspend the development of its Murchison underground mine by nearly 12 months to optimize the mine to produce gold from open-pit operations.

Silver Lake has hinted at a possible impairment charge of between A$320m ($291m) and A$370m ($336.6m), reducing the book value of the assets from A$830m ($755.2m) to between A$460m ($418.5m) and A$510m ($464m).