The Tyndrum-based company's auditor has highlighted concerns about Scotgold's ability to continue as a going concern in its accounts for the year to June.
Writing in the accounts, Scotgold's chairman John Bentley noted the complications the company faced in recent months, as signs of a global economic recovery reduced the appeal of gold as a safe haven for investors.
"Everything was in place by early April for an equity placing to finance the development when almost overnight the gold price declined rapidly from around $1600/oz to $1300/oz resulting in a total withdrawal of investors from any new equity raisings in the sector," he wrote.
Mr Bentley added: "It was clear that financing would be unobtainable in the short term particularly as the debt capacity fell sharply on the back of the fall in gold price and your board immediately put in place various measures to cut ongoing costs and to seek alternative routes to financing the project."
Scotgold raised around £118,000 funding last month from Zio Holdings, believed to be an investment fund based on the Indian Ocean island of Mauritius. It said Zio took a 4.5% holding with a view to making further investments in the company, subject to due diligence and relevant approvals.
Mr Bentley underlined the company's confidence in its £22 million plan to move into production at its site in the Loch Lomond and the Trossachs National Park.
He said the Cononish gold and silver project could generate a return of 23% after tax at $1300/oz. It has all the consents necessary to allow it to be in production within 18 months of securing development financing.
Scotgold noted it has a £1.5m loan from South Africa's RMB Bank due for repayment on the earlier of it raising £2m capital or 31 December.
Directors believe the company will obtain sufficient funding to enable it to continue as a going concern. But they noted there was "material uncertainty" regarding its ability to continue on that basis.
The company's auditor, HLB Mann Judd, said the funding issues noted by Scotgold "indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern", without qualifying its opinion.
Listed on the Alternative Investment Market and in Australia, Scotgold received planning permission in 2012 to develop its site, subject to conditions. It expects to recover 121,800 ounces of gold and 469,700 ounces of silver.