Northcliff Resources Ltd. needs an infusion of capital if it is going to move forward with a massive open pit tungsten mine in Sisson Brook.
The Vancouver-based exploration company has already filed an environmental impact assessment for the project.
But on Friday, the company filed documents with securities regulators suggesting it doesn't have the money to go forward with the project.
"The company anticipates that its expenditure requirements in the foreseeable future will exceed its current cash and cash equivalents balance," the company said in regulatory documents.
"Further development of the Sisson project will require additional capital. The company currently does not have sufficient funds to meet its development objectives on the Sisson project."
Mac MacFarlane, a financial planner in the Fredericton area who is opposed to the Sisson Brook project, said the company’s financial issues do not mean the project will be halted.
"If you looked at the statements over the past year, you would see that they were burning cash. So it's probably what you expect, until they're able to move to the next stage of financing," he said.
"That doesn't mean that it won’t happen. It just means it's got to get its sort of ducks in line in order to move forward."
The mine and ore processing plant could have a lifespan of 20 to 30 years and employ approximately 200 to 300 people, according to the company.
Northcliff has estimated the proposed development could be worth $579 million.
The mining company has already signed an environmental assessment review and capacity funding agreement with the St. Mary's First Nation, the Woodstock First Nation and the Assembly of First Nation Chiefs in New Brunswick.
An official said his company has been meeting with First Nations communities since 2010.
However, a group of citizens from the St. Mary’s First Nation travelled to the area, about 100 kilometres northwest of Fredericton, in August to protest the proposed mine.