The company has an arrangement with Eight Capital, on behalf of a syndicate of underwriters, who have collectively agreed to purchase approximately 21.1 million common shares.

Bullion has gained about 16% so far this year and more than $500 since October.

The precious metal remains in a weeks-long uptrend as investors seek safety amid growing geopolitical tensions.

McEwen currently owns around 3.3% of the company.

The allegation relates to the Wahgnion and Boungou projects in Burkina Faso purchased by Lilium Mining last June.

The miner reported total preliminary output of 940,000 ounces of gold and 40,000 tonnes of copper in the three months ended March 31.

Despite a dispute with its main contractor at Kouroussa, the miner continues to work towards achieving commercial production.

Russia was in 2022 ranked as the world's second biggest gold miner, after China.