Gold miner Ten Sixty Four has collapsed just two weeks after its new board took control of the $100 million company.

Administrators Martin Ford and Simon Theobald from PwC were called in after a financial review found the company could not rely on continued income from its Co O gold mine in the Philippines due to an ownership dispute at the project's operating company.

The new board of the WA-based gold enterprise was appointed on June 20 after shareholder discontent had caused ongoing disruption to Ten Sixty Four's revenue-generating potential.

Highly-regarded non-executive chair and Putejurra woman Kate George - only the second-ever First Nations woman to chair an ASX-listed company - stepped down last month, less than a year into her role.

At the time, Dr George said board renewal was needed and she hoped her resignation would be a catalyst for change.

"I strongly believe share register deadlocks of this type are a handbrake on value creation, especially where they are long-running and unresolvable without change," she said.

"I also believe the best interests of all shareholders are served by the appointment of new independent directors following the forthcoming shareholder meeting.

"These disputes preceded my appointment to the board and, as you know, I have tried to find resolutions and stability. Unfortunately, given the legacy issues and the depth of enmity between personalities involved, a resolution has not been possible despite my best efforts."

Dr George said last month she believed the shareholder deadlock would continue even once a new board was appointed.

"The board is confident neither of its proposed directors have a full understanding of the serious issues currently being resolved by the company and therefore it would be reckless and a great risk to shareholders for the entire board to be replaced at this time," Ms George's note to shareholders said.

Ten Sixty Four shares have not traded since late February when it announced a sweeping audit of Co O after identifying "a number of matters of potential concern".

On Monday, Ten Sixty Four's new board said its financial review had found that, before its appointment, there were concerns regarding a transfer of part ownership in the company's subsidiary Philsaga Mining Corporation.

"While this dispute continues, Ten Sixty Four has no guarantee of continued income from PMC to support its operations," a note to shareholders said.

Ten Sixty Four's previous board had previously hinted at ownership concerns at Co O in a shareholder update on June 15.

"While the company has legal control of its operating subsidiaries in the Philippines, a substantial part of the legacy issues that have been identified relates to the ownership structure of the group in existence since (it) had commenced operations," it said.

"The company has been and continues to take steps during this period of suspension to investigate and to determine the affect (if any) on it in relation to applicable Philippine regulations."

Ten Sixty Four revealed in June that internal issues had also spread to its flagship asset Philsaga Mining Corporation in the Philippines after appointing a new president, with its predecessor refusing access to the mine and its records, and launching legal action over his dismissal.

PwC said on Wednesday there was "a strong desire to restructure the group and allow it to continue operating sustainably into the future".