Metals Finance (MFC) holds 9.6% of Bass and said it had called the meeting after consulting with other Bass shareholders.

The company is seeking to remove Bass managing director Mike Rosenstreich and directors Craig McGowan and Barry Sullivan, replacing them with its own director, Rick Anthon, and Helmsec Global Capital MD Gavin Solomon.

MFC is unhappy with the performance of Bass shares, which have fallen more than 97% to A1.2c since February 2011, with the company raising more than $54 million in equity, most of which was used for the Hellyer project, which Metals Finance described as an “operational and financial failure”

Hellyer was put on care and maintenance last year as Bass struggled to stay afloat.

MFC also cited Bass’ cash balance of $2.4 million, down from nearly $4 million at the end of June.

Just two weeks ago, Bass announced its new strategy, which would involve pursuing projects in Turkey.

“MFC has, without success, attempted to engage with the current board of Bass with a view to restructuring the board,” MFC said.

“MFC believes that a restructuring of the Bass board is now essential in order to both preserve the value of its investment in Bass and provide the opportunity to increase that value going forward.”

Bass is preparing a notice of meeting.

Shares in Bass were unchanged at 1.2c, while MFC shares were untraded at 1c.