The York Potash project has raised £43 million on the stock market within the last month.
It will be used to fund engineering and planning work as the firm moves towards submitting revised planning applications to the relevant authorities for a mine at Sneaton.
York Potash is expecting to put forward the plans for the mine head at the end of July.
Plans for a revised mineral transport system will be submitted in November.
It will be over 37km long and at an average below ground depth of 240 metres.
Gareth Edmunds, from York Potash, told Whitby Town Council it was still on course for meeting that schedule.
Cllr Ian Havelock asked why the applications couldn’t be submitted at the same time.
Mr Edmunds said the two separate applications were being submitted as soon as the relevant evidence and information had been gathered.