He said the Queensland coal hunter finished the quarter debt free, had $A6.5 million in the bank, had in place security bonds of almost $750,000 and three assets.

Those assets are Kingaroy, in MDL385, which is under application for renewal; Wandoan and MacKenzie, which spans EPC1445 and MDL503. The company had EPC1445 renewed during the quarter but is still awaiting word on its renewal application for MDL503.

An updated JORC statement for Kingaroy, which will contain data from an additional 45 holes, is due next week. Elks said the company had early indications that this would represent a “significant” resource increase.

“As this project advances we can assess the total quality and economics of this asset, which at this stage will allow us to consider engaging in commercial negotiations should the project offer a commercially viable outcome.

“A key component of any decision-making process will also be community engagement and environmental considerations. However, this is a highly contemplative project at this stage.”

Elks said there had been nil activity on the Wandoan asset other than determining the current geological data and planning of a future campaign.