Tertiary Minerals (LON:TYM) said its last six months saw significant operational progress, as it reported a widened net loss.
The standout development was the success of the phase 3 drill programme at the MB fluorspar project in Nevada, where a new "western area" was defined by a step-out hole.
A new mineral resource estimate is in progress for the property.
At Storuman, the more advanced project, an application for the mine permit is in train, with the primary stakeholder consultation now completed.
Metallurgical testwork is now in the final stages, the firm added.
"The MB Project is exciting, world-class in its scope, and just one of three geographically strategic fluorspar assets controlled by the company and so it is unfortunate that recent results coincide with cyclical lows in mining markets and commodity prices," the firm added.
"Many commentators believe that we are at the bottom of the current cycle and we look forward to a market recovery where we anticipate the value of the business we are building will be reflected in a substantial re-rating of the company."
The loss for the period to end March was £221,576 compared to a loss of £84,134 in the same period last year, which included administration costs of £209,230.