Strategic Minerals' (LON:SML, USOTC: SMCDY) Cobra tailings operation in the USA still forms the linchpin of the business and allows the group to expand and look for other investment opportunities.
As it told investors today, sales from magnetite operations in New Mexico ended 2015 on a strong note, as activity in the US perked up amid falling oil prices, and the pipeline for 2016 looks promising.
Sales of iron of the three months to December 31 were US$513,000 (2014: US$208,000) after a dip mid year, which meant full year sales were US$1.25mln (2014: US$1.26mln).
Long term, the board reckons it can maintain operations from Cobre cash flows, while it looks for acquisition opportunities, in what is a distressed resource sector.
At Cobre itself it wants to improve sales volumes and is in talks associated with that aim. It has also secured an agreement to extend the Cobre mining rights to March 2017.
The group is determined to keep overheads low and has US$ 1.048mln in cash in the bank. It has also confirmed to Proactive it is not going to go out and "raise funds" to cover overheads.
There's no doubt, it's a time of shifting priority and review at the AIM resources firm.
It withdrew from discussions on the Wanbao Coal Mine in China due to the difficulties in attracting funding and notably, recently, stopped work at what had been its well flagged Tatu coal project in New Zealand.
It said the local coal market had deteriorated and that further work would have been needed to ensure a saleable coal product.
Its view was it wanted to safeguards the funds it does have for other projects more likely to produce better results, such as its recent investment in CARE - its newest venture.
Strategic has the right to acquire up to 50% of Central Australian Rare Earths (CARE) for A$380,000, or around £190,000, with an initial subscription of 25.5%. It can buy a further 24.5% with a second subscription over 12 months.
Cash from that second tranche will be used to fund a nickel drill programme at the prospective Hanns Camp prospect within CARE's Laverton project in Western Australia.
The firm is upbeat on the outlook for nickel as stockpiles have started to run down, and reckons prices may turn in 2-3 years.
The first half of 2016 will be focused on agreeing the scope of the drill programme here ahead of its start in the second half.
As well as Laverton, CARE holds a number of tenements in Western Australia prospective for rare earths, including properties next to Lynas Corporation's Mount Weld REE Mine.
Some of these may also be prospective for gold, so this is more potential ahead for Strategic.
The group's investment strategy is now three-pronged, it repeated in today's update.
For coal and bulks, it has decided to focus on potential projects that are tied to current contracts and further offtake arrangements.
It also plans to mull opportunities in materials where it expects demand to increase over the coming years, such as lithium, rare earths and graphite.
And in metals, it will identify sites expected to have price improvements over the next three to five years such as Nickel, gold, copper and tungsten.
SML shares fell 13% today to 0.10p.