Nexus Minerals (ASX: NXM), formerly Hemisphere Resources (ASX: HEM) is capitalised at just $3.5 million, and outlined $7.3 million cash in its quarterly report released on Monday.
Nexus operates the Yandicoogina South iron project in Western Australia's Pilbara Region, just 6 kilometres from Rio Tinto’s (ASX: RIO) Yandicoogina iron ore mine and associated infrastructure.
Other projects include the Mount Tinstone iron ore tenement, strategically placed 100 kilometres south of Port Hedland and 5 kilometres east of Atlas Iron’s (ASX: AGO) Wodgina mine.
The company is looking to focus on gold and copper assets in Western Australia, and is in the process of monetising its Kalenge gold project and operating assets in Tanzania.
A number of potential acquisitions are being evaluated, with representatives from Nexus conducting a field trip conducted to Kalgoorlie in March to follow up on projects which developed interest during desktop studies.
Discussions are ongoing concerning the Nexus' potential involvement in a number of these projects.
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