Strategic Minerals PLC (LON:SML) is in 'active discussions' over the finance options to develop Leigh Creek in Australia as a second source of revenue.
Revenue currently comes from the Cobre iron ore tailings operation in New Mexico.
This rose by 12.5% to US$713,000 in the final quarter of 2019 but dropped over the year to US$2.5mln from US$3.35mln due to an ongoing dispute with one customer.
An arbitration meeting is expected to be scheduled shortly.
Strategic’s cash balance at end-December was US$0.520mln.
In a statement, Jonn Peters, Strategic Minerals’ managing director said: "Access to the magnetite stockpile {at Cobre] is expected to automatically rollover at the end of February. Stable sales volumes and continued organic growth at Cobre provides the company with a solid foundation from which the board can look to execute its strategy across the wider portfolio."
"The key focus in 2020 remains on developing a reliable second income stream from LCCM and SML is engaged in a number of active discussions with potential sources of financing to move its projects forward via a solution which is best for the company and its shareholders alike," he added.