Junior base metals explorer Vulcan Resources Ltd says it is continuing "serious discussions" for the acquisition of two projects.
The Finland-focused, Perth-headquartered company said it had reviewed 28 projects in the past three months and talks for two of these were "ongoing but incomplete and confidential".
"The board of Vulcan is focused on putting shareholders' cash (which stands at $29 million at 31 January) to work," Vulcan said in a statement on Tuesday.
"Vulcan is confident that acquisition of a significant advanced project will lead markets to recognise the value within the company and lead to the company trading at a premium to its cash balance rather than a discount."
Shares in Vulcan were down 0.2 cents, or 2.56 per cent, at 7.6 cents at 1517 AEDT, giving it a market capitalisation of $17.2 million.