Premier African Minerals PLC (LON:PREM) has identified four alternatives to restart its RHA tungsten mine in Zimbabwe.
Engineers are now considering which of the options would involve the lowest capital cost and shortest timeframe.
Re-opening the mine requires a settlement of the issue of ownership with the Zimbabwe government, the company added.
Premier has proposed shareholder loans be capitalised, which would take its stake to 90% from 49%.
If that can be agreed, Premier said the alternatives then available include finding a new partner, a spin-off of RHA or a new offtake deal.
Premier wrote off RHA fully in its latest accounts at a cost of US$9.8mln following the suspension of mining in January and uncertainty over ownership.
Cadence can take up to 30% of Zulu by investing US$5.1mln in milestone payments.
Premier also estimates the value of its 5% stake in potash project developer Circum Minerals at US$6.2mln based on the last placing price.
Losses for the year to December were US$19.6mln including the RHA impairment.