Strategic Minerals (LON:SML) is in discussions over a highly prospective copper/gold/silver exploration prospect in the US.
Previously, the group had said it was looking at near term production opportunities and, indeed, it is still also looking for these.
The group sold just above 18,100 short wet tons (SWT) of magnetite in domestic US sales in 2014 compared with 15,000 in 2013.
After a strong start to the year the company said it faced disruptions at customer sites, fierce competition and had problems getting trucks.
Strategic added that it is also now looking for a partner to help it convert the Cobre magnetite into a heavy dense media (HDM), a much more expensive product compared to other iron ores.
Cash at the year-end was US$900,000 though Strategic said some creditors claim money is still owed to them.
The company believes it has good grounds for a potential counterclaim and is satisfied as to its current working capital position.
Elsewhere, the company has decided to let its Jotanooka iron ore project in Western Australia lapse but will retain the Iron Glen tenements in Queensland for the time being.