This activity was only briefly mentioned in the recent quarterly results, to the extent that it is unknown if the projects are in the coal space.

“Due diligence was completed on a number of projects throughout the period and a number of non-binding bids were submitted on projects assessed to be the most value accretive,” NuCoal, which had a $3.38 million cash position at the end of 2014, said.

“The company will continue to keep shareholders informed of any developments as soon as there is any material information to report.”

NuCoal also has four properties in the area of its cancelled Doyles Creek project licence (EL 7270) up for sale and said it would consider to assess its remaining assets in the area.

The company’s High Court hearing for its constitutional challenge against the state government’s Mining Amendment (ICAC Operations Jasper and Acacia) Act 2014 remains scheduled for February 10 to 12.

The controversial amendment was passed in January 2014, on the back of Independent Commission Against Corruption revelations into how the licence was awarded by former mining minister Ian Macdonald to a former union leader-linked company that NuCoal later acquired.

“The Mining Amendment Act did indeed cancel the Doyles Creek licence, but it went much further than that – it denied NuCoal any right to compensation for the cancellation,” NuCoal chairman Gordon Galt said in the October-released annual report.

“It also empowered the state to compulsorily acquire all of NuCoal’s valuable exploration information without compensation. It further immunised the state from any claims for compensation or any vicarious liability for the actions of its minister,” he said.

“It is our view that the Parliament is not entitled to pass such a law. This is the essence of our action against the NSW government in the High Court.”