The company’s annual report issued Friday also recorded a 237% increase in the value of its net assets, to $29 million, and a 21% increase in cash on hand to $7 million.

ASF said its primary focus over the financial year was adding value to its coal properties in WA’s Canning Basin, where it holds eight exploration licences covering a total area of 1.5sq.km.

The company cited injection of new capital and ongoing exploration, inspections and clearances in the region as key milestones during the period.

A drilling program is planned for later this financial year pending heritage approval from local Aboriginal communities.

“With successful monetisation of several projects in the year completed, ASF has demonstrated its expertise in transforming early-stage Australian opportunities into deliverable projects through join venturing with is expanding network of major Chinese mining, trading and strategic investor partners,” ASF chair and director MinYang said.

“We anticipate the attractive investment and transactional opportunities for the company should continue throughout the current year, and our objective is to seek to reduce the lead times to implement transactions, which are often lengthy in our current regulated environment.”