The company has built up a portfolio of tenements in the Surat, Eromanga and Bowen Basins of Queensland and is actively proving up resources.

“We had a major success through our partnership with Queensland Coal Investments Pty Ltd through the discovery of 28.5 million tonnes hard coking coal deposit at our Bundaberg project,” the company said.

“We continued to cement our presence in the Bowen Basin with critical steps taken to clear the way for the grant of the four exploration permits for coal (EPC 2318, 2327, 2332 and 2925) in the Consuelo project.

“This project will be a flagship project for the company, providing ICX with a major stake in a potentially large semi-soft coking and thermal coal prospect in the Bowen Basin, one of the world’s premier coal basins.”

Work has been undertaken on landholder, cultural heritage and environmental clearances at the Bundaberg and Don Juan projects during the quarter.

Drilling at Don Juan is expected to delineate further thermal coal tonnage and establish ICX in the Surat Basin, which is known for producing export quality thermal coal.

The company continues to research options for the development of its South Blackall project in the Eromanga Basin which has provided ICX with “a large foothold in an emerging coal province with multiple development opportunities”

The board expects to report back to shareholders on this progress during the next quarter.

EPC 2196 forms part of a JV agreement with QCI, providing QCI the right to farm-in on the Bundaberg project (EPC 2196, 2194, and EPCA 2195 and 2631) by spending $1.5 million on exploration in a two-year period to earn an initial 25%.

QCI has not exercised its initial earn-in option as yet.

QCI may then earn a further 26% interest by spending another $1.5 million on exploration in a subsequent 18-month period to take its total stake up to 51%.

The terms of the agreement also require QCI to pay to ICX the sum of $2 million upon attaining the 51% interest in the project.