Macquarie will review and manage all potential merger and acquisition transactions, including any divestment or joint venture transactions at either the project or asset levels, the company said.

“This action was initiated to address the continuing interest being shown in the company, its exploration results, as well as the Meteor Downs South mine project development planning now underway,” it said in a statement.

Discussions surrounding transactions, with potential to realise value at both the project and asset levels, continued to be evaluated by Endocoal and a number of external parties, it said.

“The company remains committed to maximising shareholder value from the company’s current suite of exploration and mine development projects and Bowen Basin tenements held as previously advised to the market,” it said.

Parties hoping to gain a foothold in the coal-rich region approached the explorer in December and although a formal review resulted in Endocoal rejecting a transaction in April, the company said at the time future deals were still being considered.

In the March quarter Endocoal finalised evaluation of the Meteor Downs South thermal coal project and an increase in overall level of JORC resources from 348.5 million tonnes to 388.7Mt.

Over the quarter, the company’s flagship Rockwood project increased from 312.5Mt to 337.3Mt of coal and Orion Downs boosted its JORC resource from 36.0Mt to 51.4Mt of coal.