Aquila is focused on advancing its Isaac Plains Coal joint venture with AMCI Holding Australia in Queensland's Bowen Basin.
The company recently calculated run-of-mine reserves of 19.7 million tonnes from a 135Mt resource for the project, which is flagged to produce 2Mt per annum over a ten-year mine life.
Aquila has advised the granting of a mining lease for the project is imminent and financing is well advanced.
Shares in Aquila closed at $5.35 after having traded at around the $2.00 mark back in May this year.