Astro Resources has three diverse projects to fund around the world — and apparently only $72,000 to do it with.

The diversified explorer also has a stamp duty bill, thought to be around $166,000, with the Western Australia government.

And it expects to spend $103,000 on exploration and admin this quarter.

The company is relying on what could be an ace in the hole: 772.5 million options due to expire on March 8.

Company secretary Vince Fayad told Stockhead the options are the company’s focus, meaning they won’t have to raise capital from the market.

The options, priced at 0.4c, would raise $3.1 million if they’re all exercised.

Astro (ASX:ARO) closed Thursday at 0.3c. The last time it traded above 0.4c was August 2016, when the share price slumped after a drawn-out acquisition fell over and the company said it needed to raise $3 million to keep running.

“The company is currently engaged in a number of initiatives which could lead to an increase in shareholder value,” Astro said in July last year.

“It is anticipated that such initiatives should make it sufficiently attractive to those shareholders who hold an option.”

Last year the company paid its three directors and Mr Fayad a total of $247,625. It took in $4670 from GST refunds and a loss of $602,000.

The company has a $1 million loan from its largest shareholder, Mining Investments Limited, of which $230,000 is left.

Mired in paperwork

Astro is some time away from drilling any holes.

It has a diamond project in the Kimberley, a mineral sands project in the south-east of Western Australia, and a gold project in Nevada that was bought in October for $370,000.

In the US, Astro plans to do a group geophysical survey in the Spring as the first step towards a maiden drilling program.

In the Kimberley, Astro is “reviewing excavation options to apply for a Notice of Intent for the purpose of bulk sampling potential alluvial trap sites”.

It didn’t say when it planned to apply for a notice, but did say they’ll have to raise money to do the bulk sampling.

And Astro has commissioned a study to work out “the value proposition of progressing the future development” of the mineral sands project. A draft report is due in March.

Astro has been drilling the Governor Broome mineral sands since 2011, when it acquired the project. It signed a farm in deal with Iluka Resources (ASX:ILU) in 2o15 for one of the two explorations licences that cover the project, but that company is currently weighing its options.