Former Indonesia-focused iron ore and coal explorer Aus Asia Minerals is still project-less and trying to find the right asset to get back onto the ASX.

The company (ASX:AQJ) told the market late Tuesday that it is “reviewing an acquisition opportunity suitable to facilitate the company’s re-compliance with Chapters 1 and 2 of the ASX listing rules”.

Aus Asia has been suspended from the ASX for over three years. It failed to pay listing fees for two years and had to call in the administrators in September 2017.

It was able to strike a deed of company arrangement and fully pay out its debt obligations.

There is some hope though that Aus Asia will be able to find the right project and get off the ground again, but the question is whether or not it will be in the resources sector.

One source told Stockhead the group behind the company, including director Nicholas Young, would be able to line up a “number of high-profile projects that will come with the funding”.

He said Aus Asia wouldn’t have successfully raised cash and pulled itself out of administration if it wasn’t “pretty confident” it would find a project and fund it.

Aus Asia had $205,000 in cash and no debt at the end of the December quarter. The company expects to spend $128,000 in the current quarter, with $67,000 related to a “transaction expense”.

Aus Asia was unavailable for comment at the time of publishing.