Fresh off the back of two recent gold acquisitions, Metals X chief executive Peter Cook is looking for more distressed assets amid weaker prices.
Perth-based Metals X recently missed out on acquiring Tanami Gold assets but it has managed to secure two West Australian gold assets in deals worth $45 million.
"We look at everything," Mr Cook told reporters on the sidelines of the Diggers and Dealers mining conference in Kalgoorlie on Wednesday.
"I've got five companies I'd like to have a crack at."
But he said it was almost impossible to acquire businesses in parallel because of regulatory requirements.
Metals X recently filed a legal claim against Tanami Gold over its decision to enter into a joint venture with Northern Star Resources concerning the Central Tanami project in the Northern Territory.
Mr Cook said Metals X was "aggrieved" with the Tanami deal but he declined to say whether a further claim would be lodged against Northern Star.
He said Metals X, which has gold, tin and nickel assets, signed a binding agreement with Tanami to buy the Central Tanami project.
It comes as merger and acquisition activity in the sector hots up amid lower commodities prices.
Mr Cook said Metals X's recent acquisitions, RNI's Grosvenor gold project and Panoramic Resources' Mt Henry project, were opportunistic growth options.
"It's pretty typical of Metals X approach to buying things," he said.
He added that the company's balance sheet allowed it to make quick decisions without debt as the gold price trades around five year lows of $US1100 an ounce.
"There's a lot of people suffering a lot of stress out there," he said.
Still, he said he would not change strategy if the gold price fell further and said there were still good assets on the market.
He added that in Australian dollar terms, gold prices were some the highest in the past 20 years and the market should be booming.
