Leo Lithium (ASX:LLL) said that resuming trading on the Australian Securities Exchange is contingent on acquiring another asset, according to a Friday filing with the Australian bourse.

The company is actively screening potential acquisition targets, with an emphasis on assets where it can apply its lithium development expertise, the filing said.

Leo Lithium has reduced its cost base by retaining a smaller Board and focusing on core technical expertise, the filing added.

The company's ongoing operational costs are reportedly covered by interest earned, LLL said.