Oriole Resources plc said it had received a tax rebate of £403,000 in relation to “geoscientific advances sought by the company through its exploration programmes” in West Africa.
GEOLOGICAL DATA
The company made the research and development (R&D) tax relief claim from Her Majesty’s Revenue and Customs for the year ended 31 December 2021.
Oriole added that the successful claim showed that the company “performed research work on potential areas of mineralisation in order to build the geological data necessary to assess the economic feasibility of future mining operations in those areas”.
CAMEROON
“We made significant progress on our projects in Cameroon during 2021, with three phases of drilling at Bibemi and preliminary exploration work at our district-scale Central Licence Package,” said chief financial officer Bob Smeeton.
“With £1.78 million of direct research investment into the projects in 2021, it’s pleasing to receive an R&D rebate of this quantum within a few months of the year end.”