Oriole Resources PLC (LON:ORR) said it has received a rebate totalling £165,000 from Her Majesty's Revenue and Customs in relation to a research and development (R&D) tax relief claim in respect of geoscientific advances sought by the company through its exploration programmes.
The claim is for the year ended December 31, 2019, and follows the company's successful claims for the previous three years, as a result of which it received a total of around £145,000.
The claim is of significantly higher value than those of the previous three years, as a result of enhanced exploration activities undertaken during the period.
The funds will be used to progress the company’s technical programme in Cameroon.
The claim submitted by the company continues to demonstrate that it qualifies for the R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of future mining operations in those areas, it said.
"This is a significant uplift on previous rebates, reflecting the level of exploration work undertaken by the company in Cameroon during 2019,” Oriole chief financial officer Bob Smeeton said in a statement.
“Securing this rebate so soon after the year-end enables us to progress our planning for the next field season in Cameroon," he added.