leadf
logo-loader
viewOriole Resources PLC

Oriole Resources secures £165,000 rebate from HMRC

The money raised will be used to undertake further work on the company's promising Cameroon properties

Oriole Resources PLC -

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.

 

Quick facts: Oriole Resources PLC

Price: 0.385 GBX

LSE:ORR
Market: LSE
Market Cap: £3.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oriole Resources PLC named herein, including the promotion by the Company of Oriole Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Oriole Resources posts a profit for the first half of the year

Oriole Resources PLC's (LON:ORR) Tim Livesey and Bob Smeeton talk to Proactive London about their interim results for the first half of 2020. Livesey discusses the highlights which include the securing of the Senala licence in Senegal for a further 10 years. Smeeton explains the financials...

17 hours, 13 minutes ago

2 min read