Moho Resources Ltd (ASX:MOH) welcomes the advantages of being included as a Junior Minerals Exploration Incentive (JMEI) participant for a second successive year with this to apply in the financial year ending June 30, 2022.
The Australian Taxation Office (ATO) administered JMEI scheme encourages investment in exploration companies that carry out greenfields mineral exploration in Australia, by allowing these companies to give up a portion of their tax losses for potential distribution to eligible investors.
Importantly, the ATO Commissioner has decided to allocate up to $750,000 of exploration credits to the company.
Exploration credit
Australian resident shareholders issued with an exploration credit are entitled to a refundable tax offset or if the shareholder is a corporate tax entity, additional franking credits.
These tax credits can then be distributed to investors who purchase newly issued shares in that eligible entity during a certain period.
The exploration company’s carry forward losses will be reduced proportionately to reflect the number of exploration credits issued to its shareholders.
About Moho
Moho Resources is an Australian mining company focused on gold and nickel exploration at the Empress Springs, Silver Swan North and Burracoppin projects.
The company considers Empress Springs in Queensland, which comprises three adjacent exploration permits with a total area of around 773 square kilometres, to have the potential for base metal mineralisation.
Silver Swan North Project is around 50 kilometres northeast of Kalgoorlie and covers about 55 square kilometres within the gold-rich Kalgoorlie Terrane while Burracoppin further to the west is also prospective for gold.