Miramar Resources Ltd (ASX:M2R) has had a Junior Minerals Exploration Incentive (JMEI) application granted by the Australian Taxation Office and has received an allocation of up to $925,000, which may be distributed to eligible shareholders.
The JMEI scheme allows greenfield mineral exploration companies to generate a tax incentive by giving up a portion of their tax losses from eligible greenfield mineral exploration expenditure for distribution to eligible shareholders.
An eligible shareholder must be an Australian resident who applies for and is issued new shares in the company capital raising activities between July 1, 2022, and June 30, 2023.
JMEI scheme
The JMEI scheme encourages investment in small minerals exploration companies undertaking greenfield mineral exploration in Australia
JMEI credits may be distributed to eligible shareholders as a tax credit against the company’s tax losses for allowable greenfield exploration expenditure during the 2022/23 financial year.
The credits will be distributed to all eligible shareholders proportionate to the amount invested.
About Miramar
Miramar is a mineral exploration company within the highly prospective exploration projects in the Eastern Goldfields, Murchison and Gascoyne regions of Western Australia.
The company, which was listed on the ASX in October 2020 following a heavily oversubscribed $8 million IPO, has three underexplored gold projects near Kalgoorlie – Gidji JV, Glandore and Randalls.
Miramar also has two projects in the Murchison in under-explored greenstone belts – Lang Well and Lakeside – and two in the Gascoyne region – Whaleshark and Bangemall – all prospective for either nickel-copper-platinum group elements and/or gold.
Miramar’s board has a track record of successful discovery, development and production within Australia, Africa and North America.