Aim-listed exploration company Oriole Resources has received a £157 000 rebate from the UK’s tax, payments and customs authority HM Revenue and Customs (HMRC) in relation to a research and development (R&D) tax relief claim for geoscientific advances sought by the company through its exploration programmes last year.
Oriole qualified for the R&D tax relief by performing research work on potential areas of mineralisation to build the geological data necessary to assess the economic feasibility of future mining operations in those areas.
"[Our] 2022 exploration work programmes in Cameroon continued to deliver exciting results, with a fourth drill programme at Bibemi leading to the definition of a Joint Ore Reserves Committee-compliant inferred resource, and excellent results from the early-stage work on the central licence package, including the detection of anomalous lithium.
“We . . . have received further support for our research work from HMRC," Oriole CFO Bob Smeeton says.