Oriole Resources, an exploration firm focused on West Africa and listed on AIM, has announced that it has obtained a refund of £157k from Her Majesty’s Revenue and Customs (‘HMRC’) related to its Research and Development (‘R&D’) tax relief claim (the ‘Claim’) for geoscientific advancements made during its exploration programs.
The Claim pertains to the year ended 31 December 2022.
The successful Claim highlights that the Company met the requirements for R&D tax relief by performing research activities on potential mineralization areas to gather the geological data required for evaluating the economic feasibility of future mining operations in those locations.
Bob Smeeton, CFO of Oriole Resources, stated: “The 2022 exploration work programmes in Cameroon continued to deliver exciting results, with a fourth drill programme at Bibemi leading to the definition of a JORC-compliant Inferred Resource, and excellent results from the early-stage work on the Central Licence Package, including the detection of anomalous lithium. We are thrilled to have received additional support from HMRC for our research work.”
