Oriole Resources, aim-listed exploration company, has received a tax relief rebate of £157,000 from the UK’s tax authority HM Revenue and Customs (HMRC) for research and development (R&D) carried out in its exploration programmes last year.
Geoscientific Advances in Exploration Qualify for Tax Relief
The company’s R&D tax relief claim was for the geoscientific advances achieved through its exploration programmes in 2022. Oriole Resources qualified for the relief by conducting research on potential areas of mineralisation to gather the geological data required to evaluate the economic feasibility of future mining operations in those areas. The R&D tax relief is intended to encourage companies to invest in R&D by offering a tax deduction or a tax credit for eligible research and development activities.
Exciting Results in Cameroon Exploration Work
Oriole Resources’ exploration work in Cameroon during 2022 continued to yield positive results. The fourth drill programme at Bibemi resulted in the identification of a Joint Ore Reserves Committee-compliant inferred resource, while the early-stage work on the central licence package produced promising findings, including the detection of anomalous lithium. Oriole’s CFO, Bob Smeeton, expressed satisfaction with the results. He added that the company had received further support for its research work from HMRC.
Overall, receiving by Oriole Resources tax credits for research and development is a testament to the quality of its exploration programs and a significant boost for the company. This rebate will enable the company to continue investing in its exploration programmes and R&D activities, driving future growth. Oriole Resources is optimistic about its exploration work in Cameroon and expects to make further discoveries in the region. Oriole Resources is well-positioned for future success, and the company’s commitment to research and development is expected to yield significant returns in the years to come.
