R&D Rebate from HMRC Delivers £403k

RNS Number : 0140I

Oriole Resources PLC

12 April 2022

 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

R&D Rebate from HMRC Delivers 403k

Oriole Resources, the AIM-quoted exploration company focused on West Africa, is pleased to announce that it has received a rebate totalling £403k from Her Majesty's Revenue and Customs ('HMRC') in relation to a Research and Development ('R&D') tax relief claim (the 'Claim') in respect of geoscientific advances sought by the Company through its exploration programmes. The Claim is for the year ended 31 December 2021.

The successful Claim demonstrates that the Company qualified for the R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data necessary to assess the economic feasibility of future mining operations in those areas.

Oriole Resources CFO, Bob Smeeton, said : "We made significant progress on our projects in Cameroon during 2021, with three phases of drilling at Bibemi and preliminary exploration work at our district-scale Central Licence Package. With £1.78 million of direct research investment into the projects in 2021, its pleasing to receive an R&D rebate of this quantum within a few months of the year end."

** ENDS **

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.  For further information please visit  www.orioleresources.com ,  @OrioleResources  on Twitter,  

or contact:

Oriole Resources Plc	Tel: [phone]
Tim Livesey / Bob Smeeton / Claire Bay
BlytheRay (IR/PR Contact)	Tel: [phone]
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / George Grainger / Ciara Donnelly
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre	Tel: [phone]

 

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