Receipt of R&D Tax Rebate from HMRC
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
26 November 2019
Strategic Minerals plc
("Strategic Minerals" or the "Company")
£248,155 R&D rebate received from HMRC by Cornwall Resources Ltd
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that it has received a rebate of £248,155 from Her Majesty's Revenue and Customs ("HMRC") in relation to research and development ("R&D") tax relief claims (the "Claims") in respect of advances sought by the Company through its exploration programmes at its Redmoor Tin and Tungsten Project, being undertaken through its 100% owned subsidiary Cornwall Resources Limited ("CRL").
Highlights
· £248,155 gross received from HMRC relating to the year ending June 2019
· Demonstrates progress and acknowledgement of the investment made by CRL at Redmoor
· Rebate well in excess of January's payment due to New Age Resources for purchase of CRL
· CRL website recently launched as awareness and recognition of our project increases
The payment received by CRL continues to demonstrate that it qualifies for R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data and understanding necessary to continue to analyse the economic feasibility of mining operations in Cornwall.
The CRL website (www.cornwallresources.com) launched with the heading of, "Delivering a world-class tin-tungsten project, in Cornwall, UK" to reflect SML's 100% ownership of this project.
Commenting, Peter Wale, Executive Director, Strategic Minerals and Director, CRL, said:
"We are pleased that continued support from HMRC's R&D tax relief scheme continues to supplement our progress at Redmoor. After the highly encouraging update to our Mineral Resource earlier this year, our team remains excited and engaged with furthering our potential world class project and the new CRL website is reflective of that. From a cash flow perspective, it is also reassuring that CRL is able to provide revenue to fund its own purchase."
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For further information, please contact: |
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Strategic Minerals plc |
+61 (0) 414 727 965 |
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John Peters |
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Managing Director |
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https://www.facebook.com/search/top/?q=strategic%20minerals%20plc |
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SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
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Nominated Adviser and Broker |
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Ewan Leggat |
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Stephen Wong |
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Notes to Editors
Strategic Minerals plc is an AIM-quoted, operating minerals company actively developing projects prospective for battery materials. It has an operation in the United States of America and Australia along with development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals being sought in the burgeoning electric vehicle/battery market.
In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012 and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in development projects orientated to supplying the burgeoning electric vehicle/battery market.
In January 2016, the portfolio was expanded with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia prospective for cobalt, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In September 2018, the Company entered contracts for the sale of certain CARE tenements identified as gold targets.
In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. This was followed in 2018 with a 12-hole 2018 drilling programme has now been completed and the resource update that resulted was announced in February 2019. In March 2019, the Company entered into arrangements to acquire the balance of the Redmoor Tin/Tungsten project. This was completed on 24 July 2019.
In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia and brought the project into production in April 2019.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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