NickelSearch R&D Tax Refund Announcement

NickelSearch Limited (ASX: $NIS) has received a research and development (R&D) tax refund of A$374,023 for the 2023 financial year. The refund was approved for various activities conducted in pursuit of developing a commercially viable process for recovering nickel from low-grade secondary sulphide ores located across the Company's tenements in the Ravensthorpe area, WA.

Executive Commentary on R&D Tax Refund

Currently, there is no commercially viable way of recovering nickel from low-grade secondary sulphide ores as a stand-alone operation. NickelSearch's pioneering work on low-grade nickel processing has the potential to unlock latent value through the Company's secondary sulphide ores and provide an Australian developed and owned technology that may be transferable to treating similar ore bodies as well as rehabilitating sulphide tailings. We are pleased with our meaningful progress to date and having our dedicated efforts formally recognised under the R&D Tax Incentive program, along with the supportive financial benefit the refund provides.

Summary of R&D Tax Refund Announcement

NickelSearch Limited (ASX: $NIS) has successfully received a research and development (R&D) tax refund of A$374,023 for the 2023 financial year. The refund was approved for various activities conducted in pursuit of developing a commercially viable process for recovering nickel from low-grade secondary sulphide ores. The Company's pioneering work on low-grade nickel processing has the potential to unlock latent value through the Company's secondary sulphide ores and provide an Australian developed and owned technology that may be transferable to treating similar ore bodies as well as rehabilitating sulphide tailings. NickelSearch is pleased with the progress made and the formal recognition under the R&D Tax Incentive program, along with the supportive financial benefit the refund provides.