ChemX Materials (ASX:CMX) receives A$250,000 R&D refund advance

ChemX Materials (ASX:CMX) has received A$250,000 from a short term loan facility secured against the estimated R&D Tax incentive refund for FY24. The company will invest approximately A$200,000 in control system engineering to enhance safety and automation of the HiPurA® process, reducing future operational expenditure requirements and establishing the nucleus of a future commercial plant control system.

ChemX CEO comments on R&D tax refund advance

As an innovative high purity materials company, ChemX is focused on the near-term delivery of its HPA Pilot Plant in O'Connor, WA. CEO Peter Lee stated, 'Being able to accelerate our eligible R&D tax refund enables us to directly inject these non-dilutive funds back into the HPA Program and efficiently use our capital to deliver on our key projects.' ChemX was awarded an Australian Patent for the production of 4N (99.99%) HPA in January 2024, and expects other international jurisdictions to follow in the coming months.

ChemX Materials (ASX:CMX) R&D refund advance summary

ChemX Materials (ASX:CMX) has received A$250,000 from a short term loan facility secured against the estimated R&D Tax incentive refund for FY24. The company plans to invest in control system engineering to enhance safety and automation of the HiPurA® process, reducing future operational expenditure requirements and establishing the nucleus of a future commercial plant control system. CEO Peter Lee emphasized the importance of accelerating the R&D tax refund to efficiently use capital for key projects. ChemX's focus on delivering the HPA Pilot Plant and its recent Australian Patent for high purity alumina production demonstrate the company's commitment to innovation and development.