Mount Ridley Mines strengthens financial position with R&D tax offset funds

Mount Ridley Mines Ltd (ASX: $MRD) has received $1,003,223.37 under the Research and Development (R&D) Tax Incentive scheme, strengthening the company's financial position. This refund relates to eligible R&D activities conducted by the Company during the 2023 financial year at the Mount Ridley REE Project. The funds received add to approximately $1,433,000 of cash reserves reported in the December 2023 Quarterly 5B Cash Flow Report.

Executive Commentary

The Company is pleased to have received the R&D Tax Incentive refund, which further bolsters our financial position. We remain committed to our R&D endeavors and look forward to the potential to claim future tax offsets in the upcoming years. This receipt of funds reflects the successful R&D activities conducted at the Mount Ridley REE Project during the 2023 financial year. We appreciate the support provided by the R&D Tax Incentive scheme in fostering innovation and development within the industry.

Summary

Mount Ridley Mines Ltd (ASX: $MRD) has announced the receipt of $1,003,223.37 under the Research and Development (R&D) Tax Incentive scheme, strengthening the company's financial position. The refund relates to eligible R&D activities conducted by the Company during the 2023 financial year at the Mount Ridley REE Project. With approximately $1,433,000 of cash reserves reported in the December 2023 Quarterly 5B Cash Flow Report, the Company is well-positioned to continue its R&D endeavors. The receipt of these funds underscores the Company's commitment to innovation and development, and it anticipates the ability to claim future tax offsets in the upcoming years. Mount Ridley Mines remains focused on advancing its corporate strategy and leveraging R&D initiatives to drive sustainable growth and value creation.