Venture Minerals receives $1.05 million R&D tax incentive refund

Venture Minerals Limited (ASX: $VMS) has received $1.05 million from the Australian Tax Office under the Research & Development Tax Incentive Program for the financial year ended 30 June 2023. The refund is a result of significant R&D expenditure on metallurgical testwork and studies at the Mount Lindsay, Tin-Tungsten Project in Tasmania during the previous financial year. The funds will enable the company to continue fast-tracking resource drilling and metallurgical testwork at the new, high grade, Jupiter Clay Hosted Rare Earths discovery in Western Australia.

Venture Minerals' Managing Director, Andrew Radonjic, on R&D tax incentive refund

We welcome the additional funding to assist in advancing the Jupiter Rare Earths discovery and towards covering the costs of the upcoming metallurgical test work at Mount Lindsay in 2024.

Summary of Venture Minerals' R&D tax incentive refund

Venture Minerals (ASX: $VMS) has received a $1.05 million refund from the Australian Tax Office under the Research & Development Tax Incentive Program for the financial year ended 30 June 2023. The refund will support the company's efforts to fast-track resource drilling and metallurgical testwork at the new, high grade, Jupiter Clay Hosted Rare Earths discovery in Western Australia. Additionally, the funds will aid in advancing the Curtin University metallurgical testwork on the Mount Lindsay tin-rich borates, potentially increasing tin recovery and producing a high-value boron by-product. The company's Managing Director, Andrew Radonjic, expressed gratitude for the funding and highlighted its role in advancing the company's projects.