Legend Mining Ltd (ASX:LEG) has increased its financial position by $3.08 million on receiving a research and development (R&D) refund from the Australian Taxation Office (ATO).
The funds will enhance the company’s nickel and copper sulphide exploration efforts at the flagship Rockford Project in Western Australia’s Fraser Range.
Refund received
After lodging its FY23 tax return in December 2023, which included an R&D refund claim for R&D activity conducted during the 2023 financial year, the company has now received the refund.
Legend received specialist advice from Deloitte in relation to this claim.
The R&D Tax Incentive is an Australian Government program to support Australian companies undertaking R&D activities in Australia. It forms part of the government’s commitment to developing sovereign capability to help Australian businesses grow and innovate.
Eligible companies can receive cash rebates of up to 43.5% of eligible expenditure on R&D activities.
READ: Legend Mining picks out new conductive targets at Rockford’s Octagonal prospect
The company is designing and planning for an extension to the High-Power Fixed Loop Electro-Magnetics (HPFLTEM) survey at Rockford's Octagonal prospect with data acquisition scheduled for March/April 2024 to avoid atmospheric delays.
Based on the findings of this extended survey, Legend will generate targets for diamond drilling.
Octagonal will be the focus of most of the company’s exploration efforts this year but preliminary work will also continue with the aim of delivering new nickel-copper targets at Rockford.
READ: Legend Mining uses seismic and AI/ML technology to deliver new Rockford nickel-copper targets