Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has boosted its cash position on receiving A$1.8 million in research and development tax incentive rebates from the ATO for the 2023 financial year. Of this, A$1.2 million was received today.
This A$1.2 million — along with the A$2 million received last month from the sale of the Lake Johnston Lithium Project and the A$800,000 received under the convertible note with Mineral Resources — strengthens Lithium Australia’s balance sheet as the company enters the new year and furthers its aim “to lead and enable the global transition to sustainable lithium production”.
Lithium Australia CEO and managing director Simon Linge said: “We are pleased to finalise our R&D tax incentive rebate, highlighting the unique patented technologies which the company has developed throughout FY23.
“Funds received from the rebate, along with proceeds from the sale of the Lake Johnston Lithium Project and funding from MinRes, ensure that we have capital to continue to execute our strategic objectives in 2024.”