Surefire Resources NL (ASX:SRN) has received $454,000 as a refundable tax offset under the Federal Government’s Research and Development (R&D) tax incentive scheme for eligible R&D activities undertaken during the 2022/2023 financial year.
The company’s R&D activities for FY23 relate to its 100%-owned Victory Bore Vanadium Project in Western Australia, its processing technology and High Purity Alumina (HPA) test work.
R&D activities
Surefire achieved high recoveries of vanadium and titanium by direct leaching of magnetite and produced 4N High Purity Alumina (HPA) from its R&D activities during the financial year.
This rebate follows the company’s successful completion of a pre-feasibility study on the Victory Bore deposit which showed a strong financial outcome of an NPV10 A$1.7 billion, IRR of 42% and payback of 2.4 years.
The company also signed an MOU with Saudi Arabian-based Ajlan & Bros Mining and Metal group for downstream processing of magnetite concentrate in Saudi Arabia, and an MOU with the RASI Investment Group, Saudi Arabia.
About the scheme
Under the R&D tax incentive scheme, companies with a turnover of less than $20 million which undertake R&D activities are entitled to a cash refund of 43.5 cents per eligible dollar spent.
This scheme provides direct assistance for SRN to continue its R&D initiatives and drive technological innovation with the aim of boosting competitiveness and improving productivity across the Australian economy.
The receipt of the R&D rebate strengthens the company’s financial position to progress its initiatives.