Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has A$1.05 million more in the bank after receiving a research & development tax refund incentive from the Australian Tax Office for the 2023 financial year.
The refund comes from the company’s sizable expenditure on metallurgical test work and studies at the Mount Lindsay Tin-Tungsten Project in Tasmania during the financial year.
Mount Lindsay represents one of the largest undeveloped tin-tungsten deposits in the world, boasting a resource estimate of 1.9 million tonnes at 0.5% tin and 0.4% tungsten for 10,000 tonnes of contained tin metal and 750,000 tonnes of contained tungsten oxide.
Use of funds
Venture intends to use the R&D tax refund to fast-track resource drilling and metallurgical test work at the new Jupiter clay-hosted rare earths discovery in Western Australia.
The capital will also support continued R&D with Curtin University, specifically metallurgical test work on the Mount Lindsay tin-rich borates.
This program is designed to investigate the extraction of tin, boron and iron from tin-iron borates, which could significantly increase the tin recovery from Mount Lindsay mineralisation and produce a high-value boron by-product as an additional revenue stream.
Tin, tungsten and boron are all considered battery and critical minerals by multiple countries, commodities with very high importance to supply chains but uncertain supply compared to expected demand.