(Sharecast News) - West Africa-focussed exploration company Oriole Resources has received a £0.4m UK tax rebate, it announced on Tuesday.
The AIM-traded firm said the £403,000 rebate from Her Majesty's Revenue and Customs (HMRC) was for a research and development tax relief claim made over "geoscientific advances" it had sought through its exploration programmes.
It said the claim was for the year ended 31 December.
The board said the successful claim demonstrated that the company qualified for the research and development tax relief by performing research work on potential areas of mineralisation, in order to build the geological data necessary to assess the economic feasibility of future mining operations in those areas.
"We made significant progress on our projects in Cameroon during 2021, with three phases of drilling at Bibemi and preliminary exploration work at our district-scale Central Licence Package," said chief executive officer Bob Smeeton.
"With £1.78m of direct research investment into the projects in 2021, its pleasing to receive a research and development tax rebate of this quantum within a few months of the year end."
At 1134 BST, shares in Oriole Resources were up 0.03% at 0.35p.
Oriole (ORR)