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Highlights
- King River Resources has been granted a research & development tax refund of AU$781,697 for FY22.
- The company held AU$1,845,928 in cash as of 18 January 2023.
King River Resources Limited (ASX:KRR) has received a tax refund for expenditure on research & development (R&D) activities undertaken during FY22.
The company plans to use the funds worth AU$781,697 to support working capital.
Research in line with R&D scheme criteria
The company highlighted that its research activities focused on processing methodology development remains in line with requirements under the R&D scheme.
This tax refund program facilitates the deductible cost of the research to be claimed as a tax rebate.
As of 18 January 2023, the company has a cash position of AU$1,845,928.
About King River Resources (ASX:KRR)
The exploration mining company holds robust mineral assets in the tier 1 mining jurisdictions of the Northern Territory and Western Australia.
The company’s Speewah Vanadium-Titanium-Iron deposit sits within the Kimberley region. The company says that Speewah is the largest vanadium-in-magnetite deposit, based on tonnes and V2O5 content, in the country.
The company is focused on gold exploration across its Mt Remarkable and Tennant Creek projects.
KRR shares traded at AU$0.011 on 18 January 2023.