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Australasian Metals (ASX: A8G) strengthens cash position with R&D Tax refund & NT Grant - Kalkine Media

November 29, 2023 06:53 PM AEDT | By Team Kalkine Media
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Highlights

  • Australasian Metals has secured a tax refund of AU$218,442, as a refundable tax offset for its R&D expenses at Mt Peake Project in FY23.
  • A8G has been granted a co-financing of AU$43,299 from the Northern Territory government under the Resource the Territory initiative.
  • The company has completed maiden diamond drilling campaign at Mt Peake Project, assay results are pending.

The present-day economic slowdown has hauled up challenges for companies in the mining world, particularly for junior exploration companies. While some exploration firms are thwarted due to adverse circumstances and insufficient funds and resources, other companies have an edge due to stronghold in the market.

Companies such as Australasian Metals have been able to stand firm against the whims of the market that spring up due to cyclical nature of the industry.

Focused battery and precious metals explorer Australasian Metals Limited (ASX: A8G) has secured capital for its present and near-future project goals.

The company has received a tax refund of AU$218,442, as a refundable tax offset for its research and development (R&D) expenses at Mt Peake Lithium Project in financial year 2023.

Also, the company has been granted a co-financing of AU$43,299 from the Northern Territory government under the Resource the Territory initiative. The remaining 50% of the grant is likely to be received before year end.

Strengthened Cash Position

With the receipt of the Northern Territory grant and the tax refund, the company would have around AU$3.6 million cash at bank.

Robust Project Portfolio

The company is committed to ascending value for shareholders by making potential discoveries at its projects in Australia.

Mt Peake Lithium Project (100%) - One of Australasian’s assets is Mt Peake Project, situated within the Northern Arunta pegmatite province of the Northern Territory. According to the company, the area is considered highly prospective for hard rock lithium mineralisation.

At Mt Peake Lithium Project, the company initiated a diamond drilling campaign in the month of October. The program with three holes over 600m has been completed timely as per the decided budget. Also, drill core has been cut and samples sent to ALS Global in Perth.

May Queen South Bauxite Project – For this Queensland-based project, the company inked an agreement with Atlantic Lithium Limited in May this year.

The first field campaign delivered numerous high-grade surface samples ranging from 6% to 17.55% TiO2, validating the geological fertility of the project.

All in all, A8G has done some good work securing R&D and government funding, holding good cash position and tight capital structure plus highly prospective projects.

A8G shares traded at AU$0.175 apiece on 29 November 2023.


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