Surefire Resources (ASX: SRN) strengthens financial position with $454k R&D Tax Rebate

Highlights

• Surefire Resources secured AU$454k in research & development (R&D) tax relief.
• R&D activities focus on the Victory Bore Vanadium Project, processing technology, and High Purity Alumina testwork.
• SRN aims to protect intellectual property related to its vanadium recovery process.
• The company has received encouraging outcomes for the Victory Bore pre-feasibility study.

Surefire Resources NL (ASX: SRN), an Australian resource company, has received AU$454k as a refundable tax offset relating to its R&D activities during FY23 under the Federal Government’s Research and Development tax incentive scheme.

This scheme aims to foster technological innovation to enhance competitiveness and productivity across the Australian economy.

Businesses with an annual revenue of less than AU$20 million engaged in R&D activities are eligible to receive a cash refund of 43.5 cents for every dollar spent under this program.

SRN’s R&D activities are centred around its fully-owned Victory Bore Vanadium Project, processing expertise, and High Purity Alumina testwork.  

Significant developments advancing Victory Bore project

The company has made significant advancements in the Victory Bore project, completing its PFS with promising results, and entering memorandums of understanding with two Saudi Arabian companies for downstream processing of magnetite concentrate.

Data source: Company update

SRN has also achieved a breakthrough in vanadium extraction directly from magnetite concentrate out of its 100% owned flagship Victory Bore Vanadium project in Western Australia.

• Laboratory testing has pioneered an innovative pre-treatment and leaching process, achieving an impressive extraction rate of 91% for vanadium and 88% for titanium from the Victory Bore magnetite concentrate.
• This novel metallurgical approach eliminates the need for conventional pre-treatment methods utilised in the vanadium extraction sector.
• It is anticipated to offer superior environmental credentials with minimal emissions and a decreased carbon footprint.

Additionally, the company is taking steps to protect the intellectual property supporting its vanadium recovery process. Details here.

The share price of SRN was AU$0.010 at the time of writing on 06 May 2024.