Surefire Resources (ASX:SRN) Receives AU$439k R&D Tax Rebate for 2023/24 Financial Year

March 17, 2025 02:57 PM AEDT | By Sonal Goyal

Surefire Resources (ASX:SRN) Receives AU$439k R&D Tax Rebate for 2023/24 Financial Year — Image source: Company Update

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Highlights

Surefire Resources has received AU$439k R&D rebate for the 2023/2024 financial year under the R&D Tax Incentive Scheme by the Australian Government.

The rebate applies to R&D activities at the Victory Bore Vanadium project, including its proprietary processing technology and High Purity Alumina test-work.

The rebate offers assistance to drive technological innovation and continue R&D initiatives.

Surefire Resources NL (ASX:SRN) has been granted a refundable tax offset of AU$439,000 through the Federal Government’s Research and Development (R&D) Tax Incentive Scheme for eligible R&D activities undertaken in the 2023/2024 financial year.

The Western Australia-based mineral exploration company holds exploration licenses for vanadium, magnetite, and gold projects across the region. Surefire is advancing its Victory Bore Vanadium project along with international partners. It has already completed a Pre-Feasibility Study (PFS), highlighting an AU$1.7 billion Net Present Value (NPV) and a 42% Internal Rate of Return (IRR) for the project.

The rebate relates to the R&D activities undertaken at the Victory Bore Vanadium project, as well as its proprietary processing technology and High Purity Alumina test-work.

Details of Federal R&D Incentive

The R&D Tax Incentive Scheme offers financial support to Australian companies with annual turnover of <AU$20 million conducting eligible R&D activities. The eligible organisations can get a cash refund of 43.5 cents for every dollar spent.

The R&D rebate further bolsters Surefire Resources’ financial position and assists the company in continuing R&D activities, foster technological innovation with the intent to enhance industry competitiveness, and improve productivity across the Australian economy.

SRN shares were trading at AU$0.003 per share at the time of writing on 17 March 2025.

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