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Highlights:
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Andromeda Metals Ltd has been awarded an Advance and Overseas Finding Certificate by the Australian Government, enabling participation in the R&D incentive program.
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The certificate allows the company to claim refundable tax offsets on 43.5% of eligible expenditure related to the Great White Project over a three-year period.
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Eligible expenditures may reach up to A$26 million, covering costs associated with the Streaky Bay Pilot Plant design, operating costs, mining tests, and project administration.
Andromeda Metals Ltd {OTC:ANDMF} has received an Advance and Overseas Finding Certificate from AusIndustry, which enables the company to participate in the Australian Government’s research and development (R&D) incentive program. This certification allows Andromeda to claim refundable tax offsets or cash rebates of 43.5% on eligible expenditures associated with the development of the Great White Project (GWP) in South Australia over the next three years.
Sarah Clarke, acting CEO of Andromeda, expressed gratitude to the Australian Government for the support this decision offers. She stated, “Having the government refund almost half of the eligible expenditure is a great outcome for Andromeda’s shareholders, further supporting the development of the Great White Project.” Clarke also acknowledged the efforts of Andromeda’s technical and finance teams in securing this R&D Advance Finding, highlighting their dedication over the past months.
The Advance Finding is binding for up to three income years, providing Andromeda with certainty regarding its planned activities under Australia’s R&D Tax Incentive program. Eligible expenditures anticipated during this period include the design and operating costs of the Streaky Bay Pilot Plant, as well as expenses related to mining tests and project administration. The estimated total eligible expenditure could amount to up to A$26 million.
This governmental support bolsters Andromeda's position as it advances the Great White Project, which aims to develop high-purity alumina (HPA) products and secure financing ahead of a final investment decision.
