('Oriole Resources' or 'the Company' or 'the Group')
R&D Rebates from HMRC Deliver a Further c.£105,000
Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to announce that it has received rebates totalling c.£105,000 from Her Majesty's Revenue and Customs ("HMRC") in relation to a Research and Development ("R&D") tax relief claims (the "Claims") in respect of geoscientific advances sought by the Company through its exploration programmes. The Claims are for the years ended 31 December 2017 and 31 December 2018 and follows the Company's previous successful claim for 2016 where it received c.£40,000 (announcement dated 21 February 2019).
The Claims submitted by the Company continue to demonstrate that it qualifies for the R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of mining operations in those areas.
The Company will be submitting its 2019 R&D claim in early 2020, once the Company's financial accounts have been approved by its auditors. Given the significant increase in technical work in Cameroon during that period, the Company anticipates that the submission will be of significantly higher value than that the amounts received to date.
Oriole Resources CFO, Bob Smeeton, said: "The continued support from the R&D tax credit regime is a valuable resource to extend our geological research work in Cameroon. Following the excellent early results to date at the Bibemi project in particular, the team is currently mobilising to site and will be following-up on these results and on the outcomes of the technical review meetings we held over the summer. We look forward to progressing all our projects as we now head into the 2019/20 field season."
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
Oriole Resources PLC is an AIM-quoted exploration company, focussed on West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 1 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.
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Capital Network's Christopher Ecclestone discusses Oriole Resources PLC (LON:ORR) - an exploration company, operating in Africa and Europe but with some legacy exposure through investment in, and royalties on, the projects it incubated in Turkey since its listing in 2006.