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Platina Resources Ltd

Platina Resources bags $1.1 million cash refund

Research focused on extracting minerals from the Platina Scandium Project's ore.

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Platina owns one of the largest and highest-grade scandium deposits in the world

Platina Resources Ltd (ASX:PGM) has received $1.1 million before costs from a research and development refund claim covering test work in the 2018 financial year.

The company’s research activities have focused on the development of commercial extraction technologies for the simultaneous production of scandium oxide, nickel, and cobalt from lateritic ores at its Platina Scandium Project in New South Wales.

Scandium is presently only produced as a by-product from other processes.

Neither dedicated large-scale scandium production processes nor processes capable of producing scandium from primary ores have been developed or commercialised.

Results incorporated into recent DFS

The results of the research and development activities have been incorporated into the definitive feasibility study (DFS) that was released mid-December 2018.

The DFS confirmed the technical and financial viability of constructing a simple, low-strip ratio, open-cut mining operation and processing facility producing high purity scandium oxide.

READ: Platina Resources’ definitive feasibility study confirms robust financials for scandium project

Platina’s managing director Corey Nolan said: “The incentive provides direct assistance to companies like Platina to continue their research and development activities with a view to building value for shareholders.

“The receipt of the R&D rebate strengthens the company’s financial position as the company moves towards the development phase.”

READ: Platina Resources to engage technical advisor for Skaergaard scoping study

Platina also recently engaged a technical advisor to prepare a scoping study for its emerging Skaergaard gold and platinum group metals (PGM) project in Greenland.

Quick facts: Platina Resources Ltd

Price: $0.04

Market: ASX
Market Cap: $11.36 m
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