Surefire Resources NL (ASX: SRN) has received a significant financial boost in the form of a $439,000 refundable tax offset. This rebate falls under the Federal Government’s Research and Development (R&D) tax incentive scheme, acknowledging the company’s eligible R&D activities conducted throughout the 2023/2024 financial year.
SRN’s R&D endeavors are primarily focused on its wholly-owned Victory Bore Vanadium Project. This includes work on the vanadium processing technology and High Purity Alumina test-work associated with the project. The R&D tax incentive scheme is designed to support companies with a turnover of less than $20 million, providing a cash refund of 43.5 cents for every eligible dollar spent on R&D. This initiative aims to foster technological innovation, enhance competitiveness, and improve overall productivity within the Australian economy.
The $439,000 rebate significantly strengthens Surefire Resources’ financial position. This injection of funds will enable the company to continue and accelerate its R&D initiatives, particularly concerning the Victory Bore Vanadium Project. Paul Burton, Managing Director of Surefire Resources, authorized the release of this information to the ASX. While the company anticipates continued progress and development, it also cautions that statements in this announcement are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from projections.
