Critica (ASX:CRI) has received a refund payment of $1.05 million from the Australian Tax Office under the Research and Development (R&D) Tax Incentive Program for 30 June 2024.
The R&D tax incentive program plays a key role in shaping Australia’s economic future and bolstering its global competitiveness. The program encourages companies of all sizes to conduct R&D activities.
Managing Director Philippa Leggat says the refund bolsters its cash balance and leaves the company well-funded to continue metallurgical testwork and satellite drilling programs across its Brothers Clay Hosted Rare Earth Project.
“The metallurgical workstreams in progress are targeted to build on the outstanding initial beneficiation results we announced earlier this year,” Leggat says.
“The results demonstrated the potential to upgrade representative Jupiter mineralisation by almost 10 times while reducing overall material mass by 95%. Our beneficiation testwork continues and we are working towards producing mixed rare earth carbonate.
“Our commitment to R&D is a key part of advancing our asset base and metallurgical testwork will be considered for inclusion in future R&D claims. Developing our own intellectual property for processing is built upon the robust geological and metallurgical dataset we have assembled through rigorous technical work.”
Leggat notes that this work is a core aspect of advancing and de-risking the valuable, intergenerational development opportunity that Jupiter and the broader Brothers Project represent.
“We are grateful to the Australian Government and the relevant administrative bodies that make the R&D rebate program possible,” she says.
“It adds huge value to our sector by supporting junior resource companies to fund the kinds of early-stage work that can make a meaningful difference to future project development economics.”
The Jupiter Project, part of the broader Brothers Project, is a clay-hosted rare earth discovery first announced in 2023. The project is located in an existing mining precinct in Yalgoo, Western Australia.
Critica is an explorer and developer focused on critical mineral deposits to feed the global demand for the minerals that are vital to the modern world.
Write to Aaliyah Rogan at Mining.com.au
Images: Critica
