E79 Gold Mines pockets $1.2 million for shareholder distribution

E79 Gold Mines (ASX:E79) has received up to $1.2 million in tax credits from the Australian Federal Government’s Junior Minerals Exploration Incentive (JMEI) scheme, which it can distribute to eligible investors. 

The JMEI scheme encourages investment in exploration companies conducting greenfields mineral exploration in Australia by creating exploration credits using a portion of their tax losses from eligible exploration expenditure and distributing these exploration credits to investors who contribute new equity. 

Commenting on the JMEI scheme, E79 Gold Mines Chief Executive Officer (CEO) Ned Summerhayes says: “We are pleased to be successful in our application for JMEI credits. We thank the Australian Federal Government for their ongoing support of junior mineral exploration companies.”

We thank the Australian Federal Government for their ongoing support of junior mineral exploration companies”

E79 says the JMEI credits apply to the 2023/2024 tax year and can be issued by the company after the lodgement of its 30 June 2024 tax return. 

Eligible shareholders will be notified of their JMEI credit entitlement in the approved form once the company has lodged its 2023/2024 tax return, and the JMEI credits will apply to their income tax assessment for the year ended 30 June 2024. 

On 31 March 2023, the company had $4.490 million cash and cash equivalents at hand, according to its latest quarterly report published on 28 April 2023.

Write to Aaliyah Rogan at Mining.com.au

Images: E79 Gold Mines Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.