Greenvale Energy (ASX:GRV) has sold its investment in critical minerals exploration company Astute Metals (ASX:ASE) for $1.53 million, increasing its total cash position to more than $2.85 million.
Greenvale will retain a 2% net smelter royalty (NSR) over Astute’s Georgina IOCG (iron-oxide-copper-gold) Project in the Northern Territory after the sale and is entitled to a further milestone payment of 5 million fully paid Astute shares, subject to it achieving the milestones announced on 29 January 2024.
Meanwhile, Greenvale’s staged testwork on the Alpha Torbanite Project in Queensland continues, as reported on 26 June 2024. The testwork completed at Alpha is subject to the Australian Government’s Research & Development Tax Incentive Scheme (Grant).
The 2022 R&D grant totalled $464,055 and was received in July 2023. The 2023 grant is currently awaiting finalisation, with an amount of about $830,000 expected to be received.
Receipt of the 2023 grant remains subject to processing by the Australian Taxation Office, which Greenvale believes will be completed shortly.
The 2024 R&D grant will be finalised when the 2024 financial statements are completed. At this stage, it is expected to be a similar size to the 2023 grant.
The Roundup
– Greenvale Energy has sold its investment in Astute Metals
– Greenvale will retain a 2% NSR over Astute’s Georgina IOCG Project
– Staged testwork on the Alpha Torbanite Project is subject to the Australian Government’s Research & Development Tax Incentive Scheme (Grant)
Write to Adam Orlando at Mining.com.au
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