Impact Minerals (ASX:IPT) has added a further $354,000 to its coffers via a tax rebate.
The diversified explorer received a rebate under the Australian Government’s Research and Development Tax Incentive scheme for work done on its projects in the 2023 financial year.
Managing Director Mike Jones says the work on its flagship Hope Lake High-Purity Alumina Project in Western Australia accounted for a significant amount of the rebate.
“The unique mineralogy and patented and proprietary processing techniques for the Lake Hope High-Purity Alumina project have allowed us to claim back a significant proportion of our expenditures on the Lake Hope Project through the R and D Tax Incentive program,” he says.
“Although this rebate covers all of our projects, we had only had the Lake Hope project for three months of the 2023 financial year.
“We anticipate being able to claim an increasing amount of our expenditures on Lake Hope as we continue to develop this exciting project.”
The additional cash injection comes on the back of the recent $3.7 million raised from a placement and exercise of options.
Impact is now fully funded to complete the Pre-Feasibility Study on the Lake Hope Project and continue exploration on its other projects.
High-purity alumina (HPA) is listed on the Australian Critical Minerals List because it is used in the separator between the anode and cathode in a lithium ion battery.
It is also a key component used in the production of LED lighting, synthetic sapphire and semiconductors.
Supply is expected to be in deficit by 2026 as the market heads towards a forecast US$15.2 billion ($22.90 billion) value by 2030.
Lake Hope has a maiden resource of 3.5 million tonnes @ 25.1% for 880,000 tonnes of contained alumina, which would be processed into HPA.
Write to Angela East at Mining.com.au
Images: Impact Minerals
