Andromeda Metals Ltd (ASX:ADN) has boosted its war chest to advance its flagship The Great White Project on South Australia’s Eyre Peninsula towards production on receiving a $3.1 million research and development (R&D) tax refund.
The rebate from the Australian Taxation Office (ATO) covers the company’s full claim for R&D incentives for activity conducted during the 2023 financial year.
“Strategic asset”
CEO and managing director Bob Katsiouleris said: “We are delighted to receive the full claim from our application, as the company has invested significantly in leveraging the high quality of kaolin from The Great White Project to develop innovative products, for our selected high-value market segments.
“We continue to make strong progress towards an anticipated final investment decision, towards building a new industry and maximising the long-term value and potential of this important strategic asset.”
READ: Andromeda Metals completes sale of non-core copper-gold interests in South Australia
The R&D refund follows the company yesterday completing the sale of non-core copper-gold interests on the Yorke Peninsula in South Australia.