Australian resource and mineral processing technology company TNG Limited (ASX: TNG) (“TNG” or the “Company”) is pleased to announce that it has received an amount of $5.14 million as a refundable tax offset under the Federal Government’s Research and Development (“R&D”) tax incentive scheme for eligible R&D activities undertaken during the 2019/2020 financial year.
TNG’s R&D activities relate to its 100%-owned Mount Peake Vanadium–Titanium-Iron Project in the Northern Territory and TIVAN® processing technology.
The TIVAN® Process is an innovative mineral processing technology developed by TNG and its technical advisers to commercially extract vanadium pentoxide, titanium dioxide and iron oxide from titanomagnetite ore bodies, and overcome the limitations of conventional processing.
The patented TIVAN® Process is a high-value asset for the Company and will underpin the planned development of the world-scale Mount Peake Project. TNG believes that the TIVAN® Process has the opportunity to become the preferred processing technology for the exploitation of titanomagnetite ore bodies.
Under the R&D tax incentive scheme, companies with a turnover of less than $20 million which undertake R&D activities are entitled to a cash refund of 43.5 cents per eligible dollar spent. The scheme provides direct assistance for companies like TNG to continue their R&D initiatives and drive technological innovation with the aim of boosting competitiveness and improving productivity across the Australian economy.
The receipt of the R&D rebate further strengthens the Company’s cash balance asit progressestowards completion of pre-development engineering, approvals and planning for the Mount Peake Project.
It follows the successful placement (announced yesterday) of the entire $3.73 million shortfall from its recent entitlement issue, amounting to an $8.87 million boost to its cash balance (which stood at $9.34 million at the end of the December Quarter) before costs.
For more details, please visit the website:https://www.tngltd.com.au/
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