logo-loader
viewECR Minerals PLC

ECR Minerals says subsidiary receives cash refund under Australian government’s R&D Tax Incentive scheme

Mercator Gold Australia (MGA) has received a cash refund for research and development (R&D) expenditure of A$555,212 (approximately £295,515)

Money

ECR Minerals PLC (LON:ECR) has announced that its wholly-owned Australian subsidiary Mercator Gold Australia (MGA) has received a cash refund for research and development (R&D) expenditure of A$555,212 (approximately £295,515) under the Australian government’s R&D Tax Incentive scheme.

In a statement, the precious metals exploration and development company said the qualifying activities pertain to research into turbidite-hosted gold deposits within MGA’s exploration licences in Victoria, Australia.

READ: ECR Minerals sees “significant potential upside” in Creswick gold project

In addition, it said, as at 30 September 2019, MGA had carried forward corporate income tax losses of A$66,341,587 (approximately £35.3 million) which are expected to be available for offset against future taxable gains.

Craig Brown, ECR’s chief executive officer, commented: “I am very pleased to announce the receipt of this cash refund by MGA, which provides a significant boost to the group’s cash position.”

He added: “The gold price remains strong and we believe there is considerable and growing interest in respect of Australian gold exploration, and we have also observed strong interest in the Victorian goldfields where we have an active exploration portfolio.

“Overall, the board believes the additional cash creates exciting opportunities for an entrepreneurial gold-focused company like ECR.”

Quick facts: ECR Minerals PLC

Price: 2 GBX

AIM:ECR
Market: AIM
Market Cap: £12.46 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of ECR Minerals PLC named herein, including the promotion by the Company of ECR Minerals PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Mining Capital's Alastair Ford charts continued strength in gold price

Mining Capital's Alastair Ford addresses suggestions gold could be heading towards a new high of $2000/oz. ''I think that's quite an ambitious target to be setting at this point ... the next breakout number $1525/oz and thereafter the chartists will look for something like $1560/oz''. ''If...

on 16/8/19

RNS

Block Listing Application

4 days, 4 hours ago

Exercise of Warrants

5 days, 5 hours ago

Exercise of Warrants

2 weeks, 1 day ago

Exercise of Warrants

2 weeks, 3 days ago

Updated Issue of Equity

2 weeks, 4 days ago

Issue of Equity

3 weeks, 3 days ago

2 min read