Tectonic Gold Plc - 2018/19 R&D Tax Incentive Approval
London, July 18
19 July 2019
TECTONIC GOLD PLC
(“Tectonic Gold” or the “Company”)
2018/19 R&D TAX INCENTIVE APPROVAL
Tectonic Gold plc (TDIM: TTAU), the Intrusive Related Gold System (“IRGS”) exploration pioneer, is pleased to announce that Signature Gold Ltd (“Signature”), the Company’s 100% owned Australian subsidiary, has received notification under the Australian Federal Government R&D Tax Incentive Scheme that it has been approved for the 2018/19 tax year.
Signature has been approved for participation in the scheme for five years running
The scheme provides a 43.5% cash rebate on all qualifying technical expenditure
Over A$2.5 million received by Signature under the program to date
Currently working with advisors to prepare 2018/19 claim submission
Program remains ongoing and future expenditures expected to qualify for additional cash rebates
About the R&D Tax Incentive Program:
Signature is conducting an on-going research and development program investigating exploration technologies and vectoring methodologies to improve the identification and delineation of Intrusive Related Gold Systems. This program is registered under the Australian Federal Government R&D Tax Incentive Scheme, which provides for a 43.5% cash rebate on an annual basis on qualifying expenditures.
Signature has successfully qualified for participation in the scheme for each of the last five years and has received over A$2.5 million in rebates for work done on advancing vectoring methodologies focused on IRGS.
The program being conducted by Tectonic Gold remains active with current efforts focused on work at Specimen Hill. The Company has utilised a range of new technologies to develop this research capability with an aim of significantly improving the economics of gold exploration in the region and beyond.
About Tectonic Gold:
Tectonic Gold is a gold exploration and development company, focused on the identification and delineation of large-scale, multi-million ounce IRG systems. Tectonic Gold has a number of gold discoveries in the New England Orogen in Eastern Australia, a prolific gold region, that is home to some of Australia’s largest gold production companies, like Evolution Mining.
At the beginning of 2019 Tectonic Gold reached agreement with VAST Minerals Sands Pty Ltd (“VAST”) and acquired 100% of their economic interest in VAST’s diamond concession on the west coast of South Africa. Tectonic plans to utilise cash flows generated from this project to fund further exploration and development of the Company’s gold portfolio.
All our gold exploration properties in Queensland are 100% owned and operated by Tectonic Gold’s 100% owned subsidiary Signature Gold Ltd.
Funds will be allocated to progressing the Mt Cassidy prospect during the 2019 calendar year with some diamond drilling currently being planned to be undertaken at the Prospect under its existing drill for equity deal with Titeline Drilling. 7,500m of diamond drilling remains available on a 50% cash payment basis under this agreement.
Mr. Brett Boynton, Managing Director – Tectonic Gold Plc
“For our shareholders, the non-dilutive financial support from the Australian Government is a significant benefit. This scheme has injected over two and a half million dollars into our work and enabled Tectonic Gold to significantly advance research into gold exploration. With this we have established ourselves as a leader in IRGS and get to see a range of exciting gold opportunities that other companies don’t. We are grateful for the opportunity to participate in this excellent program and look forward to maximising the benefits we can bring to the industry from the work it has enabled.”
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
Tectonic Gold plc
|+61 2 9241 7665|
NEX Exchange Corporate Adviser and Broker
Peterhouse Capital Limited
|+44 20 7469 0930|
Financial Adviser and Broker
VSA Capital Limited
|+44 20 3005 5004|
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
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