R&D Rebate from HMRC Delivers £165k

RNS Number : 1128N

Oriole Resources PLC

18 May 2020

 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

R&D Rebate from HMRC Delivers £165k

Oriole Resources, the AIM-quoted exploration company focused on West Africa, is pleased to announce that it has received a rebate totalling £165k from Her Majesty's Revenue and Customs ('HMRC') in relation to a Research and Development ('R&D') tax relief claim (the 'Claim') in respect of geoscientific advances sought by the Company through its exploration programmes. The Claim is for the year ended 31 December 2019 (the 'Period') and follows the Company's successful claims for the previous three years (2016 to 2018) where it received a total of c.£145k (announcements dated 21 February 2019 and 11 November 2019).

The Claim submitted by the Company continues to demonstrate that it qualifies for the R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of future mining operations in those areas. The size of the Claim is significantly higher value than the previous three years as a result of enhanced exploration activities by the Group during the Period. The funds will be used to progress our technical programme in Cameroon, which the Company anticipates will continue with a maiden drilling programme later this year, subject to ongoing travel restrictions around Covid-19.

Oriole Resources CFO, Bob Smeeton, said : "This is a significant uplift on previous rebates, reflecting the level of exploration work undertaken by the Company in Cameroon during 2019. Securing this rebate so soon after the year end enables us to progress our planning for the next field season in Cameroon."

** ENDS **

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please visit  www.orioleresources.com ,   @OrioleResources on Twitter,  

or contact:

Oriole Resources Plc	Tel: [phone]
Tim Livesey / Bob Smeeton / Claire Bay
Blytheweigh (IR/PR Contact)	Tel: [phone]
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / Niall McDonald
WH Ireland Adrian Hadden / Darshan Patel / Lydia Zychowska	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, focussed on West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 2 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.

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