REG - Oriole Resources PLC - R&D Rebate from HMRC Delivers £157k

Oriole ResourcesAnnouncement

18/04/2023 07:00

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RNS Number : 5070W  Oriole Resources PLC  18 April 2023

 

Oriole Resources PLC

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

 

R&D Rebate from HMRC Delivers £157k

 

Oriole Resources, the AIM-quoted exploration company focused on West Africa,
is pleased to announce that it has received a rebate
totalling £157k 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 2022.

 

The successful Claim demonstrates that the Company qualified for the R&D
tax relief by performing research work on potential areas of mineralisation in
order to build the geological data necessary to assess the economic
feasibility of future mining operations in those areas.

 

Oriole Resources CFO, Bob Smeeton, said: "The 2022 exploration work
programmes in Cameroon continued to deliver exciting results, with a fourth
drill programme at Bibemi leading to the definition of a JORC-compliant
Inferred Resource, and excellent results from the early-stage work on the
Central Licence Package, including the detection of anomalous lithium. We are
delighted to have received further support for our research work from HMRC."

 

 

 

** ENDS **

 

For further information please visit www.orioleresources.com
(http://www.orioleresources.com/) , @OrioleResources on Twitter, or
contact:

 

 Oriole Resources PLC                                   Tel: +44 (0)23 8065 1649

 Tim Livesey / Bob Smeeton / Claire Bay

 BlytheRay (IR/PR contact)                              Tel: +44 (0)20 7138 3204

 Tim Blythe / Megan Ray / Rachael Brooks

 Grant Thornton UK LLP                                  Tel: +44 (0)20 7383 5100

 Samantha Harrison / George Grainger / Ciara Donnelly

 SP Angel Corporate Finance LLP                         Tel: +44 (0)20 3470 0470

 Ewan Leggat / Richard Parlons

 

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed gold exploration company, operating
in West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has recently reported a maiden Resource of
305,000 oz Au in the JORC Inferred category at the Bibemi project and has
identified multi-kilometre gold and lithium anomalism within the
district-scale Central Licence Package project. At the more advanced Senala
gold project in Senegal, IAMGOLD is the operator and has the option to
spend US$8 million to earn a 70% interest. Under the terms of the Option
Agreement, IAMGOLD has met its first commitment by spending US$4
million within an initial four years and has therefore earned an initial 51%
beneficial interest in Senala. On 20 December 2021, IAMGOLD announced that
it had signed a definitive agreement to sell its portfolio of projects
in West Africa, including its interest in Senala, to Managem Group. IAMGOLD
expects the transaction to close in Q3-2023. The Company also has several
interests and royalties in companies operating in
East Africa and Turkey that could deliver future cash flow.

 

 

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