Oriole Resources Gets GBP157,000 Tax Rebate

By Joe Hoppe

Oriole Resources PLC said Tuesday that it has received a 157,000-pound ($194,303) research-and-development tax credit from the U.K. tax authority.

The AIM-listed mining company said that the claim, from 2022, was in respect to geoscientific advances made through its exploration programs. It qualified by researching potential areas of mineralization and building geological data needed to assess the feasibility of future mining operations.

It is delighted to have received further support for its research from Her Majesty's Revenue & Customs, Chief Executive Bob Smeeton said.

"The 2022 exploration work programs in Cameroon continued to deliver exciting results, with a fourth drill program at Bibemi leading to the definition of a JORC-compliant Inferred Resource, and excellent results from the early-stage work on the central license package, including the detection of anomalous lithium," Mr. Smeeton also said, referring to the JORC code of practice for reporting exploration results.

Shares at 0709 GMT were up 0.01 pence, or 5.7% at 0.19 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

April 18, 2023 03:26 ET (07:26 GMT)

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