Australian sustainable rare earths company, RareX Limited (ASX: REE) (RareX or the Company), is pleased to report a $1.92 million refundable tax offset for eligible research and development (R&D) expenditure conducted at the Company’s Cummins Range Project during the 2021-22 financial year. The funds are expected to be available to the Company in the coming weeks as part of the 2021-22 tax return lodgement.
The R&D activities were primarily focused on testing the hypothesis relating to the development of an innovative process for the extraction of rare earth elements from the unique and globally significant Cummins Range Rare Earths and Phosphate deposit.
The Company wishes to thank the many experts who have contributed to our understanding and success of the Project.
This announcement has been authorised for release by the Board of the Company.