Oriole Resources gets another tax rebate from HMRC

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Oriole Resources PLC (LON:ORR) has received a third tax rebate for geoscientific advances by the company during its exploration campaigns in Cameroon.

The latest payment of £46,000 is for the year ended  31 December 2020, a period where exploration activity was impacted by Covid restrictions.

Oriole expects the claim for the year ending 31 December 2021 will be significantly higher given the current exploration activity. The claim was for R&D tax relief for research work on potential areas of mineralisation.

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Bob Smeeton, Oriole’s CFO, said: “Despite Covid restrictions impacting our work for the early part of the year, we’ve still managed to advance our projects in Cameroon during 2020, and are pleased to have received this further claim for R&D tax relief from HMRC.”

The company had previously received rebates of £165,000 and £145,000 for 2019 and the three years previously.

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