Andromeda Metals Limited (ASX: ADN) has announced the receipt of an AU$2.34 million Research and Development Tax Incentive refund for the 2024 financial year. This refund stems from AU$5.4 million in eligible R&D expenditure included in the company’s tax return. The rebate aligns with the company’s ongoing efforts to advance the Great White Project under Stage 1A+, focusing on scaling up product and process development.
The refund follows Andromeda’s receipt of an Advance and Overseas Finding Certificate from AusIndustry, a division of the Australian Government. This certificate enables Andromeda to claim refundable tax offsets at a rate of 43.5% on eligible R&D expenditures over a three-year period, projected to total approximately AU$26 million. The Advance Finding is binding on the Australian Taxation Office for 2024 and the subsequent two financial years, reinforcing financial support for the company's innovation-driven projects.
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