Critica (ASX:CRI) has announced the receipt of a $1.05 million refund from the Australian Tax Office (ATO) under the Research and Development (R&D) Tax Incentive Program. The refund, pertaining to the year ending June 30, 2024, will significantly bolster the company’s cash reserves, enabling continued progress on its Brothers Clay Hosted Rare Earth Project. According to Managing Director Philippa Leggat, the funds will be primarily allocated to metallurgical testwork and satellite drilling programs.
The R&D Tax Incentive Program is designed to stimulate innovation and enhance Australia’s economic competitiveness by encouraging businesses to invest in research and development. Critica’s ongoing metallurgical workstreams aim to build upon previously announced beneficiation results, which demonstrated the potential to upgrade Jupiter mineralisation by approximately tenfold while reducing material mass by 95%. The company is focused on producing mixed rare earth carbonate and developing proprietary processing techniques. Leggat emphasized the importance of R&D in de-risking the Jupiter and Brothers Project, highlighting the program’s value in supporting junior resource companies.