Mount Ridley Mines secures $1m as R&D rebate in nod from Canberra

Rare earths explorer Mount Ridley Mines (ASX:MRD) shares were unchanged today despite the company locking in a Canberra-led R&D tax rebate.

The company took in $1.003 million for research activities carried out through FY23.

The company had an existing $1.433 million in the back at the end of the December quarter, bringing the microcap’s humble cash holdings to around $2.5 million.

MRD inked the presence of high-grade REEs in clay-hosted geology on-site its flagship namesake project in WA.

Those grades were pulled from a single target which, at the time, reflected only one of eleven targets on geotechs’ radars.

One to watch.

MRD shares last traded at 0.2 cents.

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