James Bay Minerals Limited (ASX:JBY) Announces A$605k Tax Credit
Financial Strengthening
James Bay Minerals Limited (ASX: JBY) has announced the receipt of A$605,000 in cash from Revenue Quebec. This funding stems from refundable tax credits and mining duties related to 2023 exploration activities. The support from the Quebec Government is set to enhance the Company’s financial viability by covering up to 46.75% of all eligible exploration expenditure.
Exploration Acceleration
The received funds will be pivotal in accelerating exploration activities, especially focusing on growth drilling at the Independence Gold Project located in Nevada’s Battle Mountain region. Additionally, James Bay Minerals anticipates processing A$550,000 in accrued refundable tax credits and mining duties for 2024, expected in Q1 2025.
CEO Remarks
Andrew Dornan, Executive Director of James Bay Minerals, stated, “We are pleased to announce the receipt of A$605k from the refundable Quebec tax credit and mining duties, further strengthening our financial position. This cash injection will enable us to accelerate exploration activities, particularly the recently commenced expansion drilling at the Independence Gold Project in Nevada, positioning us for continued growth and success.”
Project Overview
The Independence Gold Project presents significant resource growth potential. It comprises 14 mining claims and is strategically located near major infrastructure and gold mining operations. The project is recognized as a Tier-1 global mining jurisdiction, fostering investor confidence in its potential.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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