
- WORLD EDITIONAustraliaNorth AmericaWorld
July 21, 2024
Refundable tax offsets / franking credits available for potential distribution to eligible shareholders for the 2024-25 financial year
Eastern Metals Ltd (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to advise that it has been successful in its application to participate in the Australian Government’s Junior Minerals Exploration Incentive (“JMEI”) for the 2024-25 income tax year, and has been awarded an allocation of $910,750 in exploration credits.
HIGHLIGHTS
- Eastern Metals has been successful in its application for the Australian Government's Junior Minerals Exploration Incentive scheme for the 2024-25 income tax year.
- Eastern Metals has received an allocation of $910,750 in refundable tax offsets and franking credits, available for potential distribution to Eligible Shareholders for the 2024-25 income tax year.
The JMEI scheme encourages investment in small, Australian exploration companies that carry out greenfields mineral exploration and allows those companies to convert a portion of their tax losses into credits (franking or offset) to be passed on to “Eligible Shareholders”.
Eligible Shareholders are entitled to receive JMEI credits and must be Australian resident shareholders who invest, for cash, in newly issued Eastern Metals shares (for example, in a Placement Offer, Entitlement Offer or Share Purchase Plan) between 1 July 2024 and 30 June 2025.
Individual shareholders, trusts or superannuation funds will be entitled to refundable tax offsets, and in the case of corporate investors, franking credits. JMEI credits are distributed to all Eligible Shareholders on a pro-rata basis.
Should an Eligible Shareholder receive newly issued EMS shares in the 2024-25 tax year, Eastern Metals encourages individuals and entities to seek their own tax advice. Further information can be found on the Australian Taxation Office’s (“ATO”) webpage ‘What to do if you receive exploration credits’, here.
The maximum amount of exploration credits for an income year, is the lesser of the following:
- The Company’s actual greenfields exploration expenditure for the income year, multiplied by the Company’s corporate tax rate for the income year.
- The Company’s actual tax loss for the income year, multiplied by the Company’s corporate tax rate.
- The amount of credits the ATO allocated to the Company ($910,750 for the Company during the year ended 30 June 2025), plus any unused portion of the Company’s exploration credits allocation relating to the preceding income year (currently $nil for Eastern Metals).
Further information about the Federal Government's JMEI scheme can be found here.
Eastern Metals would like to thank the Australian Government for its support, and the Association of Mining and Exploration Companies for its advocacy on behalf of junior exploration companies in relation to the JMEI scheme.
Click here for the full ASX Release
This article includes content from Eastern Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
EMS:AU
The Conversation (0)
07 October 2024
Eastern Metals
Exploring for strategic metals vital to energy security in Australian, resource-rich provinces
31 January
Quarterly Activities and Cash Flow Reports 31 December 2024
Eastern Metals (EMS:AU) has announced Quarterly Activities and Cash Flow Reports 31 December 2024Download the PDF here. Keep Reading...
18h
Vince Lanci: Silver's London Liquidity Crisis — What's Happening, What's Next
Vince Lanci of Echobay Partners explains what's driving silver's record-setting price run. According to Lanci, who is also a professor at the University of Connecticut and publisher of the GoldFix newsletter on Substack, the London market is facing a liquidity crisis as nations that would... Keep Reading...
18h
What Was the Highest Price for Silver?
Like its sister metal gold, silver has been attracting renewed attention as a safe-haven asset due to high levels of uncertainty. Although silver continues to exhibit its hallmark volatility, a silver bull market is well underway in 2025. Experts are optimistic about the future, and as the... Keep Reading...
14 October
Silver Hammer Announces Receipt of Updated and Revised Drill Permit for Upcoming Silverton Project Exploration Program in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (the "Company" or "Silver Hammer") is pleased to announce that, on October 10, 2025, the Company received an updated exploration drill permit for its 100%-controlled Silverton Project in Nye County, Nevada and has subsequently posted its reclamation bond... Keep Reading...
14 October
Transition Metals Identifies Four New Polymetallic Showings at Pike Warden, Yukon, Including Samples Returning >10,000 ppm Silver and 3.4% Molybdenum
Transition Metals Corp. (TSXV: XTM) ("Transition" or "the Company") is pleased to report assay results from the summer sampling activities at its Pike Warden Project, located near Whitehorse, Yukon. These samples were collected in conjunction with an induced polarization (IP) geophysical survey... Keep Reading...
10 October
Silver Storm Secures US$7 Million Samsung Financing to Restart Mexican Silver Mine
Canadian miner Silver Storm Mining (TSXV:SVRS,OTCQB:SVRSF) has signed a US$7 million offtake prepayment deal with Samsung Construction and Trading (HKEX:028260) and two of its subsidiaries to help restart production at its La Parrilla silver mine complex in Durango, Mexico.Under the agreement... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00